IFM/Naturgy: Enter CriteriaCaixa
If IFM is still serious about its offer, it may need to raise its offer. Gross spread is c. 2% (c. 4% annual). Long NTGY SM. Risk is that IFM...
226 Views
Selected European Holdcos and DLCs: May Report
Discounts to NAV for our selected European holdcos and DLCs have generally tightened (and premiums to NAV increased) in May. Swedish holdings are...
201 Views
Selected European Holdcos and DLCs: April Report
Discounts to NAV for our selected European holdcos and DLCs have generally tightened in April. The report incorporates Q1 releases for the main...
255 Views
Selected European Holdcos and DLCs: March Report
Discounts to NAV for our selected European holdcos and DLCs have generally tightened in March. The report incorporates the results for GBL, and...
248 Views
Euskaltel - MasMóvil: Another Step in Spanish Telco Consolidation
The operation makes strategic sense. The offer price seems full and on EV/Fwd EBITDA basis compares favorable to recent European deals. Gross...
279 Views