European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>NAV of <a href="https://www.smartkarma.com/entities/industrivarden-ab-8f0a0f6c-a595-41f6-a032-9b4820474704" target="_blank" data-smartkarma-citation="entities:43732:1" rel="noopener">Industrivarden (INDUC SS)</a> was SEK 162.8 bn (SEK 377/share) on September 30. NAV increased by 8% during first nine months of 2024. 5-Y total return 96.3% (OMX30, 77%).</li>
<li>Industrivärden C shares are trading at a 2.3% discount to NAV (vs. 7.9% average for last 5-years). It seems risky to bet on a further discount reduction, rather a reversal.</li>
<li>My target NAV is SEK 169,667 million million. My TP for the C shares of Industrivärden, assuming a 5% discount to NAV, is SEK 373.2 (3% upside).</li>
</ul>


NAV of Industrivarden (INDUC SS) was SEK 162.8 bn (SEK 377/share) on September 30. NAV increased by 8% during first nine months of 2024. 5-Y total return 96.3% (OMX30, 77%).
Industrivärden C shares are trading at a 2.3% discount to NAV (vs. 7.9% average for last 5-years). It seems risky to bet on a further discount reduction, rather a reversal.
My target NAV is SEK 169,667 million million. My TP for the C shares of Industrivärden, assuming a 5% discount to NAV, is SEK 373.2 (3% upside).


Industrivärden's Q3: NAV Evolution, (Low) Discount, Target NAV, Replication

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
Couche-Tard execs do the rounds in Tokyo, complaining about not being able to do the rounds. This sounds like they are trying to make themselves sound nice. For now</li>
<li>First the low-balled VTOs for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">AIS (ADVANC TB)</a> and <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom (THCOM TB)</a>. Then the <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch (INTUCH TB)</a>/<a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy (GULF TB)</a> amalgamation. Then, arguably, the next unorthodox development will take place.</li>
<li>Investors buying <a href="https://www.smartkarma.com/entities/samty-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:43711:1" rel="noopener">SAMTY HOLDINGS (187A JP)</a> in size may withhold shares, either they'll try to become the fulcrum investor to get into the Bidco OR they will try for a bump.</li>
</ul>



Couche-Tard execs do the rounds in Tokyo, complaining about not being able to do the rounds. This sounds like they are trying to make themselves sound nice. For now
First the low-balled VTOs for AIS (ADVANC TB) and Thaicom (THCOM TB). Then the Intouch (INTUCH TB)/Gulf Energy (GULF TB) amalgamation. Then, arguably, the next unorthodox development will take place.
Investors buying SAMTY HOLDINGS (187A JP) in size may withhold shares, either they'll try to become the fulcrum investor to get into the Bidco OR they will try for a bump.


Last Week in Event SPACE: Seven & I/Couche-Tard, Intouch, SAMTY, Korea Zinc/Young Poong

Sweden

Industrivarden AB is an investment company.  The Company's holdings consists of a portfolio of listed Nordic industrial companies.

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Industrivarden (INDUC SS)

Industrivärden's Q3: NAV Evolution, (Low) Discount, Target NAV, Replication

NAV of Industrivarden (INDUC SS) was SEK 162.8 bn (SEK 377/share) on September 30. NAV increased by 8% during first nine months of 2024. 5-Y total...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Seven & I/Couche-Tard, Intouch, SAMTY, Korea Zinc/Young Poong

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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