European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos have generally tightened during May. Discounts to NAV: C.F.Alba, 50.1%; GBL, 40.5% (!); Heineken Holding, 16.0%; Industrivärden C, 5.2%; Investor B, 11.6%; Porsche Automobile Holding, 45.1%. </li>
<li>The spread of Rio Tinto DLC widened to 17.2%. Rio Tinto is a candidate for an Australian top hat structure.</li>
<li>Recommended trades: Heineken Holding/Heineken, Porsche SE/vs. listed assets and Rio DLC.</li>
</ul>


Discounts to NAV of covered holdcos have generally tightened during May. Discounts to NAV: C.F.Alba, 50.1%; GBL, 40.5% (!); Heineken Holding, 16.0%; Industrivärden C, 5.2%; Investor B, 11.6%; Porsche Automobile Holding, 45.1%. 
The spread of Rio Tinto DLC widened to 17.2%. Rio Tinto is a candidate for an Australian top hat structure.
Recommended trades: Heineken Holding/Heineken, Porsche SE/vs. listed assets and Rio DLC.


Selected European HoldCos and DLC: May’23 Report

<ul>
<li>Since mid-April, spreads have generally widened across our liquid universe (12 have widened, 7 tightened). German spreads are tightening.</li>
<li>Recommended trades <strong>long ordinary / short preferred</strong> shares: Fuchs Petrolub, SSAB Svenska Stal, Roche.</li>
<li>Recommended trades <strong>long preferred / short ordinary</strong> shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.</li>
</ul>


Since mid-April, spreads have generally widened across our liquid universe (12 have widened, 7 tightened). German spreads are tightening.
Recommended trades long ordinary / short preferred shares: Fuchs Petrolub, SSAB Svenska Stal, Roche.
Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: May‘23 Report

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos have generally tightened during April. Discounts to NAV: C.F.Alba, 51.3%; GBL, 32.3%; Heineken Holding, 16.4%; Industrivärden C, 7.7%; Investor B, 9.5%; Porsche Automobile Holding, 49.7%. </li>
<li>The spread of Rio Tinto DLC tightened to 16.8%. Rio Tinto is a candidate for an Australian top hat structure.</li>
<li>Recommended trades: Heineken Holding, Investor AB (long Investor B/short main holdings) and Rio DLC.</li>
</ul>


Discounts to NAV of covered holdcos have generally tightened during April. Discounts to NAV: C.F.Alba, 51.3%; GBL, 32.3%; Heineken Holding, 16.4%; Industrivärden C, 7.7%; Investor B, 9.5%; Porsche Automobile Holding, 49.7%. 
The spread of Rio Tinto DLC tightened to 16.8%. Rio Tinto is a candidate for an Australian top hat structure.
Recommended trades: Heineken Holding, Investor AB (long Investor B/short main holdings) and Rio DLC.


Selected European HoldCos and DLC: April’23 Report

<ul>
<li>Since mid-March, spreads have generally tightened across our liquid universe (6 have widened, 12 tightened, 1 at same level).</li>
<li>Possible trades long ordinary / short preferred shares: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.</li>
<li>Possible trades long preferred / short ordinary shares: Sixt, VW, Danieli, Grifols, Atlas Copco.</li>
</ul>


Since mid-March, spreads have generally tightened across our liquid universe (6 have widened, 12 tightened, 1 at same level).
Possible trades long ordinary / short preferred shares: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.
Possible trades long preferred / short ordinary shares: Sixt, VW, Danieli, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: April ‘23 Report

<ul>
<li>
<a href="https://www.smartkarma.com/entities/industrivarden-ab" target="_blank" data-smartkarma-citation="entities:22395:1" rel="noopener">Industrivarden AB (INDUA SS)</a> is resilient: NAV on 31 March was SEK 138.3 billion, or SEK 320/share, an increase q-o-q of SEK 27/share, +9%, with some minor additions to the portfolio.</li>
<li>The balance sheet is strong, with a debt/equities ratio kept at 4%. A+ rating was confirmed on 27 March. 5-year total return was 67.5% vs. 66% for the OMX30.</li>
<li>The discount to NAV of C shares is 8.1% (vs. 10.7% average over the last 8 years). During Q1 the discount has tightened from 13.6% on 31 December.</li>
</ul>



Industrivarden AB (INDUA SS) is resilient: NAV on 31 March was SEK 138.3 billion, or SEK 320/share, an increase q-o-q of SEK 27/share, +9%, with some minor additions to the portfolio.
The balance sheet is strong, with a debt/equities ratio kept at 4%. A+ rating was confirmed on 27 March. 5-year total return was 67.5% vs. 66% for the OMX30.
The discount to NAV of C shares is 8.1% (vs. 10.7% average over the last 8 years). During Q1 the discount has tightened from 13.6% on 31 December.


Industrivärden: Q1 Results and Discount to NAV

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 AB (INDUA SS)

Selected European HoldCos and DLC: May’23 Report

Discounts to NAV of covered holdcos have generally tightened during May. The discount to NAV of GBL has reached a very high level, in my view. That...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: May‘23 Report

Since mid-April, spreads have generally widened across our European liquid universe of ordinary and preferred (12 spreads have widened, whilst 7...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: April’23 Report

Discounts to Net Asset Value of covered holdcos generally tightened during April, although some remained at the same levels. Rio DLC tightened.

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: April ‘23 Report

Since mid-March, spreads have generally tightened across our liquid universe (6 have widened, 12 tightened, 1 at same level).

Jesus Rodriguez Aguilar

Industrivärden: Q1 Results and Discount to NAV

I think the relative share price potential is strong across the cycle, especially in difficult market conditions; overall, an appealing investment....

Jesus Rodriguez Aguilar

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