European Event-Driven Analyst

Jesus Rodriguez Aguilar

Equity Bottom-Up

Inmobiliaria Colonial Sa / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inmobiliaria-colonial-sa" target="_blank" data-smartkarma-citation="entities:21260:1" rel="noopener">Inmobiliaria Colonial Sa (COL SM)</a>, with a quality portfolio, trades at 55% discount to NAV. Lacking short-term catalysts, buy on improving earnings guidance, rate cuts and favorable market conditions.</li>
<li>Colonial probably has one of the best-quality office portfolio in Europe, with the great majority of its assets are situated in core areas of Paris, Madrid, and Barcelona.</li>
<li>Colonial offers a 24.5% upside, which implies a 40% discount/NAV. The shares offer a 5.26% 2024e dividend yield (source: IBES), which I consider sustainable over time.</li>
</ul>



Inmobiliaria Colonial Sa (COL SM), with a quality portfolio, trades at 55% discount to NAV. Lacking short-term catalysts, buy on improving earnings guidance, rate cuts and favorable market conditions.
Colonial probably has one of the best-quality office portfolio in Europe, with the great majority of its assets are situated in core areas of Paris, Madrid, and Barcelona.
Colonial offers a 24.5% upside, which implies a 40% discount/NAV. The shares offer a 5.26% 2024e dividend yield (source: IBES), which I consider sustainable over time.


Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos mainly widened during September. Discounts to NAV: C.F.Alba, 46.6% (vs. 46.2% as of August 30); GBL, 40.7% (vs. 41.1%);</li>
<li>Heineken Holding, 14.9% (vs. 16.5%); Industrivärden C, 0.9% (vs. 1.7%); Investor B, 2.6% (vs. 1.9%); Porsche Automobile Holding, 35% (vs. 35.7%). Rio DLC spread widened to 26% (vs. 19.8%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos mainly widened during September. Discounts to NAV: C.F.Alba, 46.6% (vs. 46.2% as of August 30); GBL, 40.7% (vs. 41.1%);
Heineken Holding, 14.9% (vs. 16.5%); Industrivärden C, 0.9% (vs. 1.7%); Investor B, 2.6% (vs. 1.9%); Porsche Automobile Holding, 35% (vs. 35.7%). Rio DLC spread widened to 26% (vs. 19.8%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: September'24 Report

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Banca Popolare Di Sondrio Scar / Event-Driven

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.</li>
<li>Based on the latest available data, I expect up to 12 index changes over the next few days <em>including an intra-review change!</em>
</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.
Based on the latest available data, I expect up to 12 index changes over the next few days including an intra-review change!



Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.</li>
<li>Based on the latest available data, I expect there to be up to seven index changes in the first quarter of 2024.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.
Based on the latest available data, I expect there to be up to seven index changes in the first quarter of 2024.


Quiddity Leaderboard SE600 Mar 24: Two Intra-Review and 5 Regular Changes Likely

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the SE600 and EURSTX Indices for the December 2023 Rebalance.</li>
<li>There could be up to seven index changes in the run up to the December 2023 rebalance.</li>
<li>This includes a couple of intra-review index changes that could be triggered by the <a href="https://www.smartkarma.com/entities/dechra-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21908:1" rel="noopener">Dechra Pharmaceuticals (DPH LN)</a> and <a href="https://www.smartkarma.com/entities/chr-hansen-holding-a-s" target="_blank" data-smartkarma-citation="entities:22322:1" rel="noopener">Chr Hansen Holding A/S (CHR DC)</a> takeover situations.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the SE600 and EURSTX Indices for the December 2023 Rebalance.
There could be up to seven index changes in the run up to the December 2023 rebalance.
This includes a couple of intra-review index changes that could be triggered by the Dechra Pharmaceuticals (DPH LN) and Chr Hansen Holding A/S (CHR DC) takeover situations.


Quiddity Leaderboard SE600 Dec 23: 7 Changes Possible Including Two Intra-Review Changes

Spain

Inmobiliaria Colonial SA is a Spanish real estate company.  The Company owns and leases office buildings, commercial centers and industrial parks, and sells residential building lots.  Inmobiliaria Colonial operates in Europe.

Price Gauge
52-week Range	0.00 - 0.00
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Inmobiliaria Colonial Sa (COL SM)

Core Quality at Unjustified Discount

Inmobiliaria Colonial Sa (COL SM) offers a quality portfolio at a 55% discount to NAV, with potential for upside on improving earnings guidance,...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: September'24 Report

Discounts to NAV of covered holdcos mainly widened during September. What seems interesting (unchanged views): Porsche SE vs. listed assets and the...

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Mar 24: Two Intra-Review and 5 Regular Changes Likely

SE600 members CHR Hansen and LXI REIT could get deleted in the first quarter of 2024. Apart from that, I see five more possible index changes...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Dec 23: 7 Changes Possible Including Two Intra-Review Changes

If the Dechra Pharma and Chr Hansen deals close prior to the Dec 23 review, there will be intra-review replacements. Synthomer and Adevinta are...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Core Quality at Unjustified Discount

​Inmobiliaria Colonial Sa (COL SM) offers a quality portfolio at a 55% discount to NAV, with potential for upside on improving earnings guidance,...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: September'24 Report

Discounts to NAV of covered holdcos mainly widened during September. What seems interesting (unchanged views): Porsche SE vs. listed assets and the...

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Mar 24: Two Intra-Review and 5 Regular Changes Likely

SE600 members CHR Hansen and LXI REIT could get deleted in the first quarter of 2024. Apart from that, I see five more possible index changes...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Dec 23: 7 Changes Possible Including Two Intra-Review Changes

If the Dechra Pharma and Chr Hansen deals close prior to the Dec 23 review, there will be intra-review replacements. Synthomer and Adevinta are...

Janaghan Jeyakumar, CFA

Inmobiliaria Colonial Sa (COL SM) offers a quality portfolio at a 55% discount to NAV, with potential for upside on improving earnings guidance,...