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...
193 Views
Loyalty Shares in Spain: Double-Voting Rights Could Hinder Takeovers
In Spain, the companies that establish the double voting system will be less prone to takeover, such as Repsol SA (REP SM) and Telefonica SA (TEF...
245 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...
240 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...
236 Views
Naturgy - IFM: Consideration Adjustment, New TP, Attractive Spread
TP of €21.98 assumes that 50% of the shares are accepted in the offer at €22.37 per share and the rest trade at c. €21.6 (Capital IQ consensus...
198 Views