European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Spreads have generally tightened across our liquid universe, 450 bps in the case of Volkswagen.</li>
<li>Recommendations Long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, Investor AB.</li>
<li>Recommendations Long prefs / short ords: BMW, Roche, Schroders, Telecom Italia, Volkswagen.</li>
</ul>


Spreads have generally tightened across our liquid universe, 450 bps in the case of Volkswagen.
Recommendations Long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, Investor AB.
Recommendations Long prefs / short ords: BMW, Roche, Schroders, Telecom Italia, Volkswagen.


Liquid Universe of European Ordinary and Preferred Shares: January '22 Report

<ul>
<li>Discounts to NAV of covered holdcos didn't follow a clear trend during June. Discounts to NAV: C.F.Alba, 44.5% (vs. 46.8%); GBL, 43.6% (vs. 42.9%); Heineken Holding, 18.4% (vs. 18.3%); </li>
<li>Industrivärden C, 2.4% (vs. 2.5%); Investor B, 9.9% (vs. 12%); Porsche Automobile Holding, 35.8% (vs. 35.3%). Rio DLC spread tightened to 20.7% (vs. 23%).</li>
<li>What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos didn't follow a clear trend during June. Discounts to NAV: C.F.Alba, 44.5% (vs. 46.8%); GBL, 43.6% (vs. 42.9%); Heineken Holding, 18.4% (vs. 18.3%); 
Industrivärden C, 2.4% (vs. 2.5%); Investor B, 9.9% (vs. 12%); Porsche Automobile Holding, 35.8% (vs. 35.3%). Rio DLC spread tightened to 20.7% (vs. 23%).
What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: June'24 Report

<ul>
<li>The Discounts to NAV of covered holdcos did not follow a clear trend during May. Discounts to NAV: C.F.Alba, 46.8% (vs. 49.1%); GBL, 42.9% (vs. 39%); Heineken Holding, 18.3% (vs. 17.3%); </li>
<li>Industrivärden C, 2.5% (vs. 4.7%); Investor B, 12% (vs. 8.3%); Porsche Automobile Holding, 35.3% (vs. 41.1%). Rio DLC spread widened to 23% (vs. 22.5%).</li>
<li>What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


The Discounts to NAV of covered holdcos did not follow a clear trend during May. Discounts to NAV: C.F.Alba, 46.8% (vs. 49.1%); GBL, 42.9% (vs. 39%); Heineken Holding, 18.3% (vs. 17.3%); 
Industrivärden C, 2.5% (vs. 4.7%); Investor B, 12% (vs. 8.3%); Porsche Automobile Holding, 35.3% (vs. 41.1%). Rio DLC spread widened to 23% (vs. 22.5%).
What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: May'24 Report

Podcast by CEO, Norges Bank Investment Management, In Good Company with Nicolai Tangen

In Good Company with Nicolai Tangen

Podcast by CEO, Norges Bank Investment Management

The CEO of the largest single investor in the world, Norges Bank Investment Management, interviews leaders of some of the largest companies in the world. You will get to know the leader, their strategy, leadership principles, and much more. Hosted on Acast. See https://www.acast.com/privacy-policy for more information.

Equity Bottom-Up

<ul><li>The number 911 is significant to Porsche as it represents their iconic first edition launched in 1963</li><li>Porsche focuses on drivability, handling, and performance in their sports cars</li><li>Porsche has built an iconic brand over seven decades with a focus on fulfilling customers' dreams of driving a sporty, exclusive car</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

The number 911 is significant to Porsche as it represents their iconic first edition launched in 1963Porsche focuses on drivability, handling, and performance in their sports carsPorsche has built an iconic brand over seven decades with a focus on fulfilling customers' dreams of driving a sporty, exclusive carThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Porsche and Volkswagen CEO: Leadership, iconic cars & Chinese competition

<ul>
<li>The Discounts to NAV of covered holdcos mainly widened during April. Discounts to NAV: C.F.Alba, 49.1% (vs. 47.3%); GBL, 39% (vs. 38.1%); Heineken Holding, 17.3% (vs 16.7%); </li>
<li>Industrivärden C, 4.7% (vs. 1.4%); Investor B, 8.3% (vs. 6.1%); Porsche Automobile Holding, 41.1% (vs. 45.4%). Rio DLC spread tightened to 22.5% (vs. to 24.9%).</li>
<li>What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


The Discounts to NAV of covered holdcos mainly widened during April. Discounts to NAV: C.F.Alba, 49.1% (vs. 47.3%); GBL, 39% (vs. 38.1%); Heineken Holding, 17.3% (vs 16.7%); 
Industrivärden C, 4.7% (vs. 1.4%); Investor B, 8.3% (vs. 6.1%); Porsche Automobile Holding, 41.1% (vs. 45.4%). Rio DLC spread tightened to 22.5% (vs. to 24.9%).
What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: April'24 Report

Germany

Porsche Automobil Holding SE is a holding company. The Company, through its subsidiaries, offers development, production, and sale of automobiles along with financial services. Porsche operates worldwide.

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Porsche Automobil Holding (PAH3 GR)

Liquid Universe of European Ordinary and Preferred Shares: January '22 Report

This report contains a table with a selection of European companies with non-voting shares and ordinary shares. Spreads have generally...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: June'24 Report

Discounts to NAV of covered holdcos didn't follow a clear trend during June. What seems interesting: Porsche SE vs. listed assets and the Rio DLC...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: May'24 Report

The Discounts to NAV of covered holdcos did not follow a clear trend during May. Half of them widened while the other half tightened.

Jesus Rodriguez Aguilar

Porsche and Volkswagen CEO: Leadership, iconic cars & Chinese competition

The Porsche brand is synonymous with success in motorsport, focusing on drivability, innovation, and a commitment to achieving the best performance...

In Good Company with Nicolai Tangen

Selected European HoldCos and DLC: April'24 Report

The Discounts to NAV of covered holdcos mainly widened during April. What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO...

Jesus Rodriguez Aguilar

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52-week Range

Market Cap (USDm)

P/E

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