European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos have shown mixed performance during March, with spreads widening until short after the UBS/CS deal, now tightening. </li>
<li>Discounts to NAV: C.F.Alba, 51.2%; GBL, 35.8%; Heineken Holding, 14.6%; Industrivärden C, 11.1%; Investor B, 9.7%; Porsche Automobile Holding, 49.6%. The spread of Rio Tinto DLC widened to 18.9%.</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 shown mixed performance during March, with spreads widening until short after the UBS/CS deal, now tightening. 
Discounts to NAV: C.F.Alba, 51.2%; GBL, 35.8%; Heineken Holding, 14.6%; Industrivärden C, 11.1%; Investor B, 9.7%; Porsche Automobile Holding, 49.6%. The spread of Rio Tinto DLC widened to 18.9%.
Recommended trades: Heineken Holding, Investor AB (long Investor B/short main holdings) and Rio DLC.


Selected European HoldCos and DLC: March'23 Report

Porsche Automobil Holding  / Event-Driven

<ul>
<li>Net debt of Porsche SE (HoldCo) amounted to €6,672 million, as a result from the debt financing of around €7.1 billion to purchase ordinary shares of Porsche AG (operating company).</li>
<li>Porsche SE trades at a <strong>49.2% discount to NAV</strong>, but maintaining the dividend involves maintaining the net debt position and its detrimental effect on value.</li>
<li>The attractiveness of Porsche SE shares has been reduced as a result of the acquisition of the Porsche AG stake, still the discount is massive, even accounting for litigation risk.</li>
</ul>


Net debt of Porsche SE (HoldCo) amounted to €6,672 million, as a result from the debt financing of around €7.1 billion to purchase ordinary shares of Porsche AG (operating company).
Porsche SE trades at a 49.2% discount to NAV, but maintaining the dividend involves maintaining the net debt position and its detrimental effect on value.
The attractiveness of Porsche SE shares has been reduced as a result of the acquisition of the Porsche AG stake, still the discount is massive, even accounting for litigation risk.


Porsche Automobile Holding: FY 22 Results and Discount

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos have generally tightened during February. Discounts to NAV: C.F.Alba, 53.2%; GBL, 34.9%; Heineken Holding, 16.1%; Industrivärden C, 10.6%; </li>
<li>Investor B, 11.2%; Porsche Automobile Holding, 50.5%. The spread of Rio Tinto DLC tightened to 12.6%. Spreads tend to tighten in favourable market conditions.</li>
<li>Recommended trades are: GBL, Heineken Holding, Porsche Automobile Holding, and possibly CF Alba (long).</li>
</ul>


Discounts to NAV of covered holdcos have generally tightened during February. Discounts to NAV: C.F.Alba, 53.2%; GBL, 34.9%; Heineken Holding, 16.1%; Industrivärden C, 10.6%; 
Investor B, 11.2%; Porsche Automobile Holding, 50.5%. The spread of Rio Tinto DLC tightened to 12.6%. Spreads tend to tighten in favourable market conditions.
Recommended trades are: GBL, Heineken Holding, Porsche Automobile Holding, and possibly CF Alba (long).


Selected European Holdcos and DLC: February‘23 Report

<ul>
<li>Discounts to NAV of covered holdcos have generally tightened since New Year. Discounts to NAV (31 January): C.F.Alba, 49.7%; GBL, 35.3%; Heineken Holding, 17.4%; Industrivärden C, 13.8%; Investor B, 11.4%; </li>
<li>Porsche Automobile Holding, 47.4%. The spread of Rio Tinto DLC widened to 14.8%. Spreads tend to widen in bear markets but short-term recoveries provide opportunities on tightening discounts.</li>
<li>Recommended trades are: GBL, Porsche Automobile Holding, Rio Tinto (DLC), CF Alba (long position).</li>
</ul>


Discounts to NAV of covered holdcos have generally tightened since New Year. Discounts to NAV (31 January): C.F.Alba, 49.7%; GBL, 35.3%; Heineken Holding, 17.4%; Industrivärden C, 13.8%; Investor B, 11.4%; 
Porsche Automobile Holding, 47.4%. The spread of Rio Tinto DLC widened to 14.8%. Spreads tend to widen in bear markets but short-term recoveries provide opportunities on tightening discounts.
Recommended trades are: GBL, Porsche Automobile Holding, Rio Tinto (DLC), CF Alba (long position).


Selected European Holdcos and DLC: January‘23 Report

<ul>
<li>Discounts to NAV of covered holdcos have generally widened since mid-December.</li>
<li>Discounts to NAV (11 January): C.F.Alba, 48.9%; GBL, 36.3%; Heineken Holding, 19.5%; Industrivärden C, 14.3%; Investor B, 15.9%; Porsche Automobile Holding, 45%. The spread of Rio Tinto DLC tightened to 10.8%.</li>
<li>Spreads tend to widen in bear markets but short-term recoveries provide opportunities on tightening discounts. Recommended trades are: GBL, Porsche Automobile Holding, Rio Tinto (DLC), CF Alba (long position).</li>
</ul>


Discounts to NAV of covered holdcos have generally widened since mid-December.
Discounts to NAV (11 January): C.F.Alba, 48.9%; GBL, 36.3%; Heineken Holding, 19.5%; Industrivärden C, 14.3%; Investor B, 15.9%; Porsche Automobile Holding, 45%. The spread of Rio Tinto DLC tightened to 10.8%.
Spreads tend to widen in bear markets but short-term recoveries provide opportunities on tightening discounts. Recommended trades are: GBL, Porsche Automobile Holding, Rio Tinto (DLC), CF Alba (long position).


Selected European Holdcos and DLC: New Year‘23 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)

Selected European HoldCos and DLC: March'23 Report

Discounts to NAV of covered holdcos have shown mixed performance during March, with spreads sharply widening until short after the UBS/CS deal, now...

Jesus Rodriguez Aguilar

Porsche Automobile Holding: FY 22 Results and Discount

The attractiveness of Porsche SE shares has been reduced as a result of the acquisition of the Porsche AG stake, still the discount is massive,...

Jesus Rodriguez Aguilar

Selected European Holdcos and DLC: February‘23 Report

Discounts to NAV of covered holdcos have generally tightened during February. Recommended trades are: GBL, Heineken Holding, Porsche Automobile...

Jesus Rodriguez Aguilar

Selected European Holdcos and DLC: January‘23 Report

Discounts to NAV of covered holdcos have generally tightened since New Year. Spreads tend to widen in bear markets but short-term recoveries...

Jesus Rodriguez Aguilar

Selected European Holdcos and DLC: New Year‘23 Report

Discounts to NAV of covered holdcos have generally widened since mid-December. Spreads tend to widen in bear markets but short-term recoveries...

Jesus Rodriguez Aguilar

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