European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-January, spreads have tightened, same as in December, across our European liquid universe of ordinary and preferred shares (13 have tightened, 6 widened).</li>
<li>Recommended trades long preferred / short ordinary shares: Danieli, Grifols, Media-for-Europe, Sixt, Volkswagen.</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal, Roche.</li>
</ul>


Since mid-January, spreads have tightened, same as in December, across our European liquid universe of ordinary and preferred shares (13 have tightened, 6 widened).
Recommended trades long preferred / short ordinary shares: Danieli, Grifols, Media-for-Europe, Sixt, Volkswagen.
Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal, Roche.


Liquid Universe of European Ordinary and Preferred Shares: February‘24 Report

<ul>
<li>Since mid-December, spreads have generally tightened across our European liquid universe of ordinary and preferred shares (10 have tightened, 7 widened, 2 at same level).</li>
<li>Recommended trades long preferred / short ordinary shares: Danieli, Grifols (the most interesting situation in this report), Media-for-Europe, Sixt, Volkswagen.</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-December, spreads have generally tightened across our European liquid universe of ordinary and preferred shares (10 have tightened, 7 widened, 2 at same level).
Recommended trades long preferred / short ordinary shares: Danieli, Grifols (the most interesting situation in this report), Media-for-Europe, Sixt, Volkswagen.
Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: January‘24 Report

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

The Europe HY Trade Book for December 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for December 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - December 2023 - Lucror Analytics

<ul>
<li>Since mid-October, spreads have generally widened across our European liquid universe of ordinary and preferred shares (8 have tightened, 10 widened, 1 at same level).</li>
<li>Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation), Grifols, Atlas Copco.</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, SSAB Svenska Stal.</li>
</ul>


Since mid-October, spreads have generally widened across our European liquid universe of ordinary and preferred shares (8 have tightened, 10 widened, 1 at same level).
Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation), Grifols, Atlas Copco.
Recommended trades long ordinary / short preferred shares: Fuchs, SSAB Svenska Stal.


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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The Korean Financial Services Commission and the Financial Supervisory Service held a press briefing, unveiling the comprehensive prohibition of short selling from the 6th November, until June 30th next year.</li>
<li>Recco or Ascendant for <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys (HOLI US)</a>? Ascendant could easily get &gt;50% of shares out, and spill the board. Recco, with no shares held, looks to have a weaker hand. </li>
<li>
<a href="https://www.smartkarma.com/entities/sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:12385:1" rel="noopener">Sankyo (6417 JP)</a> is cheap. It will never trade at 20x expected PER because of the nature of the business; right now, on an ex-cash basis, it trades 1.6x ex-cash PER.</li>
</ul>


The Korean Financial Services Commission and the Financial Supervisory Service held a press briefing, unveiling the comprehensive prohibition of short selling from the 6th November, until June 30th next year.
Recco or Ascendant for Hollysys (HOLI US)? Ascendant could easily get &gt;50% of shares out, and spill the board. Recco, with no shares held, looks to have a weaker hand. 

Sankyo (6417 JP) is cheap. It will never trade at 20x expected PER because of the nature of the business; right now, on an ex-cash basis, it trades 1.6x ex-cash PER.


Last Week in Event SPACE: Korea's Short Selling, Hollysys, Sankyo, Descente

Italy

Telecom Italia S.p.A., through subsidiaries, offers fixed line and mobile telephone and data transmission services in Italy and abroad.  The Company offers local and long-distance telephone, satellite communications, Internet access, and teleconferencing services.

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Telecom Italia SPA (TIT IM)

Liquid Universe of European Ordinary and Preferred Shares: February‘24 Report

Since mid-January, spreads have tightened, same as in December, across our European liquid universe of ordinary and preferred shares (13 have...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: January‘24 Report

Since mid-December, spreads have generally tightened across our European liquid universe of ordinary and preferred shares. The spread of Grifols...

Jesus Rodriguez Aguilar

Europe HY Trade Book - December 2023 - Lucror Analytics

The Europe HY Trade Book for December 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

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

Since mid-October, spreads have generally widened across our European liquid universe of ordinary and preferred shares (8 have tightened, 10...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Korea's Short Selling, Hollysys, Sankyo, Descente

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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