Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Reportedly, Chinese investors, as well as Middle Eastern sovereign wealth funds, have expressed interest in acquiring a "significant " minority stake in <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a>'s fibre ops. </li>
<li>Preceding my comments on PCCW are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Reportedly, Chinese investors, as well as Middle Eastern sovereign wealth funds, have expressed interest in acquiring a "significant " minority stake in PCCW Ltd (8 HK)'s fibre ops. 
Preceding my comments on PCCW are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Rumoured Interest In PCCW's Fibre

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<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

<ul>
<li>As a result of the deal with KKR, <a href="https://www.smartkarma.com/entities/telecom-italia-spa" target="_blank" data-smartkarma-citation="entities:21075:1" rel="noopener">Telecom Italia SPA (TIT IM)</a> projects a decrease in net debt of about €14 billion, bringing Net Debt/EBITDAaL from &gt;4.5x to around 2.0x.</li>
<li>This should guarantee the survival of Telecom Italia, but Vivendi is ready to challenge the decision. Equity is volatile as net debt represents 3.7x the market cap. Debt looks more interesting.</li>
<li>TLIT 6.875 FEB-2028 with YTM 6.624, or TLIT 7.875 JUL-2028, with YTM 6.838, likely to profit from a rating upgrade. Savings shares are unlikely to receive a dividend until 2027.</li>
</ul>


As a result of the deal with KKR, Telecom Italia SPA (TIT IM) projects a decrease in net debt of about €14 billion, bringing Net Debt/EBITDAaL from &gt;4.5x to around 2.0x.
This should guarantee the survival of Telecom Italia, but Vivendi is ready to challenge the decision. Equity is volatile as net debt represents 3.7x the market cap. Debt looks more interesting.
TLIT 6.875 FEB-2028 with YTM 6.624, or TLIT 7.875 JUL-2028, with YTM 6.838, likely to profit from a rating upgrade. Savings shares are unlikely to receive a dividend until 2027.


<ul>
<li>Since mid-September, spreads have generally tightened across our European liquid universe of ordinary and preferred shares (12 have tightened, 7 widened).</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-September, spreads have generally tightened across our European liquid universe of ordinary and preferred shares (12 have tightened, 7 widened).
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: October‘23 Report

<ul>
<li>Since mid-August, spreads have not followed a clear pattern across our European liquid universe of ordinary and preferred shares (10 have tightened, 9 widened).</li>
<li>Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, Volkswagen (probably the most interesting situation), Grifols, Atlas Copco.</li>
<li>Possible trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.</li>
</ul>


Since mid-August, spreads have not followed a clear pattern across our European liquid universe of ordinary and preferred shares (10 have tightened, 9 widened).
Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, Volkswagen (probably the most interesting situation), Grifols, Atlas Copco.
Possible trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.


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

France

Vivendi, through its subsidiaries, conducts operations ranging from music, games and television to film and telecommunications.  The Company provides digital and pay television services, sells music compact discs (CDs), develops and distributes interactive entertainment, and operates mobile and fixed-line telecommunications.

Price Gauge
52-week Range	0.00 - 0.00
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Vivendi SA (VIV FP)

StubWorld: Rumoured Interest In PCCW's Fibre

A 7% premium is unsustainable for this holding company structure. Reverse the stub here. If Hong Kong fibre is in vogue. perhaps it might be...

David Blennerhassett

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

KKR/Telecom Italia: Uncertainty Endures

Telecom Italia expects a significant decrease in net debt through a deal with KKR, ensuring its survival. Vivendi plans to contest the decision....

Jesus Rodriguez Aguilar

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

Since mid-September, spreads have generally tightened across our European liquid universe of ordinary (voting) and preferred (non-voting) shares...

Jesus Rodriguez Aguilar

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

Since mid-August, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (10 have...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

StubWorld: Rumoured Interest In PCCW's Fibre

A 7% premium is unsustainable for this holding company structure. Reverse the stub here. If Hong Kong fibre is in vogue. perhaps it might be...

David Blennerhassett

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

KKR/Telecom Italia: Uncertainty Endures

​Telecom Italia expects a significant decrease in net debt through a deal with KKR, ensuring its survival. Vivendi plans to contest the decision....

Jesus Rodriguez Aguilar

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

Since mid-September, spreads have generally tightened across our European liquid universe of ordinary (voting) and preferred (non-voting) shares...

Jesus Rodriguez Aguilar

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

Since mid-August, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (10 have...

Jesus Rodriguez Aguilar

Telecom Italia expects a significant decrease in net debt through a deal with KKR, ensuring its survival. Vivendi plans to contest the decision....