European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10 widened).</li>
<li>Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation).</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10 widened).
Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation).
Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal.


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

<ul>
<li>
Since mid-June, share-price spreads have generally tightened across our European liquid universe of ordinary and preferred shares (13 have tightened, 5 widened, 1 remained at same level).</li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols (see section on the company), Media-for-Europe, Sixt.</li>
<li>Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
</ul>



Since mid-June, share-price spreads have generally tightened across our European liquid universe of ordinary and preferred shares (13 have tightened, 5 widened, 1 remained at same level).
Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols (see section on the company), Media-for-Europe, Sixt.
Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.


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

<ul>
<li>As of end of H1, NAV was SEK 156 billion (SEK 361/share). NAV increased by 4%, gains in portfolio compensated by leverage increase. 5-y total return of 78.6% (OMX30, 76.4%).</li>
<li>Industrivärden C shares are trading at a 4.8% discount to NAV (vs. 8.3% average for last 5-years). It seems risky to bet on a further discount reduction, rather a reversal.</li>
<li>My target NAV is SEK 176,893 million. My TP for the C shares of Industrivärden, assuming a 5% discount to NAV, is SEK 360.3 (4.6% upside).</li>
</ul>


As of end of H1, NAV was SEK 156 billion (SEK 361/share). NAV increased by 4%, gains in portfolio compensated by leverage increase. 5-y total return of 78.6% (OMX30, 76.4%).
Industrivärden C shares are trading at a 4.8% discount to NAV (vs. 8.3% average for last 5-years). It seems risky to bet on a further discount reduction, rather a reversal.
My target NAV is SEK 176,893 million. My TP for the C shares of Industrivärden, assuming a 5% discount to NAV, is SEK 360.3 (4.6% upside).


Industrivärden: H1 Results, NAV Evolution and Discount

<ul>
<li>Since mid-May, share-price spreads have not shown a clear trend across our European liquid universe of ordinary and preferred shares (9 have tightened, 7 widened, 1 remained at same level).</li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols, Media-for-Europe, Sixt, Volkswagen.</li>
<li>Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-May, share-price spreads have not shown a clear trend across our European liquid universe of ordinary and preferred shares (9 have tightened, 7 widened, 1 remained at same level).
Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols, Media-for-Europe, Sixt, Volkswagen.
Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.


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

<ul>
<li>Since mid-April, spreads have generally tightened across our European liquid universe of ordinary and preferred shares (12 have tightened, 7 widened). Views are unchanged. </li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, Danieli, Grifols (see section on the company), Media-for-Europe, Sixt, Volkswagen.</li>
<li>Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal, Roche.</li>
</ul>


Since mid-April, spreads have generally tightened across our European liquid universe of ordinary and preferred shares (12 have tightened, 7 widened). Views are unchanged. 
Recommended trades long preferred / short ordinary shares: Atlas Copco, Danieli, Grifols (see section on the company), Media-for-Europe, Sixt, Volkswagen.
Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal, Roche.


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

Sweden

Volvo AB manufactures trucks, buses, construction equipment, drive systems for marine and industrial uses, and aircraft engine components.  The Company also offers repair and maintenance, lease financing, insurance, and financial services to its customers.

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Volvo AB (VOLVB SS)

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

Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10...

Jesus Rodriguez Aguilar

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

Since mid-June, share-price spreads have generally tightened across our European liquid universe of ordinary and preferred shares (13 have...

Jesus Rodriguez Aguilar

Industrivärden: H1 Results, NAV Evolution and Discount

End of H1, NAV was SEK 156 billion (SEK 361/share). NAV increased by 4%, gains in portfolio compensated by leverage increase. 5-y total return of...

Jesus Rodriguez Aguilar

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

Since mid-May, share-price spreads have not shown a clear trend across our European liquid universe of ordinary and preferred shares (9 have...

Jesus Rodriguez Aguilar

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

Since mid-April, spreads have generally tightened across our European liquid universe of ordinary and preferred shares (12 have tightened, 7...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)