In today’s briefing:
- Selected European HoldCos and DLC: September’23 Report
Selected European HoldCos and DLC: September’23 Report
- The discounts to NAV of covered holdcos have generally tightened during September. Discounts to NAV: C.F.Alba, 49.2% (vs. 46.6%); GBL, 35.3% (vs. 36.2%); Heineken Holding, 14.5% (vs. 17.9%);
- Industrivärden C, 7.4% (vs. 7.8%); Investor B, 15.4% (vs. 16.6%); Porsche Automobile Holding, 41.1% (vs. 41.5%). The spread of Rio DLC tightened to 15.8% (vs. 17.8%).
- What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.
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