European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Event-Driven

<ul>
<li>On 27 June, Axel Johnson said it had crossed the 30% threshold and would launch a mandatory offer for all shares of <a href="https://www.smartkarma.com/entities/dustin-group-ab" target="_blank" data-smartkarma-citation="entities:22346:1" rel="noopener">Dustin Group AB (DUST SS)</a> at SEK 28.5/share</li>
<li>Axel Johnson doesn't seem particularly interested in completing a takeover, rather being able to increase its stake after offer completion. The offer document isn't even available in English.</li>
<li>The offer represents -4.2% to 1-month VWAP,  0.31x EV/Fwd sales (vs. 0.66x average since IPO). I wouldn't get involved unless the share price drops below SEK 28.5.</li>
</ul>


On 27 June, Axel Johnson said it had crossed the 30% threshold and would launch a mandatory offer for all shares of Dustin Group AB (DUST SS) at SEK 28.5/share
Axel Johnson doesn't seem particularly interested in completing a takeover, rather being able to increase its stake after offer completion. The offer document isn't even available in English.
The offer represents -4.2% to 1-month VWAP,  0.31x EV/Fwd sales (vs. 0.66x average since IPO). I wouldn't get involved unless the share price drops below SEK 28.5.


Axel Johnson/Dustin Group AB: Mandatory Offer