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.

Concordia/Rothschild: Simplified Offer Filing

Concordia/Rothschild & Co: Back to the Origins

Event-Driven

<ul>
<li>The simplified tender offer for <a href="https://www.smartkarma.com/entities/rothschild-co" target="_blank" data-smartkarma-citation="entities:21537:1" rel="noopener">Rothschild &amp; Co (ROTH FP)</a> opened on 24 July and will last until 8 September (inclusive). The ex-dividend offer price is €38.60.</li>
<li>The offer represents 7.22x NTM Fwd P/E (ex-dividend), rather low for the top European M&amp;A player and a high quality business. Merchant Banking division could have a lot of upside.</li>
<li>The enlarged family concert has bought shares in the market and has now c.66%. I anticipate the offer to go according to plan. Gross spread is nil.</li>
</ul>


The simplified tender offer for Rothschild &amp; Co (ROTH FP) opened on 24 July and will last until 8 September (inclusive). The ex-dividend offer price is €38.60.
The offer represents 7.22x NTM Fwd P/E (ex-dividend), rather low for the top European M&amp;A player and a high quality business. Merchant Banking division could have a lot of upside.
The enlarged family concert has bought shares in the market and has now c.66%. I anticipate the offer to go according to plan. Gross spread is nil.


Concordia/Rothschild: Start of Offer Period