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.

Selected European HoldCos and DLC: November'24 Report

Corporación Financiera Alba (ALB SM) Wi(L)Dest Discount

Selected European HoldCos and DLC: October'24 Report

Industrivärden's Q3: NAV Evolution, (Low) Discount, Target NAV, Replication

Event-Driven

<ul>
<li>Christmas came early for <a href="https://www.smartkarma.com/entities/corp-financiera-alba-sa" target="_blank" data-smartkarma-citation="entities:21245:1" rel="noopener">Corp Financiera Alba Sa (ALB SM)</a>'s shareholders as a 79% premium delisting offer for a holding that was last trading at a whoping 50.7% discount/NAV.</li>
<li>For a while I had been saying that Alba was very cheap. Although it is difficult to disagree with such a premium, controling shareholders are buying at a 11.5% discount.</li>
<li>They are value investors after all. Settlement should happen around April 4. Spread is 1.9%/6.4% (gross/annualised). Long Alba shares (not the holding spread).</li>
</ul>


Christmas came early for Corp Financiera Alba Sa (ALB SM)'s shareholders as a 79% premium delisting offer for a holding that was last trading at a whoping 50.7% discount/NAV.
For a while I had been saying that Alba was very cheap. Although it is difficult to disagree with such a premium, controling shareholders are buying at a 11.5% discount.
They are value investors after all. Settlement should happen around April 4. Spread is 1.9%/6.4% (gross/annualised). Long Alba shares (not the holding spread).


Corp Financiera Alba Sa

Delisting Offer for Alba at 79% Premium