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: April’23 Report

FEMSA's Exit from Heineken/Heineken Holding and Share Price Spread

Selected European Holdcos and DLC: October ‘22 Report

Selected European Holdcos and DLCs: September ‘22 Report

Event-Driven

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>NAV/Share down 19% for FY2022 in line with falls in the market. Private/alternative assets represented 36.3% of GAV and 39.86% of NAV. Discount to NAV was 35.8% as of YE2022.</li>
<li>The discount to NAV was 36.7% as of 10 March. GBL is buying and cancelling its own shares, which creates value as it's done at a deep discount to NAV.</li>
<li>GBL has completed its transition towards a 40% of private/alternative assets in portfolio, but still needs to convince investors to lower its discount to levels closer to Investor AB. </li>
</ul>


NAV/Share down 19% for FY2022 in line with falls in the market. Private/alternative assets represented 36.3% of GAV and 39.86% of NAV. Discount to NAV was 35.8% as of YE2022.
The discount to NAV was 36.7% as of 10 March. GBL is buying and cancelling its own shares, which creates value as it's done at a deep discount to NAV.
GBL has completed its transition towards a 40% of private/alternative assets in portfolio, but still needs to convince investors to lower its discount to levels closer to Investor AB. 


Groupe Bruxelles Lambert Sa

FY2022 Results and Discount to NAV