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.

Hedin Group/​Pendragon: Closer To Clinch a Deal

Alpha Auto Group/Lookers: Consolidation at a Cheap Offer Price

Alpha Auto Group/​Lookers: From Done Deal to Uncertain Situation

Event-Driven

<ul>
<li>Pendragon has received a 29p/share (28% premium) fresh takeover approach from its main shareholder Hedin Mobility Group, this follows a 28p approach in March. PUSU deadline is 24 October.</li>
<li>The Board is "conducting a review of potential strategic options"and this time will (reluctantly) engage with Hedin, which has signaled it would be seller at 35p.</li>
<li>My stand-alone fair value estimate of Pendragon is 39p (DCF-based), c. 44% upside to the last closing share price and well above of Hedin's prospective bid. Buy.</li>
</ul>


Pendragon has received a 29p/share (28% premium) fresh takeover approach from its main shareholder Hedin Mobility Group, this follows a 28p approach in March. PUSU deadline is 24 October.
The Board is "conducting a review of potential strategic options"and this time will (reluctantly) engage with Hedin, which has signaled it would be seller at 35p.
My stand-alone fair value estimate of Pendragon is 39p (DCF-based), c. 44% upside to the last closing share price and well above of Hedin's prospective bid. Buy.


Hedin Group/Pendragon: Fresh Takeover Approach

Pendragon PLC

Hedin Group/Pendragon: Fresh Takeover Approach