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: July’23 Report

Porsche Automobile Holding: H1 SOTP and Discount to NAV

Selected European HoldCos and DLC: August’23 Report

Industrivärden: Q1 Results and Discount to NAV

Selected European HoldCos and DLC: June’23 Report

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

Selected European HoldCos and DLC: April’23 Report

Event-Driven

<ul>
<li>The discount to NAV of C shares is 7.4%, well below the "usual" 15% conglomerate discount, and also below the 5-year average of 10%.</li>
<li>C shares are trading at a 0.3% discount to A shares. The reduction in the discount could be driven by acquisitions by the Lundbergs of C shares.</li>
<li>My target NAV is SEK 158,144 million, a 18% increase. My target TP for the C shares of Industrivärden, assuming a 10% discount to NAV, is SEK 329.5 (15% higher).</li>
</ul>


The discount to NAV of C shares is 7.4%, well below the "usual" 15% conglomerate discount, and also below the 5-year average of 10%.
C shares are trading at a 0.3% discount to A shares. The reduction in the discount could be driven by acquisitions by the Lundbergs of C shares.
My target NAV is SEK 158,144 million, a 18% increase. My target TP for the C shares of Industrivärden, assuming a 10% discount to NAV, is SEK 329.5 (15% higher).


Industrivärden H1, Discount and Target NAV

Industrivarden AB

Industrivärden H1, Discount and Target NAV