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.

Event-Driven

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<li>Loh (29.97% stake) launches a voluntary offer at €9.75/share, 2.5% premium, but doesn't really intend to increase much its shareholding, rather have the flexibility to do it in the future.</li>
<li>With a favourable market environment, the EU steel sector has re-rated since Autumn. The shares trade 5.2% above the offer price (effectively a floor), so don't expect many acceptances.</li>
<li>Kloeckner currently trades on 6.3x EV/23e EBITDA (vs. a 6.5x 10-year average), and 0.52x P/BV. The median consensus price target (€9.73) is in line with the offer price.</li>
</ul>


Loh (29.97% stake) launches a voluntary offer at €9.75/share, 2.5% premium, but doesn't really intend to increase much its shareholding, rather have the flexibility to do it in the future.
With a favourable market environment, the EU steel sector has re-rated since Autumn. The shares trade 5.2% above the offer price (effectively a floor), so don't expect many acceptances.
Kloeckner currently trades on 6.3x EV/23e EBITDA (vs. a 6.5x 10-year average), and 0.52x P/BV. The median consensus price target (€9.73) is in line with the offer price.


Loh/Kloeckner & Co Se: Voluntary Takeover Offer