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.

Liquid Universe of European Ordinary and Preferred Shares: April ‘23 Report

Liquid Universe of European Ordinary and Preferred Shares: May‘23 Report

Liquid Universe of European Ordinary and Preferred Shares: June‘23 Report

MFE/​Mediaset España: Start of Offer Period with Lower Success Expectations

MFE/​​Mediaset España: Sweetened Offer

Event-Driven

Mediaset España Comunicación, S.A. / Event-Driven

Mediaset España Comunicación, S.A. (TL5 SM)

<ul>
<li>TL5 holdouts have exposed themselves to being trapped by MFE, which has already shown in the past that it has no qualms about running its subsidiary for its own interests.</li>
<li>The implied exchange values the audiovisual business of TL% at 1.2 EV/22eEBITDA TL5/MFEA spread is +3.02%, I would wait for it to turn negative to open a position.</li>
<li>MFE A shares are trading at a 34.7% discount, which seems excessive nevertheless. With more A shares coming in the market (and higher liquidity), I would be long MFEA/short MFEB.</li>
</ul>


TL5 holdouts have exposed themselves to being trapped by MFE, which has already shown in the past that it has no qualms about running its subsidiary for its own interests.
The implied exchange values the audiovisual business of TL% at 1.2 EV/22eEBITDA TL5/MFEA spread is +3.02%, I would wait for it to turn negative to open a position.
MFE A shares are trading at a 34.7% discount, which seems excessive nevertheless. With more A shares coming in the market (and higher liquidity), I would be long MFEA/short MFEB.


MFE/​Mediaset España: Merger Approval, Spread and Delisting

Mediaset España Comunicación, S.A.

MFE/​Mediaset España: Merger Approval, Spread and Delisting

MFE/Mediaset España: Merger Approval, Spread and Delisting