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: New Year‘23 Report

Selected European Holdcos and DLC: January‘23 Report

FEMSA/Heineken Holding Chain: Stake Sales and Share Price Spread

Selected European Holdcos and DLC: October ‘22 Report

Pargesa (PARG SW) & Groupe Bruxelles Lambert (GBLB BB): A Tale of Two Discounts

Selected European Holdcos and DLCs: September ‘22 Report

Selected European Holdcos and DLCs: August ‘22 Report

Event-Driven

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>GBL released Q3 results. NAV/share was down -3.6% to €112.39 QoQ (vs. €116.5 at 30 June) and -20% YTD. The discount to NAV was 36.0% as of 30 September.</li>
<li>The portfolio could do with some rebalancing: Pernod Ricard and SGS represent 18% and 16% of GAV. GBL is creating value by purchasing its shares at a large discount.</li>
<li>Discount to NAV is 35.3%, which seems high. BUY, with €87.35 TP, or play the discount: Long GBL / Short main listed assets (SGS, Pernod Ricard, Adidas and Umicore).</li>
</ul>


GBL released Q3 results. NAV/share was down -3.6% to €112.39 QoQ (vs. €116.5 at 30 June) and -20% YTD. The discount to NAV was 36.0% as of 30 September.
The portfolio could do with some rebalancing: Pernod Ricard and SGS represent 18% and 16% of GAV. GBL is creating value by purchasing its shares at a large discount.
Discount to NAV is 35.3%, which seems high. BUY, with €87.35 TP, or play the discount: Long GBL / Short main listed assets (SGS, Pernod Ricard, Adidas and Umicore).


Groupe Bruxelles Lambert Sa

Q3 Results and Discount