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.

CPI/Immofinanz: CPI Matches S Immo's Offer and Secures Another Stake

CPI/Immofinanz: Additional Acceptance Period, S Immo

CA Immo: Raised Offer, Aggregate's Potential Competing Offer

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/s-immo-ag" target="_blank" data-smartkarma-citation="entities:22559:1" rel="noopener">S IMMO AG (SPI AV)</a> owns 14.2% of <a href="https://www.smartkarma.com/entities/immofinanz-ag" target="_blank" data-smartkarma-citation="entities:22547:1" rel="noopener">IMMOFINANZ AG (IIA AV)</a>, Immofinanz owns 26.5% of S Immo. <a href="https://www.smartkarma.com/entities/cpi-property-group-sa" target="_blank" data-smartkarma-citation="entities:21688:1" rel="noopener">CPI</a> is on a buying spree: 32% of Immofinanz, 11.6% of S Immo. </li>
<li>Merger discussions take another twist with two offers for Immofinanz: CPI launches an anticipated mandatory offer, which could later allow it to increase its stake; S Immo seeks to protect itself.</li>
<li>Immofinanz trades at 3.8% FFO yield. My TP, economic profit-based is €25.86/share, 15% discount to EPRA NAV, and 5% above the median TP of Capital IQ consensus. <strong>Long IIA AV</strong>.</li>
</ul>



S IMMO AG (SPI AV) owns 14.2% of IMMOFINANZ AG (IIA AV), Immofinanz owns 26.5% of S Immo. CPI is on a buying spree: 32% of Immofinanz, 11.6% of S Immo. 
Merger discussions take another twist with two offers for Immofinanz: CPI launches an anticipated mandatory offer, which could later allow it to increase its stake; S Immo seeks to protect itself.
Immofinanz trades at 3.8% FFO yield. My TP, economic profit-based is €25.86/share, 15% discount to EPRA NAV, and 5% above the median TP of Capital IQ consensus. Long IIA AV.


IMMOFINANZ AG

S Immo and CPI Wrestle for Immofinanz