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.

Industrivärden's Q3: NAV Evolution, (Low) Discount, Target NAV, Replication

Heineken (HEIA NA) Vs. Heineken Holdings (HEIO NA): Which Tap?

Selected European HoldCos and DLC: September'24 Report

Selected European HoldCos and DLC: August'24 Report

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos mainly widened during October. Discounts to NAV: C.F.Alba, 48.7% (vs. 46.6% as of 30 September); GBL, 40.9% (vs. 40.7%);</li>
<li>Heineken Holding, 14% (14.9%); Industrivärden C, 2.4% (0.9%); Investor B, 2.8% (vs. 2.6%); Porsche Automobile Holding, 31.7% (vs. 35%). Rio DLC spread tightened to 22.5% (vs. 26%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos mainly widened during October. Discounts to NAV: C.F.Alba, 48.7% (vs. 46.6% as of 30 September); GBL, 40.9% (vs. 40.7%);
Heineken Holding, 14% (14.9%); Industrivärden C, 2.4% (0.9%); Investor B, 2.8% (vs. 2.6%); Porsche Automobile Holding, 31.7% (vs. 35%). Rio DLC spread tightened to 22.5% (vs. 26%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: October'24 Report

Rio Tinto Ltd

Selected European HoldCos and DLC: October'24 Report