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.

XXXLutz Consortium/​​Home24: Final Results and Delisting

XxxLutz/Home24: Final Chance to Abandon the Boat

XXXLutz Consortium/Home24: Rescue Takeover

Event-Driven

<ul>
<li>XXXLutz consortium secures 80.94% of home24 shares. The Additional Acceptance Period runs until 28 December. More shares will be tendered and delisting will eventually take place in 2023, in my view.</li>
<li>My updated fair value estimate is €7.44/share (average of DCF and comparables, as per the tables below), just 0.8% below the offer price, hence my TP remains unchanged at €7.50.</li>
<li>Gross spread is 0.93%. The risk of being stranded with a delisted stock encourages tendering at €7.50.</li>
</ul>


XXXLutz consortium secures 80.94% of home24 shares. The Additional Acceptance Period runs until 28 December. More shares will be tendered and delisting will eventually take place in 2023, in my view.
My updated fair value estimate is €7.44/share (average of DCF and comparables, as per the tables below), just 0.8% below the offer price, hence my TP remains unchanged at €7.50.
Gross spread is 0.93%. The risk of being stranded with a delisted stock encourages tendering at €7.50.


XXXLutz Consortium/​Home24: Additional Acceptance Period

Home24

XXXLutz Consortium/​Home24: Additional Acceptance Period

XXXLutz Consortium/Home24: Additional Acceptance Period