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: Additional Acceptance Period

XXXLutz Consortium/​​Home24: Final Results and Delisting

XxxLutz/Home24: Final Chance to Abandon the Boat

Event-Driven

<ul>
<li>An XXXLutz-led consortium offers €7.50/share in cash, 124% premium, c. 29.6x EV/Fwd NTM EBITDA and 1.4x P/NTM BV. With already 68.7% irrevocable undertakings secured, this looks a done deal.</li>
<li>FY2021 ROIC was -12%, home24 destroyed value as it grew; some willing buyers attended the call to steady the ship. Considering prospects, the offer looks fair (my TP is €7.85).</li>
<li>Gross spread is 0.54%, and the estimated annual return is 3.01% assuming settlement by 5 January. I would accept offer/set up a position in case of share price weakness.</li>
</ul>


An XXXLutz-led consortium offers €7.50/share in cash, 124% premium, c. 29.6x EV/Fwd NTM EBITDA and 1.4x P/NTM BV. With already 68.7% irrevocable undertakings secured, this looks a done deal.
FY2021 ROIC was -12%, home24 destroyed value as it grew; some willing buyers attended the call to steady the ship. Considering prospects, the offer looks fair (my TP is €7.85).
Gross spread is 0.54%, and the estimated annual return is 3.01% assuming settlement by 5 January. I would accept offer/set up a position in case of share price weakness.


XXXLutz Consortium/Home24: Rescue Takeover