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 DLCs: September Report

Smartkarma Webinar | Top Trade Ideas in European Event-Driven

Unilever's DLC Unwinding: Shareholder Approval, Timetable, Listing Considerations.

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

Investor AB (INVEB SS): Blue Chip Portfolio at a Discount

Event-Driven

With this report, I continue the monthly series on some of the main European holding companies that I deem interesting to long/short clients.
All the discounts to NAV have remained stable, with no major changes to the holdcos portfolios, with the exception of Kinnevik. Most represent an attractive entry point from fundamentals, in my view.
I note there have been market rumours about a combination of Unilever and Reckitt Benckiser. Certainly, a collapse of the DLC structure would allow Unilever to offer own shares as a currency in M&amp;A.
The most compelling situations in this report are:
<ul>
<li>GBL</li>
<li>Heineken</li>
<li>Investor AB</li>
</ul>
Please read on for charts and comments.

With this report, I continue the monthly series on some of the main European holding companies that I deem interesting to long/short clients.
All the discounts to NAV have remained stable, with no major changes to the holdcos portfolios, with the exception of Kinnevik. Most represent an attractive entry point from fundamentals, in my view.
I note there have been market rumours about a combination of Unilever and Reckitt Benckiser. Certainly, a collapse of the DLC structure would allow Unilever to offer own shares as a currency in M&amp;A.
The most compelling situations in this report are:

GBL
Heineken
Investor AB

Please read on for charts and comments.

Selected European Holdcos and a DLC: July Report