https://opulion.com/en/journal Opulion's unified feed: long analyses and short news on listed investment companies, in English and French. Sourced, dated, never advice. en Fri, 25 Sep 2026 19:33:15 GMT https://opulion.com/en/journal/gimv-emprunt-150m-levier-strategie https://opulion.com/en/journal/gimv-emprunt-150m-levier-strategie Fri, 25 Sep 2026 19:33:15 GMT Net debt was 9.4% of assets at the last published balance-sheet date. The meaningful test begins when the new capital is invested in less liquid holdings. https://opulion.com/en/journal/scottish-mortgage-le-changement-cree-la-croissance https://opulion.com/en/journal/scottish-mortgage-le-changement-cree-la-croissance Wed, 23 Sep 2026 20:33:37 GMT At its 23 September conference, the Baillie Gifford trust showed where its performance comes from: a few very large winners, and companies that adapt faster than the rest. From SpaceX to Chinese batteries, the same rule keeps coming back. https://opulion.com/en/journal/exor-stellantis-valeur-tresorerie-h1-2026 https://opulion.com/en/journal/exor-stellantis-valeur-tresorerie-h1-2026 Wed, 23 Sep 2026 20:25:58 GMT The half-year report separates two movements hidden in a single net result: the value loss on one holding and a larger cash balance at the parent company. https://opulion.com/en/journal/wendel-modele-hybride-gestion-actifs https://opulion.com/en/journal/wendel-modele-hybride-gestion-actifs Mon, 21 Sep 2026 10:06:28 GMT IK Partners, Monroe Capital and Committed Advisors have transformed the portfolio. Assets have shifted quickly; profits, cash and risk have not yet completed the same transition. https://opulion.com/en/journal/softbank-obligations-bridge-openai https://opulion.com/en/journal/softbank-obligations-bridge-openai Mon, 21 Sep 2026 10:06:28 GMT The 24 September issuer statement changes the financing picture: the remaining bridge capacity was undrawn, and bond coupons are now known. https://opulion.com/en/journal/us-growth-scottish-portefeuilles-prives https://opulion.com/en/journal/us-growth-scottish-portefeuilles-prives Sun, 20 Sep 2026 14:53:53 GMT SpaceX, Stripe, Anthropic, Databricks and Zipline connect the two trusts. Yet their scale, gearing and governance turn the same assets into two different equations. https://opulion.com/en/journal/hal-technip-seuil-20-pourcent https://opulion.com/en/journal/hal-technip-seuil-20-pourcent Sun, 20 Sep 2026 14:53:53 GMT The 21 September AFM filing supersedes the distinction in our original article: the threshold has now been crossed in actual shares and votes, with no further potential interest reported. https://opulion.com/en/journal/spacex-calcul-heberge-trois-holdings https://opulion.com/en/journal/spacex-calcul-heberge-trois-holdings Sat, 19 Sep 2026 11:40:46 GMT The new contract does more than change SpaceX's revenue mix. It asks Scottish Mortgage, US Growth and Sofina shareholders to look beyond rockets and Starlink. https://opulion.com/en/journal/prosus-ifood-bataille-donnees https://opulion.com/en/journal/prosus-ifood-bataille-donnees Sat, 19 Sep 2026 11:40:46 GMT A computer and phone have been seized from a former commercial executive. No unlawful use has been established, but the investigation shows why restaurant data have become a strategic asset in Brazil's delivery war. https://opulion.com/en/journal/anthropic-accenture-evaluation-ia https://opulion.com/en/journal/anthropic-accenture-evaluation-ia Sat, 19 Sep 2026 11:40:46 GMT An external evaluator will be able to observe model design and deployment. For three listed holdings exposed to Anthropic, the test is whether that access becomes real oversight or merely another compliance cost. https://opulion.com/en/journal/softbank-ligne-credit-65-milliards https://opulion.com/en/journal/softbank-ligne-credit-65-milliards Sat, 19 Sep 2026 10:24:23 GMT The revolver has reportedly been increased by $450m and extended for a year. It improves financial flexibility, but leverage and cost depend on what is actually drawn. https://opulion.com/en/journal/zipline-revalorisation-deux-trusts https://opulion.com/en/journal/zipline-revalorisation-deux-trusts Sat, 19 Sep 2026 10:24:23 GMT The autonomous-drone maker now accounts for 3.8% and 4.0% of the two trusts. The NAV uplift is real, but it creates neither immediate cash nor a guaranteed exit price. https://opulion.com/en/journal/gbl-recordati-offre-test https://opulion.com/en/journal/gbl-recordati-offre-test Thu, 17 Sep 2026 08:58:42 GMT The pharmaceutical group is meant to embody GBL's new control strategy. Minority opposition turns price, threshold and future governance into its first full-scale examination. https://opulion.com/en/journal/prosus-ifood-24-milliards-reais https://opulion.com/en/journal/prosus-ifood-24-milliards-reais Thu, 17 Sep 2026 08:52:05 GMT Restaurants, supermarkets, pharmacies, payments and artificial intelligence: Brazil's champion wants to become a commerce infrastructure. The number is striking, but its scope still needs clarification. https://opulion.com/en/journal/investor-molnlycke-separation https://opulion.com/en/journal/investor-molnlycke-separation Thu, 17 Sep 2026 08:51:52 GMT Investor's largest private holding contains two very different economies. Their separation in 2027 should make capital allocation and performance much easier to read. https://opulion.com/en/journal/us-growth-offre-saba-vote-octobre https://opulion.com/en/journal/us-growth-offre-saba-vote-octobre Thu, 17 Sep 2026 08:51:39 GMT The board says it offered a cash exit close to net asset value. The vote is now as much about liquidity as the future of a portfolio rich in private companies. https://opulion.com/en/journal/investor-aa2-bilan-flexibilite https://opulion.com/en/journal/investor-aa2-bilan-flexibilite Wed, 16 Sep 2026 08:53:23 GMT The upgrade does not create value by itself. It confirms that Investor can support Patricia Industries and EQT funds without hurriedly selling its major listed holdings. https://opulion.com/en/journal/bytedance-revenus-ia-trois-holdings https://opulion.com/en/journal/bytedance-revenus-ia-trois-holdings Wed, 16 Sep 2026 08:53:23 GMT TikTok is accelerating, but artificial intelligence is squeezing profit. Three listed investment companies reach ByteDance through three very different routes. https://opulion.com/en/journal/softbank-openai-1200-milliards https://opulion.com/en/journal/softbank-openai-1200-milliards Wed, 16 Sep 2026 08:53:23 GMT A valuation 41% above the previous round would lift the theoretical value of SoftBank's stake. It would not settle dilution, funding or liquidity. https://opulion.com/en/journal/investor-astrazeneca-serena4 https://opulion.com/en/journal/investor-astrazeneca-serena4 Tue, 15 Sep 2026 14:42:39 GMT One major trial fails while two other programmes advance. Investor shareholders need to understand the diversification inside the holding company's third-largest asset. https://opulion.com/en/journal/sofina-exein-physical-ai https://opulion.com/en/journal/sofina-exein-physical-ai Tue, 15 Sep 2026 14:42:39 GMT The Italian company protects software inside robots, vehicles and industrial equipment. The investment confirms the fourth layer of Sofina's cyber strategy, but its exact weight remains unknown. https://opulion.com/en/journal/latour-fitch-marge-acquisitions https://opulion.com/en/journal/latour-fitch-marge-acquisitions Tue, 15 Sep 2026 14:42:39 GMT The A rating does more than describe debt quality. It quantifies the holding company's room to keep acquiring businesses inside its industrial subsidiaries, and the risk that could narrow it. https://opulion.com/en/journal/softbank-sb-energy-japon https://opulion.com/en/journal/softbank-sb-energy-japon Tue, 15 Sep 2026 14:42:39 GMT The local placement does not change the still-unknown size of the offering. It shows how SoftBank wants other investors to share the cost of future data centres. https://opulion.com/en/journal/openai-anthropic-softbank-baillie https://opulion.com/en/journal/openai-anthropic-softbank-baillie Mon, 14 Sep 2026 11:47:58 GMT Over one weekend, the two private AI labs sent opposing signals. Safety delays OpenAI's path to liquidity, while Anthropic reportedly crossed an adjusted-profit threshold. For three listed vehicles, the issue is how those developments flow into value, cash and risk. https://opulion.com/en/journal/softbank-pret-1187-milliards-openai https://opulion.com/en/journal/softbank-pret-1187-milliards-openai Mon, 14 Sep 2026 11:47:58 GMT A reported $11.87bn loan would cover 45.8% of SoftBank's OpenAI bridge repayment. Replaced debt is not the same as reduced debt. https://opulion.com/en/journal/avh-capital-autorise-2026 https://opulion.com/en/journal/avh-capital-autorise-2026 Mon, 14 Sep 2026 11:47:58 GMT AvH seeks to renew authorised capital equal to 21.8% of current nominal capital. The power is not a decided capital increase. https://opulion.com/en/journal/baillie-us-growth-saba-liquidite https://opulion.com/en/journal/baillie-us-growth-saba-liquidite Sun, 13 Sep 2026 08:12:45 GMT The activist promises full liquidity to shareholders. Yet the trust owns SpaceX, Stripe and Anthropic, three private assets already representing almost 28% of gross assets. https://opulion.com/en/journal/softbank-ia-valeur-cash https://opulion.com/en/journal/softbank-ia-valeur-cash Sun, 13 Sep 2026 08:12:45 GMT The first quarter shows record net asset value, a $45 billion unrealised gain on OpenAI and a portfolio dominated by Arm. But net debt rises, cash falls and infrastructure already requires billions. https://opulion.com/en/journal/scottish-mortgage-conference-23-septembre https://opulion.com/en/journal/scottish-mortgage-conference-23-septembre Sun, 13 Sep 2026 08:12:45 GMT Register for Scottish Mortgage's digital conference on the portfolio, AI and China, including questions to the managers. https://opulion.com/en/journal/exor-stellantis-brampton-couts https://opulion.com/en/journal/exor-stellantis-brampton-couts Sat, 12 Sep 2026 08:19:58 GMT The proposed Brampton sale highlights a Stellantis challenge: resizing its industrial footprint without exit costs consuming the expected benefit. https://opulion.com/en/journal/softbank-fitch-deux-lectures-dette https://opulion.com/en/journal/softbank-fitch-deux-lectures-dette Sat, 12 Sep 2026 08:19:58 GMT Fitch's arrival among the holding company's rating agencies invites a closer look beyond the announced $25.9 billion repayment. https://opulion.com/en/journal/brederode-semestre-2026-resultats-decote https://opulion.com/en/journal/brederode-semestre-2026-resultats-decote Fri, 11 Sep 2026 18:31:41 GMT A €348 million profit, a 32% discount and two investment clocks: what the half year reveals about the capital entrusted to Brederode. https://opulion.com/en/journal/gimv-deux-moteurs-batenburg-equine-care https://opulion.com/en/journal/gimv-deux-moteurs-batenburg-equine-care Thu, 10 Sep 2026 09:04:10 GMT Batenburg automates factories and power systems. Equine Care treats horses in specialist hospitals. Two deals announced on the same day reveal the two ways in which Gimv now intends to compound portfolio value. https://opulion.com/en/journal/softbank-rembourse-bridge-openai https://opulion.com/en/journal/softbank-rembourse-bridge-openai Wed, 09 Sep 2026 08:31:03 GMT Repayment comes 191 days before maturity. It removes an immediate refinancing risk but does not prove an equivalent fall in net debt. For SoftBank shareholders, the question is now what replaces the bridge. https://opulion.com/en/journal/investor-eqt-mistral-scaleup-europe https://opulion.com/en/journal/investor-eqt-mistral-scaleup-europe Tue, 08 Sep 2026 10:10:24 GMT After ICEYE's satellites, the Scaleup Europe Fund is helping finance Mistral. For Investor, the established link is the EQT management business, not proven direct ownership of the French AI company. https://opulion.com/en/journal/prosus-swiggy-udaan-recyclage-capital https://opulion.com/en/journal/prosus-swiggy-udaan-recyclage-capital Tue, 08 Sep 2026 10:10:24 GMT Behind Indian food delivery sits a $1.59 billion holding for Prosus. Swiggy's wholesale reorganisation reveals a capital allocation choice, without generating a cash receipt. https://opulion.com/en/journal/investor-eqt-x-mcgill-deux-circuits https://opulion.com/en/journal/investor-eqt-x-mcgill-deux-circuits Tue, 08 Sep 2026 10:10:24 GMT EQT X plans to buy a majority of McGill and Partners. For an Investor shareholder, the deal runs through two distinct exposures: the listed manager and capital committed to its funds. https://opulion.com/en/journal/avh-sipef-tiabam-bananes https://opulion.com/en/journal/avh-sipef-tiabam-bananes Mon, 07 Sep 2026 14:31:49 GMT The acquisition potentially adds 12,000 to 14,000 tonnes to a business that remains small within SIPEF. More importantly, it arrives as AvH turns its long-standing stake into the foundation of a broader Food & Agri platform. https://opulion.com/en/journal/investor-ab-capital-markets-update-webcast-2026 https://opulion.com/en/journal/investor-ab-capital-markets-update-webcast-2026 Mon, 07 Sep 2026 11:57:21 GMT Investor AB will livestream its November 4, 2026 Capital Markets Update. Five subsidiaries representing 80.3% of Patricia Industries will present, with official webcast access. https://opulion.com/en/journal/exor-iveco-devient-liquidite https://opulion.com/en/journal/exor-iveco-devient-liquidite Sat, 05 Sep 2026 11:28:18 GMT Tata Motors' EUR 14.10 offer is open, the announced clearances have been obtained and Exor is committed to tender. After the defence dividend, about EUR 1.46 billion is set to come out of Iveco. For shareholders in the holding company, the issue is no longer the truck: it is the discipline behind the next cheque. https://opulion.com/en/journal/anthropic-ipo-deux-trusts https://opulion.com/en/journal/anthropic-ipo-deux-trusts Sat, 05 Sep 2026 10:36:05 GMT The Financial Times reports that Anthropic could file its prospectus shortly and seek a listing as early as this autumn. Baillie Gifford US Growth has 6.6% of assets exposed to the company and Scottish Mortgage 2.8%. Before discussing gains, price, carrying value, liquidity, dilution, lock-up and governance must be separated. https://opulion.com/en/journal/softbank-obligation-abb-robotics https://opulion.com/en/journal/softbank-obligation-abb-robotics Fri, 04 Sep 2026 11:19:56 GMT Official LTV fell to 13.0%, yet adjusted net debt rose 63% in a year. The ABB Robotics bond, OpenAI bridge loans and Meesho sale reveal a leverage cycle that remains manageable but increasingly depends on Arm's value. https://opulion.com/en/journal/brederode-novartis-remibrutinib https://opulion.com/en/journal/brederode-novartis-remibrutinib Fri, 04 Sep 2026 06:24:04 GMT Two positive trials in multiple sclerosis add depth to the 7.1% of the listed portfolio invested in Novartis. The results are promising; however, the commercial value remains to be built. https://opulion.com/en/journal/brederode-novartis-alteogen https://opulion.com/en/journal/brederode-novartis-alteogen Fri, 04 Sep 2026 06:24:04 GMT The spectacular $3.223 billion figure belongs to Alteogen and is contingent on a long list of conditions. The real news for Brederode lies elsewhere: Novartis is adding a transformation tool to several biologics franchises. https://opulion.com/en/journal/brederode-alphabet-energy https://opulion.com/en/journal/brederode-alphabet-energy Fri, 04 Sep 2026 06:24:04 GMT Geothermal in Utah, solar and batteries in West Virginia: behind AI, Alphabet is becoming an organizer of energy infrastructure available day and night. https://opulion.com/en/journal/brederode-alphabet-antitrust https://opulion.com/en/journal/brederode-alphabet-antitrust Fri, 04 Sep 2026 06:24:04 GMT Brederode's first listed stock retains the integrity of its advertising machine. The extreme scenario is receding, but the regulatory risk doesn't disappear: it's changing form. https://opulion.com/en/journal/exor-philips-ia-clinique https://opulion.com/en/journal/exor-philips-ia-clinique Fri, 04 Sep 2026 06:24:04 GMT Preliminary results on 3D Auto CFQ do not yet allow for sales forecasts. However, they provide Exor's shareholder with a preliminary clinical signal on the intersection of healthcare and technology, justifying its large stake in Philips. https://opulion.com/en/journal/exor-welltec-ineos https://opulion.com/en/journal/exor-welltec-ineos Fri, 04 Sep 2026 06:24:04 GMT The three-year Danish contract is not large enough to shift Exor's ANR (French National Research Agency) portfolio. However, it demonstrates how a small stake can become the main integrator for a complex industrial project. https://opulion.com/en/journal/anthropic-cout-frontiere-bg-us-smt https://opulion.com/en/journal/anthropic-cout-frontiere-bg-us-smt Fri, 04 Sep 2026 06:24:04 GMT In the scenarios published by Anthropic, a typical charge would be 25% cheaper thanks to caching, without a general decrease in unit rates. For the shareholders of the holding companies, the question is who will keep the profit: the customer, Anthropic… or both. https://opulion.com/en/journal/latour-swegon-data-centres-inde https://opulion.com/en/journal/latour-swegon-data-centres-inde Fri, 04 Sep 2026 06:24:04 GMT The order does not yet quantify its contribution to profits. However, it demonstrates how Latour is opening a potential revenue stream from equipment, and subsequently from recurring services, within an asset it fully controls.