https://opulion.com/en/journal Opulion's articles and news on listed investment companies, in English and French. Sourced, dated, never advice. en Fri, 23 Oct 2026 07:40:11 GMT https://opulion.com/en/journal/investor-after-sek-1-9bn-in-nine-months-sebs-buyback-pause-caps-its-sales-of https://opulion.com/en/journal/investor-after-sek-1-9bn-in-nine-months-sebs-buyback-pause-caps-its-sales-of Fri, 23 Oct 2026 07:40:11 GMT SEB pauses buybacks as its capital buffer faces a 120-point cut. Investor, which sells SEB shares to keep 22.0%, raised SEK 1.9bn this way in nine months. https://opulion.com/en/journal/share-buybacks-pantheon-lifts-nav-per-share-by-1-78-the-other-four-by-less-than https://opulion.com/en/journal/share-buybacks-pantheon-lifts-nav-per-share-by-1-78-the-other-four-by-less-than Thu, 22 Oct 2026 09:56:56 GMT Between 1 July and 9 October, GBL, Exor, Prosus, Scottish Mortgage and Pantheon International bought back their own shares below NAV. For the shareholder who stays, everything turns on two numbers: how much of the capital was bought back, and at what discount. https://opulion.com/en/journal/exor-the-threshold-for-the-iveco-offer-falls-to-80-and-52-94-of-acceptances-are https://opulion.com/en/journal/exor-the-threshold-for-the-iveco-offer-falls-to-80-and-52-94-of-acceptances-are Thu, 22 Oct 2026 09:53:24 GMT Iveco's meeting cut the threshold of Tata's offer to 80%. Beyond Exor's 27.06%, 52.94% of acceptances are needed. If the offer succeeds, Exor will get €1,057m. https://opulion.com/en/journal/wendel-stahl-cuts-net-debt-to-183m-but-adjusted-net-debt-under-s-ps-method https://opulion.com/en/journal/wendel-stahl-cuts-net-debt-to-183m-but-adjusted-net-debt-under-s-ps-method Thu, 22 Oct 2026 09:53:24 GMT Wendel counts Stahl in its 30 September cash: net debt of €183m. Under S&P's method, adjusted net debt rises from €551m to €714m, the ratio from 7.8% to 9.5%. https://opulion.com/en/journal/investor-at-abb-20-of-its-total-assets-ebita-rises-24-while-rotork-and-robotics https://opulion.com/en/journal/investor-at-abb-20-of-its-total-assets-ebita-rises-24-while-rotork-and-robotics Thu, 22 Oct 2026 09:53:24 GMT In Q3 2026, ABB's Operational EBITA rose 24% and net income fell 2%, held back by Rotork and Robotics. ABB is 20% of Investor's total assets. https://opulion.com/en/journal/latour-at-hms-orders-exceed-sales-by-sek-80m-about-sek-70m-of-which-was-placed https://opulion.com/en/journal/latour-at-hms-orders-exceed-sales-by-sek-80m-about-sek-70m-of-which-was-placed Thu, 22 Oct 2026 09:53:24 GMT At HMS, 9.2% of Latour's listed portfolio, Q3 orders exceeded sales by SEK 80m, about SEK 70m of which was placed early by some customers. https://opulion.com/en/journal/scottish-mortgage-in-q3-ai-was-52-of-revenue-and-84-of-capital-spending-at https://opulion.com/en/journal/scottish-mortgage-in-q3-ai-was-52-of-revenue-and-84-of-capital-spending-at Thu, 22 Oct 2026 09:53:24 GMT SpaceX, 15.0% of Scottish Mortgage's total assets on 30/09, drew 52% of Q3 revenue from AI and put 84% of its Q3 capital expenditure there. https://opulion.com/en/journal/exor-87-of-the-first-buyback-tranche-spent-in-18-sessions-with-no-second https://opulion.com/en/journal/exor-87-of-the-first-buyback-tranche-spent-in-18-sessions-with-no-second Thu, 22 Oct 2026 09:53:24 GMT Exor has bought back €109.2m of shares in 18 sessions, 87% of its first tranche. At last week's pace, the balance amounts to fewer than three sessions. https://opulion.com/en/journal/sofina-the-companies-behind-ai-that-gets-to-work https://opulion.com/en/journal/sofina-the-companies-behind-ai-that-gets-to-work Wed, 21 Oct 2026 06:24:22 GMT Supabase stores the data, Cyera governs access, Primer manages payments. Three direct holdings illuminate a crucial question: who gets paid when AI moves from answering to acting? https://opulion.com/en/journal/gbl-a-cvc-block-makes-up-60-of-the-progress-on-recordati-10-98-of-the-capital https://opulion.com/en/journal/gbl-a-cvc-block-makes-up-60-of-the-progress-on-recordati-10-98-of-the-capital Tue, 20 Oct 2026 13:49:06 GMT GBL and CVC advance in the Recordati offer. How the 66.67% threshold, signed block, Rossini stake and remaining conditions fit together. https://opulion.com/en/journal/avh-van-moer-improving-margins-investment https://opulion.com/en/journal/avh-van-moer-improving-margins-investment Mon, 19 Oct 2026 15:19:53 GMT Its stake would rise to 39.77%. The more revealing development is inside the business: earnings before depreciation have grown faster than sales over five years. https://opulion.com/en/journal/softbank-allied-universal-robotics-customers-capital https://opulion.com/en/journal/softbank-allied-universal-robotics-customers-capital Mon, 19 Oct 2026 15:19:53 GMT Reported early-stage talks raise a practical question for shareholders: how much capital would it take to transform an existing service business? https://opulion.com/en/journal/investor-78-of-the-quarters-rise-comes-from-patricia-industries-valued-on-its https://opulion.com/en/journal/investor-78-of-the-quarters-rise-comes-from-patricia-industries-valued-on-its Fri, 16 Oct 2026 09:23:30 GMT In Q3 2026, Investor's adjusted NAV rose SEK 43.3bn, SEK 33.8bn of it, or 78%, from Patricia Industries, valued on listed peers' stock market multiples. https://opulion.com/en/journal/investor-a-sek-3-5bn-purchase-that-undoes-the-coller-dilution-at-eqt-from-14-02 https://opulion.com/en/journal/investor-a-sek-3-5bn-purchase-that-undoes-the-coller-dilution-at-eqt-from-14-02 Fri, 16 Oct 2026 09:23:14 GMT Investor buys 12.5 million EQT shares from Wallenberg Investments. Its stake rises to 14.98%, just above the 14.94% it held before EQT issued shares for Coller. https://opulion.com/en/journal/investor-eqts-key-funds-gain-5-but-the-16-october-statement-will-still-show-its https://opulion.com/en/journal/investor-eqts-key-funds-gain-5-but-the-16-october-statement-will-still-show-its Fri, 16 Oct 2026 09:22:50 GMT Investor reports its EQT funds at SEK 42,110m, up 9%, on 30 June values. The quarter of EQT's 5% rise will enter its accounts on 22 January 2027. https://opulion.com/en/journal/exor-stellantis-expeditions-t3-2026-10-13 https://opulion.com/en/journal/exor-stellantis-expeditions-t3-2026-10-13 Fri, 16 Oct 2026 09:22:31 GMT In Q3 Stellantis sold almost as many vehicles in the US but, by its estimates, shipped 12% fewer in North America. The gap matters for the cash reaching Exor. https://opulion.com/en/journal/hal-fin-du-trust-cotation-directe-2026-10-14 https://opulion.com/en/journal/hal-fin-du-trust-cotation-directe-2026-10-14 Fri, 16 Oct 2026 09:22:12 GMT HAL proposes to wind up its Bermuda trust and list HAL Holding directly, one share per trust share, with the share count unchanged. Holders vote on 26 November. https://opulion.com/en/journal/latour-portefeuille-cote-trimestre-2026-09-30 https://opulion.com/en/journal/latour-portefeuille-cote-trimestre-2026-09-30 Fri, 16 Oct 2026 09:21:41 GMT From end-June to end-September, three holdings made up 95% of the rise in Latour's listed portfolio. Excluding Fagerhult, the price effect is about 2.2% of NAV. https://opulion.com/en/journal/pantheon-11-62-of-votes-against-almost-exactly-the-weight-of-sabas-declared https://opulion.com/en/journal/pantheon-11-62-of-votes-against-almost-exactly-the-weight-of-sabas-declared Fri, 16 Oct 2026 09:21:24 GMT At least 11.62% of votes cast went against 15 resolutions, the equivalent of Saba's shares (11.60%). With its swap's shares, opposition would have passed 20%. https://opulion.com/en/journal/avh-sipef-expects-more-cash-with-replanting-that-may-have-to-wait https://opulion.com/en/journal/avh-sipef-expects-more-cash-with-replanting-that-may-have-to-wait Fri, 16 Oct 2026 08:26:51 GMT Agricultural profits are growing. But the cash outlook also reflects an investment timetable being reshaped by dry weather. https://opulion.com/en/journal/hal-plans-to-remove-its-trust-what-shareholders-would-own-instead https://opulion.com/en/journal/hal-plans-to-remove-its-trust-what-shareholders-would-own-instead Fri, 16 Oct 2026 08:26:51 GMT One HAL Holding share would replace each HAL Trust share. The proposal shortens the ownership chain, with more to understand than a change of name. https://opulion.com/en/journal/scottish-mortgage-asml-and-tsmc-sell-more-but-their-margins-move-in-opposite https://opulion.com/en/journal/scottish-mortgage-asml-and-tsmc-sell-more-but-their-margins-move-in-opposite Fri, 16 Oct 2026 08:26:51 GMT The trust owns both the equipment supplier and the chipmaker using its machines. Their results show how one investment cycle produces different economics. https://opulion.com/en/journal/avh-deme-adds-zeevonk-turbines-to-its-offshore-schedule https://opulion.com/en/journal/avh-deme-adds-zeevonk-turbines-to-its-offshore-schedule Fri, 16 Oct 2026 06:59:31 GMT The contract announced on 14 October is worth €50m to €150m, subject to the project’s final investment decision. Work is planned for 2028 and 2029. https://opulion.com/en/journal/prosus-jet-order-growth https://opulion.com/en/journal/prosus-jet-order-growth Mon, 12 Oct 2026 19:57:53 GMT JET orders returned to growth in September. Prosus is investing more in JET and iFood, accepting pressure on short-term profitability. https://opulion.com/en/journal/pantheon-buyback-value-per-share https://opulion.com/en/journal/pantheon-buyback-value-per-share Sat, 10 Oct 2026 12:39:54 GMT Selling funds, buying back shares and keeping capital for new investments are three decisions that belong in the same picture. https://opulion.com/en/journal/pantheon-private-fund-or-listed-share https://opulion.com/en/journal/pantheon-private-fund-or-listed-share Sat, 10 Oct 2026 12:39:54 GMT In a private fund, you commit capital. On the stock market, you buy a stake in an existing portfolio. The structure changes the timing, costs and exit. https://opulion.com/en/journal/brederode-samsung-record-portfolio-weight https://opulion.com/en/journal/brederode-samsung-record-portfolio-weight Thu, 08 Oct 2026 21:18:21 GMT The Korean group is heading for another record quarter. For Brederode shareholders, the effect depends on Samsung’s share price and the position’s weight in the portfolio. https://opulion.com/en/journal/gbl-recordati-persuading-sellers https://opulion.com/en/journal/gbl-recordati-persuading-sellers Thu, 08 Oct 2026 21:18:21 GMT The offer seeks all available shares at €53. A 12 October dashboard separates acceptances, physical holdings and conditional delivery under CVC’s contract. https://opulion.com/en/journal/prosus-share-buyback-2026-10-06 https://opulion.com/en/journal/prosus-share-buyback-2026-10-06 Thu, 08 Oct 2026 21:18:21 GMT Prosus bought 2.24 million of its shares from 28 September to 2 October for €79.84m, continuing its ongoing repurchase programme. https://opulion.com/en/journal/exor-stellantis-recovery-volumes-margins-cash https://opulion.com/en/journal/exor-stellantis-recovery-volumes-margins-cash Mon, 05 Oct 2026 07:11:44 GMT Second-quarter profits improve while third-quarter US sales stagnate. Repair at the manufacturer has not yet restored distributions to Exor. https://opulion.com/en/journal/softbank-openai-64-6-billion-conviction-funding https://opulion.com/en/journal/softbank-openai-64-6-billion-conviction-funding Mon, 05 Oct 2026 07:11:44 GMT September’s bonds give the holding company time. They create payments that portfolio revaluations alone cannot finance. https://opulion.com/en/journal/wendel-stahl-sale-cash-reallocation https://opulion.com/en/journal/wendel-stahl-sale-cash-reallocation Mon, 05 Oct 2026 07:11:44 GMT Closing confirms value already recorded. The next use of capital must replace the asset sold and the earnings it supplied. https://opulion.com/en/journal/brederode-discount-private-equity-asset-prices https://opulion.com/en/journal/brederode-discount-private-equity-asset-prices Sun, 04 Oct 2026 13:33:06 GMT Asset values rise while the share price falls. Behind the discount lies a simple question: when will private fund values turn into available cash? https://opulion.com/en/journal/softbank-digitalbridge-infrastructure-manager https://opulion.com/en/journal/softbank-digitalbridge-infrastructure-manager Thu, 01 Oct 2026 14:59:06 GMT A digital infrastructure manager joins the group. Its clients' assets do not thereby become SoftBank's own wealth. https://opulion.com/en/journal/gbl-private-capital-debt-recordati https://opulion.com/en/journal/gbl-private-capital-debt-recordati Tue, 29 Sep 2026 10:22:17 GMT A 4% bond at the holding company and a separate acquisition financing plan for Recordati are two different layers of leverage. https://opulion.com/en/journal/latour-bolt-nut-nord-lock-acquisition https://opulion.com/en/journal/latour-bolt-nut-nord-lock-acquisition Mon, 28 Sep 2026 11:46:16 GMT The price is undisclosed. The deal shows how a targeted purchase could strengthen a highly profitable subsidiary while making only a modest difference to the holding company's debt. https://opulion.com/en/journal/prosus-despegar-ifood-cross-revenue https://opulion.com/en/journal/prosus-despegar-ifood-cross-revenue Sat, 26 Sep 2026 08:05:57 GMT The travel platform offers a tangible measure of Prosus's ecosystem strategy. It tracks sales linked to iFood, not yet incremental profit for the holding company. https://opulion.com/en/journal/gimv-150m-borrowing-leverage-strategy https://opulion.com/en/journal/gimv-150m-borrowing-leverage-strategy 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-change-drives-growth https://opulion.com/en/journal/scottish-mortgage-change-drives-growth 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-value-cash-h1-2026 https://opulion.com/en/journal/exor-stellantis-value-cash-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/softbank-bonds-openai-bridge https://opulion.com/en/journal/softbank-bonds-openai-bridge 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/wendel-hybrid-model-asset-management https://opulion.com/en/journal/wendel-hybrid-model-asset-management 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/hal-technip-20-percent-threshold https://opulion.com/en/journal/hal-technip-20-percent-threshold 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/us-growth-scottish-private-portfolios https://opulion.com/en/journal/us-growth-scottish-private-portfolios 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/spacex-hosted-compute-three-holdings https://opulion.com/en/journal/spacex-hosted-compute-three-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-data-battle https://opulion.com/en/journal/prosus-ifood-data-battle 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-ai-evaluation https://opulion.com/en/journal/anthropic-accenture-ai-evaluation 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-6-5-billion-credit-line https://opulion.com/en/journal/softbank-6-5-billion-credit-line 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-revaluation-two-trusts https://opulion.com/en/journal/zipline-revaluation-two-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-offer-test https://opulion.com/en/journal/gbl-recordati-offer-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.