https://opulion.com/en/journal Opulion's articles and news on listed investment companies, in English and French. Sourced, dated, never advice. en Tue, 03 Nov 2026 08:25:03 GMT https://opulion.com/en/journal/latour-subsidiaries-customs-refund-counts-14-times https://opulion.com/en/journal/latour-subsidiaries-customs-refund-counts-14-times Tue, 03 Nov 2026 08:25:03 GMT Q3 2026: Latour's estimated net asset value rose SEK 8,328m, SEK 4,688m from subsidiaries. A SEK 44m customs refund would weigh SEK 616m at the mean multiple. https://opulion.com/en/journal/exor-juventus-mandate-twice-quantified-needs https://opulion.com/en/journal/exor-juventus-mandate-twice-quantified-needs Tue, 03 Nov 2026 08:24:51 GMT Vote on 3 November: a mandate of up to €250m, twice the top of the needs quantified by Juventus. Exor's share could reach €163.5m, 29.4% of its stake's value. https://opulion.com/en/journal/brederode-samsung-dividend-alphabet-issues-shares https://opulion.com/en/journal/brederode-samsung-dividend-alphabet-issues-shares Sat, 31 Oct 2026 08:56:38 GMT Samsung's Q3 dividend: KRW 4,601 a share, 12.3 times Q2, while Alphabet issues shares. The two made up 9.7% of Brederode's net asset value at 30 June. https://opulion.com/en/journal/gbl-adidas-outlook-equals-customs-refund https://opulion.com/en/journal/gbl-adidas-outlook-equals-customs-refund Sat, 31 Oct 2026 08:56:38 GMT adidas raised its outlook by about €200m, to about €2.5bn, as much as its customs refund. The stake made up 8.7% of GBL's net asset value at 30 June. https://opulion.com/en/journal/brederode-alphabet-loses-more-than-12-after-a-quarter-in-which-its-free-cash https://opulion.com/en/journal/brederode-alphabet-loses-more-than-12-after-a-quarter-in-which-its-free-cash Fri, 30 Oct 2026 07:44:18 GMT A share's value depends on the cash it will return over time. In the third quarter, Brederode's largest listed holding produced less of it, issued shares instead of buying them back, and still expects sharply higher investment in 2027. https://opulion.com/en/journal/pantheon-saba-adds-3-853-175-reference-shares-to-its-swap-and-only-1-628-to-the https://opulion.com/en/journal/pantheon-saba-adds-3-853-175-reference-shares-to-its-swap-and-only-1-628-to-the Fri, 30 Oct 2026 06:41:36 GMT Saba adds 3,853,175 reference shares to its Pantheon swap and 1,628 to the shares that vote. Its exposure reaches 13.14% of voting rights. https://opulion.com/en/journal/exor-at-stellantis-north-america-lifts-its-operating-income-by-539m-but-cash https://opulion.com/en/journal/exor-at-stellantis-north-america-lifts-its-operating-income-by-539m-but-cash Wed, 28 Oct 2026 19:02:23 GMT In Q3, Stellantis shipped 12% fewer vehicles in North America but lifted its operating income there by €539m. Industrial cash flow stays negative, at −€4,009m. https://opulion.com/en/journal/wendel-of-the-8-1-per-share-of-net-asset-value-gained-in-the-third-quarter-5-8 https://opulion.com/en/journal/wendel-of-the-8-1-per-share-of-net-asset-value-gained-in-the-third-quarter-5-8 Tue, 27 Oct 2026 19:48:38 GMT The net asset value bridge from 30 June to 30 September shows a holding company still driven by its direct investments. Asset management, the new engine, contributes €0.3, with fees up 41.3% over nine months as reported but 10% at constant scope and exchange rates. https://opulion.com/en/journal/scottish-mortgage-cut-its-spacex-holding-by-21-6-in-august-the-month-its https://opulion.com/en/journal/scottish-mortgage-cut-its-spacex-holding-by-21-6-in-august-the-month-its Tue, 27 Oct 2026 19:48:38 GMT A video of 13 October says the trust is recycling capital from SpaceX. Its monthly valuations make it possible to measure: 8,067,368 fewer SpaceX shares in August, the first month part of the shares could be sold after the listing, and gearing cut from 10% to 6% of shareholders' funds. https://opulion.com/en/journal/exor-iveco-provisionally-clears-the-threshold-1-057m-expected-for-35m-more-than https://opulion.com/en/journal/exor-iveco-provisionally-clears-the-threshold-1-057m-expected-for-35m-more-than Tue, 27 Oct 2026 19:43:13 GMT Provisional results: 87.81% of Iveco tendered. Exor would receive €1,057m on 30 October, about €35m more than the value of its stake at 30 June. https://opulion.com/en/journal/investor-at-atlas-copco-the-vacuum-division-makes-sek-4-402m-of-the-sek-4-418m https://opulion.com/en/journal/investor-at-atlas-copco-the-vacuum-division-makes-sek-4-402m-of-the-sek-4-418m Tue, 27 Oct 2026 19:43:13 GMT In Q3 2026, Atlas Copco's orders exceeded its revenues by SEK 4,418m, SEK 4,402m of it in vacuum. The stake is 13% of Investor's total assets. https://opulion.com/en/journal/scottish-mortgage-spacex-commits-to-leasing-40bn-of-gpus-2-4-quarters-of-its-ai https://opulion.com/en/journal/scottish-mortgage-spacex-commits-to-leasing-40bn-of-gpus-2-4-quarters-of-its-ai Tue, 27 Oct 2026 19:43:13 GMT SpaceX, Scottish Mortgage's largest holding, commits to leasing $40bn of GPUs from an Apollo-managed entity: 2.4 quarters of AI investment at the Q3 pace. https://opulion.com/en/journal/pantheon-of-the-11-7p-of-nav-per-share-gained-in-september-currency-made-8-4p https://opulion.com/en/journal/pantheon-of-the-11-7p-of-nav-per-share-gained-in-september-currency-made-8-4p Tue, 27 Oct 2026 19:43:13 GMT At 30 September, Pantheon's NAV reached 546.3p per share, 11.7p more in a month, of which 8.4p came from currency and 0.6p from valuations. https://opulion.com/en/journal/investor-at-saab-8-of-its-total-assets-the-naval-business-makes-up-88-of-q3 https://opulion.com/en/journal/investor-at-saab-8-of-its-total-assets-the-naval-business-makes-up-88-of-q3 Tue, 27 Oct 2026 19:43:13 GMT Saab's operational cash flow reached SEK 6.8bn in Q3, including SEK 5,981m from its Naval business. The stake is 8% of Investor's total assets. https://opulion.com/en/journal/exor-125m-bought-back-in-23-of-49-possible-sessions-and-half-of-the-500m-has https://opulion.com/en/journal/exor-125m-bought-back-in-23-of-49-possible-sessions-and-half-of-the-500m-has Tue, 27 Oct 2026 19:43:13 GMT Exor bought back €125m of shares in 23 of 49 possible sessions. The second tranche, launched on 26 October, brings the amount launched to €250m of €500m. https://opulion.com/en/journal/gbl-the-recordati-offer-is-secured-at-74-58-but-tenders-alone-make-up-only-62-15 https://opulion.com/en/journal/gbl-the-recordati-offer-is-secured-at-74-58-but-tenders-alone-make-up-only-62-15 Tue, 27 Oct 2026 19:43:13 GMT Final results: the CVC and GBL bidder holds 74.58% of Recordati, including 62.15% tendered. CVC bought a further 2.46% on 26 October. 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/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/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/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/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-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/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/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.