ALD SA (ISIN FR0013258662) – Cheap growth stock or potential Diesel road kill ?

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Background:

As mentioned a few days ago, ALD SA has been IPOed by parent SocGen on June 16th. SocGen sold ~23% of the stock and remains majority shareholder. The first question of course is: why did they do this ?

The official reason was the following:

The IPO confirms the strategic nature of ALD within Societe Generale group. It will allow ALD to accelerate its development and become a leader in a rapidly changing mobility space.

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Spin-off/IPO updates: Metro/Ceconomy, Brighthouse Financial, ALD SA

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Metro/Ceconomy

I had briefly written about the Metro/Ceconomy Spin-off in January. After some legal hassles, the spin-off took place last week last.

This is what I wrote back then:

With 327 mn shares outstanding, this would translate into ~6,20 EUR per share as a lower bound value for Ceconomy under my (very rough assumptions).

It think at or below this price, Ceconomy could be an interesting “Ugly duck” spin-off investment.

Interestingly, Ceconomy had a very good start, opening around 9,40 EUR and has gone above 10 EUR per share, far above my buying threshold.

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Special situation: Whole Foods (WFM) – “free options” anyone ?

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A few days ago, Amazon famously announced to take over Whole Foods Market for 42 USD per share (representing a premium of around 27%).

Markets enthusiastically welcomed this move from Amazon, with the Amazon share jumping almost 4% or ~13 bn USD, which coincidently was almost equal to the deal amount.

Whole Foods itself was “under siege” from activist investor Jana which had built up a 9% stake in the company. Just 2 days before the takeover, Whole Foods CEO called Jana “greedy bastards” indicating that he was not happy having such a shareholder.

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