INGENICO

CLOSING POSITION +17.36% RELATIVE VALUE +10.58%

Taking my profits on the back of the Natixis news -Natixis Confirms Interest in Exploring Combination W/ Ingenico -Says in preliminary discussions, will inform market if and when necessary. -Will further develop and invest in payment ops   INGENICO SELL: 3RD PROFIT WARNING COMING Thursday • 22nd June 2017 • 09:21 TARGET PRICE: €70.00 News…

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NORSK HYDRO

A BUY +28% UPSIDE IF NEGOTIATIONS WITH BRAZIL SUCCESSFUL

Current Price NOK43 Target Price NOK56 Upside: +30% *The closing down of Alunorte is most likely the starting point of real negotiations (as SBM did for their settlement with the Brazilian authority) *Norsk Hydro’s balance sheet is strong with a net debt/equity ratio of less than 0.2x and a strong FCF generation “The closing of…

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CASINO

BUY - TAKING PROFITS FOLLOWING A BIG RUN +46.04%

On September 3rd we published a Trading Buy note on Casino. Taking our profits following a 40%+ jumped in the share price. On a DCF, the stock doesn’t offer anymore upside. Mr. Naouri, by getting a new 500mn credit line, has stopped the hemorrhage short term … Financing remains a problem for next year. Assets…

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SIEMENS

WHATS NOT TO LIKE HERE?

The P&G miss, but that isnt a surprise to anyone, and clearly isnt the driver of the group now given the 9% profit beat today. Digital factory is the buzz area and that was a huge 20% beat. This is a stock that polarises opinion. At 13x earnings and 9.5x EBITDA it is clearly cheap….

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SES GLOBAL

NEW MEO SATELLITES TO PROVIDE FUTURE GROWTH IN 2020

Description SES SA through its subsidiaries, offers global satellite broadband communications services. The Company offers feeds for cable television networks, Internet access, corporate networks, network facilities, telecommunications services, and audiovisual broadcasting. Short to medium term BUY thesis: *Future growth will be derived from the launch of new satellites, especially MEO * Company announced a dividend…

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SOCGEN: BUY

BIG Q4 BEAT. BETTER TRADING, CIB, FRENCH RETAIL ON FIRE & DIVIDEND CONFIRMED

BUY SOCGEN: BIG Q4 beat. Better trading,CIB, French retail on fire and dividend confirmed. 5% not bad in this environment! Socgen has underperformed the sector by more than 10% YTD with litigation concerns, an unknown Basel impact and poor retail and CIB performance masking a considerable discount to the SOTP. But now post these great…

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SHORT AIRBUS

BAD NEWS IN THE PRICE : CLOSING for -17.98% ABS -21.1% REL

The bad news is in the price and even with the EUR screaming it keeps going up, add to that the massive discount to Boeing and there are no sellers. We step aside for a nice loss. Merci!   AIRBUS SHORT INTO Q2 Friday • 14th July 2017 • 10:22 The bull case is well…

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BUY TULLOW: CLOSING LONG

TIME FOR A PULLBACK +47.39%

This has been a great trade for us. I think people are very long Tullow and it has basically gone up in a straight line. Even though ultimately I think Tullow and Oil goes higher this year I feel it will have a pull back first. Stepping aside and booking a profit.   BUY TULLOW:…

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ALTICE

CLOSING LONG : DRAHI DOES THE JOB

Its been a wild ride but for us. The valuation was too compelling and contrary to what the mkt pushed there was no re financing due till 2022, EBITDA margins remained healthy so talk of bankruptcy was premature. However the market created a self fulfilling sell off which created an opportunity. We step aside now…

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BUY VW

MAINFIRST PUSHING - DIESELGATE A DISTANT MEMORY

MAINFIRST on VW (+/220) With Dieslgate becoming a distant memory we push the BUY case again this morning. Audi model upswing starts (A8, A7 and new A6 in H2-18) and a host of new SUVs will push Audi’s EBIT up 25% by 2020 (vs 2017) and VW’s new high margin Atlas now represents half of…

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