CASINO

A BUY - STOCK HAS 40% UPSIDE, ASSET SALES WILL STRENGTHEN THE BALANCE SHEET

Short to medium term BUY thesis: *Muddy Water tweet on Friday August 31st, 2018 was irrelevant to the group and its shareholders *Since the beginning of 2018 Casino has had strong revenue growth as the company invests in its own delivery capabilities, the relaunch of Geant Casino and Leaderprice and the continued strength of Monoprix…

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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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GEMALTO

ATOS OFFERS €46/SHARE: CLOSING +40.30%

The board of Gemalto has noted announcement yesterday evening of unsolicited and conditional proposal by Atos to make a cash offer for all issued and outstanding shares of the company at offer price of EUR 46/sh (cum dividend in cash), company says in a statement on Tuesday. On Nov. 28, Atos submitted proposal, valid until…

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EDF: BUY

DEEP VALUE WITH ATOMIC UPSIDE

EDF break up talk in French press. Similar to RWE/IGY ” scenario has been circulating for many months separating EDF’s nuclear activities from the rest of the group, namely renewable energies, energy services and 27 million customers. Without going as far as a dismantling that would raise a sling of trade unions, the idea is…

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