Think MT NA is worth a look as a buy this morning. reit guidance, and cons is already below Still a risk but miners price action turning a bit, 2 upgrades from liberum and they move miners. Although USD the main prob for me and rate rise is coming so unhelpful. Trading stocks for now…
Issues with TIT and why we could see ST weakness for a couple of days. o/p the SXKP by 20% YTD almost There have been a lot of catalysts that have played out now…italy consol, bollore involved etc People been buying them since 1eur for those reasons. Really the one remaining catalyst is Brazil which…
Opened SU FP on January 15, 2014. At the time, SU had underperformed CAC by 1% since the ISYS/SU deal was announced which we felt was accretive. After nearly 2 years we are down 3.76% and it has become a sloppy long. We don’t see many near term catalysts. Never pleasant to lose on the…
Results are widely expected to be good tomorrow which is likely to produce some near term risk, but also likely to provide comfort for our longer term view; the auto margin for 1H should comfortably surpass the 2% 2018 target, which supports a stock price through EUR20 Cash is also likely to beat if it…
With its guidance cut SKF has now re-based expectations down to a level where, on 12x PE and less than 10x EBIT, we feel comfortable buying for an 2H rebound, continuing on into 2016. The CFO’s guidance communication was poor. To the extent he sent an apology via email post the conf call. Sequential demand…
Following the much anticipated and recently forgotten French consolidation announcement yesterday, we think the market was focusing on the wrong things in ORA FP The feedback yesterday was that Orange benefits the least, it will not get spectrum like Iliad, and will not realise synergies like Numericable or Bouygues. This may be the case, but…
Interesting article from Pritchard in the telegraph. Bearing in mind he is the ultimate bear/end of the world man China shakes off deep slump as credit soars again. Forward-looking gauges of consumer confidence are rising at the fastest rate since 2007 in China as output picks up on almost every front. China’s housing market is…
Interesting article from Pritchard in the telegraph. Bearing in mind he is the ultimate bear/end of the world man. China shakes off deep slump as credit soars again. Forward-looking gauges of consumer confidence are rising at the fastest rate since 2007 in China as output picks up on almost every front. China’s housing market is…
China has been a well known issue for the autos. With over 40% of profits from the region last year, VW has not been immune. The two main issues have been accelerating pricing pressure with VW’s premium a problem (likely to be subtly addressed in the coming months). Secondly the lack of a competitive SUV…
Beer requires no introduction. Across countries three factors overwhelmingly determine the size of the beer profit pool: population size, GDP per capita, and market structure. North America and Western Europe serve as an example of market structure. Market size (300 million hectolitres) and wealth ($40,000 GDP per cap) are roughly equivalent, yet operating margins are…