Strategy Update Some week to have a few days off! But we still remain bullish on Europe for 2014 and see the macro in Europe, the periphery and especially France improving. Happy to buy more of our favourite names on this weakness Easter won’t help the situation as people continue to de risk but let’s see what the…
French macro is improving. It is an underweight and most people you speak to still have no time for the French reform/turnaround macro story. French PMIs are back above 50 and returning to growth. Hollande, after recent election embarrassment, will leave his socialist ideology behind. His selection of pro-business PM Manuel Valls is testament to…
NPL the next catalyst for CBK? There is an increased appetite for NPL assets in Europe currently as highlighted last week with NAMA’s divestment of its entire Northern Ireland exposure to Cerbrus in a massive EUR5.5bn deal Recent stories such as PIMCO having approached NAMA to acquire their remaining portfolio shows the current appetite for…
BATS: Look to the E Vapour…… BATS has underperformed the consumer staples sector and its tobacco peers over the past year due to adverse currency and EM concerns. However during this period they have continued to deliver robust profit, raise dividends & maintain buybacks. The currency and EM d/g’s are now in the price Trades at…
Atos exits U.K. government WCA contract early after settlement (small +ve) It was a loss making contract so positive news. No timing or further details given Atos is still undervalued vs peers and while comps are lacking a catalyst the Worldline IPO is coming soon for Atos Further positive news for Worldline today with announcement…
Decent devaluation Venezuelan currency last night, keep an eye on EDENRED with Venezuela exposure and still trading on rich multiples (-ve) Mon, 11 Nov 2013 16:35 Looking risky into tomorrow’s Investor day Investor day tomorrow and most analyst are bullish on them.. (11 buys 8 holds and only 4 sells) Well worth keeping…
One of our picks for 2014 and the current pull-back is an opportunity to buy more/get involved The story remains the same. Quality of content will shine through Leveraged into an under subscribed German market (circa 15% of German households subscribe to Pay TV vs circa 56% UK/ 85%% in USA) Fox bid is always…
We are closing our long on Tele2 today, +13.8% absolute return (+13.0 vs SXXP Index). We saw the break-up as the most bullish catalyst for TELE2 to outperform. However recent price action due to bid spec has seen the stock return 13.8% in fewer than 2 months. Undoubtedly the break-up is still a possible catalyst…