OFFSHORE OIL: TDW US, CGG FP, RIG US and SUBC NO Is there a more hated sector? Arguably not. Fossil fuels are a dirty word, with governments and citizens alike shunning it like a venereal wart. Capital expenditure has absolutely collapsed and the entire sector is down some 90%. This while the world still gets…
BUY PAM US and YPF US This investment takes advantage of a developing situation in the Argentinian equity market – a market that is totally off the radar screen for 99.9% of investors. Political reforms and a long term bull market in commodities could propel equity markets significantly higher. At worst we see limited downside…
*We see DAI as an attractive BUY with a pt of EUR 97 implying a 17% upside – we would hedge it with a short in BMW which therefore should provide us with a nice low volatility long/short trade *UBS released a comprehensive note today where they upgrade DAI GY to Buy with a price…
-I don’t think things are as bad as people are saying -Rates move is healthy given curves steepening in general but it all just happened a bit too quickly -Just got to deal with a bit of inflation -China is the black box but IMO will not explode. -Whatever the outcome there it will take…
*We expect index selling on Tuesday to create a good entry point in VIV – along with investors who only are looking for UMG exposure to sell down *UMG will also have index selling pressure on the first day of trading which we will also look to use for an entry point *Withholding tax makes…
STLA B +28% CLOSING The combined UG/FCA entity has had a great performance since we got involved post completion – stock and sector trading at highs at the moment, we are taking the opportunity to book profits on this one. UBI B -11.4% CLOSING Pipeline has disappointed and risks remain around sexual harassment cases etc.
Below is a brief update on each of our names CCJ B +77% HOLD Performed very well, we continue to like the name and see a lot of prospects for the sector. Uranium spot prices keeps raising as investors continue to believe uranium is part of the transition from fossil fuels and CCJ is a…
*Results last week showed that the solar panels are sold out into 4Q and that earlier disclosed delays getting to full capacity is expected to be sorted by end September which we see as the next catalyst for the stock *Jefferies reiterates its buy with a price target of CHF 0.8 *We continue to hold…
*Looking at the valuation the stock is now trading quite close to its fair value as the valuation gap has narrowed significantly since we put on the trade *We are still bullish on the sector as we continue to expect an inflationary environment and longer term we see Euronext as a structural winner to further…
*Earnings set for Thursday 19th August *The company announced last week that its ramp-up of PV module production delayed by few weeks which has caused some weakness the last days along with the market sell-off – we believe this is only a minor set back *We see a 100-200% Upside from here Catalysts on our list:…