Over the last month or so there has been a reweight into defensive’s and a divergence between domestic reopening plays and international. I think there will be a period of time in the middle of the year where everything consolidates. When the rate of change data starts rolling over a bit. This could be what…
*WSJ reports a pair of PE firms have teamed up to make a bid for KPN that could value it at more than USD 15bn citing people familiar (implies EUR 3) *Price seems very opportunistic to us but it should put the name it a bit more of play, as previously speculated the interest comes…
Reuters article out overnight saying the government set aside EUR 10bn to buyout the 16.3% minority interest and is having talks with unions – article cites people familiar Our back of the envelope calculation implies this is a >75% premium which would imply a price of EUR 19.8 versus the last price of EUR 11.225…
*Selling flow did not outweigh the strength in the market over the last couple of weeks *Our short thesis was based on our expectations that we would see 1/3 of the STLA’s stake distribution going to holders who would not wish to hold a small stake in a relatively small European listed company with no…
Medium term upside 300%, Blue Sky 1,500% The company has just released a new corporate presentation where they highlight Vanadium as a green metal and its new cornerstone investor, the founder of Xstrata 90% of the consumed vanadium goes to the global steel industry but the company highlights in the presentation the entirely new major…
High conviction projects – Expect steady growth over the next months Coti $COTI – great project, lots of hype around it, most crypto people hold a bag for the long run; currently under its ATH with potential to quickly get back up there, subject to overall market conditions of course Description from COTI themselves: The…
*We continue to see KPN cheap as our DCF valuation comes in around EUR 3.75 which leaves a +30% upside *With the elections out of the way, the Green party having lost half of their seats, and KPN’s agreement with APG (Dutch pension fund) to participate in a joint venture to further accelerate the fiber…
*STLA announced this morning the timeline for the long awaited distribution of its 39% stake in EO FP *To distribute 0.017029 ordinary shares of Faurecia; and (ii) Euro 0.096677 for every STLA share held – approx. 54m shares of EO FP *Short interest in EO FP is currently less than 2m shares Background *Back on…
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…
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…