On September 3rd we published a Trading Buy note on Casino. Taking our profits following a 40%+ jumped in the share price. On a DCF, the stock doesn’t offer anymore upside. Mr. Naouri, by getting a new 500mn credit line, has stopped the hemorrhage short term … Financing remains a problem for next year. Assets…
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…
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…
The dollar has rallied and china tightened as we expected but commodities and miners don’t care. So it is time to step aside. Closing RIO +0.65%. AAL -0.76% MINERS: WHERE DO THEY GO FROM HERE? SHORTING RIO & AAL Wednesday • 18th October 2017 • 15:54 Sector +25% since mid June. Number of drivers;…
Numbers tonight and I think they will be ok. This was a trading sell and I don’t need the earnings risk. May look to re short tomorrow post numbers but for now we step aside and book a small profit. MICHELIN TRADING SELL Thursday • 28th September 2017 • 16:08 Despite recently cutting EBIT…
Compagnie de Saint-Gobain manufactures glass products, high-performance materials, and construction materials. They produces flat glass, insulation, glass containers, high-performance ceramics, plastics, abrasives, and building materials such as gypsum, roofing, wall facings, mortars, and ductile cast iron pipe. SGO also retails building materials through Point P in France and Jewson in the UK. While the company…
Target Price €1.33 (upside of 42%) TP on ev/ebitda €2.03 (upside of 115%) Solocal Group is principally engaged in local online communication. The Co provides digital content, advertising solutions, and transactional services connecting people with local businesses. Solocal also supports the online development of SME. The print business (Yellow Pages) is slowly dying (15% of…
Superb Drug Pipeline –Strong Acquisition Track Records – Great Value – Management Second to None, the way Shire management team has developed the controversial drug ADHD is a testimonial their capabilities Shire is a biotech company focusing on specialised and rare diseases across 7 therapeutic areas – haematology (20%), genetic diseases (25%), neuroscience (23%), immunology…
Following a 7 year sabbatical, I am again trying to find and recommend great value in the European markets. As in the past, I am researching companies trading at a substantial discount to peers on SOP/NAV, relative valuation and DCF with a catalyst to realize value. I have written on 8 companies (7 buys and…
It feels that it is a bigger profit warning than just the risen cost of DRAM and mgt sees falling rev in Connected Home by about 10% in 1H (tough comps) but expect rev to rise 15% in 2H … It feels that they postponing again a turnaround: I would take my profits / cut…