+32.9% on the trade to date but we feel it’s just the beginning.Uranium names can go 2-3X from here and we increase our PT to 40 USD, 200% upside. The old narrative of Nuclear being dirty and dangerous (which in reality is incorrect) is changing as we see a nuclear renaissance as the world strives…
*Strong earnings with better than expected margins *Also beats on FCF much stronger than expected after the drop in 1H – this is a large beat to analysts’ estimates *Confirms EUR 1bn dividend subject to AGM approval on 15 April *Expected to realize 80% if the EUR 5bn annual syergies by end of 2024 *EO…
*Earnings beat estimates but market concentrating on earnings one-offs and the CEO turnaround timeline. -We feel this is misguided and the focus should be on rate moves. -Rates going up is reducing the big pension deficit. This is much more important for value. -Spirit sale process still ongoing to further reduce the balance sheet. -Turnaround…
– Has been a perennial disappointer. Worst performing utility in 2020 but is finally getting its act together. – Having sold the US business the balance sheet is in much better shape, and the move in rates in the UK recently will help reduce the pension deficit that some of the proceeds will fund. –…
*UK assets missed the rally out on the rally which has now created an opportunity *Oil strength continues with WTI approaching USD 60 *We also feel confident about the UK GDP growth, both based on the latest job report but also on future growth as the Covid situation improves *GBP has been very strong since…
*CNE case under consideration *The details terms of the award are under examination by the Government {NSN QO7NJM073NCW <GO>} Thoughts: We were expecting India to challenge both cases. A sell-off on this could therefore provide a nice opportunity to add. They have not yet confirmed what they are planning for the CNE case but the…
*Renewable IPO which could be as early as June should provide a nice catalyst as the margins on the refining side *Last week we saw a report in El Confidencial saying that REP SM has hired JPM for a spin-off of its renewable business as early as June for as much as EUR 4bn versus…
*Plaintiffs agree a USD 2bn settlement -The USD 2bn is in line with what the company has previously communicated *The main concern is in remaining plaintiffs that could emerge but this covers the class plan to manage and resolve future Roundup cases *Preliminary approval of settlement set for Wednesday *DBK points out that proposal similar…
*Strong results, driven by higher demand in North America but expects sales in 2021 to be on the lighter side of analyst estimates *Also beating on the earnings which come in around 15% better than analyst estimates *New CEO says still sees 5G competitiveness improving and will do whatever it takes to stop losing market…
*Optionality worked – Had a great performance after all the MSCI flow was out of the way *We still see the supermarket chains in Europe as being cheap but given relative performance of B4B we think the timing is right to book profit *Still potential for mergers in the European retail space – especially after…