It trades on the same multiples as ITX for twice the growth and half the multiple of ZAL for the same growth. If want to be market neutral happy to play vs short ZAL GY. Looking at a peer valuation we see BOO LN is trading at a 25% discount with a PT of 410p….
The stock has come all the way from EUR 85 to around EUR 60-65 since February’s guidance cut as analysts have cut projections which has left the stock around the March 2020 lows despite company being in the right industry in Covid times We see the move as overdone and the current consensus as too…
The 1Q banking earnings to date are supportive of the KBC story. Stock is huge laggard YTD versus the p/book discounted names but they’re in the right zone now to play catch-up and we expect a robust Q1 earnings performance. We believe that management have set their plan to pay down capital to 15.5% and…