Interesting convergence of events this week. Perhaps the most significant was the CAPEX cut by Anadarko, one of the best capitalised US E&Ps, essentially showing that the lower oil price is starting to bite. Importantly for the sector, which is usually rewarded for growth, Anadarko rallied yesterday, which may nudge others to show some discipline…
Vodafone numbers strong in Italy, European macro flying and so is the euro so buy domestic growth. Still the cheapest telco in Europe post the last 3 quarters of excellent earnings growth. With a large gap between cons and mgmt guidance set to narrow. At the same time current valuations (DCF, relative and BV) point…
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…
Although we like the MT picture for DTE this was a short term technical trade. So we step aside and book some profits. +2.3% For more trading ideas: http://monacoalpha.com/ BUY DEUTSCHE TELEKOM SCRIP DIVIDEND ARB CREATES OPPORTUNITY Thursday • 15 June 2017 • 15:39 DTE went ex div on June 1st. Shareholders can elect to…
Target Price: 23€ Blue Sky: 29€ UMG is turning around as streaming more than compensate for downloads. Growth is coming back for the first time since the early 2000. UMG is the largest of the 3 major (Warner Music and Sony Music) with a 35%+ market share and more than 3mn titles. Increasing adoption of…
Ubisoft Cut to Hold at Kepler Cheuvreux, PT EU49 post inline numbers last and called -4-5% at CS OUR VIEW: Numbers last night light pretty much inline. Not enough to push the stock post recent rally. However what we found encouraging in the numbers was how well they are executing on the strategy to expand…
BOUY: Numbers a beat with revs 3%. Guidance reiterated. French telco consolidation will happen this year. Stay long the basket. 30% upside MONACO ALPHA: BUY: FRENCH CONSOLIDATION BASKET Friday • 5th May 2017 • 11:14 Consolidation in France has been like the boy who cried wolf. Often attempted and never completed. We are not…
Target price 55€ Blue Sky 62.23 € Numbers a beat with revs 3%. Guidance reiterated. STAY LONG UPDATE LONG BOUYGUES BOUYGUES DENIES ANY TALKS TO SELL ALSTOM STAKE At the same time, there is very little strategic reason to hold a 8.31% stake … And if a Telco deal happens (I continue to think…