GE’s $14.1 billion takeover of ALO FP has been approved today. On the condition that Alstom sells the gas turbine division. We used the opportunity at the end of July to buy ALO as the mkt punished Alstom unfairly for contributing EUR300m to help with the competition commission concerns. The trade has played out and…
I think Glencore is a buy anywhere below 130 vs the SXXP. GLEN: u/p the SXXP by 35% in 2 months…Think that has to unwind. They have also been proactive although still leaves quite a big capital shortfall. Qatar own 9% already which is always a positive and could see them increasing the stake. They…
According to Bloomberg TIT is looking at a savers conversion into ordinaries. In-line with comments off Q2 call that looking at the savers was on the table for H2. Talks of a a voluntary one-for-one exchange of €500m, so with conversion fee it implies a 10% discount to the Ordinary shares. Savers hold 30% of TIT’s…
Vivendi Has Begun Informal Talks With Telecom Italia, CEO. Obviously they own a big stake but they were never going to merge. However there will be some co- operation. On top of thst I feel Telco’s are a sector to own. With low growth and low rates telco’s will start to get attention again. Telco’s…
We still like the name as it has many of the attributes of BMPS. (Good capital, reported good numbers and the upcoming popolare consolidation). However following the run it has had we feel it is the right time to take profit and switch into BMPS where we see a lot more material upside as their…
Banca Monte dei Paschi di Siena released the strong numbers on August 6th. BMPS net income was EUR 121M, vs EUR 28.7M, beating the estimates by 321%. Even bigger news for us, is the increase in capital with Basel 3 CET1 up 50bps QoQ to 10.7%. Favourable movement in the bond market increased the capital…
For the past week we have been experiencing a significant level of volatility in the global markets, due to the major sell-off. At this time, we feel there is too much uncertainty in the market. We are closing our position in ING. Happy to take profit of 20.86% and move on! Good luck and happy…
We used the opportunity at the end of July to buy ALO as the mkt punuished Alstom unfairly for contributing EUR300m to help with the competition commission concerns. Yesterdays news on reuters that GE is expected to win EU approval led to a 7% rally. Although near our initial PT of 27.5-28 we stay long…
Company reported 1H losses in the amount of 533 million EUR. Loss occurred b/c of poor interest rate hedging. We got this trade very wrong and the capital generation story never materialised. Time to move on. DONE VERY TIGHTLY. WAS ALL COVERED IN 2.5 HOURS APPARENTLY Tuesday • 17 March 2015 • 15:51 Solvency…
Post PMI and BPE earnigns last night we feel is Italy is on the mend. Banca Pop Milano says loans to corporates up 5%YTD driven by the manufacturing and services. First meaningful loan growth in 4 years. And growing credit line utilisation pushed fees up 14% yoy. At 1x book this stock is not priced…