They wont get much help from oil price U/G’s as the mkt is up with the forward curve in Oil and nat gas. The last leg higher has been as a result of the surge in the oil price but that is in the process of being unwound and see downside risk there. Re-rating they…
The TF1 War Chest Swells and Les Bleus March on Audience numbers fell slightly in May. However the World Cup boost is coming and will put Q2 numbers on a sure footing. The world cup so far has generated record audiences as the French march on. During the last World Cup in 2010, TF1…
US 3D printing stocks skyrocket as tech short-squeeze continues. Still expensive for us but time to close this trade as nothing has happened. Closing for +0.75%. TRADING SHORT INTO FRIDAYS CMD Wednesday • 1 June 2014 • 15:10 Analysts day Friday where they will give their projections for the next four years. They have…
Nice 8% move to the upside yesterday as management have delivered. But we feel as a result of what they have done today the market will ‘re-rate’ them. Now the confidence is coming back investors don’t need a discount as no more fears about buying WRT1V etc. Historically the market has paid more than 15x…
Exane 16th European CEO seminar. BULLISH presentation from Peugeot Conference feedback V bullish presentation by PSA “We don’t want to only post good results in 14e we want to transform the company into a profitable and cash generating business” Bullish presentation on pricing in Europe/Ems/China JV and royalties. Have full details if any interest…
Reiteration: BUY MORE DL is misunderstood and just too cheap. This is the value in the sector. Looking to real capital generation which has been our bull case and one we feel the market does not appreciate at all. Subordinated note last Friday moved them over the 200% (self imposed) solvency level which is…
Buy into Investor day 19th June Down 19% this year, hurt mainly by disappointing final results for 2013. Investor day provides the opportunity for management to restore confidence. No one expects to be blown away by them but some form of control and a continued sensible M&A strategy coupled with news on buybacks and…
Buy EN FP post French Housing Minister Sylvia Pinel article in Le Figaro. French housing change. All options are on the table Government and the firms themselves still pushing for French telco consolidation. Price is the issue and they are pretty far away from each other. Will be a rocky road as shown by…
Trading Short into Fridays CMD Analysts day Friday where they will give their projections for the next four years They have reassured the mkt recently on their ability to improve licence growth and have set some high standards leading into this CMD. They are expected to announce a doubling of the revenue between 2013…
ENEL: Being pushed on the LONG side here by cash trader and derivs… in a nutshell, Italian yield move should help Utils, great correlation to Italian 10year (BofAML) With the animal spirits back and rightly so in the market and with the above ML call we are cutting our position for a 4.5% loss. We…