Peugeot announced today its EUR1.95bn rights issue, with Dongfeng & the French government taking 14.1% a piece The market has taken this well with shares up ~4%, inclusive of their new detached warrants The company said it will use the proceeds of this to make important investments in implementation of its “Back in the Race”…
Tavares steering in the right direction for us… UG was hit hard on what the market perceived to be unambitious mid-term targets announced under Tavares’s “Back in the Race” plan on Monday The stock is still 5% lower than pre-announcement, which we believe is an over exaggeration hindered further by a poor market backdrop…
We are closing our short on Tesco after returning 13.2% since inception in December. Tesco shares are having a small relief rally today after FY results were better than expected. Undoubtedly the environment remains challenging but for me estimates are already extremely low and most of the pessimism is in the price, with the analyst…
Strategy Update Some week to have a few days off! But we still remain bullish on Europe for 2014 and see the macro in Europe, the periphery and especially France improving. Happy to buy more of our favourite names on this weakness Easter won’t help the situation as people continue to de risk but let’s see what the…
French macro is improving. It is an underweight and most people you speak to still have no time for the French reform/turnaround macro story. French PMIs are back above 50 and returning to growth. Hollande, after recent election embarrassment, will leave his socialist ideology behind. His selection of pro-business PM Manuel Valls is testament to…
NPL the next catalyst for CBK? There is an increased appetite for NPL assets in Europe currently as highlighted last week with NAMA’s divestment of its entire Northern Ireland exposure to Cerbrus in a massive EUR5.5bn deal Recent stories such as PIMCO having approached NAMA to acquire their remaining portfolio shows the current appetite for…
BATS: Look to the E Vapour…… BATS has underperformed the consumer staples sector and its tobacco peers over the past year due to adverse currency and EM concerns. However during this period they have continued to deliver robust profit, raise dividends & maintain buybacks. The currency and EM d/g’s are now in the price Trades at…
Atos exits U.K. government WCA contract early after settlement (small +ve) It was a loss making contract so positive news. No timing or further details given Atos is still undervalued vs peers and while comps are lacking a catalyst the Worldline IPO is coming soon for Atos Further positive news for Worldline today with announcement…
Decent devaluation Venezuelan currency last night, keep an eye on EDENRED with Venezuela exposure and still trading on rich multiples (-ve) Mon, 11 Nov 2013 16:35 Looking risky into tomorrow’s Investor day Investor day tomorrow and most analyst are bullish on them.. (11 buys 8 holds and only 4 sells) Well worth keeping…
One of our picks for 2014 and the current pull-back is an opportunity to buy more/get involved The story remains the same. Quality of content will shine through Leveraged into an under subscribed German market (circa 15% of German households subscribe to Pay TV vs circa 56% UK/ 85%% in USA) Fox bid is always…