BUY KPN NA – All lining up, +30% upside potential

*We continue to see KPN cheap as our DCF valuation comes in around EUR 3.75 which leaves a +30% upside *With the elections out of the way, the Green party having lost half of their seats, and KPN’s agreement with APG (Dutch pension fund) to participate in a joint venture to further accelerate the fiber…

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Vanadium: Heard of it? The next commodity Bull

Buy Vanadium stocks on the strong fundamental outlook and a call option on renewable energy storage / ESG potential. Summary Vanadium is a metal few know about and less know about its potential, or even just its primary use of making steel stronger while reducing weight. This key trend of lighter and stronger is likely…

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BUY Orion Protocol Token – Our Little Unicorn

*If you are looking to dip your toes into the world of Crypto we have found a little gem called ORN which is a token for a project looking to create the first gateway to the entire crypto market *Orion Protocol will aggregate the liquidity, order book depth, and price discovery of every single crypto…

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Reiterate BUY Stellantis, +8% ABS

*Strong earnings with better than expected margins *Also beats on FCF much stronger than expected after the drop in 1H – this is a large beat to analysts’ estimates *Confirms EUR 1bn dividend subject to AGM approval on 15 April *Expected to realize 80% if the EUR 5bn annual syergies by end of 2024 *EO…

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BUY CNA LN – Update on Earnings, -1.5% to date on position

*Earnings beat estimates but market concentrating on earnings one-offs and the CEO turnaround timeline. -We feel this is misguided and the focus should be on rate moves. -Rates going up is reducing the big pension deficit. This is much more important for value. -Spirit sale process still ongoing to further reduce the balance sheet. -Turnaround…

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