*UK assets missed the rally out on the rally which has now created an opportunity *Oil strength continues with WTI approaching USD 60 *We also feel confident about the UK GDP growth, both based on the latest job report but also on future growth as the Covid situation improves *GBP has been very strong since…
*CNE case under consideration *The details terms of the award are under examination by the Government {NSN QO7NJM073NCW <GO>} Thoughts: We were expecting India to challenge both cases. A sell-off on this could therefore provide a nice opportunity to add. They have not yet confirmed what they are planning for the CNE case but the…
*Renewable IPO which could be as early as June should provide a nice catalyst as the margins on the refining side *Last week we saw a report in El Confidencial saying that REP SM has hired JPM for a spin-off of its renewable business as early as June for as much as EUR 4bn versus…
*Plaintiffs agree a USD 2bn settlement -The USD 2bn is in line with what the company has previously communicated *The main concern is in remaining plaintiffs that could emerge but this covers the class plan to manage and resolve future Roundup cases *Preliminary approval of settlement set for Wednesday *DBK points out that proposal similar…
*Strong results, driven by higher demand in North America but expects sales in 2021 to be on the lighter side of analyst estimates *Also beating on the earnings which come in around 15% better than analyst estimates *New CEO says still sees 5G competitiveness improving and will do whatever it takes to stop losing market…
*Optionality worked – Had a great performance after all the MSCI flow was out of the way *We still see the supermarket chains in Europe as being cheap but given relative performance of B4B we think the timing is right to book profit *Still potential for mergers in the European retail space – especially after…
*Interesting article in the Business standard saying India could give CNE some oil fields instead of paying the USD 1.4bn citing sources *Article calls it a win-win to get an established exploration and production (E&P) firm back to India while their economy is struggle with Covid leaving limited options for payment *Points out US oil…
*Our DCF valuation is around EUR 11 while comp valuation comes in around EUR 12 leaving only 10-20% further upside *Banks seem to have caught onto the story post the commodities rally – Bernstein upgraded the stock earlier this month and expects favorable agricultural environment this year – which has helped drive the stock to…
Description *CCJ is a Canadian based company and is one of the largest Uranium producers – a pure-play nuclear fuel company, focused on providing a clean source of energy -CCJ is net debt neutral with a market cap of EUR 6.6bn *CCJ has a strong board of oversight of global ESG standards and 100% of…
*While a bit of a ‘hated’ company with a historic of earnings disappointments we believe the new management will be able to turn the company back into a winner with its 5G focus – competing against Huawei who has been hit with political opposition in its expansion *5G is one of the largest infrastructure projects…