BUY BAYER – Securing the future, DCF upside remains huge

*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…

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Reiterate BUY NOKIA FH – Update +4% – Results out – Our blue sky upside remains +100%, short/medium-term upside +25%

*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…

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B4B GY – Closing +14.5% ABS, +12.5% REL – Cashing out

*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…

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CNE LN – Reiterate BUY +28% ABS, +20% REL – Positive sentiment over the weekend, should double over time

*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…

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K+S – Closing +32% ABS, 23% REL – Ripe to harvest

*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…

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BUY CCJ US +40% upside – Dangerously Clean

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…

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