*Stock dropping on BFM article raising concerns about delays to break up for another 6 months which could pose issues passing the reform in parliament this year thereby delaying the split by a year at least *Elections in France are in March 2022 which is likely to cause another obstacle in such a delay *While…
– PTI reports BlackRock, MFS, Franklin Templeton and Fidelity ask India – as well as the governments of their country, the US and the UK – to honor arbitration award citing sources Out thoughts: Not sure it will push the Indian’s into immediate payment but puts pressure on them to respond and get the process…
*The merged Fiat Chrysler and Peugeot company started trading today under the new name – Stellantis *With EUR 3.5bn in synergies the group will get to another level competition wise *The new giant will produce massive FCF yield and with Tavares in charge with his track record we expect this to accelerate *Index weighting increase…
*Seeing a few of the banks downgrade to Neutral over the last week after the stock has 25% rally since the Indian tax case announcemnet back on the 23rd December *While we still see a +80% upside we believe that we believe this will take some time as we expect that India will appeal the…
*This is the news we have been waiting for since we initiated our Long – Market cap should double when payment eventually occurs *The ruling concerns USD $1.2 billion (plus interest and costs) which India has previously confiscated from the company – it would therefore add on to the USD 1.3bn market cap of CNE…
*Received government approval for Senegal sale – to pay a 32p special dividend – goes ex 8 January, EGM on 8th January to vote on the distribution *Timing and amount inline with what the company has previously indicated, next up on our catalyst call is the India ruling which could effectively double the market cap…
EDF Raises 2020 Profit Target as Nuclear Output Recovers *We booked half of our position at the end of November and remain long for the balance *Although we have already had alot of the short term upside on the potential break up and nuclear power pricing reform, EDF is also implementing self help strategies to…
– Results upper end of guidance while outlook muted due to pandemic – EUR 0.7 dividend proposed – expects a return to sustainable sales and earnings growth after the pandemic and confirms its ambition to gain further market share – Up +4% this morning on the back of the results -Our thoughts: We continue to…
*A lot of the previous upside from the mixed energy business now priced in while renewable future prospects still need to be re-rated*Detailed reports out that government has reached an agreement dividing it into ‘Blue’ which is the Nuclear along with the Hyrdo business as a subsidiary and then the Green separate*Reports the government has…
*Market cap could effectively double on a positive ruling *Decision likely already taken – now just paperwork *Decision cannot be challenged – only process *Speculation in press in India is that India could challenge the process saying that tax is not part of the bilateral investment treaty *CNE does not think discussion about process has…