*We have a price target of EUR 15 based on our DCF valuation versus the current offer at EUR 8.48 and see the end of the additional acceptance period on 17th November as a potential catalyst *Share price been depressed since 14th September when EP Global (Ran by Czech billionaire Kretinsky) launch their zero premium EUR 8.48…
*We are up +18% since we intitiated the trade and remain long *News overnight highlights that catalyst underway although little details at this point *Issue for a breakup scenario has been a lack of agreement between the EU and France – this seems to be underway now *We see large potential to unlock value in…
Market thoughts…plenty of competing factors at the moment ensure that there will be volatility into and out of the election. Fundamentally things are getting worse, freedom of movement is diminishing and the expectation of a linear improvement of Q4 over Q3 in many parts of the market looks optimistic. But balancing that we have a…
*Guidance for outcome of the USD 1.4bn arbitration case is still end of summer 2020 *Covid should not have delayed much as independent arbitrators are used to working remotely and based in 3 different countries *Both parties have looked at losses suffered and not far apart in estimates *Outcome of arbitration cannot be appealed although…
*We have a price target of EUR 12, implying a 70% upside *Yesterday’s price did not reflect the full value of the deal and we also see further chance of upside within the Potash prices *The company announced last night that they have now signed the agreement with Kissner Group to sell its Morton Salt…
Interesting talk about potential reform on the Nuclear front on EDF FP – we see large value *We see large potential to unlock value in case of a split with the government keeping the Nuclear assets and splitting off the renewables *EDF trading very cheap compared to the rest of the ESG / Renewable sector…
We are closing the book while we are pursuing another venture IMI LN – Closing Long +2.75% ABS, +14.25% REL HSBC – Closing Long +29.10% ABS, +40.81% REL Coach – Closing Long +21.18% ABS, +13.17% REL TITr vs. TIT – Closing Long +2.3% ABS, -2% REL Heineken – Closing Long +24.27% ABS, +31.13% REL IAG…
Taking my profits on the back of the Natixis news -Natixis Confirms Interest in Exploring Combination W/ Ingenico -Says in preliminary discussions, will inform market if and when necessary. -Will further develop and invest in payment ops INGENICO SELL: 3RD PROFIT WARNING COMING Thursday • 22nd June 2017 • 09:21 TARGET PRICE: €70.00 News…
Current Price NOK43 Target Price NOK56 Upside: +30% *The closing down of Alunorte is most likely the starting point of real negotiations (as SBM did for their settlement with the Brazilian authority) *Norsk Hydro’s balance sheet is strong with a net debt/equity ratio of less than 0.2x and a strong FCF generation “The closing of…
On September 3rd we published a Trading Buy note on Casino. Taking our profits following a 40%+ jumped in the share price. On a DCF, the stock doesn’t offer anymore upside. Mr. Naouri, by getting a new 500mn credit line, has stopped the hemorrhage short term … Financing remains a problem for next year. Assets…