Bolloré hidden behind the Vivendi cloak
Bolloré SA is probably the most complicated company we track, accounting-wise. Under family control through a chain of holding companies (see Worth Knowing section in the full research note), Bolloré…
Beyond Trump (3/11) : TELEPERFORMANCE
We identified 11 companies able to go beyond Trump’s tweets and respect the following criteria : Good «Fundamental Strength » Market cap between €1.5bn and €20bn Singular business model (capital…
Eramet: Long-term prospects remain promising despite short-term headwinds
The H1 18 results are OK, despite the fact cash costs have gone up mainly on energy costs. Aubert & Duval experienced a difficult H1 while forex also took its…
Enel rather than Iberdrola
We like Iberdrola but currently prefer Enel as the drivers behind the latter’s recent underperformance should progressively peter out. Stormy Italian politics combined with Eletropaulo’s pricey acquisition kept Enel’s share price under…
Beyond Trump (2/11) : ABB
We identified 11 companies able to go beyond Trump’s tweets and respect the following criteria : – Good «Fundamental Strength » – Market cap between €1.5bn and €20bn – Singular…
Beyond Trump (1/11) : GVC Holdings
We identified 11 companies able to go beyond Trump’s tweets and respect the following criteria : Good «Fundamental Strength » Market cap between €1.5bn and €20bn Singular business model (capital light,…
HHLA, Donald tweeted or wilhemshavened?
Being owned by a city-state, Hamburg, with preoccupations that go well beyond the profitable management of an essential German port, was never bound to be easy for HHLA (Hamburger Hafen &…
Pharmas in June 2018
Alphavalue’s pharma coverage outperformed the Stoxx 600 last month, returning 1.35% vs a decline suffered by the Stoxx 600. Shire, Sanofi, Roche, Vifor and Faes Farma were the best performers…
Allied Irish Bank: Back to the future
We are initiating coverage of AIB with a Sell recommendation. All the valuation approaches point to a stretched valuation, while the visibility on the group’s operating environment has reduced sharply,…
Gambling Operators: A consolidation Game
Increased M&A speculation, major sporting events and the opening of the US market create a significant upside for the sector over the next 12 months. Changes in customers’ habits restrain…
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