MedTech surge
While the c. €1tn Pharma sector has been going essentially nowhere between failed phase III drugs and Trump-driven uncertainty, the €133bn MedTech sector has been flying over the last two months. MedTechs’ spring rediscovery…
Near term: Rosy & Trumped
Trump tweets daily raise the bar of the unknown, of course. Still so far the European earnings outlook for 2018 and 2019 is very robust with Ebitda margins substantially above…
Sampo’s dividend dancing with Nordea?
Last week, Saxo Bank, in which Sampo took a 19.9% stake for €265m in 2017, appointed a new Head of Operations, Oliver ZECEVIC. The new manager had spent his entire…
4 pair trades
We briefly comment on four pair trades with a strong momentum of their own. Long ArcelorMittal – Short Salzgitter The steel industry is on a roll (barring the Trump tariff…
Global warming is rentokil’s best friend
Rentokil’s 2017 strong momentum – led by its strong pest control business (contributes c.68% of the group’s profit), disposal of the ailing workwear business, increased focus on attractive Asian markets,…
Miners in May 2018
Similar to the previous month, brewing global geo-political uncertainties (including trade war tensions) seem to have again capped commodity price gains. Although, the global economic outlook remains promising. Below is…
Forever green
Rupert Murdoch is still a fixture of financial markets at 87. He no longer shows up in AlphaValue’s long list of chairmen of listed corporates having given the baton to…
French KHOL
Think of Kering, Hermes, l’Oreal and LVMH (khôl) as the French version of GAFAs. This is when one sector tips the market balance. Their 33% combined jump from late March to now is…
Accor’s delicate shareholder relations
After JinJiang internationals, Accor’s largest shareholder with 12.32%, HuaZhu Hotels Group (China Lodging Group Ltd, NASDAQ: HTHT) announced its strategic investment in AccorHotels during its Q1 18 release and also…
Has Food & Beverages lost its shine?
After years of outperformance, the F&B industry seems to be somewhat lost in an environment of accelerated changes and value chain fragmentation. The sector has suffered a major correction since…
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Anna is a Senior Equity analyst, she covers Food &...
Felix is a Senior analyst, he covers Building &...
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