The ECB’s temporary capital relief illustrates perfectly the philosophy of the new bail-in regime. As long as it is only temporary, it is neutral from a valuation standpoint. On 12…

2020 should be at least equivalent to the severe 2009. Macros deriving from Coronavirus will destabilize both voids and rents leading to values decreasing massively in FY20-21. None of the…

After a near 6% gain last week, the Pharma sector is actually in positive territory ytd. While the search for safe-havens will back up the performance, it is not a…

As economic activity is sluggish, demand for electricity has fallen by about 15% in Europe, leading to a drop in electricity prices. However, not all producers are equal in the…

Of course, markets buy the direction of travel rather than the underlying assets and their spot valuations. That has been confirmed by the 18% gain of the Stoxx600NR since 23…

Two weeks ago we could see the surge of the European equity risk premium at 8.3% (21-year average at 6.8%). At the same minute, we were anticipating (sadly) a drop…

The Covid-19 induced crisis is really unprecedented. Indeed, it does not follow the rationale of an economic crisis which consists in solving unbalances which have accumulated during a former period…

The Covid crisis puts listed issuers’ credit risk profile under pressure. AlphaValue has essentially completed the updating of the outlook of its 460 European stocks. We experienced a wave of…

We repeatedly wrote on dividends in a COVID context (20/02: Pay-out thoughts; 16/03: Dividends, Oops!; 27/03 Vanishing divs.) to describe what was bound to happen but escaped most observers. It…

Given the aggravating COVID-19 disruption, the AlphaValue mining universe has witnessed a major sell-off. However, the base metal pricing correction continues to be less severe. One reason could be markets’…