Pharmas, beyond expected
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…
Renewables in times of economic downturn
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…
Over-ambitious markets
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…
Equity risk premium gravitational pull confirmed
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…
Do Banks Have to Pay the Bill?
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…
Monitoring Credit Risk Downgrades
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…
Family dividends may offer solace
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…
Miners in the post-COVID-19 world
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’…
The pension Leviathan, bound to stir
Pensions, as an accounting and possibly a cash issue, are best kept under the carpet. Two things can wake up that monster: lower risk-free rates that kick future obligations higher…
Covid: Screening Europe to identify investment opportunities by relative resilience
In this strategy product covering 36 pages, we screen the combined AlphaValue & Baader Helvea coverage universe to identify investment opportunities following the extreme volatilities European equities have lived through…
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Founded in 2007, AlphaValue is the world’s leading provider of Independent European Equity and Credit Research. We provide comprehensive, unconflicted research-only (no execution, no corporate finance) coverage of c. 480 European mid and large cap stocks. We have an average of 46% of negative recommendations at any one time. Learn more at www.alphavalue.com
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