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…
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…
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…
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…
P/Book subliminal messages
On the mathematically correct view that P/Books are a function of ROEs, the 30 sectors tracked by AlphaValue do a nice job of sitting on the regression line. 2018 P/Book…
Is current production output really meeting demand?
At a time of global strong traffic growth, the aerospace industry is about to reach the end of a painful and costly ramp-up phase that has weakened its cash flow…
No attraction in weaker balance sheets
Every now and then we check whether “trash” as defined by a non-investment grade rating is a good investment theme. Not currently, it would seem. We defined non-investment grade issuers…
Dear(er) Vifor Pharma
Our endorsement in August 2017 proved to be an ideal entry point for Vifor Pharma – the small-cap play has been the ace performer in the essentially lifeless Smaller Pharma…
Reflation Trade and Other Myths
Banks have over-performed the market over the past two years, recovering a portion of the ground lost during the first half of 2016 on overdone deflationary and political fears. Based…
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