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…
Bigger fund managers eventually suicidal?
The asset management (and asset gathering as a whole including the Life insurance business) has been reshuffling at an exponential speed over the last few months. This may yet just…
Lloyds : Digital investments and dividend distribution
We believe concerns about the potential impacts of accelerated digital investments on dividends are misplaced. In our view, they are based on a misconception of banking where finance concepts developed…
AXA is on the move and uniquely cheap
When AXA presented two years ago its “Ambition 2020” plan, it was considered as rather ambitious indeed, and, when a refreshed management team took the helm, reaching targets became even more…
Looking for new dividends ? Go for Banks
The taste for dividends is largely a reflection on the (shifting) taste for risk but their quality as a safety-net cannot be challenged. Consider the following chart that plots the…
Position closed on Swisscom
The primarily domestic Swiss telco has been a remarkable performer whatever investors sentiment about the CHF, about Swiss growth, about Telcos at large and about the hard to decipher situation…
Novartis : Strong results, Entresto & Lutathera
Novartis reported yet another strong quarter, reflecting strong performance by Cosentyx, Entresto and Alcon, although Sandoz remains a worry. The guidance reiterates the same mood – strong pharma and Alcon…
Utilities get more attractive, slowly
Utilities have lost their shine since October 2017. This can easily be associated with firmer rates and a dash for cyclical/value stocks now that Europe is looking like a better…
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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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