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…
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…
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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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