FDJ is a great firm. The French state is charging too high a price for the privilege of accessing a monopoly. The placing syndicate would do well to cut the…

While we harbour serious worries about the impact of negative rates on the good health of life insurers, we have no such qualms when it comes to Reinsurers. Their high-quality portfolios…

AlphaValue has conducted this study to highlight the main challenges and opportunities faced by the 5G initiators, ahead of a global adoption cycle. Key findings: -5G will bring about a…

Some news about the Cities of Paris and London’s Office markets, following the aborted WeWork’s IPO and the release of end market figures (Immostat, Paris, and Savills, London). City of…

The French parliament adopted last week new energy commitments for the next decade. France is now on board; it has joined the increasing list of European countries targeting to be…

Last month’s powerful rotation away from defensives into risk/ value/ cyclicals has shaken up sectors’ upside potentials quite substantially. Here is a summary view of where the upside potential by…

With a market cap about to overtake the €300bn mark, Nestle has become an issue for European equity markets. Nestle trades at 25.5x, presumably still an acceptable P/E. The issue…

In early 2018, we warned investors (see our presentation “_Reflation trade and other myths_”) that the reflation trade behind the banking sector’s recovery was misplaced and that Spanish banks were…

Institutional money’s latest fad after a crowded drive for infrastructure assets is to pile up again into private equity. There is ever more money flowing in on dubious TRI promises…

Additional gas supply coming from the US distorts an already tight summer market. Norway and Russia are not inclined to let go market share, leading gas spot prices to reach…