Pirelli is a simple proposition in terms of both marketing and the equity story: high value tyres with superior margins are selling like hotcakes, including and notably for those placid…

LSEG would acquire the company for a $27bn enterprise value. We have been very positive on LSEG for more than four years, as we have branded it as the sole…

The market applauded ABI’s Australian divestment ($11.3bn), and rightly so. AB Inbev reacted quickly after it failed to IPO its Asian unit as a way to contract its immense debt…

Four reasons to be positive on Accor: Balanced geographical presence, avoiding all the problematic areasStrong balance sheet after adopting a pure assetLight business modelComplex capital structure with shareholders from three…

We reiterate our positive opinion on the stock. As part of its CMD, Schneider confirmed its medium-term financial targets, with an adjusted EBITA margin expected to improve by c.+200bp by…

For the past many years, aluminium has been an exception amongst base metals, thanks to material capacity cuts (in 2013-14) and sustained growth in demand (+4% p.a. since 2013). Hence,…

Societe Generale’s profit before loan losses was below expectations with quite a disappointing mix as revenues in French retail banking were below expectations (offset by better than expected numbers in…

Around four years have passed since our last teasing story on Diageo, when we were broadly negative following a succession of unprofitable reported results. That hangover seems to be well…

Although the best-in-class airline group has beaten cost inflation (both fuel and non-fuel costs) and the stiffer competition that resulted in lower fares, the lingering unsolved Brexit threat has kept…

Siemens Gamesa (SGRE) outlook appears brighter and presumably at sea as the industry is now offshore driven. Wind turbine manufacturers declined sharply in 2017 due to the introduction of the…