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…

The ramp-up risks induced by the LEAP and the Zodiac integration hiccups are something of the past. This matters a lot and frees up Safran to move on to the next…

Chinese-dominated KUKA has adjusted the already lowered FY 2018 guidance (sales: €3.3bn, adjusted EBIT margin: around 4.5%) once again. Management now expects sales of c.€3.2bn and an adjusted EBIT margin…