SSAB, the leading Nordic steel manufacturer, has long decided to focus on specific areas (high strength and special steels) with a view to addressing the higher value-added market segments and…

After a stellar run over H1 19, Ferrari has now become Exor’s second largest holding. This, coupled with €1bn in capital gains from the disposal of Magneti Marelli, serve as…

Ever since construction groups have been tackling infrastructure, they have contemplated themselves as operators. Hence, the Vinci type of success stories. Those construction groups that failed to make that pivot…

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…