Hammer Partners SA

HAMMER PARTNERS SA is an independent research house founded in 2009 focused on European equities. We offer unambiguous, high-conviction stock recommendations complemented by an expert sales team to provide institutional investors with unbiased views across key sectors. Hammer’s advisory business encompasses Equity services that provide small and mid-cap enterprises with advice on how to manage IPOs, corporate roadshows and engage with institutional investors on a global scale. Hammer Partners is based in Lugano with representative offices in London, we further specialise in value-based qualitative filters for client watch-lists and portfolios.

Matteo Radaelli
  • Matteo Radaelli

Q3 sales strengthen our BUY case

We maintain our BUY rating and raise our target price from EUR24.7 to EUR26.7 per share.

Emanuele Oggioni
  • Emanuele Oggioni

Margin recovery confirmed

After the positive Q3 release, we resume the main points supporting the positive outlook of the company and the main remarks of the conference call.

Emanuele Oggioni
  • Emanuele Oggioni

Stable model, waiting for M&A

We like EI Towers’ stable and appealing business model, which in our view makes it a perfect PIR fund candidate in line with other telecom tower stocks.

Matteo Radaelli
  • Matteo Radaelli

Euro-zone macro research: Low inflation keeping central bankers awake ...

In our view neither the Federal Reserve nor the ECB are likely to tighten monetary policy at a strong pace any time soon. We see a 50% possibility of a 25bp rate hike from the Fed in December, while in October the ECB should announce a six-month extension of the QE programme in 2018 with monthly purchases reduced to EUR40bn.

Emanuele Oggioni
  • Emanuele Oggioni

Q2/H1 preview: raising our estimates

With the Q2/H1 preview, we raise our estimates to capture part of the group’s unhedged USD/EUR exposure. We expect H1 2017 sales to come in almost flat, with EBITDA reported up 37% YOY and EBITDA adjusted by 69%.

Matteo Radaelli
  • Matteo Radaelli

Euro-zone macro research: Low inflation keeping central bankers awake ...

In our view neither the Federal Reserve nor the ECB are likely to tighten monetary policy at a strong pace any time soon. We see a 50% possibility of a 25bp rate hike from the Fed in December, while in October the ECB should announce a six-month extension of the QE programme in 2018 with monthly purchases reduced to EUR40bn.

Matteo Radaelli
  • Matteo Radaelli

Euro-zone macro update: One and done for the Fed?

The Fed is widely expected to raise rates by 25bp to 1-1.25% at the end of (today's 14 June) monetary policy meeting. The rate hike is supported by positive financial conditions and unemployment having dipped well below 5%, indeed to 4.3% in May.

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