Oddo BHF - Donald Trump, year III

Report

Oddo BHF

Bruno Cavalier

Donald Trump, year III

Until now, fortune has smiled on President Trump. His party held all the levers of power and the economy was in a near-perfect state (no unemployment and little inflation). In 2017, he had a significant corporate tax cut voted through, which was a positive for the equity markets. In 2018, he assumed the guise of Tariff Man, causing more fear than damage at this juncture. For Trump, 2019 bodes to be less favourable on three fronts - political (divided Congress), legal (Mueller inv...

20/12/2018 6 EN

Provider

Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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Analysts

Bruno Cavalier

Other Reports from Oddo BHF

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The Holcim Group demerger will take effect on Monday 23 June. Although the demerger parity will not be known until after the close of trading on Friday 20 June, we estimate it at 0.55 Holcim remain-co shares (CHF 52) for 0.45 Amrize shares (CHF 42). The uncertainty surrounding the demerger parity and taxation of dividends could create volatility. Sophisticated investors may choose to wait until the first listing before deciding to build a position in Holcim remain-co. Outperform rating maintained and target price lowered to CHF 110 vs CHF 115 based on a SOP valuation.

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Chaima Ferrandon ... (+2)

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La scission du groupe Holcim sera effective le lundi 23 juin. Si la parité de scission ne sera connue que vendredi 20 juin après Bourse, nous l’estimons à 0.55 action Holcim remain-co (52 CHF) pour 0.45 action Amrize (42 CHF). L’incertitude autour de la parité de scission et de la fiscalité des dividendes pourrait créer une certaine volatilité. Les investisseurs avertis pourraient choisir d’attendre la première cotation pour se décider à construire une position dans Holcim remain-co. Opinion Surperformance maintenue et OC ramené à 110 CHF vs 115 CHF sur la base d’une SOP.

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Anne-Barbara Nicco

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Donald Trump, year III

Holcim : Make Europe Great Again

Holcim : Make Europe Great Again

Mobilux : Update sur le crédit et ajustement de nos recommandations

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