COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR ESPAÑA, OHLA, ROVI. EUROPA: INFORME ANUAL EURO STOXX 50, SAP, TOTAL ENERGIES. A la espera de novedades en Oriente Medio Las bolsas europeas cerraron muy planas, ya que la depreciación del euro ayudó a capear la mayor prima por riesgo geopolítico. Con todo lo anterior, en el STOXX 600 Energía repitió como el mejor sector (gracias al avance del Brent) seguido por Tecnología mientras que Utilities y Viajes&Ocio terminaron con las mayores correccion...
What you need to know: • We anticipate oil prices to remain within the US$80-$90 range, which will sustain the current uptick in E&P capital expenditure and foster a strong environment for oilfield services firms. • Our peer group continues to trade at deep-value multiples; currently at 4.5x/4.0x 2024E/2025E EBITDA. • We highlight a few of our favourite small-cap names that we believe have significant upside as we move into H2/24. Following our last oilfield services thematic note (published i...
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
Whereas hydrogen fuel cell systems have not had a break-through in the passenger car market, the situation for the commercial vehicle market looks very different: For heavy-duty trucks in particular, FCVs are superior to BEVs when it comes to charging times, payload and driving range. In this report, analyst Julie Boote assesses the outlook for hydrogen fuel cell trucks and explains how the main global participants are positioned.
What you need to know: • We expect oilfield service stocks to continue to outperform in 2023 and beyond based on supportive oil price fundamentals, rising capex levels amongst E&Ps, and pricing power leading to margin expansion • Despite the sector’s strong fundamental tailwinds and the probability for a multi-year commodity supercycle, oilfield service companies are still trading at trough-level multiples Investment Thesis Supportive Oil Prices While we will not go in-depth on oil price funda...
Int'l Equity Strategy The recent bear market rally has run its course and market indicators are still largely bearish amid rapidly rising global rates/inflation and tightening monetary policy. Moreover, the broad MSCI global indexes (ACWI, ACWI ex-U.S., EAFE, and EM) all remain in YTD downtrends. As long as these downtrends remain intact, we are bearish at the index level, and we expect more volatility and lower prices ahead. From a Sector perspective, we want to remain overweight commodity ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACERINOX, BBVA, CAF, EBRO FOODS, REPSOL, VIDRALA. EUROPA: TOTAL ENERGIES. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’21 que se publicarán en España y Europa en los próximos días. La semana seguirá marcada por el conflicto bélico La evolución de las bolsas la semana pasada ha estado marcada por la inv...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
Total stands to meaningfully improve its cash flow generating power in the next several years through peer-leading production growth and operating cost cuts, while already displaying one of the lowest gearing ratios among its peers. Production growth should prove to be a major driver of cash flow growth during the next five years, with Total anticipating averaging volume of growth of about 5% per year through 2022, the highest among its peers, and expected production growth of 9% for 2019. That ...
Total reported a slight dip in earnings during the first quarter from the year before but reported continued strong growth in cash flow and production volumes that demonstrate our thesis remains on track. Our fair value estimate and moat rating remain unchanged, leaving Total one of the most undervalued integrated names in our view. Adjusted net income slipped slightly to $2.8 billion from $2.9 billion last year largely on higher net cost of debt due to higher U.S. dollar interest rates. Adjuste...
Total reported a slight dip in earnings during the first quarter from the year before but reported continued strong growth in cash flow and production volumes that demonstrate our thesis remains on track. Our fair value estimate and moat rating remain unchanged, leaving Total one of the most undervalued integrated names in our view. Adjusted net income slipped slightly to $2.8 billion from $2.9 billion last year largely on higher net cost of debt due to higher U.S. dollar interest rates. Adjust...
Total reported a slight dip in earnings during the first quarter from the year before but reported continued strong growth in cash flow and production volumes that demonstrate our thesis remains on track. Our fair value estimate and moat rating remain unchanged, leaving Total one of the most undervalued integrated names in our view. Adjusted net income slipped slightly to $2.8 billion from $2.9 billion last year largely on higher net cost of debt due to higher U.S. dollar interest rates. Adjuste...
Total reported fourth-quarter results that fell slightly short of consensus estimates, but nonetheless demonstrated continued execution of its strategic plan. Meanwhile, management updated guidance that fits with our thesis of continued free cash flow growth in the coming years. Our fair value estimate and moat rating remain unchanged, leaving shares undervalued as the market is not fully recognizing this coming uplift in free cash flow generation in our view. Adjusted net income for the quarte...
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