Download PDF Introduction Several factors, including high inflation, high interest rates, and overall uncertainty in the market, resulted in a decline in M&A activity in 2023. Despite the rough year, Q4 2023 and the first two months of 2024 have shown that deal activity is due for a comeback. One Read more…
Download PDF Introduction In 2023, the global economy has exceeded expectations, with projected global GDP growth set to beat consensus forecasts from a year ago. Core inflation has seen a significant drop, plummeting from 6% in 2022 to 3% across economies recovering from the post-COVID price surges. Notably, the US Read more…
Download PDF Introduction In a high interest rate environment, firms have to face new challenges to their capital structure and adapt to higher financing costs. Highly leveraged firms now confront more than substantial interest expenses and difficulties in refinancing. More borrowers now turn to private credit due to its additional Read more…
Download PDF Company Description Adevinta[OTCMKTS:ADEVF] operates numerous classified brands which together make up the largest European internet platform. The firm was created by the Nordic media conglomerate Schibsted, as a response to the rise of online platforms like StepStone, which had disrupted Schibsted’s original newspaper advertising business. Over time, Schibsted Read more…
Download PDF Introduction In November, amidst concerns of a slowdown in the Chinese economy, investors found a glimmer of hope with China’s new finance minister announcing increased budget spending to support the post-pandemic recovery. However, this optimism is now overshadowed by a significant challenge as Zhongzhi, a major player in Read more…
Download PDF Commodity futures have become a widespread vehicle amongst investors and traders as they can be used for strategic and tactical asset allocation. The strategic appeal of commodity indices comes from the equity-like return, their key diversification role, and their inflation-hedging properties. The term structure of commodities usually refers Read more…
Download PDF Introduction Followed by decades of history Disney [DIS: NYSE] has been a company in the hearts of generations, therefore, we thought it deserved to be analysed further. In this first edition of our BSIC Equity Research reports we bring to you a detailed valuation highlighting key market events Read more…
Download PDF Introduction In the ever-evolving world of finance, the wealth management and private banking industries have been subject of change in the past decade, propelling such business units at the forefront of various institutions. In the aftermath of the great financial crisis these divisions played a pivotal role in Read more…
Download PDF USA This week’s US trading session has been relatively quiet considering the Thanksgiving holiday on Thursday and an earlier market close on Friday. Nonetheless, there were a few relevant economic indicators starting with the Fed’s minutes released on Tuesday which showed that the FED’s members unanimously believe monetary Read more…
Download PDF Introduction Shareholders have traditionally focused on aligning top managers’ interests, neglecting the broader employee base. But things are changing, as we witness more and more private equity firms offer less skilled employees stock options plans (ESOPs) – a chance for them to own part of their company. Leading Read more…
Download PDF US Equity Performance As we approach the end of the year, the narrative on the US stock market has greatly changed since September/October and especially since the beginning of the year as major macroeconomic uncertainty has now shifted to what the cutting cycle will look like due to Read more…
Download PDF Introduction One of the main drivers of foreign exchange rates is the change in current and expected interest rates, influenced by central banks’ forward guidance and economic releases. In this article, we explore a paper by Nicolas Georges (2014) and implement a systematic FX strategy on G10 currencies, Read more…
Download PDF Introduction Len Blavatnik, a Russian-born American billionaire who made his first fortune in post-Soviet Russia, is well known to many readers of financial news for his hugely profitable ownership of Warner Music [NASDAQ: WMG], which he took public in 2020, making a paper profit of as much as Read more…
Download PDF Introduction What was once the U.S.’ most valuable start-up just declared bankruptcy. Founded in 2010 by the charismatic entrepreneur Adam Neumann, WeWork aimed to revolutionize the traditional concept of office spaces. However, its meteoric rise was followed by a precipitous fall, marked by a harsh operating environment and Read more…
Download PDF USA Overall US equities rallied, propelled by the softer than expected CPI print for the month of October that came out on Tuesday. All major US indices registered a third consecutive week of gains, with the S&P 500 up 2.24%, with Energy as the biggest percentage gainer among Read more…