Since the last time we wrote, many things have happened on the markets. The Fed has finally turned on its tapering programme in mid-December and said it would unwind its asset purchasing by another 10 billion in February. This long expected event has provoked what news broadcasters all over the Read more…
Since the beginning of the year, a sector rotation seems to have started: cyclical stocks, especially those that are more exposed to Europe, have taken advantage of the improvement of the general feeling, while non-cyclical securities have experienced a general downturn. Among the latter category, luxury stocks (that have outperformed Read more…
The US media and technology conglomerate, Comcast Corporation (NASDAQ: CMCSA) has reached an agreement in merging with competitor Time Warner Cable (NYSE: TWC) on Feb. 13, 2014, for a price of $45.2bn. The deal will be a stock-for-stock transaction with TWC’s investors receiving 2.875 Comcast stock for each of their Read more…
Merck KGaA Market Cap (as of 06/12/13): €27.84bn AZ Electronic Materials SA Market Cap (as of 06/12/13): €1.79bn On December 5, 2013 the Darmstadt-based German drug and chemicals company, Merck KGaA, announced an agreement with the Board of Directors of AZ Electronic Materials SA (AZ) regarding a recommended $2.57bn all-cash Read more…
[edmc id=998][/edmc] BSIC MARKETS DIVISION MACRO VIEW US This week’s US data releases showed improvement in the economic sentiment: GDP and labour market confirmed our view on US Economy. The second estimate of third-quarter GDP was revised from 2.8% to 3.6%. However, we must point out that positive GDP growth Read more…
The investment banking industry is expected to announce lacklustre returns for 2013, despite an improving global economy, soaring asset prices and abundant liquidity. According to Deutsche Bank, the overall revenue pool is forecasted to be down by 6% (FICC down by 18%, Equity up by 28% mostly driven by equity Read more…
BNP Paribas Market Cap (as of 07/12/13): €65.77bn Rabobank Market Cap (as of 07/12/13): N/A (not listed) BGZ Market Cap (as of 07/12/13): €927.48mln Back in 2011, the sovereign-debt crisis that hit Europe caused U.S. investors to cut back on lending to European banks. France’s BNP Paribas struggled at first Read more…
Hilton Worldwide Holdings Equity Value: $18 – $21bn ($18 – $21 per share, greenshoe not considered in EV) The Blackstone Group, AUM (as of 2012): $210bn Hilton Worldwide Holdings, the world largest hotel operator with presence in 90 countries, 157 directly owned hotels and 4,041 hotels under management, is planning Read more…
History is full of surprises, even regarding financial history. For example do you know that the only futures contracts you cannot trade are the ones on onions? This is not a joke but a serious piece of law, the Onion Futures Act passed on august 1958. Indeed in 1955, two Read more…
After analyzing Moncler’s fundamentals last week (https://bsic.it/2013/11/30/piazza-affari-revival-moncler-ipo/), in this article we want to provide a more practical description of how it would be possible to profit from the hottest IPO of the year on Borsa Italiana. We have investigated three different ways of benefitting from Moncler’s IPO: • Underwrite the Read more…
Changi Airport Group Market Cap (as of 06/12/13): N/A Odebrecht Market Cap (as of 06/12/13): N/A On November 22nd Changi of Singapore and Odebrecht of Brazil won a $19bn ($8.3bn) bid to operate Rio de Janeiro’s Carlos Jobim International Airport (Galeão) in a consortium with state-owned operator Infraero. The same Read more…
US This week has been really quiet for the US. Two main issues arise: the initial jobless claims surprise on the downside (actual 316K vs expected 330K), and the decline in the durable goods orders. (-2%) in October. With regard to the first data, although it is clearly good for Read more…
Moncler S.p.A Market Cap (as of 30/11/13): N/A Moncler, the Italian maker of luxury down jackets, is expected to go public on the Milan Stock exchange by mid-December, after the approval received on Tuesday by Consob, the Italian stock market regulator. It aims to raise about €800mln, with an IPO Read more…
BMPS:IM Market Cap (as of 29/11/13): €2.18bn On November 26, 2013 Banca Monte dei Paschi di Siena (“MPS”), the world’s oldest bank (founded in 1472) and Italy’s third biggest lender, has agreed to submit a proposal to the Extraordinary Shareholders’ Meeting for a capital increase, for up to a maximum Read more…
Vivendi Market Cap (as of 29/11/13): €25bn On Tuesday, November 26, French media and telecom conglomerate Vivendi announced that its supervisory board approved a plan to spin off its mobile telephone division SFR as a standalone company to be listed on the French stock exchange. Shares in the new entity Read more…