Starwood Hotels & Resorts Worldwide Inc.; Market Cap: $12.18bn (as of 19/11/2015) Marriott International Inc.; Market Cap: $ 18.64bn (as of 19/11/2015) Introduction On November 16, Marriott International, Inc. (NASDAQ:MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced that the boards of directors of both companies unanimously Read more…
Liberty Global plc; Market Cap: $35.46bn (as of 20/11/2015) Cable Wireless Communications; Market Cap: £3.3bn ($5.5bn) (as of 20/11/2015) Introduction On November 16, Liberty Global plc agreed to buy Cable & Wireless Communications plc in a transaction worth $5.3bn, thus strengthening its strategic footholds in the emerging markets. The Read more…
AirLiquide; Market Cap: $39.84bn (as of 20/11/15) Airgas; Market Cap: $10.00bn (as of 20/11/15) Introduction On November 17, the French industrial gases specialist Air Liquide announced it had reached an agreement to acquire the U.S. supplier Airgas for a total consideration of $13.4bn, including debt. The deal would create Read more…
The European banking sector has been facing significant changes in the post crisis era. Regulatory headwinds, a myriad of litigation charges and the lack of a credible strategy at many institutions have seen the sector fall out of favor with equity investors. Though, admittedly, these challenges might not have been Read more…
[edmc id= 3236]Download here the Ferrari Pitch[/edmc] After having covered the IPO of Ferrari (https://bsic.it/wanna-flawless-ferrari-52-now-feasible/) in detail a couple of weeks ago, we are now trying to identify RACE’s market positioning in terms of multiples. The structure of the analysis is as follows: firstly, we plot Ferrari’s positioning against major automakers Read more…
[edmc id= 3197]Download here the Weekly Market Brief[/edmc] United States The one just ended has been a pretty volatile week for the US market, with investors continuing to show some concern about the possibility of a rate hike in December in an environment of still uneven economic growth. Deteriorating growth outlooks Read more…
Expedia; Market Cap: $16.6bn (as of 12/11/2015) HomeAway; Market Cap: $3.5bn (as of 12/11/2015) Introduction On November 4, Expedia, after a two-year partnership with HomeAway, announced the acquisition of the latter company for a $3.9bn cash and stocks consideration. With this acquisition Expedia will widen its portfolio of brands while, Read more…
Valeant Pharmaceuticals; Market Cap: $25.73bn (as of 13/11/2015) Introduction Valeant Pharmaceutical, a pharma behemoth renowned for its aggressive acquisition strategy, has been facing some hard times as its stellar performance has deteriorated considerably amid scrutiny over its monopoly pricing for its drugs as well as recent accusations for its Read more…
Caterpillar Inc; Market Cap (as of 13/11/2015): $39.96bn Introduction On October 22, Caterpillar Inc. presented its 3Q group results, which caused further depression of its stock price due to its latest poor financial performances. Unluckily, the firm confirmed the bad market sentiment as the profit per share fell from $1.63, Read more…
[edmc id= 3174]Download here the Weekly Market Brief[/edmc] United States US economy has seen many macroeconomic data being released this week, in particular regarding the labour market, while the FED governor had a speech that has strongly affected the markets on Wednesday. The labour market has been the main actor of Read more…
The VIX, known also as the Wall Street’s fear gauge, is the most common measure for expected volatility in the equity market. It is implicitly derived from the price of currently traded options on the S&P500 and over the years it evolved into an asset class of its own. Short-selling volatility Read more…
General Electric; Market Cap: $299.6bn (as of 06/11/2015) Alstom; Market Cap: $9.06bn (as of 06/11/2015) Introduction General Electric finally concluded its €9.7bn (about $10.6bn) acquisition of Alstom’s power business after getting the final regulatory approvals. The deal represents GE’s biggest ever industrial acquisition. GE’s offer was accepted by Alstom Read more…
The purpose of the article is to provide an explanation on the economic policies of the third largest economy in the world. In particular, explanation of Abenomics’ three arrows, their effects on Japanese economy and our view on the next steps that policy makers are likely to undertake. With this Read more…
Visa Inc.; Market Cap: $190.62bn (as of 06/11/2015) Visa Europe Ltd.; Market Cap: N/A (as of 06/11/2015) Introduction On November 2nd, Visa Inc. (NYSE: V), the payment processing giant which holds an approximate 39% market share of the credit card marketplace, announced the acquisition of Visa Europe Ltd., its Read more…
Activision Blizzard; Market Cap: $25.52bn (as of 06/11/2015) King Digital Entertainment; Market Cap: $5.55bn (as of 06/11/2015) Introduction On November 2, Activision Blizzard agreed to acquire for $5.9b King Digital Entertainment, one of the major players of the mobile gaming industry with its popular Candy Crush Saga. The move Read more…