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…
After a difficult year, Apple – almost flat YTD compared with a 27% rally in S&P500 – seems to be on its way to recovery. Source: Thumbcharts.com Since Q4 earnings release the stock has already rallied 10%, but especially this week a new wave of optimism has pushed the stock Read more…
In the last quarter report, IBM announced revenues for $23.7bn (consensus $24.75bn) EPS at $3.99 (consensus $3.96), a light and shade result that followed a similar quarter (Q2), with a beat on earnings per share ($3,91) and a miss on revenues ($24,9bn) and the weakest quarter of the last years Read more…
There seems to be a consensus in the market that the Fed will gradually start tapering in the next few months (our guesses at BSIC is in December). Therefore it is time to understand what could happen to markets and get prepared. What could happen on the equity market in Read more…
Panel 22|11|2013 US This week Bernanke surprised the markets outlining the chance of early tapering of QE (December meeting). For us this is quite surprising, as we still believe the US economy is not performing as well as it was believed this spring. Three main reasons have worsened our outlook Read more…
Cinda Market Cap (as of 22/11/13): N/A News surfaced on Thursday, November 21st that Chinese bad bank Cinda is finalizing the details of its long awaited Hong Kong IPO, which is expected to bring in up to HK$19bn (US$2.45bn) in fresh equity financing. The company will offer around 5bn shares Read more…
T-Mobile US, Inc. Market Cap (as of 23/11/13): $19.2bn T-Mobile US, Deutsche Telecom majority-owned mobile operator is raising $2bn in an effort to increase its footprint in the 4G LTE market. T-Mobile is the fourth mobile operator in the US with 45M customers ranking after Verizon Wireless, AT&T Mobility and Read more…