Download PDF Introduction Vivendi, the French media conglomerate, has reached an agreement to buy activist investor Amber Capital’s 17.9% stake in Lagardère, the French media and retail group. The takeover of Lagardère, owner of the Paris Match magazine and Europe 1 radio, would see the creation of one of Europe’s Read more…
Download PDF Introduction – The Crisis of Greensill Capital Firms come and firms go, some find long-lasting success, while others start from bright start-up ideas but end up in the graveyard of business ideas in a matter of years. Greensill Capital had the potential to be in the first group, Read more…
Download PDF Introduction Banks finance themselves through a variety of different sources with different maturities and credit risk characteristics, for example through deposits, equity, short-term wholesale funding, long-term unsecured bonds, covered bonds, and asset-backed securities (ABSs). Hereunder a representation of the main long-term funding sources for a bank in their Read more…
Whitbread plc (LON:WTB) – market cap as of 04/05/2018: £7.84bn Introduction Conflicts of interest between shareholders and managers represent an old phenomenon and an inherent element of capitalistic governance systems. It stems from the fact that managers tend to profit from simply because their companies are getting bigger (through higher Read more…
This week, we are proud to publish an in-deep analysis on the Italian Popolari banks situation, one of the most discussed topics since the announcement of the AQR done by the ECB. Thanks to the recent rumors of an Italian decree, which changes the voting powers’ structure of the above Read more…
There’s a famous saying among financiers : either stress tests are done correctly and banks fail miserably, either they are poorly done in order to make them a success. It is very likely we are in the second situation. Victor Constancio, vice-president of the ECB, declared that not only the Read more…
On May 18, Deutsche Bank has announced a plan to raise € 8bn ($ 11bn) in new capital. The increase will consist of € 6.3bn in a rights issue and a further € 1.75bn from the Qatari royal family. The capital increase will be the second largest ever launched by Read more…
Moleskine is the manufacturer and distributor of numerous branded accessories, including the famous notebooks used by several writers and artists, like Hemingway and Van Gogh. In particular, the company operates three business lines: a) Paper products b) Writing, travelling & reading collections c) Digital services. Paper items have been the Read more…
When we analysed luxury stocks, we stressed that the industry has faced a downturn, probably due to a kind of sector rotation. The same phenomenon has affected European banks and utilities in the opposite way. In this article, we focus on banks, proposing some ideas on how to trade them. Read more…
Commerzbank Market Cap (as of 17/05/13): €4.42bn Deal Type: €2.5bn Rights Issue On Tuesday Commerzbank announced the details of the rights issue it previously declared in March. This rights issue will aim to raise €2.5bn in line with Basel III capital requirements. An earlier vote of the Board of Directors Read more…