Month: December 2014

Special Report: Geox Breathes Again

Here we go with our last production of 2014, take it as a small Christmas present. We are proud to publish a full equity research report on an established Italian company, mainly known for its waterproof breathable shoes: GEOX. In order to analyse and evaluate the company, we have considered its most recent financial results […]

The rise of nuclear energy in China: CGN Power’s $3.2bn IPO

Introduction On December 3rd, 2014, China’s largest nuclear power enterprise, China General Nuclear Power (CGN) raised US$3.16bn in an initial public offering in Hong Kong, pricing its offering at the top end of the price range as a result of strong investor demand. The IPO is Hong Kong’s biggest so far this year and the […]

Let it be (volatile)

“Fear tends to manifest itself much more quickly than greed, so volatile markets tend to be on the downside. In up markets, volatility tends to gradually decline.” Philip Roth Introduction As options and other products whose price depends on volatility have become widespread, studying its behaviour is now a key skill required to every market […]

MARKET RECAP 6/12/2014

US The week ended with a boom for the US economy as the November jobs report was released on Friday. 321,000 new jobs were created in the last month, well ahead of economists’ forecasts of 230,000. This piece of news puts the US economy on track to achieve the best year of jobs growth since […]

PUT OPTIONS ON OIL: PLACE YOUR BET!

The recent OPEC’s meeting amplified the downward trend in Oil price as the counsel decided not to cut Oil supply. The cartel decided – tough not unanimously – to leave the current OPEC supply target at 30 million barrels per day. The target was actually not respected for the last 6 months (latest figures of […]

A price too high to be refused: CVC Acquires 80% of Sky Bet for £720m

SKY PLC; market cap (as of 5/12/14): £16.3bn Introduction On December 4th, 2014, Sky agreed to sell 80% of its betting business Sky Bet to CVC Capital Partners. The gambling division, valued ca. £800m, has been one of Sky’s fastest growing businesses with 18% revenues growth in the last financial year. However, the firm decided […]

QIA and Brookfield still not singing Songbird’s tune

Qatar Investment Authority; AUM: $256bn Brookfield Asset Management; AUM: ca. $200bn Introduction After rejecting a preliminary takeover approach of £2.2bn, Songbird Estates, the majority owner of east London business district Canary Wharf, has just received a higher offer from the two bidders Qatar Investment Authority and Brookfield Property Partners. The new offer values the company […]