Category: Single Stocks

Hennes & Mauritz AB: A Bear in the Swedish Woods

Introduction Firstly, we briefly present H&M business. Secondly, we provide a report of recently announced Q1 2017 results. Thirdly, we perform a DCF and multiples valuation to find a target price for H&M, in line with recently announced results. Finally, we will explore a strategy to profit from our analysis. H&M: business snapshot Hennes & […]

Momentum Investing: Just Go with the Flow

In this article, we will provide an overview on momentum investing, explaining what the strategy is and how it works. We will provide historical values that shows that strategy generated positive returns in the past but also negative returns if the most recent period is observed. What is it? In the previous article (Low Volatility […]

Low Volatility Investing – Smart Beta’s Gem

There’s Nothing Smart about Smart Beta Smart Beta is anything but new: strategies developed in the 70s with the aim of outperforming the market through relatively simple quantitative analysis. It is the middle ground between passive and active investment. Due to the fact that when it comes to stock picking the guidelines are quite simple, […]

A system to profit: Banca Sistema!

The recent turmoil enduring since the beginning of the year affected in particular energy and financial sectors. Italian banks were hit by a panic sell off that shrank, and in the worst cases halved, their capitalization even though fundamental factors are strong for most of them and no rationality can be found in current market […]

Special Report: European Investment Banks – Not All Gloom and Doom

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 completely overcome yet, there are […]

Ferrari: too fast outside the circuit?

[edmc id= 3236]Download here the Ferrari Pitch[/edmc] After having covered the IPO of Ferrari (http://www.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 and luxury brands in terms […]

Have you ever made 67% in one year?

If you answered no to the question above, you have not probably read our article on the Italian energy market one year ago (you can find it here, it is not everything lost yet). As some of you might remember, we suggested to go long A2A, the multi-utility of Brescia and Milan. However, which factors […]

After the scandal: VW ABS opportunities

For the first time after the diesel emissions scandal, Volkswagen is putting forward a new issue of Asset backed Securities collateralized by auto lease receivables. Volkswagen Financial Services first started moving off balance sheet its lease receivables in 1996, expanding the range of securitized assets to loan receivables in 2004. Currently the VCL (lease receivables) […]

Is Glencore Junk? Do Not Throw Its Commodities Into The Bin Yet!

When someone thinks about the mining industry, there is one name that comes to mind: Glencore (GLEN.L). The Anglo-Swiss company was founded in 1974 as Marc Rich + Co AG, before being renamed Glencore International in a management buyout. The company is specialised in producing, refinement and trading of a wide range of commodities, has […]

A bigger future for Nokia

The TMT market underwent profound changes during the last years, consolidating the best practice businesses and asking for a reshape of the others. That is the case of Nokia (NOK). In fact, it gave up to Microsoft the Devices & Services division in 2013 and, at the beginning of August 2015, revealed the sale of […]

The Volkswagen Scandal: A New Beginning for the Automotive Industry?

Volkswagen AG; market cap (as of 25/09/15): €55.0bn   Small Software, Big Turmoil Volkswagen, the second largest carmaker in the world, headquartered in Wolfsburg, Germany, is in the middle of one of the largest automotive scandals to date. The company was discovered cheating on the emission tests by installing software that limits the harmful fumes […]

Daimler – Shifting into the next gear

Driven by strong growth in China, the announcement of QE in the Eurozone and a solid recovery in the US, the automotive sector experienced a remarkable rally since the beginning of the year to the end of June. The SXAP (STOXX Europe 600 Automobiles & Parts Index) expanded more than 29% during the five months […]

Fineco_The New Bank

If you general use Fineco to set your trades you might consider buying Fineco itself! Fineco (FBK.MI) has been listed on Milan stock exchange last July, for a price of 3.7 Euro a share, for a total market cap of 2,2 Billion, granting Unicredit 673 Million (+ 101 Million of Greenshoe) in the IPO and […]

M&A PAIR TRADING: THE POPOLARI BANKS CASE

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 mentioned banks, stocks have sky […]

Adidas _ On The Run

The Story Adidas Stock has been totally crushed since July, losing more than 20%, underperforming the sector. The down trend was triggered by a profit warning due to Russian Ruble instability and the restructuring of its Golf Brand “Taylor Made”. In particular Ukraine political instability in late summer led to devaluation of the Ruble, which […]

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