Articles by The Corner
The firm reported revenues up 13% and EBITDA up 13% in first nine months of 2019.
Renta 4 | The Spanish firm has reportedly obtained the necessary authorizations from the United States (Sept. 30) and China (Nov. 13) to conclude the sale of assets between Grifols (GRF) and Shanghai RAAS (Chinese pharmaceutical company), which is expected to conclude before the end of the year.
Yves Bonzon (Julius Baer) | One of the unintended consequences of zero / negative interest rates is the fuelling of a broad-based start-up / venture capital (VC) boom. This carries the seeds of a huge capital misallocation. Investors are relentlessly funding non-profitable companies on the hope of surfing the next disruptive business model. Yet, venture capital is a game of capital scarcity not of capital abundance.
Banc Sabadell | IAG’s Capital Markets Day focused on cash generation. The reduction of some operational objectives (AKO’s 2020/23 growth from + 6% to + 3.4% per year; annual BPA growth from + 12% to + 10%), is in line with market forecasts and BS (e) .
Banca March | The Spanish utility prepares its launching in Australia with a portfolio of renewable projects for 650 MW in the states of Queensland and South Australia, with an estimated market investment of approx. € 500M.
Olivier de Berranger (La Financière de l’Échiquier) |”Let’s have fun”. Have the words of President Charles de Gaulle been prophetic? He was against the United Kingdom’s entry into the Common Market in 1963… More than 50 years later, although the tribulations of Brexit may cause amusement or disappointment, the truth is that they have been poisoning investors’ lives for more than three years, by separating them from British stocks. However, the outcome of this endless soap opera could well change the situation.
Bankinter | The main challenge of the group is the restructuring of Nordex. The market interprets this acquisition as a defensive movement to protect its investment in the turbine producer. A waiting period is now open to see if you are able to recover profitability with this injection of Acciona funds. This greater uncertainty could slow down the evolution of the stock.
Igor de Maack (Natixis) | Years of negative rates may well be coming to an end, with a reversal of investor sentiment for bonds over the last few weeks. In fact, the French 10-year rate is now verging on 0%. However, these years will leave their mark in terms of the extravagance of the monetary policies implemented for the purposes of “Saving Private Capitalism”, lost on the battlefield of excessive debt and driven into the trenches of complex finance.
Jens Bastian (MacroPolis) | There are a number of recent examples which illustrate that China’s growing footprint in Greece is not exclusively a success story. Some ambitious projects either remain in the planning stage or have failed, others are delayed; despite the vibrant promotional rhetoric between Athens and Beijing.