Le pricing power sous l’angle du crédit – Morgan Stanley

Après leurs collègues du côté equity, les analystes crédit de Morgan Stanley ont publié deux listes de valeurs ayant un pricing power élevé et faible.

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Source: Morgan Stanley

Source: Morgan Stanley

La méthodologie employée reprend l’approche fondamentale de la partie equity et intègre une dimension crédit (exposés dans les tableaux ci-dessus):

« When screening for “strong” and “weak” pricing power names at the sector level, our equity strategists focus on historical trends in input costs and the ability to pass on price increases to end consumers, as well as the sectors in which our equity analysts believe pricing power is rising/falling. Our sector analysts also highlight single names which they consider to have high/low costs of production and pricing power relative to peers, as well as corporates that are most likely to see this change over the coming year.
Using their single name screens, we evaluate several credit metrics to construct credit baskets of names with strong and weak pricing power.
Our “strong” pricing power basket has a focus on names with strong fundamentals, either belonging to sectors with strong pricing power, such as the industrials and autos names, or names we think have favorable pricing power in comparison to peers, including ENI and Rolls Royce.
Our “weak” pricing power basket considers names with weaker fundamentals in industries in which pricing power is falling, including tyres and integrated oil. We also include single names which our equity colleagues believe are likely to see margin contraction this year, such as BAE, Danone and Fortum. »


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