Kepler note summary of summary goes:
« We initiate coverage on investment company Akastor (AKA) with a Buy rating and TP of NOK22. The group has achieved impressive value creation through divestments over the last year, and we see room for more accretive deals in the future. The stock is down c. 14% since its November peak, and we see an attractive entry point to get on this speedy M&A train. »
(Most of the data points/comments are extracted from a Primer published in Oct 2016 by Bank of America Merrill Lynch. Comments and financial data at the end are my own).
After a number of underperforming years, European oil & gas companies have been staging their comeback: they have cut into capex and opex to generate more cash flow or reduce debt and be able to maintain their payout/dividend payment.
The market has bearly started to notice, but oil & gas companies are leaner and in better shape to leave in a world where oil price would stand around 40-60$/barrel. Continuer la lecture de « Oil & Gas: A Primer (Sort of) »
In its « Risk Reversal » Europe 2018 outlook report, Exane BNP Paribas recommends to keep a value bias and prefer Oil & Gas, Travel & Leisure, Healthcare, Telecoms, Banks and Insurance sectors. Continuer la lecture de « In 2018, Stay Away from Cyclicals – Exane »