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Valuing gold stocks – we start with Barrick Gold
Thank heavens for Brexit. For a moment there, it was looking as though Yellen had painted herself into a corner and might actually have had to raise rates. Now with Brexit, we clearly need MOAR monetary stimulus from central banks, notwithstanding the real problems being kept at bay relate more to the rotten state of […]
Continue readingMediaset is still looking like a value trap
Reviewing last week’s Mediaset results I was struck by a sense of deja vue. Here was a company that for a third consecutive year was denying that it was not trying to sell its lossmaking PayTV unit (Mediaset Premium) in the face of supposedly well sourced rumour to the contrary, this time to Vincent Bollore’s […]
Continue readingKraft Heinz deferred tax liabilities – nerdy issue, but it could cost you
Having paid up for Kraft Foods, the newly merged Kraft Heinz will need to not only over-deliver on its $1.5bn of projected cost savings by 2017, but also to exploit a network effect (leveraging Kraft brands through Heinz’s stronger international footprint) to kick-start what has been lacklustre individual organic revenue performances for both groups. While […]
Continue readingGoogle – markets chasing stories arrive late to the party
Markets love a good story. They’re so much easier to digest than actual analysis and usually provide a catalyst for action that brokers and journalists need to stimulate a transaction. Take for example Google’s Q2 results last Thursday. The results themselves were solid, but were neither significantly ahead of street estimates nor provided anything particularly […]
Continue readingPublicis Omnicom Groupe – financials less exciting than the impending management soap opera
Oh la la, Omnicom is to be bracketed by Publicis to become part of the greater “Publicis Omnicom Groupe” with deal to be signed in Paris rather than New York or a neutral country. Does this mean a corporate coup for the French or will the emergence of a balanced board and possible removal of […]
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