Interesting, after falling 60% in 2011. The stock has fallen 60% in 2011 and is currently trading at post-Lehman levels. In a scenario of moderate growth, the EBITDA for 2012 should reach at least $11.250bn (vs. $12.6bn as the consensus estimate). We do not consider as reasonable current price levels, which we believe are discounting a [...]

We will analyze the financial situation of CaixaBank after its re-organization, its results, assessment and prospects to determine whether this is an interesting investment opportunity in the long-term. Company Description CaixaBank was founded after the re-organization of La Caixa business, approved on 24th February by both Criteria’s and Caixa’s boards. The process ended on July [...]

We analyse the business performance of France Telecom, its prospects and if the share price represents a buying opportunity in the medium/long term. Company Description France Telecom is the fourth European telecom operator based on market value (€38bn). The company is divided into the following operating divisions: (i) France (48.4% Sales ’10), (ii) Poland (8.2% [...]

LONDON | Will we witness an official reaction this May after having appeared the first signs of what could become the European Lehman-esque virus? According to the latest Financial Stability Forum’s special report, “the recent rapid growth and innovation in the markets of exchange-traded funds warrants increased attention by regulatory and supervisory authorities, as well as by the exchange-traded fund industry including providers, market-makers and investors.”