Pension risks still lurk
Low rates increase the actuarial value of pension obligations. The good news is that hardly any “spo...
Concessions pay, again and again
Ever since construction groups have been tackling infrastructure, they have contemplated themselve...
Nestle's very problematic weight
With a market cap about to overtake the €300bn mark, Nestle has become an issue for European e...
AMS/OSRAM: Accretive deal, but stretched balance sheet at ST
AMS has reiterated its bid offer on OSRAM at €38.5/share (all cash), now being backed by two ban...
Pirelli's bigger is better
Pirelli is a simple proposition in terms of both marketing and the equity story: high value tyres with s...
Spanish regional banks: from reflation to deflation trade
In early 2018, we warned investors (see our presentation “_Reflation trade and other myths_”) that t...