Hammer Partners in the News



Bloomberg 23.01.17

A German Generali Is a Tough Sell

“There’s scope for cost savings, too. The two insurers have major overlaps in markets like Germany, Italy and France, according to Hammer Partners’s Enrico Racioppi.”


“The last time Italian insurer Assicurazioni Generali SpA was rumoured to be in play, the supposed bidder, France’s Axa SA, said such a costly and complex deal would “make no sense at all.” This time, the interest comes from an even bigger insurer: Allianz SE, possibly in conjunction with Intesa Sanpaolo SpA, according to La Stampa. The report was enough to send Generali shares up as much as 7 percent on Monday, even though it’s not clear what type of deal of Allianz might want.”

 


Il Sole 24 Ore Radiocor Plus 12.12.16

Borsa: oil e banche guidano Milano(+1,2%), da governo Gentiloni attesa continuita’

“Riteniamo che il governo Gentiloni non differira’ in modo sostanziale dal governo Renzi” – Hammer Partners.


Mediobanca Securities: “Bene eventuale conferma Padoan” (Il Sole 24 Ore Radiocor Plus) – Milano, 12 dic – Le performance di bancari e petroliferi permettono a Milano di svettare tra le Borse europee mentre gli altri listini ripiegano tra lo 0,2% e lo 0,4% in una mattinata caratterizzata da acquisti consistenti sul settore energia e da debolezza generalizzata sugli altri comparti.

 


Il Sole 24 Ore Radiocor Plus 09.11.16

Borsa: Borse “Digeriscono” Trump, Milano riduce a -1.7% e Londra gira in positivo
Livio Spadaro

“L’iniziale reazione emotiva, quindi ‘sta pero’ rientrando – commenta Matteo Radaelli, equity analyst di Hammer Partners – perche’ gli investitori non hanno perso di vista che, mentre gli effetti piu’ temute delle politiche protezionistiche annunciate da Trump si vedranno nel lungo termine, nei giorni scorsi i sondaggi segnalavano che la vittoria di Trump sarebbe stata migliore nel breve per l’economia Usa visti i suoi annunci sulle misure fiscali e sugli investimenti’.”

nyse-tf-afp-kqfh-835x437ilsole24ore-webAcquisiti sui minerari, difesa, infrastrutture e farmaceutici (Il Sole 24 Ore Radiocor Plus) – Milano, 09 nov – Niente panico sulle Borse europee, che sembra stiano digerendo l’effetto Trump prima del previsto. Dopo un avvio estremamente nervoso e volatile, con indici in forte e calo e con Piazza Affari che ha visto 13 titoli del listino principale non fare prezzo in avvio, la situazione sembra essersi normalizzata anche se permane l’incertezza di fondo per le conseguenze del nuovo corso che prendera’ la politica economica americana, tra riduzioni delle tasse e protezionismo.

 


ForexInfo 05.11.16
Azioni MPS nella lista dei sell di Hammer Partners, in arrivo il test di €0,42?
Livio Spadaro

“Gli analisti di Hammer Partners inseriscono la questione Monte tra le tre sotto osservazione in questi giorni nel comparto del credito europeo, insieme alla maxi multa Deutsche Bank e al riassetto di Unicredit, e segnalano come il momento per il comparto sia particolarmente delicato tant’è che uno degli indicatori della tensione nel settore bancario, cioè il “Ted spread” (il differenziale tra il Libor a tre mesi e i tassi sui Treasury a tre mesi) è ai massimi da dicembre 2011.”

Per Hachart-155-4d2e1mmer Partners, Unicredit potrebbe erodere una cifra pari a 1,24 volte l’utile netto atteso 2016-2017, Intesa rischia sul dividendo (la stima della casa d’affari el 62% di payout potrebbe essere rivista a ribasso. Le altre banche a rischio per Hammers Partners sono MPS, Banco Popolare e BPM mentre gli esperti preferiscono Mediobanca su cui pongono il rating buy.

 


 

 

Fortune 09.09.16
Deutsche Bank Is Close to Settling Its Mortgage Securities Case
Reuters

“A $2.4 billion U.S. mortgages settlement would be clearly below the 3 billion euros ($3.4 billion) that we expected, so this is clearly positive news,” said Enrico Racioppi from brokerage Hammer Partners.”

A logo sits on display outside a branch of Deutsche Bank AG in Frankfurt, Germany, on Tuesday, Oct. 29, 2013. Deutsche Bank AG, Europe's largest investment bank by revenue, said third-quarter profit slid 94 percent after it set aside 1.2 billion euros ($1.65 billion) to cover expected legal costs and income from debt trading fell. Photographer: Ralph Orlowski/Bloomberg via Getty Images

Deutsche Bank  is nearing a settlement with U.S. authorities on past mis-selling of mortgage-backed securities, two people close to the matter said. The case is one of many over the past decade which have tarnished the reputation of the banking sector and cost banks billions in fines. While the price for the Deutsche settlement has not yet been decided, the payment “will not overburden” the bank, one of the people said.

 


IlSole 24Ore 12.07.16
Unicredit avanti con le cessioni: dopo Fineco venduto il 10% di Pekao per 750 milioni

Lo scopo di Mustier è innanzitutto quello di rafforzare il capitale di Unicredit. Gli analisti di Hammer Partners mettono in evidenza che il restante 40% di Pekao, se venduto, potrebbe generare un miglioramento dei ratios di capitale di altri 24 punti base.

CnO3chDUkAA1Dgr
Prese di beneficio su dopo il balzo di oltre il 13% della vigilia e dopo le prime mosse del nuovo ceo Mustier che dopo la cessione di un 10% di FinecoBank ha venduto il 10% di Pekao (in calo alla Borsa di Varsavia). In avvio il titolo di piazza Gae Aulenti aveva aggiornato i massimi post-Brexit a 2,21 euro per poi tornare in rosso. Lo scorso 24 giugno, dopo il referendum per l’uscita della Gran Bretagna dall’Unione europea, i titoli Unicredit erano precipitati da 2,724 a 2,076 euro.

 


FirstOnline 12.07.16
Borse tutte in rialzo, Unicredit dà la carica a Piazza Affari
Ugo Bartone

Hammer Partners ha promosso il cambio di strategia della Banca alzando il giudizio sul titolo a Buy da Sell. Target price limato a 3,70 euro da 3,80 euro…

PIAZZA AFFARI MILANO PALAZZO DELLA BORSA ESTERNI VALORI

Anche Milano, sulla scia di Wall Street e del Giappone, avanza con il vento in poppa. L’indice Ftse Mib a metà giornata avanza del 2%, ben sopra i 18 mila punti, davanti agli altri listini europei: Parigi +1,6%, Francoforte +1,4%, Madrid +1,9%. Poco sotto la parità Londra, frenata dal recupero della sterlina a 1,314 su dollaro (+1,2%). Già domani Theresa May potrebbe diventare il nuovo premier della Gran Bretagna. David Cameron dovrebbe lasciare nelle prossime ore il numero 10 di Downing Street.

 


Bloomberg 08.06.16
Deutsche Bank CEO Cryan Gets No Relief as His Biggest Hire Exits
Ambereen Choudhury

“The bank is too complex and too big,” said Enrico Racioppi at Hammer Partners SA in Lugano, Switzerland, who has a sell rating on Deutsche Bank shares.  “It’s a difficult task that John Cryan is trying to sort out.”’

john-cryan

John Cryan’s plan to revamp Deutsche Bank AG risks unraveling as the departure of the chief executive officer’s most senior hire presents one more false start to a strategy he laid out last year.

Quintin Price, hired in October to oversee growth in the bank’s asset-management business, is leaving the bank after going on medical leave in mid-April, Germany’s largest lender said Wednesday. In the last two weeks, Cryan has abandoned plans for a new digital bank in the U.S. and said the firm will struggle to sell its German retail unit Postbank. A sale of its British insurance business, Abbey Life, is complicated by a regulatory inquiry, according to a person familiar with the matter.


Il Sole 24 Ore 03.06.16

Gli studenti dell’Università di Genova vincono la Fund Management Challenge

Si è conclusa la quinta edizione della Fund Management Challenge (Fmc), organizzata da Cfa Society Italy (Cfasi) con il sostegno economico e tecnico di FactSet, Ubs Etf, Hammer Partners, Cfa Institute e Kaplan-Schweser.

universita-genova-fotogramma-ksNC--835x437@IlSole24Ore-Web


La competizione di equity fund management istituzionale dedicata agli studenti delle università italiane ha visto la vittoria della squadra SL Unige Investments dell’Università degli Studi di Genova, Scuola di Scienze Sociali (Diec), che ha costruito il portafoglio con il migliore rendimento e il minore turnover. I team degli studenti dell’Università degli Studi di Modena e Reggio Emilia (Dipartimento di Economia “Marco Biagi”) e dell’Università Cattolica di Milano (Facoltà di Scienze Bancarie Finanziarie e Assicurative) si sono classificati rispettivamente al secondo e terzo posto…


The Guardian 26.04.16
Could Italy be the unlikely saviour of Project Europe?

Italy is resuming its historic role as a source of Europe’s best ideas and leadership in politics, and also, most surprisingly, in economics

2565


A
s the European Union begins to disintegrate, who can provide the leadership to save it? German chancellor Angela Merkel is widely credited with finally answering Henry Kissinger’s famous question about the Western alliance: “What is the phone number for Europe?” But if Europe’s phone number has a German dialling code, it goes through to an automated answer: “Nein zu Allem.”

This phrase – “No to everything” – is how Mario Draghi, the European Central Bank president, recently described the standard German response to all economic initiatives aimed at strengthening Europe. A classic case was Merkel’s veto of a proposal by Italian prime minister Matteo Renzi to fund refugee programmes in Europe, North Africa, and Turkey through an issue of EU bonds, an efficient and low-cost idea also advanced by leading financiers such as George Soros… 


Bloomberg 21.03.16
Axa’s de Castries to Retire Early; Buberl to Take CEO Post

It was a surprise that de Castries stepped down, said Enrico Racioppi, an analyst at Hammer Partners SA in Lugano, Switzerland. “The company didn’t give any reason for the unexpected management change,” he wrote in a note to clients. “We see the news as short-term negative.”

Henri de Castries, chief executive officer of Axa SA, speaks during a Bloomberg Television interview at Climate Finance Day outside the Organisation for Economic Co-operation and Development (OECD) headquarters in Paris, France, on Friday, May 22, 2015. The 28-nation European Union plans to cut carbon emissions 40 percent by 2030, double the commitment it made for 2020. Photographer: Jasper Juinen/Bloomberg *** Local Caption *** Henri de Castries

Henri de Castries, chief executive officer of Axa SA. Photo: Jasper Juinen/Bloomberg


Axa SA Chairman and Chief Executive Officer Henri de Castries is leaving earlier than expected, handing over the post of CEO to Thomas Buberl as France’s largest insurer splits its top jobs.

De Castries, 61, will retire at the start of September, ending more than 16 years at the helm of Axa, the Paris-based insurer said in a statement on Monday. Denis Duverne, currently deputy CEO, will be chairman. De Castries’s mandate was scheduled to last until 2018. Buberl, a 42-year-old German, will move to Paris as deputy CEO this week to prepare for his new role at France’s second-largest financial firm by market value.

It was a surprise that de Castries stepped down, said Enrico Racioppi, an analyst at Hammer Partners SA in Lugano, Switzerland. “The company didn’t give any reason for the unexpected management change,” he wrote in a note to clients. “We see the news as short-term negative.”


Bloomberg 17.03.16

Prysmian Said to Consider Bidding for Rival General Cable
Daniele Lepido and Manuel Baigorri

“A combination with General Cable makes sense,” Alberto Rolla, a London-based analyst for Hammer Partners SA, said in an interview. Prysmian would “boost its presence in the U.S. market where cable demand is really growing and where it may be convenient to relocate part of the production because of cheaper energy costs.”

1200x-1-1Prysmian SpA, the world’s largest cable maker, is evaluating a bid for General Cable Corp. to help increase its market share in North America, according to people with knowledge of the matter.

The Milan-based company has held preliminary discussions with financial advisers about the U.S. rival, said the people, asking not to be identified because the deliberations are confidential. Prysmian has yet to make an approach, no talks are underway and it may still decide not to proceed with an offer, the people said.

A merger of the two companies, with revenue exceeding $13 billion together, would widen Prysmian’s lead over rivals including France’s Nexans SA, Germany’s Leoni AG and Fujikura Ltd. of Japan. Prysmian aims to be a “consolidator” in the cable industry, which remains “too fragmented,” Chief Financial Officer Pier Francesco Facchini said in an interview in September.


Handelsblatt Global 14.03.16
From Penny Stock to DAX
Kai-Hinrich Renner

Stephan Seip of Hammer Partners finds that given the good start into the new fiscal year, the prospects for 2016 “almost seem too conservative.” He is issuing a target price of €55.

GNTM-DPA

A German television group’s rise to enter the DAX blue-chip stock market index has elements of a fairy tale.

March 21, 2016 will go down in ProSiebenSat.1 history — the day the TV broadcaster becomes the first German media firm to be listed on the DAX index of Germany’s top 30 companies.

K+S, Europe’s largest supplier of potash, will drop out after its stock fell to three-year lows, to make way for ProSieben.

The newcomer is a German mass media company which operates commercial TV, pay channels and radio stations, along with highly popular shows like “Germany’s Next Top Model.”