Thursday, 30 July 2015

Financial Orbit wrap 30/07/15

Five sentences or graphics which sum up the Financial Orbit output over the last 24 hours across the website, twitter account and anything else thought about...

So today was the big earnings frenzy Thursday...today's wrap is therefore exclusively corporate reporting centric.

1. Today's RBS numbers (link here) inevitably will be written up by the broader media with a focus on the 'attributable profit' but to me the progression on the cost and capital aspects of the business are probably more important.

With the company's shares in the mid 350s now they are trading around x.0.9 tangible book which is good value if you perceive the overall group is generating 11% RoE...of course this is 'adjusted'.  But the scope for a 400p+ share price is still there IF the turnaround plan is successfully applied.

2. I have long regarded Air Liquide as your 'if you need to own an industrial Continental European listed stock then this is the one' name.  Today's numbers did nothing to change my mind.  Solid.


Nokia also impressed me, Renault and Siemens less so (link here). 

3. P&G is a stalwart, income-heavy stock but the disclosure today did not impress me (link here).  In another report I regarded Vale as a dice roll (link here) despite some fascinating disclosures. 


4. Really impressed by Royal Dutch Shell and their commitment to a dividend...


...but for AB InBev and Bunge I had to set levels I would buy them lower down (link here). 

5. As for Potash Corp I kind of feel that watching K+S is probably more interesting (link here). 

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