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Accor

Accor’s delicate shareholder relations

After JinJiang internationals, Accor’s largest shareholder with 12.32%, HuaZhu Hotels Group (China Lodging Group Ltd, NASDAQ: HTHT) announced its strategic investment in AccorHotels during its Q1 18 release and also indicated that they already hold 4.5% of Accor’s capital (just below the minimum reported level of 5%).

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  • 22 May 18
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Siemens

Consolidation process in the railway industry continues

Wabtec has entered into an agreement to combine the GE Transportation division. The transaction is valued at US$11.1bn when adjusted for a net tax benefit of US$1.1bn. The combined company is valued at 11.75x adjusted EBITDA 2019. GE will receive US$2.9bn in cash and will have a stake of 50.1% in the new company. With respect to valuation, we are surprised that GE Transportation will not only receive US$2.9bn in cash but also hold a majority interest in the company. We see the higher profitability of GE Transportation and the large order backlog having mainly influenced the valuation of the new entity.

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  • 22 May 18
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Sonae SGPS

Solid start to the year

The holding company’s achievements over Q1 18 exceeded the management’s targets for FY18 with all businesses reporting increased turnover and an improved underlying EBITDA in comparison with Q1 17.

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  • 22 May 18
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AP Moeller Maersk

Higher unit cost in the Ocean division.

AP Moller-Maersk delivered a mixed set of figures in its Ocean division (Maersk Line, Hamburg Süd, APM Terminals’ transhipment hubs) and posted an underlying net loss of $-239m (vs $-139m in Q1 17). While Ocean’s top-line growth was significant (+38%, +9% on constant scope), the unit cost increased strongly (+12%, +8.6% at fixed bunker price).

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  • 22 May 18
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Linde

EU Commission has reservations about the Linde/Praxair merger

According to media sources, the Commission will pass its reservations to the two companies in the next few days. These seem to be much more serious than initially thought as the merger will eventually lead to three dominant players in the European industrial gas market. As a result, these three (Linde/Praxair, Air Liquide, and Air Products) will have enormous pricing power.

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  • 21 May 18
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HAL Trust

NAV supported by Brent hopes?

The exposure of Hal Trust to the oil sector has given rise to fresh hopes that translate into a zero discount to the NAV.

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  • 21 May 18
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