EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Bayer (BAYN GR) Germany

Healthcare

ROCGA Research

ROCGA’s Cash Flow Returns On Investments based DCF valuation platform shows BAYN to be undervalued for the first time in 10 years. BAYN is not a quality company and would not warrant attention, but the valuation gap is compelling with potentially 50% upside. With a few clicks, you can model and value one of 2000 companies across Europe and the US. Other companies that appear on their list of undervalued companies are Ahold, Associated British Foods and Saint-Gobain. A free consultation and trial can be arranged on request.

Edition: 176

- 22 December, 2023


Ahold Delhaize (AD NA) Netherlands

Consumer Staples

the IDEA!

High inflation is leading to downtrading, both reflecting in consumers buying cheaper products and turning to cheaper supermarkets. AD has been a beneficiary. In Europe, its private label products account for over 50% of sales. With its ‘Price Favourites’ and other innovations (multi-channel strategy, personalised offers for loyalty programme users, etc.), its Dutch subsidiary Albert Heijn has hit the bull’s eye in its attempt to keep its customers coming to its stores. This strategy is increasingly being rolled out into other countries as well. This is one of the main reasons why the IDEA! has maintained their positive stance on AD despite reservations towards other consumer sensitive stocks.

Edition: 161

- 26 May, 2023