Fortnightly Publication Highlighting Latest Insights From IRF Providers
Company Research
SAP (SAP GR) Germany
Technology
Guy Cerundolo provides a basket of long ideas in Europe. These stocks have good and improving multi-factor model scores. In addition to SAP (see chart) he also highlights companies including ASM International, Assa Abloy, CRH, Ferrovial, Philips, Rolls-Royce and Tesco.
Edition: 192
- 09 August, 2024
Industrials
High quality compounder at an attractive valuation - ALLE consistently generates the highest operating margins (>20%) and ROIC (20%) in a market where the top-3 players have ~80% of the US market. Abacus forecast 20% EPS growth from 2021-23 driven by improving margins, increasing penetration of electronic locks and a cyclical bounce in non-residential spending. Inflation fears are overstated and Abacus do not consider Latch to be a long-term threat. A valuation gap has also opened vs. Assa Abloy which is not justified by fundamentals. 12-month TP $181 (30% upside).
Edition: 117
- 20 August, 2021