FTSEurofirst 80 Index: Bullish & Bearish Themes
Technical Analysis
Recycling and Renewable Energy stocks such as Umicore, Vestas Wind and Siemens Gamesa are rallying from medium term support. Selective Seafood and Tobacco stocks remain defensive including SalMar, Mowi and Scandinavian Tobacco. Banks are generally rallying in ranges; favours CaixaBank and Sabadell which have already broken out and extend relative bases.
Industrials have broken uptrends and are now losing relative momentum such as Schneider, Atlas Copco and Alfa Laval. Luxury Goods renew their 4-month price and relative tops including Pandora, LVMH, Dior and Hermes. IT Hardware and Semiconductors renew their 5-month price and relative tops; SeSa, BE Semiconductor, Infineon and Nordic Semiconductor are highlighted.
Edition: 136
- 27 May, 2022
SalMar (SALM NO) Norway
Consumer Staples
Demand for salmon is not the issue; sustainability of production is. While the market appears focused on (over-hyped) land-based farming, ocean farming is the most credible new technology (less complexity, better economics, lower capex) according to Sustainable Investing. They highlight SALM as a long-term winner - it is the lowest cost producer (costs per kg have averaged 7% less than competitors resulting in an EBIT per kg between 35%-100% higher than peers) with the most attractive growth options.
Edition: 129
- 18 February, 2022
Agricultural tech offers a promising ESG investments
Investors should not miss the exciting opportunities emerging in agritech, according to Dan Waterman. The growing $300bn market, with its 7% CAGR offering and attractive long-term returns, will be pushed higher and higher as regulatory and consumer pressure heats up. Recommendations include Deere, Genus, SalMar, Schouw, Darling Ingredients and Verbio.
Edition: 125
- 10 December, 2021