Credit Suisse cites the ability to finance, proxies on corporate confidence being consistent with
well above-average levels of M&A, is cheaper to buy than build and PE for first time willing to pay higher multiples vs strategic buyers.
- For Europe, Credit Suisse combines topdown quant screens where it is cheaper to buy vs build, where M&A is self-financing, with Credit Suisse HOLT M&A screen with bottom-up, analyst-identified potential targets
- Says following are on more than one screen: Genel Energy, Lonmin, Actelion, Spectris, Atos and Technip
- Adds Wolseley, Arkema, Weir, Euronext, Kingfisher appear on analyst screen, are cheap on HOLT
- For U.S., Credit Suisse highlights Lam Research and DDR