January 11, 2017
MAKOR - Special Situation: E.ON (EOAN: GR) post Uniper (UN01: GR) spin-off - BUY
E. ON (EOAN: GR) post Uniper (UN01: GR) spin-off – what can drive the upside?
Ø 2016 has been a transformational year for E.ON. On January it spun-off its fossil fuel business into a new company – Uniper, and then on September IPO’ed it on Frankfurt stock exchange.
Ø Following the spin-off, E.ON is now focused on clean energy - renewables, energy network and energy efficiency services.
Ø ~70% of E.ON remaining assets following the spin-off are RAB/long contracted assets, with high visibility on earnings and stable cash flows. This makes E.ON’s business model attractive with a defensive growth profile.
Ø We believe that the threats of the Nuclear waste-and-storage liabilities, and the capital increase that was anticipated in the market, have been to a large extant removed.
Ø Shares are inexpensive relative to the sector and also offer a free option on the Tax fuel case.
Ø Dividends and balance sheet structure remain the key question as current yield is below sector average.
Ø At current price we believe risk is skewed to the upside, and our SOTP analysis (page 3) values the shares at ~18% above their market price. We recommend to set Long E.ON and hedge the position with an ETF on European utilities (SX6P).
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ECB's Draghi: Central Bank has to carefully analyze Deutsche Boerse-LSE merger proposal - press
Dans un communiqué de presse, la direction de iTélé officialise l'arrivée de Jean-Pierre Elkabbach sur son antenne prochainement, mais également à la direction du groupe Vivendi-Canal Plus.
Voici le communiqué de la chaîne:
"Jean-Pierre Elkabbach rejoint i TELE pour le lancement prochain de CNEWS.
Il assurera des interviews politiques et de grands entretiens. Il est également nommé conseiller auprès de la Direction Générale du Groupe Vivendi/CANAL pour son développement."
Quelques minutes plus tard, dans un communiqué, le groupe Lagardère a fait savoir que "Arnaud Lagardère a décidé en accord avec Vincent Bolloré, Président du conseil de surveillance de Vivendi, de reconduire Jean-Pierre Elkabbach dans sa mission de conseiller pour les médias du groupe Lagardère."
Arnaud Lagardère explique que : « l'expérience professionnelle de Jean-Pierre Elkabbach et sa passion de l'information sont pour moi deux atouts supplémentaires pour les activités Média du Groupe. »
Tesla has a new vice president heading up Autopilot efforts — Chris Lattner, whose departure from Apple was reported only earlier today. Lattner worked at Apple for 11 years, where his chief contribution was creating Swift, Apple’s most recent programming language, which is relatively easy for beginners to pick up and begin using to create apps for macOS, iOS and beyond.
The role at Tesla had been filled by SpaceX VP of Software Jinnah Hossein, who was doing double-duty at both companies (much like Elon Musk himself does in the CEO spot). Tesla says they’re “excited” about Lattner’s ability to help them “accelerate the future of autonomous driving,” in a blog post announcing the move.
Lattner’s history includes creating the Clang compiler and designing the LLVM compiler optimization infrastructure. He was also a key contributor to the evolution of Objective C and worked on Apple’s Xcode software development tool during his time at the iPhone maker. He also apparently builds beautiful raw-edge wood furniture:
Tesla’s poach of Lattner is a significant win for Tesla, given the breadth of his influence on software development and his expertise. Tesla announced late in 2016 that all of its vehicles going forward would have all the hardware on board necessary for full self-driving capabilities, and Elon Musk said that he’s aiming to have a fully autonomous coast-to-coast test drive of a Tesla car ready for the end of this year. Lattner could be a big help in achieving those ambitious goals in Musk’s typically aggressive timelines.
>>> Vivendi - JP Elkabbach to join iTele and will be part of Executive committee of Groupe vivendi
BOE Gov Carney: biggest risks to UK financial stability remain on the global front; losing access to elements of the EU could have outsized effects on UK financial system - comments to lawmakers in London
- Brexit process has some potential to amplify global financial stability risks; risks around Brexit are greater for continental Europe than for the UK
- It is highly advisable that there should be a Brexit transition phase; if there's no transition deal, BOE will work to mitigate issues as much as possible
- Describing stability of UK financial system post-Brexit as a game of Jenga is a 'decent analogy
The top priority in Brexit negotiations for the 27 countries remaining in the European Union must be to hold the bloc together, even if this means suffering one-off economic hits, Germany's Social Democrats (SPD) said in a policy paper.
"Were we to allow a 'Europe à la Carte', this would lead to incalculable domino effects that would threaten the unity of the Union," the parliamentary party of the SPD, junior partner in Chancellor Angela Merkel's ruling coalition, said in the paper.
In the paper, entitled "Strengthening the cohesion of the European Union - our key points for the Brexit negotiations", the SPD said any transitional arrangements for Britain after it leaves the EU should be short-term and tied to tight conditions.
The paper, obtained by Reuters and dated Jan. 9, will be discussed - and likely adopted - by the SPD's parliamentary party on Thursday.
UK government expects to lose Brexit trigger case, making contingency plans - report
The British government expects to lose its legal battle to start the Brexit process without going through parliament, and has drafted versions of a bill to put to lawmakers after the ruling, the Guardian newspaper reported on Tuesday.
The Supreme Court is expected to rule in the next two weeks on whether the government can trigger Article 50 of the European Union's Lisbon Treaty, the first formal step towards leaving the bloc, without first getting parliament's approval.
Citing unnamed sources, the Guardian reported that ministers had privately conceded they were very likely to lose the case, and had drawn up at least two versions of a bill to be presented to parliament after the ruling.
The report also said the government had asked the court for early sight of the ruling before it is made public, to allow for contingency planning.
During the Supreme Court hearing in December, government lawyer James Eadie said that if judges ruled parliament had to give its assent to the triggering of Article 50, the solution would be a "one-line" bill.
The Guardian said ministers were hoping the ruling would allow Prime Minister Theresa May to put forward a short bill or motion, narrowly focused on Article 50, to make it difficult for lawmakers to amend.
Those in favour of a clean break with the European Union are concerned that parliament, where a majority of members were in favour of remaining in the bloc, could seek to water down ministers' plan in pursuit of a so-called "soft Brexit".
The government's opponents in the legal battle argued that triggering Article 50 would nullify the 1972 act of parliament that opened the way for Britain to join the EU, and therefore parliament had to give its assent for its act to be undone.
London's High Court backed that argument, prompting the government to appeal to the Supreme Court, Britain's highest judicial body, in December.