European Stocks With Large Exposure to Russia Listed by SocGen
2014-08-21 06:29:43.835 GMT
By Jan Dahinten
Aug. 21 (Bloomberg) -- Most European cos have relatively
low exposure to Russia, Societe Generale European equity
strategist Roland Kaloyan writes in client note.
* SocGen’s Russian-related basket has been strongly correlated
to deteriorating newsflow over past six mos, down 15% since
beginning of geopolitical tensions on Feb. 28, strongly
underperforming Stoxx 600 Index
* Adds three stocks to Russia-related basket:
* BP (rated buy, PT 550p): Co. owns 20% stake in Rosneft,
which contributes ~15% to profit
* British American Tobacco (hold, PT 3,500p): Co. has
double-digit Ebit exposure to Russia
* BASF (hold, PT EU85): Co. has >½of reserves, production
in Russia; possible punitive action against Russia by EU
could affect co.’s proposed asset swap with Gazprom
* Other stocks in basket: Raiffeisen Bank, Immofinanz Real
Estate, Carlsberg, Coca-Cola Hellenic, CGG, Henkel, Renault,
Remy Cointreau, Alstom, E.ON
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To contact the reporter on this story:
Jan Dahinten in Singapore at +65-6212-1164 or
jdahinten@bloomberg.net
To contact the editor responsible for this story:
Jan Dahinten at +65-6212-1164 or
jdahinten@bloomberg.net
2014-08-21 06:29:43.835 GMT
By Jan Dahinten
Aug. 21 (Bloomberg) -- Most European cos have relatively
low exposure to Russia, Societe Generale European equity
strategist Roland Kaloyan writes in client note.
* SocGen’s Russian-related basket has been strongly correlated
to deteriorating newsflow over past six mos, down 15% since
beginning of geopolitical tensions on Feb. 28, strongly
underperforming Stoxx 600 Index
* Adds three stocks to Russia-related basket:
* BP (rated buy, PT 550p): Co. owns 20% stake in Rosneft,
which contributes ~15% to profit
* British American Tobacco (hold, PT 3,500p): Co. has
double-digit Ebit exposure to Russia
* BASF (hold, PT EU85): Co. has >½of reserves, production
in Russia; possible punitive action against Russia by EU
could affect co.’s proposed asset swap with Gazprom
* Other stocks in basket: Raiffeisen Bank, Immofinanz Real
Estate, Carlsberg, Coca-Cola Hellenic, CGG, Henkel, Renault,
Remy Cointreau, Alstom, E.ON
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Jan Dahinten in Singapore at +65-6212-1164 or
jdahinten@bloomberg.net
To contact the editor responsible for this story:
Jan Dahinten at +65-6212-1164 or
jdahinten@bloomberg.net