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Being currently valued on its current production, Maurel appears at first sight to be a very attractive stock; however, caution needs to be exercised because exploration failure has occurred in the past. Also, we note that attractively priced paper is available currently in the secondary market and being exposed to such a small issue requires good visibility on Maurel’s future earnings – something which is not there, in our view.
Reining in Europe’s deficits will obviously limit growth for a sustained period of time as solving governments’ solvency issues will require at least three to four years.
Companies with a significant exposure outside Europe will benefit both for a currency aspect (competitive and currency conversion impact) but also because of boosts to top line growth from the relatively faster growing economies of Asia and the Americas.
The list attached is combining issuers with European exposure below 60% of their total income and a Delta above 20%.
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Télécharger le document : Thaler’s Corner du 29-06-10 special attali
Télécharger le document : Thaler’s Corner du 28-06-10
