Halister News

(Bloomberg) -- Brexit vote will lead to a period of uncertainty in which high-return companies usually perform well, Goldman Sachs says in note, naming Conviction List Buys KBC, Safran, Roche as stocks to watch.

• Says interest has also been high in “de-rated” stocks, including Capgemini, Ocado, Weir, and those with high and well-covered dividends including BT, Deutsche Post, Vinci
• Sees 10 structural themes to own in Europe
  • The future of fixed-line technology (BT, Deutsche Telekom)
  • New oil order (Lundin, Shell, Weir)
  • Ascent of e-commerce (Just Eat, Ocado, Schibsted)
  • Evolving content landscape (Vivendi)
  • Inflecting agricultural cycle (CNH Industrial)
  • Low Carbon Economy (Nordex)
  • Demographics (Roche, Fresenius Medical Care)
  • E-payments (Wirecard, Ingenico)
  • U.S. exposure (Safran, Acerinox)
  • U.K. M&A candidates (Weir, Ocado)
• Has adjusted earnings ests. for ~550 European stocks, with those ests. down aggregate 2.3%/5.7%/5.6% for 2016/17/18 with PTs down ~7%
  • Biggest cuts in construction, banks, travel & transport