Navigating Geo-political Turmoil - Q2 EMEA Stock Market Outlook

Presented by

Michael Field & Tancrede Fulop

About this talk

Investors’ hopes for a normalised 2022 have been all but shattered with Russian invasion of Ukraine in late February. In addition to labour shortages and supply chain bottlenecks, businesses across Europe are now facing higher levels of inflation that we expected at the beginning of the year, meaning that markets could be in for another rough ride in 2022. That being said, recent market sell-offs have left a raft of stocks across our EMEA coverage universe in undervalued territory, a situation we have not been in since the beginning of the Covid-19 pandemic. From a thematic perspective we will be focusing on the European utilities sector and the topic of elevated power prices. Although this issue has gotten a lot of media coverage of late, its awareness hasn’t extended to financial markets, where we believe much of the sector is still pricing in too optimistic an outcome, a belief that puts us at odds with market peers! Additional topics we will cover: - We will look at major price movements across the EMEA coverage universe and opportunities this has created - How sector valuations have shifted over the last quarter, and where we see value - Relative valuation of the European market versus other regions - Our top stock picks across the European coverage universe
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