Expertenmeinungen

Hungry for growth?

Global food delivery companies face slowing growth and rising rates. Over the past few years, the food delivery space has grown significantly by becoming habitual to consumers. The sector’s growth has been driven by the advent of appealing, user-friendly apps and tech-enabled driver networks, coupled with changing consumer expectations and further boosted by the COVID pandemic.

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Expertenmeinungen

Moving toward a more sustainable cement?

Following the oil and gas sectors, it is now the turn of the cement industry to be under the spotlight. NGOs in particular are calling on companies like Holcim to shoulder their responsibility for the worsening climate situation. The urgent need to decarbonise cement is now widely acknowledged by the big names in the industry. While some efforts have been made, the steps that still need to be taken to make the industry carbon neutral by 2050, according to its own commitments, are on a partwith the impacts caused on the climate and the environment: gigantic.

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Expertenmeinungen

C-Suite Substitutions: A higher churn in top executive requires investor vigilance

The wave of C-Suite executives who seem to have decided that the (economic) heat in the (macro) kitchen is too hot and are jumping ship continues to explode higher. On the other hand, Board members are also looking to replace top management with those more skilled in handling downturns. This has several consequences for investors who need to be even more forensic when assessing a company’s management.

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Expertenmeinungen

Telecommunications: The Moment of Truth

The hectic pace of modern life and the interventionism of regulators and lawmakers—who are trying to mitigate the combined impact of energy shortages and rising prices of nearly all products—, often renders us oblivious to other relevant matters, such as the telecommunications industry remaining unaffected by the recent wave of reassessment. This is no accident, as the industry is among the few that have enhanced consumers’ purchasing power, as well as contributing significantly to economic activity since March 2020.

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Expertenmeinungen

Higher electricity costs will hurt – The current situation for Swiss Industrials

The half-year numbers of Swiss Industrials, reported in July or August, were good, mostly unaffected by the rapid price increase of raw materials. Pricing power was strong, and in an environment with solid economy data, companies were able to respond quickly to the cost pressure. Arguably, there were some exceptions: Bystronic, Daetwyler, Forbo and Schweiter, which warned before and/or missed market consensus.

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Expertenmeinungen

Active bond management can outperform

Optimal selection of active managers is one of the keys to dealing with the normalisation of monetary policies and the accompanying adjustments in valuations.

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Expertenmeinungen

The sovereign ESG rating as a tool for identifying insolvency risk

Historically, the integration of ESG factors has focused on equities and corporate bonds. Today, the ESG approach extends to all asset classes in a portfolio. Sovereign issuers, whether "emerging" or "developed", are no exception, with the development in recent years of an ESG sovereign rating based on precise and available data (for example on climate, human rights, employment or natural resource management issues). In order to better identify and manage credit risks linked to governments, many investors are integrating this assessment in addition to a traditional analysis based on macroeconomic and financial variables.

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Expertenmeinungen

Emerging primary market

The global rise in interest rates is weighing heavily upon emerging bond markets. It is, of course, crippling secondary market performance, but it also has an effect on a primary market in foreign currency that is breaking down a little more each day.

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Expertenmeinungen

The hour of (financial) reckoning

A little journey through time. Not the kind made in a DeLorean; the faintest of memories is all we need. One year ago, growth companies were sailing along on the wave of appetite for risk. Although we could each see the clouds on the horizon, nothing could quell the enthusiasm of investors emerging from the Covid crisis.

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Expertenmeinungen

Electrification: a new era for Utilities

The Utilities sector is experiencing a strong transformation. From a traditional “boring and non-event“ sector, to become the pillar of one of the most ambitions and worldwide shared trends; decarbonising the world, aiming by 2050, Net Zero Greenhouse Gas emissions (GHG).

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Expertenmeinungen

Issuer risk in structured products

“I’m talking about a time that those of us under 40 wouldn’t know.” A time when issuer risk was the focal point of investors’ attention and fear. So, despite the “holiday forgetfulness”, it is probably worthwhile to give a brief reminder about issuer risk in structured products.

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Expertenmeinungen

Are we witnessing a once-in-a-decade opportunity?

The extreme economic and market conditions of the past few years have been surprising, reinforcing the view that forecasting is a difficult exercise. Jose Manuel Castro looks at this decade’s unpredictable macro environment and where we go from here….

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Expertenmeinungen

The impending national gas emergency in Germany and the threat to production lines

Stefanie Scholtysik examines the risk to Swiss companies for the German gas difficulties and how the risk can be mitigated…

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Expertenmeinungen

Is it 2022, or is it 2000 again?

Weak earnings and outlooks from the mega-cap technology companies have led to comparisons being made to the dotcom 1.0 bust of March 2000. The mega caps are important, not just for sentiment. The scale of these businesses and their market caps and enterprise values have been mesmerising.

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Expertenmeinungen

Green hydrogen: an increasingly important pillar in the energy transition

Green – or renewable – hydrogen is, more than ever, high on the political and economic agenda.

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Expertenmeinungen

The Death of Technology Investing c.2020/1. Long live technology Investing 2022.

The acronyms are changing. TAM is now replaced by ROI. Technology is a sector famed for its ability to quickly change and shape the times; of the day and of the future. The change in the focus of investing in the technology sector in can now be added in equally quick measure.

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Expertenmeinungen

Is the underperformance of Spain’s stock market coming to an end?

In recent years, Spain’s stock market has registered underperformance in Europe due to, among other factors, the country’s lack of significant differential premium growth vs. other member states.

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Expertenmeinungen

Social media: moving towards more moderation?

The role played by social networks, regarding their impact and social responsibility are more prominent than ever. Content found on platforms such as Meta (Facebook), Twitter or Youtube has particularly become a key issue, given the fact that the negative impacts of hate, conspiracy or racist speech have become both visible and significant.

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Expertenmeinungen

Selling a business: why engaging an M&A sell-side advisor adds value

‘It is universally acknowledged that when selling a house, one needs to run an auction process to maximise the price. However, selling a business is a different kettle of fish entirely.’

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Expertenmeinungen

Alternative energy shines brighter

‘There is a sizeable gap between vision and theory on the one hand and the reality on the other hand.’ Daniel Koenig explores the hurdles facing the race for renewable energy in Europe.

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Leistungen und Kennzahlen

In dem Dokument "Leistungen und Kennzahlen 2021" sind Informationen zu dem Jahresergebnis 2021 der Mirabaud Gruppe sowie zu der strategischen Richtlinie ersichtlich.

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Broschüre Mirabaud

Lernen Sie die Mirabaud-Gruppe kennen – ihre Geschäftsfelder, ihre Werte, ihre Geschichte und ihre Engagements.

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