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Risk-to-Price Commentary: Michelin Financiere Luxembourg S.A. Apr 11 Product Image

Risk-to-Price Commentary: Michelin Financiere Luxembourg S.A. Apr 11

  • Published: April 2011
  • Region: Luxembourg
  • Standard & Poors

FEATURED COMPANIES

  • Banque PSA Finance
  • BMW Finance N.V.
  • BMW U.S. Capital LLC
  • Conti-Gummi Finance B.V.
  • Daimler AG
  • GKN Holdings PLC
  • MORE

Abstract
The automobiles and components subsector of the S&P Europe 350 Index has started to significantly outperform the index, recording 33.5% growth over the last year, compared with 7.3% for the index (see chart 1). The Valuation and Risk Strategies (VRS) research team looked at Capital IQ earnings forecasts for the automobiles and components subsector. The earnings have increased in recent quarters, and will continue to grow through 2012 (see chart 2). The VRS research team screened debentures in the European automobiles and components subsector to find bonds with the best risk-adjusted returns. Our R2P analytics measure on a relative basis how well a given security compensates investors, through yield, for underlying market and credit risks. The first quartile contains the...

Companies mentioned in this report are:
- Renault S.A.
- Daimler AG
- Peugeot S.A.
- Banque PSA Finance
- BMW U.S. Capital LLC
- Daimler International Finance B.V.
- Volkswagen Financial Services AG
- Volkswagen Leasing GmbH
- GKN Holdings PLC
- BMW Finance N.V.
- Conti-Gummi Finance B.V.
- Piaggio & C. SpA
- Daimler Finance North America LLC

Standard READ MORE >

- Renault S.A.
- Daimler AG
- Peugeot S.A.
- Banque PSA Finance
- BMW U.S. Capital LLC
- Daimler International Finance B.V.
- Volkswagen Financial Services AG
- Volkswagen Leasing GmbH
- GKN Holdings PLC
- BMW Finance N.V.
- Conti-Gummi Finance B.V.
- Piaggio & C. SpA
- Daimler Finance North America LLC

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