Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

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<li>Happy Sunday and welcome to our flagship editorial! As per usual we take you for a chart-heavy guided macro tour around major asset classes.</li>
<li>Conclusions up front: – The credit impulse for 2024 looks abysmal– Rates volatility is likely going to rise sharply again– Equities still look (too) expensive on most parameters – JPY and CNY trends to continue worsening– Oil bulls have less to cheer about than Nat Gas bulls</li>
<li>Momentum in 2023 saw a positive impulse from 1) lower input costs for production due to lower commodity and energy prices than in 2022 and 2) Easing financial conditions due to higher multiples and an easing momentum in rates.</li>
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Happy Sunday and welcome to our flagship editorial! As per usual we take you for a chart-heavy guided macro tour around major asset classes.
Conclusions up front: – The credit impulse for 2024 looks abysmal– Rates volatility is likely going to rise sharply again– Equities still look (too) expensive on most parameters – JPY and CNY trends to continue worsening– Oil bulls have less to cheer about than Nat Gas bulls
Momentum in 2023 saw a positive impulse from 1) lower input costs for production due to lower commodity and energy prices than in 2022 and 2) Easing financial conditions due to higher multiples and an easing momentum in rates.


Steno Signals #73 – An Abysmal Impulse for 2024

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Royal Bank of Canada managed to exceed analyst expectations in terms of revenue and earnings.</li><li>Revenue increased by 19% to $14.5 billion because of the strength of their diversified business strategy, which delivered revenue growth across all of their businesses.</li><li>In Corporate Banking and Investment Banking, the Royal Bank of Canada kept moving its operations toward globalization and expanded the range of industries and products it served.</li></ul>

Royal Bank of Canada managed to exceed analyst expectations in terms of revenue and earnings.Revenue increased by 19% to $14.5 billion because of the strength of their diversified business strategy, which delivered revenue growth across all of their businesses.In Corporate Banking and Investment Banking, the Royal Bank of Canada kept moving its operations toward globalization and expanded the range of industries and products it served.

Royal Bank of Canada: Exploring the Global Markets for Rapid Expansion! - Major Drivers

Equity Capital Markets

Royal Bank Of Canada / Equity Capital Markets

<ul><li>Royal Bank of Canada delivered a mixed set of results for the previous quarter with revenues above the analyst consensus.</li><li>Capital Markets had another solid quarter despite a challenging climate for global investment banking fee pools.</li><li>Besides, the entrenched benefits of their structural low-beta core deposit business persisted this quarter, indicating the latent impact of recent interest rate increases.</li></ul>

Royal Bank of Canada delivered a mixed set of results for the previous quarter with revenues above the analyst consensus.Capital Markets had another solid quarter despite a challenging climate for global investment banking fee pools.Besides, the entrenched benefits of their structural low-beta core deposit business persisted this quarter, indicating the latent impact of recent interest rate increases.

Royal Bank of Canada: Is It Underperforming Versus Its Canadian Rivals? – Key Drivers

<ul><li>This is our first report on the Royal Bank of Canada, one of the top 2 banks in the country.</li><li>This quarter's performance included significant capital markets revenue, led by excellent Global Markets results, as well as market share improvements in Investment Banking and origination operations across the sector.</li><li>We initiate coverage on the stock of the Royal Bank of Canada with a 'Buy' rating.</li></ul>

This is our first report on the Royal Bank of Canada, one of the top 2 banks in the country.This quarter's performance included significant capital markets revenue, led by excellent Global Markets results, as well as market share improvements in Investment Banking and origination operations across the sector.We initiate coverage on the stock of the Royal Bank of Canada with a 'Buy' rating.

Royal Bank of Canada: Initiation of Coverage – Canadian Banking Market Dynamics

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

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<h2>ROYAL BANK OF CANADA</h2>
<h3>Equity Research Flash Note</h3>
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<p>Corporate &amp; Investment Highlights</p>
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<p>Royal Bank of Canada is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services. The Company serves personal, business, public sector and institutional clients in Canada, and the United States. The Company's business segments include Personal &amp; Commercial Banking, Wealth Management, Insurance, Investor &amp; Treasury Services, Capital Markets, and Corporate Support. The Compa- ny, through its segments, serves various lines of businesses, which include personal financial services, busi- ness financial services, cards and payment solutions, and United States banking, Canadian wealth manage- ment, United States and international wealth management, global asset management, Canadian insurance, in- ternational insurance, corporate and investment banking, global markets and other. [Source: Reuters]</p>
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ROYAL BANK OF CANADA
Equity Research Flash Note




Corporate &amp; Investment Highlights




Royal Bank of Canada is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services. The Company serves personal, business, public sector and institutional clients in Canada, and the United States. The Company's business segments include Personal &amp; Commercial Banking, Wealth Management, Insurance, Investor &amp; Treasury Services, Capital Markets, and Corporate Support. The Compa- ny, through its segments, serves various lines of businesses, which include personal financial services, busi- ness financial services, cards and payment solutions, and United States banking, Canadian wealth manage- ment, United States and international wealth management, global asset management, Canadian insurance, in- ternational insurance, corporate and investment banking, global markets and other. [Source: Reuters]














Royal Bank of Canada - Equity Research Flash Note

United States

Royal Bank of Canada is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services. Royal Bank offers its services to personal, business, public sector and institutional clients with operations worldwide.

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Royal Bank Of Canada (RY CN)

Steno Signals #73 – An Abysmal Impulse for 2024

The credit impulse for 2024 looks abysmal; Rates volatility is likely going to rise sharply again; Equities still look (too) expensive on most...

Steno Research

Royal Bank of Canada: Exploring the Global Markets for Rapid Expansion! - Major Drivers

Royal Bank of Canada managed to exceed analyst expectations in terms of revenue and earnings. Revenue increased by 19% to $14.5 billion because of...

Baptista Research

Royal Bank of Canada: Is It Underperforming Versus Its Canadian Rivals? – Key Drivers

Royal Bank of Canada delivered a mixed set of results for the previous quarter with revenues above the analyst consensus. Capital Markets had...

Baptista Research

Royal Bank of Canada: Initiation of Coverage – Canadian Banking Market Dynamics

This is our first report on the Royal Bank of Canada, one of the top 2 banks in the country. This quarter's performance included significant...

Baptista Research

Royal Bank of Canada - Equity Research Flash Note

ROYAL BANK OF CANADA Equity Research Flash Note Corporate & Investment Highlights Royal Bank of Canada is a diversified financial...

VRS (Valuation & Research Specialists)

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