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TIME TO BET ON ENERGY STOCKS… IF U.S. YIELDS RISE (0940 GMT)
The energy sector has been doing fine in the last couple of days, but it underperformed the Stoxx 600 in the previous 12 months, despite rising oil prices.
This might be the time to bet on their outperformance as U.S. yields are expected to rise in the next 6-12 months, according to Berenberg analysts.
The sector "is looking cheap, with European majors trading on a 2021E P/E of 8.5x and a 2021E FCFY of over 15%," they say.
"Balance sheets are strengthening with EBITDA recovering strongly, and high surplus FCF is once again presenting options to CEOs" to reward shareholders, they say.
But energy stocks have the fourth-highest positive correlation with U.S. yields, they add. Their rise would reflect increasing confidence "in the extension of synchronised global growth in 2022."
Berenberg top picks are Equinor -- due to its attractive low-cost production and limited exposure to weak refining margins -- and Royal Dutch Shell , supported by a higher dividend yield.
(Stefano Rebaudo)