Discussion on the valuation and capital discipline trends in the oil sector, with a focus on the potential for improved returns on capital. Lucas Herrmann from DB research is optimistic about the ROE trend, noting a decline in non-productive capital. The memo suggests playing the momentum via relative spread and outperformance calls in the short term.
doj/DataSet10/EFTA01447197.pdf
{"key_people":["Lucas Herrmann","Pierluigi Amicarella"],"document_type":"correspondence","key_locations":["Zurich, Switzerland"],"document_subtype":"memo","key_organizations":["Deutsche Bank","DBS Key Client Partners","FINMA"]}