The Road to Recovery: Europe Well-Positioned to Deliver Sustainable Profit Growth and Shareholder Value

伦敦(2017年7月14日) -在经历了一段经济不确定时期之后, Europe’s recovery has gathered speed over the last year and the outlook has improved considerably. 在其最近的版本中 EMEA的视角, J.P. 摩根私人银行’s Grace Peters analyses the current investment landscape in Europe and shares her views on why Europe offers a rich source of attractive investment opportunities.

“Europe’s economy is picking up pace and investors are becoming more confident about the ability of European businesses to drive profitability and shareholder value,” 澳博官方网站app欧洲股票策略师格蕾丝•彼得斯说.P. 摩根私人银行. “Fund managers expect global growth and corporate profits to be strong over the next 12 months, 今年流入欧洲的投资也有所增加. 事实上, figures published in May by Eurostat reveal Eurozone GDP increased by an annualized rate of 2.0% in the first quarter, which is a faster rate of growth than the 0.美国的这一比例为7%.S. Indications are for further acceleration in the second quarter.”

通货膨胀加剧, commodities and global activity led to the return of revenue in the Eurozone and a large contribution from operating leverage to earnings per share growth. 官方货币政策仍然支持经济增长, and the ECB has kept its main rate at zero and the one it pays on bank reserves at -0.4%. 除了, while political risk in Europe has troubled investors throughout 2016 and 2017, the risk of a populist outcome has diminished following the French presidential election. The result was a pivotal event in French politics and positive for European stock markets.

彼得斯解释说:“欧元区股市的表现优于美国股市.S. markets this year, reflecting an improving opportunity set. After several years of no top-line growth, Europe is starting from a low base and the gap between U.S. and European margins have widened considerably over the past decade. 欧洲的利润率与美国的利润率脱钩.S. 出于周期性和结构性原因, and we believe that Europe’s depressed margins represent an opportunity. 如果利润率能在2017年和2018年扩大, the region may be on a path to delivering sustainable profit growth for the first time in a decade.”

A change in corporate behavior will also provide confidence to investors, demonstrating that firms are able to sustain their profits over the long term. Peters explained: “We believe a greater focus on simplifying corporate structure, 解决表现不佳的业务, tighter benchmarking and wider sharing of best practices could boost margins significantly. Encouragingly, European companies appear to be re-emphasizing shareholder value. Many industries in Europe remain extremely fragmented and M&A is likely to feature as companies seek to sharpen focus and deepen market penetration. 当市场巩固时, there is typically an improvement in financial returns for the whole industry.”

在整个欧洲, 许多公司都投入了研发, technology and innovation to drive premium positioning with a quality product, 与客户服务相匹配. 受到更严格的劳动法的推动, automation is often seen as essential to increasing productivity, 在降低成本的同时, and these trends have been especially evident among smaller companies. 据彼得斯说, “the financial benefit of these investments has been hidden so far by the weak top-line environment. With inflation returning, premium products should be able to command greater pricing power. Price rises tend to fall straight to the bottom line and enhance operating leverage.”

Peters concludes: “As home to many leading international businesses, we believe Europe offers a rich source of attractive investment opportunities. The key is to identify those companies that are well managed and have the competitive position and vision to grow their earnings well into the future.”

关于J.P. 摩根私人银行
J.P. 摩根 is a global leader in financial services to corporations, 政府, for-profit and not-for-profit institutions and wealthy individuals. 通过其私人银行专营权, the firm delivers customized wealth management advice and solutions to wealthy individuals and their families, 利用其广泛的投资能力, 遗产规划, 家族办公室管理, 慈善事业, 信贷, fiduciary services and special advisory services to help its clients advance toward their own particular goals.

150多年来, the Private Bank’s comprehensive and integrated product offering, 致力于创新和诚信, and focus on placing the interests of its clients first and foremost have made J.P. 摩根 an advisor of choice to people of significant wealth around the world.

This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument or service. J.P. 摩根 International Bank Limited is authorised and regulated by the Financial Services Authority.

媒体联络:
詹森•洛沃 杰森.s.lobo@jpmorgan.com