Weekly Research
Names in the News: HAL and DE (report)
We cover two U.S. large cap names this week, HAL and DE. HAL has seen a rise in its stock price in the last few trading sessions amidst a rise in crude prices on U.S.- China trade talks and a dip in Saudi Arabian crude supply to China. DE recently reaffirmed its plans to scale operations further in Brazil. The firm expects sales of farm tractors and combines in Brazil to overtake those to Europe over the next decade, making it their second-biggest market.
EVA Growth Still Improving: Latest Quarterly Results (report)
EVA Fundamentals for the global aggregate have continued to improve through Q1. We have updated quarterly data for 5,638 firms with a market cap over $1bn and observe that out of the 11 sectors on a weighted average basis 7 sectors have seen a pickup in EVA Momentum (positive EVA Shock 1Q) over the past quarter. Nine of the 11 sectors have seen an expansion in EVA Momentum post-inflection count, which looks at how many quarters there have been a positive or negative change in the direction for EVA Momentum.
STOXX EURO 600: Sector Analysis (report)
In our monthly factor reports and many of our macro reports, we provide a sector attractiveness table featuring the average PRVit scores for sectors. Over 12 months, the attractive sectors outperform the unattractive sectors by 212bps on an annualized basis (results from December 2012 to May 2025). Report includes most attractive companies in Discretionary, Staples, Financials, and Utilities.
Industry Snapshot: Global Tires & Rubber (report)
EVA Fundamentals for the industry rolled over in August last year after 12 months of improvement, with EVA Momentum (growth) turning negative in December, impacted by weak top-line growth and a contracting EBITDAR Margin. Higher rubber prices through 2H 2024 contributed to elevated COGS, leading to pressured P&L Profitability. Some large cap firms have reported declining volume growth in North America and Europe for original equipment tires.
Quant Reports
Quant Corner: June 12, 2025 (report)
PRVit spreads were positive in Europe and Japan through the first weeks of June. Quality also worked in Europe and Japan while struggling elsewhere. Cheap Value outperformed expensive Value in all regions except Japan.
PRVit Factor Report and Best of the Best Screen: Emerging Markets (report)
In this report, we look at the performance of Quality, Value, and PRVit for the Large Cap Emerging Markets ($5B Market Cap) over the last two years. The market performance spiked in early April and continued up through the first week of June, driven by high-Quality names. Value was tumbling before the market spike but picked up at the end of April and into May. PRVit has been trending up most of the year.
Our Table of the week is from our EVA Growth Still Improving: Latest Quarterly Results report. The Financials, Health Care, and Utilities sectors have positive EVA Momentum, have posted a positive uptick in the latest quarter of EVA growth (EVA Shock 1Q), and have started building EVA Momentum at an early stage (post- inflection count). Consumer Discretionary has seen the weakest trend, with all three momentum indicators being negative.
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