M BAT Bovis Homes Carrefour - SELL Aroundtown Properties AXA Banco Santander Credit Suisse Group Prudential AstraZeneca Fresenius Shire ■ Energy, Materials & Industrials - Page 20 ABB Page 21 ArcelorMittal Page 22 BAE Page 23 Continental ■ Energy, Materials & Industrials cont'd Page 24 - Page 25 Page 26 Page

> Energy, Materials & Industrials G ABB — Gael de Bray, BUY, close CHF26.7, CHF29 tgt, 9% upside Deutsche Bank ■ ABB has a late cycle profile (60% of sales - skewed towards proces

> Energy, Materials & Industrials BAE Systems — Jaime Rowbotham, BUY, close 574p, 730p tgt, 27% upside ■ We see scope for 63% TSR to 2020. With FCF forecast at £1 .35bn in 2020, if

> Energy, Materials & Industrials ED Linde — Tim Jones, BUY, close €186.1, €227 tgt, 22% upside. ■ Key driver #1: improving gas industry fundamentals from cost efficiencies, invest

> Energy, Materials & Industrials Q Renault — Gaetan Toulemonde. BUY, close €85.2, €115 tgt, 35% upside ■ Emerging markets are the key drivers of the growth, such as: 1) Russia (de

> Energy, Materials & Industrials (r) Glencore — Liam Fitzpatrick, BUY, close 391p, 430p tgt, 10% upside. ■ Strong organic growth from return of suspended capacity. Group volume gr

> Energy, Materials & Industrials Continental — Tim Rokossa, BUY, close €232.3, €250 tgt, 8% upside ■ 1) Automotive outperformance is at an inflection point. Continental has taken

> Energy, Materials & Industrials ED Royal Dutch Shell — Lucas Herrmann, BUY, close 2561p, 2700p tgt, 5% upside • Best-in-class absolute cash generation with $25-30bn FCF guided for

> Energy, Materials & Industrials RWE — Martin Brouqh, BUY, close €17.5, €25 tgt, 43% upside • RWE is cheap. It trades on just 3.5x 2019E EBITDA after stripping out the market valu

> Energy, Materials & Industrials DSM - Virginie Boucher-Ferte, BUY, close €81.8, €100 tgt, 22% potential upside • We see Nutrition (68% of EBITDA) as a key growth driver. We foreca

> Energy, Materials & Industrials Q Kingspan — Priyal Mulji, BUY, close €38.5, €40 tgt, 4% upside ■ Kingspan is a global insulation producer, focusing on high-performance panels a

> Energy, Materials & Industrials ArcelorMittal — Bastian Synagowitz, BUY, close €28.7, €33 tgt, 15% upside ■ Despite having performed well recently, we believe the stock is still p