Not all bad comes to silver. The sudden freezing of share prices, justified by the high tensions on the money markets linked to the Greek and Portuguese crisis and by excess liquidity rather than by company results, has caused an anomalous situation which offers good opportunities to the public of investors. On the eve of the US quarterly campaign, which will open on Monday with Alcoa's accounts, the ratio between prices and earnings of the Standard & Poor's 500 index is hovering around 12,5 times, well below the "normal" values (between 16 and 17 times). The situation of the Old Continent is even more exceptional, where the p/u ratio does not exceed 10 times. Piazza Affari deserves a separate note: two securities in the FTSE/Mib basket have coupons worthy of junk bonds: this is the case of Telecom Italia, with a yield of 6,19%, indirectly supported by the flat performance of the stock , which has dropped 3,05% since January; or again by Mediaset, down by 28% since January (all data refer to the quotations of last July 5) which even boasts a coupon of 10,7 per cent. Out of the main basket, the coupon of Mondadori (6,93%) is also significant, which almost entirely compensates for the decline in the share (-7,32%)
But in quite a few cases the growth of the dividend yield is not the result of depressed quotations but on the contrary is accompanied by the stability or appreciation of the stock in Piazza Affari. We could in proposityo outline a real "top ten". Here she is.
Dividend yield return y to date (as of July 5)
enel 6,36% 17,65%
snam 5,6% 10%
general bank 5,69% 7,7%
a2a 5,61% 3,60%
brown 5,61% 3%
med 4,79% 3,54%
triad 6,60% 0,32%
eni 6,05% 0,73%
ima 6,04% 1,78%
benettons 4,6% 10,3%
This map shows the good performance of some anti-cyclical stocks, starting with the widely represented utilities. But the performance of some industrial companies, strongly linked to the trend of exports (see IMA or Benetton itself), should not be underestimated, rather than the fruits of the strategic repositioning of companies such as Banca Generali, the spearhead of the Lion in the sector of asset management.
The erratic performance of the stock markets has created other opportunities for those who want to combine the support of a good dividend with the prospects for recovery of the Stock Exchange in the second half of 2011, a realistic hypothesis if the concentric attack against the Eurozone is overcome.
Scrolling through the table, discrete opportunities emerge.
On the bank front, Intesa offers a full dividend yield of 5% at prices as of 4 July, against 2,41% for Mediobanca (which has confirmed itself as one of the loneliest banks in the sector's European stoxx) or 4,79% of Mediolanum. Above 4% there are also medium-sized institutions, such as Banca Carige (4,46%) and Creval (4,14%).
Of great interest is the return of Finmeccanica (4,91%) or of Brembo itself (2,96%) which also achieved a remarkable performance (+31%).
Finally, among the "small caps", here is a selection of securities with the double requirement: yield well above that of BOTs and BTPs and a fair holding in the Stock Exchange:
div yield performance
ACEGAS 4,18% 13,48%
PIQUADRO 3,67% 45%
IRCE 2,71% 42%
VITTORIA ASS. 4,4% 9,01%
And here is the overall analysis of the Ftse/Mib
A2A 5,61% 3,60%
ANSALDO 2,92% -10,65%
ATLANTIA 5,19% -5,52%
AUTOGRILLS 2,60% -12,87%
AZIMUTH 1,60% -5,75%
BMPS 3,59% -20,53%
B.POP 1,8% -33,7%
BPM 5,6% -34,08%
BULGARIANS 51,19%
BUZZI UNICEM 13,64%
CAMPARI 1,03% 18,99%
DIASORIN 1,19% 4,78%
EGP 1,48% 15,69%
ENEL 6,36% 17,38%
ENI 6,05% 0,8%
EXOR 1,38% -8,71%
FIAT IND
FIAT 1,16% 15,44%
FINMECCANICA 4,91% -2,29%
FON SAI – -27,43%
GENERAL: 3,06% 3,48%
IMPREGILO 2,78% 1,16%
INTESA SAN PAOLO 4% -2,10%
LOTTOMATICA – 44%
AVERAGESET 10,7% -28,30%
MEDIOBANCA 2,41% 4,88%
MEDIONALUM 4,79% 3,48%
PARMALAT 1,39% 26,34%
PIRELLI 2,16% 26,28%
PRYSMIAN 1,18% 10,75%
SAIPEM 1,7% -2,47%
SNAMs 5 .6% 10%
STM 3,88% -9,6%
TELECOM 6,19% -3,72%
TENARIS 1,84% -13,08%
TERNA 6,60% 0,51%
TOD'S 2,13% 27,20%
UNICREDIT 1,97% -2,39%
UBI 3,44% -33,70%
