Securities Research

Insights from 25-plus Credit Suisse research teams around the world reveal how the IRA impacts clean energy, utilities, oil & gas, industrials, passenger and commercial transport, metals & mining, buildings, and renewable/battery global supply chain.

The September run-up in interest rates currently has the conventional 30-year mortgage rate trending near 6.5%.

To assess the state of US franchise systems, we leverage franchise disclosure documents and  other industry data sources to look at quantitative and qualitative factors including unit economics, franchisee to franchisee valuation metrics, interest in growth from franchisees, development incentives, category dynamics, investment costs and US franchise closures. Our focus is on US franchise brands, noting company-owned brands have more control over unit growth outlooks.

Co-living benefits from rapid urbanization. Additionally, a young population (median age of 30) and a millennial population are sustaining an evolving housing demand impacted by weakening affordability.

In our base case scenario, we estimate the European gas market faces a supply deficit of 35bcm and 41bcm in 4Q22E and 2023E, respectively. With EU gas storage levels now above 80%, draws from inventory should provide sufficient cover through the winter months. However, the situation is so tight that changes in the macro are likely to contribute to continued volatility in gas prices.

Currently, 0.5% of all the water on the planet is potentially usable by people, animals, and plants. The planet's remaining fresh water is locked in the polar ice caps, in the soil, or irreversibly polluted.

With an array of European officials (most recently a German contingent) looking to Canada for some potential energy solutions, we focus on Canada's LNG potential from a selection of existing projects along with some stock market exposure – primarily via US-related assets for several large energy infrastructure companies.

Western Europe's fibre rollout was steady in 2021, with 16m homes passed, including 5.5m in France, 3.3m in the UK, 2.2m in Germany, 1.6m in Italy, and 1.0m in Spain. Fibre rollout looks to remain elevated at 18-20m homes passed in 2022-23 before finally leveling out.

Large installed bases can drive substantial services revenue, supporting continued solid gross profit, FCF, and funding investments in future technologies. The recent availability of Infrastructure as a Service (IaaS) offerings by hardware companies finally offers enterprise customers attractive alternatives for both business model (ratable, use base operating costs) and functionality (usage, performance) to public cloud vendors.  

The outlook for consumer tech demand remains impaired year to date, with the Russia-Ukraine conflict continuing, China demand remaining sluggish following the lockdown and disruptions, and inflation pressuring consumer demand and triggering faster rate hikes by central banks.