EFTA Document EFTA01461569

For non advisory clients only In a "sector rotating" market in favour of value large cap names , Oil could be a relative bet to take, as the sector is: 1) not expensive in terms of valuations 2) favoured by the upper trending of WTI and Brent prices 3) impacted by better capital discipline (capex) expectations Lucas Herrmann, DB research on ROE trend is starting to be more optimistic as well: "Central to the deterioration in return on capital at the integrated oils has been the balance she