Amundi is a holding company. Through its subsidiaries, Co. provides advisory and investment management services. Co. provides savings, financial instruments, equity trading, credit activities, and investment solutions for both private individuals and institutional and corporate clients worldwide.
  • TickerAMUN
  • ISINFR0004125920
  • ExchangeEuronext Paris
  • SectorFinancial Services
  • CountryFrance
Alfred Glaser ...
  • Delphine Brault
  • Jean Sassus
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/11/2020

The cost-cutting plan helps address the group’s underlying weaknesses, but we do not think it is enough given the prospect of volumes remaining under persistent pressure. Our 2022 estimates, which are ~20% below the consensus, are still well short of the already weak 2019 level for most metrics, particularly the auto margin and FCF. Against this backdrop, the valuation argument alone does not carry enough weight and we are maintaining our Neutral rating, as we prefer Volkswagen and Pe...

Jean Sassus ...
  • Steven Gould

ODDO : Corporate debt – accelerating growth

>Total debt – marked growth in corporate debt - According to Banque de France data at end-April 2020, growth in outstanding corporate financing is accelerating:Total outstanding corporate financing for April came in at around € 1,802bn, with € 1,127bn in bank loans and € 674bn in bond financing. The pace of growth (+9.3% y-o-y) and the total amount set new records.Bank lending up +8.6% y-o-y, which marks an increase on the pace in March (6.8%). The faster p...

Alfred Glaser ...
  • Delphine Brault
  • Jean Sassus
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/06/2020

Le plan de réduction de coûts répond, certes, aux faiblesses du constructeur mais ne nous semble pas suffisamment tenir compte d’un environnement volumes durablement dégradé. Ainsi, nos estimations 2022, ~20% inférieures au consensus, restent largement inférieures à 2019 sur la plupart des agrégats, notamment la MOP Auto et le FCF. Dans ce contexte, l’argument de la valorisation ne nous semble pas, seul, pertinent et nous maintenons notre opinion Neutre, préférant Volkswagen et Peugeo...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Jérôme VINERIER

Analyse court terme - AMUNDI SA : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 50,39 €, puis 46,30 €. Le franchissement de 66,40 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - AMUNDI SA : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €50.39, then €46.30. Passing €66.40 would question the continuation of the fall.

Jérôme VINERIER

Short term view - AMUNDI SA : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €50.39, then €46.30. Passing €66.40 would question the continuation of the fall.

Jean Sassus ...
  • Steven Gould

ODDO : Corporate debt – accelerating growth

>Total debt – marked growth in corporate debt - According to Banque de France data at end-April 2020, growth in outstanding corporate financing is accelerating:Total outstanding corporate financing for April came in at around € 1,802bn, with € 1,127bn in bank loans and € 674bn in bond financing. The pace of growth (+9.3% y-o-y) and the total amount set new records.Bank lending up +8.6% y-o-y, which marks an increase on the pace in March (6.8%). The faster p...

Jean Sassus ...
  • Steven Gould

ODDO : Endettement des entreprises – Accélération de la croissance

>Endettement total – Forte croissance de l’endettement des corporates - Selon les données de la Banque de France à fin avril 2020, la croissance des encours de financement aux entreprises accélère:L’encours total des financements aux entreprises pour le mois d’avril ressort à environ 1 802 Md€ dont 1 127 Md€ de crédits bancaires et 674 Md€ de financement obligataire. La croissance (+9.3% YoY) et le montant total établissent un record.Crédits bancaires +8.6% ...

Jean Sassus ...
  • Steven Gould

ODDO : Household lending – activity under pressure from lockdown

>Lockdown - initial impact - The Banque de France has reported figures for lending to households at end-April 2020:Total lending to households at the end of April came to € 1,270bn, pointing to y-o-y growth of 5.1% vs 6.1% at the end of March. Housing loans at +6.0% y-o-y (vs 6.6% y-o-y n March), continuing the slowdown in growth (from 7.1% y-o-y in February). Outstanding housing loans stood at € 1,088bn, down very slightly vs end-March. This stems from a sh...

Jean Sassus ...
  • Steven Gould

ODDO : Crédits aux particuliers – Le confinement fait baisser l’activité

>Confinement - Début d’impact - La Banque de France a publié les chiffres des crédits aux particuliers à fin avril 2020 :L’encours total de crédit aux particuliers ressort à 1 270 Md€, soit une croissance YoY de 5.1%, vs 6.1% à fin mars. Crédits à l’habitat +6.0% YoY (vs 6.6% YoY en mars), poursuivant le ralentissement de la croissance (depuis 7.1% YoY en février). L’encours de crédits à l’habitat s’élève à 1 088 Md€ en très légère baisse par rapport à fin m...

Jean Sassus ...
  • Steven Gould

ODDO : Lending to households - Impact of COVID-19 still limited at end-March

>COVID-19 has only affected consumer credit for the time being - The Banque de France has reported figures for lending to households at the end of March 2020:Housing loans +6.6% y-o-y, a slowdown vs growth of +7.1% y-o-y the previous month. Outstanding housing loans stood at € 1,090bn. This results from a slight contraction in loan production (16.5% in outstandings on an annualised basis vs 19.0% in February) but a marked acceleration in contractual reimbursement...

Alfred Glaser ...
  • Delphine Brault
  • Jean Sassus
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/11/2020

The cost-cutting plan helps address the group’s underlying weaknesses, but we do not think it is enough given the prospect of volumes remaining under persistent pressure. Our 2022 estimates, which are ~20% below the consensus, are still well short of the already weak 2019 level for most metrics, particularly the auto margin and FCF. Against this backdrop, the valuation argument alone does not carry enough weight and we are maintaining our Neutral rating, as we prefer Volkswagen and Pe...

Alfred Glaser ...
  • Delphine Brault
  • Jean Sassus
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/06/2020

Le plan de réduction de coûts répond, certes, aux faiblesses du constructeur mais ne nous semble pas suffisamment tenir compte d’un environnement volumes durablement dégradé. Ainsi, nos estimations 2022, ~20% inférieures au consensus, restent largement inférieures à 2019 sur la plupart des agrégats, notamment la MOP Auto et le FCF. Dans ce contexte, l’argument de la valorisation ne nous semble pas, seul, pertinent et nous maintenons notre opinion Neutre, préférant Volkswagen et Peugeo...

Jean Danjou ...
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/09/2020

...

Jean Danjou ...
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/06/2020

...

Benoit Valleaux ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Martial Descoutures
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/11/2020

Like a phoenix rising from its ashes, the US shale industry weathered the 2014 crisis and even continued to gain market share. Five years on, the sector has to contend with a veritable slump in WTI prices and this time around, there will be “a problem in Houston”. This time shale output is likely to fall and drilling equipment manufacturers will not escape completely unscathed, notably because of the risk of asset impairments. Once again, resilience will be measured by the ability to ...

With a more favourable environment, AMUNDI improves to Slightly Positive

AMUNDI (FR), a company active in the Asset Managers industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date May 26, 2020, the closing price was EUR 65.75 and its potential was estimated at EUR 69.07.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

Amundi - Assemblée générale des actionnaires du 12 mai 2020

Communiqué du 1/4 (/Actionnaires/Informations-Financieres) : la proposition de dividende (3,10 €/action) est annulée. Note : Proxinvest ne fournit aucun conseil à la société hors l'assistance pour la gestion de la politique de vote ou de suivi des déclarations de franchissement de seuils des actions détenues. Rémunérations : Au regard de la crise sanitaire actuelle, Yves Perrier, Directeur général d’Amundi, a décidé de renoncer à la moitié de sa rémunération variable due au titre de 2019, pour contribuer à l’action de solidarité engagée par le Crédit Agricole en faveur des personnes âgées. I...

Expert Corporate Governance Service (ECGS)

Amundi – AGM 12 May 2020

Press release of the 1/4/20 (): the dividend proposal (€3.10/share) is cancelled. ITEM 8: In light of the current health crisis, Yves Perrier, Chief Executive Officer of Amundi, has decided to waive half of his variable compensation due in respect of 2019, in order to contribute to the solidarity action undertaken by Crédit Agricole in favour of the elderly. He also waived the increase in his fixed compensation for 2020 proposed by the Board.   His remuneration policy for 2020 therefore now includes two changes: the economic portion of the bonus is increased to 70% of the total (compared wi...

Expert Corporate Governance Service (ECGS)

Amundi - AGM 16 May 2019

Disclaimer: ECGS does not provide any service to the Company, except assistance on managing their voting guidelines (provided by Proxinvest, the French partner of ECGS). ITEM 5: Although performance achieved in 2018 is good, amounts granted are excessive (€3 M , i.e. 146% of the SBF80 CEOs’ total remuneration median and 112% of the MSCI Europe‘s Financial services sector median). Moreover, the company’s disclosure does not allow for a perfect understanding of amounts granted as it still does not disclose individual achievement rates of each financial criterion. We announced at the beginning o...

Jehanne Leroy

Amundi - Assemblée générale des actionnaires du 16 mai 2019

Note : Proxinvest ne fournit aucun conseil à la société hors l'assistance pour la gestion de la politique de vote des actions détenues Rémunérations Concernant les rémunérations attribuées au titre de 2018 au Directeur général (résolution 5), bien que les performances de l'exercice semblent plutôt bonnes, les montants attribués à M. Perrier sont très généreux (3 M€, soit 146% de la médiane des rémunérations totales des dirigeants du SBF 80 et 112% de la médiane du secteur Financial Services du MSCI Europe). De plus, la compréhension des montants attribués n'est pas parfaite puisque la socié...

Jehanne Leroy

Proxy Report - 15/05/2018

ITEMS 9 to 12: The company proposes to renew the mandate of 3 board members affiliated to Credit Agricole, the controlling shareholder and 1 board member affiliated to Société Générale. Although Credit Agricole is not overrepresented on the Board of Amundi, the Board's independence rate (30.7%) still does not respect our Guidelines (at least 50%). Hence we cannot support the re-election of the 3 directors linked to Crédit Agricole. Due to this low independence rate, we cannot support the reelection of the director linked to Société Générale (even more since Société Générale is no longer a sha...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch