Reply is engaged in the provision of consulting, system integration and digital services, dedicated to the creation, design and implementation of solutions based on new communication channels and digital media. Co. is consisting of a network of specialist companies, supports European industries belonging to the Telco & Media, Manufacturing & Retail, Bank & Insurances and Public Administration segments, in defining and developing new business models utilizing Big Data, Cloud Computing, CRM, Mobile, Social Media and Internet of Things paradigms.
  • TickerREY
  • ISINIT0005282865
  • SectorSoftware & Computer Services
  • CountryItaly
Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/08/2020

We are initiating coverage of Phoenix with a Buy recommendation and a target price of 775 pence. Phoenix Group is the UK’s leading life and pension consolidator and is poised to finalise the acquisition of its main competitor, ReAssure, in the coming weeks. It boasts rigorous management of its capital, with significant cash generation and an attractive shareholder return. Cf. company report published today. - ...

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/07/2020

Nous initions la couverture de Phoenix avec une recommandation à l’Achat et un objectif de cours de 775 pence. Phoenix Group est le leader de la consolidation de portefeuilles d’assurance vie au Royaume-Uni et doit finaliser l’acquisition de son principal concurrent ReAssure dans les prochaines semaines. Il a une gestion rigoureuse de son capital avec une génération importante de cash-flow et un rendement attractif pour les actionnaires. Cf. étude publiée hier soir. - ...

Charles Lepetitpas ...
  • Nicolas David

ODDO : Syntec highlights major crisis impact on sector in France

>IT services: a decline of 6.2% anticipated for 2020 - The Syntec Numérique (the French IT services and engineering services association) published yesterday the results of its half-year June survey of the sector’s managers, carried out with IDC. The Syntec forecasts a -6.2% contraction in growth for IT services vs the +2.9% expected before COVID-19, compared to 3.1% growth in 2019. This figure is more pessimistic than estimates by sector leaders (such as Capgemini, A...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Overweight Global Technology & Industrials The absence of breakdowns in both the US dollar (DXY) and the MSCI EAFE vs. EM ratio along with the positive correlation between the two allows us to continue sticking with EAFE over EM... see charts below. As long as the DXY's uptrend remains intact, we expect EAFE to continue outperforming EM. Below we highlight attractive and actionable themes within developed int'l markets: • Technology and Industrial Manufacturing. Technology and Industrials continue to be two of the most attractive Sectors globally -- overweight. These two Sectors account fo...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook (at best)... see page 2. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today's report we highlight actionable country- and Sector-specific themes: • Norway and India are leadership. Norway's Oslo OBX and India's SENSEX remain global leaders. Overweight these markets... see below and page 3 for overviews and actionable country-specific stocks. • Austral...

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/08/2020

We are initiating coverage of Phoenix with a Buy recommendation and a target price of 775 pence. Phoenix Group is the UK’s leading life and pension consolidator and is poised to finalise the acquisition of its main competitor, ReAssure, in the coming weeks. It boasts rigorous management of its capital, with significant cash generation and an attractive shareholder return. Cf. company report published today. - ...

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/07/2020

Nous initions la couverture de Phoenix avec une recommandation à l’Achat et un objectif de cours de 775 pence. Phoenix Group est le leader de la consolidation de portefeuilles d’assurance vie au Royaume-Uni et doit finaliser l’acquisition de son principal concurrent ReAssure dans les prochaines semaines. Il a une gestion rigoureuse de son capital avec une génération importante de cash-flow et un rendement attractif pour les actionnaires. Cf. étude publiée hier soir. - ...

Charles Lepetitpas ...
  • Nicolas David

ODDO : Syntec highlights major crisis impact on sector in France

>IT services: a decline of 6.2% anticipated for 2020 - The Syntec Numérique (the French IT services and engineering services association) published yesterday the results of its half-year June survey of the sector’s managers, carried out with IDC. The Syntec forecasts a -6.2% contraction in growth for IT services vs the +2.9% expected before COVID-19, compared to 3.1% growth in 2019. This figure is more pessimistic than estimates by sector leaders (such as Capgemini, A...

Charles Lepetitpas ...
  • Nicolas David

ODDO : Le Syntec souligne le fort impact de la crise pour le secteur en France

>IT Services : décroissance de 6.2% attendue en 2020 - Le Syntec Numérique (syndicat des professions de l’IT Services et de l’Engineering Services) a présenté hier les résultats de son enquête semestrielle menée en juin avec IDC auprès des dirigeants du secteur. Le Syntec anticipe un recul de l’IT Services de -6.2%, contre +2.9% attendu avant le COVID-19 et à comparer à une croissance 2019 de 3.1%. Ce chiffre est plus pessimiste que les prévisions des leaders sur sect...

Charles Lepetitpas ...
  • Nicolas David

ODDO : Sun (almost) coming out after the rain

Q2 is expected to be the low point for the IT services market (-6% estimated) before a gradual recovery Although H2 should remain in negative territory (-3/-4%), this upturn should trigger a re-rating in the sector, which is currently trading at a historically steep discount (-34%). We favour value stocks in IT services (Atos, Sopra Steria and Devoteam) and are steering clear of engineering services. - >Clear slowdown in the market in Q1. France particularly hit - The...

Charles Lepetitpas ...
  • Emmanuel Matot
  • Nicolas David
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 05/18/2020

...

Charles Lepetitpas ...
  • Emmanuel Matot
  • Nicolas David
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 18/05/2020

...

Benoit Valleaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Nicolas Thorez
  • Nicolas David
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF Small & MIDCAP MORNING NEWS - 04/17/2020

The impacts of the COVID-19 pandemic are massive on the hotel/leisure sector (2020e EPS forecast down 41%). They undermine the weakest players. Our preference henceforth goes to the most resilient business models and the most solid balance sheets; Advantage Accor and Whitbread. - ...

Benoit Valleaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Nicolas Thorez
  • Nicolas David
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF Small & MIDCAP MORNING NEWS - 17/04/2020

Les impacts de la pandémie du COVID-19 sont colossaux sur le secteur de l’hôtellerie/loisirs (BPA 2020 attendus en baisse de 41%). Ils mettent à mal les acteurs les plus fragiles. Nous privilégions désormais les business models les plus résilients et les bilans les plus solides : avantage à Accor et Whitbread. Cf. étude publiée hier soir. - ...

Alain William ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Emira Sagaama
  • Geoffroy Michalet
  • Jerôme Bodin
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 03/16/2020 Date Performance since listing Date Performance since listing

We held our fourth ODDO BHF TMT Forum in Paris. Clearly, much of the discussion, but not all of it, centred on the impact of COVID-19 for the companies represented and their sector. In an unprecedented context, we have decided to write factual feedback documents. All our scenarios will be reviewed sector by sector in separate notes in the coming days. - ...

REPLY SPA with less fundamental stars is reduced to Neutral

REPLY SPA (IT), a company active in the Computer Services industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date November 5, 2019, the closing price was EUR 59.20 and its expected value was estimated at EUR 55.68.

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