Salini Impregilo

Salini Impregilo is engaged in the water segment. Co. is organised according to the distribution of its activities into its various segments: Corporate, which is engaged in the coordination and supervision of Impregilo S.p.A.'s main investments; Construction, which consists of the business headed by Impregilo S.p.A.; Concessions, which consists of the business coordinated by Co.'s subsidiary, Impregilo International Infrastructures B.V. (the Netherlands) and carried out through subsidiaries, jointly controlled entities and associates; as well as Engineering & Plant Construction, which consists of the business headed by FISIA Italimpianti and FISIA Babcock Environment (Germany).
  • TickerSAL
  • ISINIT0003865570
  • SectorConstruction & Materials
  • CountryItaly
Stephane Houri

Ageas : Digitalisation post-COVID : quelles conséquences sur nos secteurs et valeurs ?

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. - >Digitalisation accélérée, pas de retour en arrière - La crise du COVID-19 va sans aucun doute accélérer l’utilisation du numérique dans la société en général. Le télétravail a ...

IMPREGILO reduces its risk exposure and slightly improves to Neutral

The independent financial analyst theScreener just allocated a lower risk rating to IMPREGILO (IT), active in the Heavy Construction industry. As regards its fundamental valuation, the title still shows 3 out of 4 possible stars. Its market behaviour, however, has slightly improved and can be qualified as moderately risky. theScreener considers that these elements merit an overall rating upgrade to Neutral. As of the analysis date April 21, 2020, the closing price was EUR 1.34 and its expected value was estimated at EUR 1.23.

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : COVID-19 crisis: uniform collapse, recovery in dispersed order

While the collapse in our groups' activity is fairly uniform (-70% to -90%), we believe that the pace of recovery will be much faster for motorway concessions and construction than for airports. This is not reflected in share price performances. We are downgrading Fraport to Reduce (target price € 41) and we remain on Reduce for ADP (target price € 100). We prefer Vinci (€ 85) and Eiffage (€ 86). - >Motorway and air transport traffic, construction: almost uniform collapse ...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : Crise du COVID-19 : effondrement uniforme mais reprise en ordre dispersé

Alors que l’effondrement de l’activité de nos groupes est assez uniforme (-70 à -90%), nous pensons que le rythme de reprise sera beaucoup plus rapide pour les concessions autoroutières et la construction que pour les aéroports. Ceci ne se reflète pas dans les performances boursières. Nous dégradons Fraport en Alléger (OC 41 €) et restons en Alléger sur ADP (OC 100 €). Nous préférons Vinci (86 €) et Eiffage (85 €). - >Trafic autoroutier, aérien, construction : un effondrem...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Hana Maalej
  • Hela Zarrouk
  • Jean Sassus
  • Jeremy Garnier
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 03/12/2020

While Data Respons is a quality target in our view, financial value creation is pre1eempted by the high price tag (16.5x EBIT), which implies a low ROIC (5.4%e in 2021e). Moreover, after this deal, exposure to the automotive, aerospace and oil sectors – the sectors hardest hit by the coronavirus – remains high (around 63% of revenues), while debt rises to a huge level for the sector. As a result, we lower our estimates for the existing scope and our target price (€ 35 vs € 59), and dow...

Salini Impregilo Spa: 1 director bought

A director at Salini Impregilo Spa bought 64,104 shares at 1.790EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names o...

Stephane Houri

Ageas : Digitalisation post-COVID : quelles conséquences sur nos secteurs et valeurs ?

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. - >Digitalisation accélérée, pas de retour en arrière - La crise du COVID-19 va sans aucun doute accélérer l’utilisation du numérique dans la société en général. Le télétravail a ...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : COVID-19 crisis: uniform collapse, recovery in dispersed order

While the collapse in our groups' activity is fairly uniform (-70% to -90%), we believe that the pace of recovery will be much faster for motorway concessions and construction than for airports. This is not reflected in share price performances. We are downgrading Fraport to Reduce (target price € 41) and we remain on Reduce for ADP (target price € 100). We prefer Vinci (€ 85) and Eiffage (€ 86). - >Motorway and air transport traffic, construction: almost uniform collapse ...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : Crise du COVID-19 : effondrement uniforme mais reprise en ordre dispersé

Alors que l’effondrement de l’activité de nos groupes est assez uniforme (-70 à -90%), nous pensons que le rythme de reprise sera beaucoup plus rapide pour les concessions autoroutières et la construction que pour les aéroports. Ceci ne se reflète pas dans les performances boursières. Nous dégradons Fraport en Alléger (OC 41 €) et restons en Alléger sur ADP (OC 100 €). Nous préférons Vinci (86 €) et Eiffage (85 €). - >Trafic autoroutier, aérien, construction : un effondrem...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Hana Maalej
  • Hela Zarrouk
  • Jean Sassus
  • Jeremy Garnier
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 03/12/2020

While Data Respons is a quality target in our view, financial value creation is pre1eempted by the high price tag (16.5x EBIT), which implies a low ROIC (5.4%e in 2021e). Moreover, after this deal, exposure to the automotive, aerospace and oil sectors – the sectors hardest hit by the coronavirus – remains high (around 63% of revenues), while debt rises to a huge level for the sector. As a result, we lower our estimates for the existing scope and our target price (€ 35 vs € 59), and dow...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Hana Maalej
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 12/03/2020

Si Data Respons nous apparait comme une cible de qualité, la création de valeur financière est préemptée par un prix élevé (16.5x l’EBIT) qui implique un ROIC faible (5.4% en 2021e). Par ailleurs, après cette opération, l’exposition aux secteurs Auto, Aéro et Pétrolier – les plus touchés par le coronavirus – reste élevée (c.63% du CA), tandis que l’endettement atteint un niveau hors normes pour le secteur. En conséquence, nous abaissons nos prévisions du périmètre existant ainsi que n...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 20/01/2020 - RWE

RWE (Conserver) : Juge la compensation pour fermeture des centrales à charbon insuffisante Automobile : La France souhaite revoir les règles européennes sur les émissions de CO2 Salini Impregilo (Achat) : Emission de €250m à 7ans à 3,625%, rachat de €121m de l'obligation 2021 à 3,75% Zone Euro : Le taux d’inflation annuel de la zone euro s’est établi à 1,3% en décembre 2019 Renault (Conserver) : 3,8m véhicules vendus en 2019 (-3,4%) Iliad (Achat) : Lance l'offre publique de rachat d'actions de €1,4 md, financée par l'augmentation de capital réalisée...

Maxime Kogge

Salini Impregilo : Salini Impregilo’s new bond issue: the cherry on the Progetto Italia cake

The group has launched the issuance of a new seven-year non-call life bond of at least € 250m. It is concurrently offering holders of the 2021 € 600m bond to exchange their notes for new bonds based on a ratio of a bond tendered for 1.0475 new bonds. All proceeds raised in addition to the exchange offer will go to repay bank debt, which reflects positively on the group’s disciplined financial policy. - The exchange offer stands just 0.5pts below the make-whole price of 105.25% but...

Maxime Kogge

Salini Impregilo : Salini Impregilo’s new bond issue: the cherry on the Progetto Italia cake

The group has launched the issuance of a new seven-year non-call life bond of at least € 250m. It is concurrently offering holders of the 2021 € 600m bond to exchange their notes for new bonds based on a ratio of a bond tendered for 1.0475 new bonds. All proceeds raised in addition to the exchange offer will go to repay bank debt, which reflects positively on the group’s disciplined financial policy. - The exchange offer stands just 0.5pts below the make-whole price of 105.25% but...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 14/11/2019 - KBC - EN

KBC (O/P): Net Profit of €1.8bn (-8.3%) In The Nine-Month Period of 2019 NN Group (O/P) - 9M-19: Operating Income of €1.4bn (+6.5%) AXA (O/P): Sale of The Balance of Its Stake In Axa Equitable Holdings Bouygues (M/P) - 9M-19: EBIT of €1.1bn (+30.3%) EDF (U/P): Cuts French Nuclear Output Target On Cruas Reactors For 2019 Telia (M/P): EC Approves The Acquisition of Bonnier AB For $1bn Thyssenkrupp (O/P): 3G Capital Interested To Acquire The Elevator Business For €15bn Moody's Upgrades Arkema (O/P) By One Notch To Baa1 With A Stable ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 14/11/2019 - KBC - FR

KBC (Achat) : RN de €1,8 md (-8,3%) sur les 9M-19 NN Group (Achat) - 9M-19 : Résultat opérationnel de €1,4 md (+6,5%) AXA (Achat) : Cession du solde de sa participation dans Axa Equitable Holdings Bouygues (Conserver) – 9M-19 : EBIT  de €1,1 md (+30,3%) EDF (Vente) : Abaisse sa prévision de production nucléaire en France pour 2019 Telia (Conserver) : Feu vert du CE pour l’acquisition de Bonnier AB pour $1 md Thyssenkrupp (Achat) : Le fonds 3G envisage d’acquérir l'activité Ascenseur pour ~€15 mds Arkema (Achat) : Moody’s rehausse ...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Khaled Ben Amor
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 12/12/2019

...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Khaled Ben Amor
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 12/12/2019

...

Alain William ...
  • Alexandre Iatrides
  • Aurelien Sivignon
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Louis Boujard, CFA
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 08/01/2019

...

Alain William ...
  • Alexandre Iatrides
  • Aurelien Sivignon
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Louis Boujard, CFA
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 01/08/2019

...

Ahmed Ben Salem ...
  • Jean-Baptiste Rouphael
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Stephane Houri
  • Sven Edelfelt
  • Team Pharma
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/14/2018

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IMPREGILO reduces its risk exposure and slightly improves to Neutral

The independent financial analyst theScreener just allocated a lower risk rating to IMPREGILO (IT), active in the Heavy Construction industry. As regards its fundamental valuation, the title still shows 3 out of 4 possible stars. Its market behaviour, however, has slightly improved and can be qualified as moderately risky. theScreener considers that these elements merit an overall rating upgrade to Neutral. As of the analysis date April 21, 2020, the closing price was EUR 1.34 and its expected value was estimated at EUR 1.23.

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