Report
Carole Braudeau

Credit Morning 11/18/2025

Celanese: CFR downgraded by S&P, with the outlook still negative|Eroski announces refinancing plan including new offering of 2031 notes|Altice International: exclusive talks for the sale of Hot Mobile for NIS 2.1bn (€ 561m)|Crédit Agricole S.A. unveils its strategic plan ACT 2028|
Underlyings
AMS-OSRAM AG

CECONOMY AG

Metro is a holding company. Through its subsidiaries, Co. is engaged in retail and wholesale. Co.'s operations are divided into four divisions: Metro Cash & Carry, Real, Media-Saturn and Galeria Kaufhof. The Metro Cash & Carry division operates in the cash and carry sector in Europe, Asia and Africa. The Real division is a hypermarket operator in Germany where it operates both stationary stores and an online store. The Media-Saturn division provides an assortment of brand products in consumer electronics retailing. The Galeria Kaufhof division operates department stores in Germany and Belgium. Co. is also a property manager through METRO PROPERTIES GmbH & Co. KG.

CIRSA ENTERPRISES S.A.

CREDIT AGRICOLE SA

Credit Agricole is active in the market of retail banking and related businesses. Co. provides day-to-day banking, savings products, mortgage and consumer loans, insurance, private banking, asset management, lease finance and factoring, corporate and investment banking. Its activities can be divided into six business lines: French Retail Banking - Regional Banks; French Retail Banking - LCL; International Retail Banking; Specialized Financial Services; Savings Management and Insurance; and Corporate and Investment Banking. Co.'s customers are personal customers, farmers, small businesses, companies and local authorities. As of Dec 31 2013 Co.'s total assets amounted to Euro1,536,873,000,000.

FRESENIUS MEDICAL CARE AG

RegistrarFresenius Medical Care is a kidney dialysis company, operating in both the field of dialysis services and the field of dialysis products for the treatment of end-stage renal disease (ESRD). Co.'s dialysis business is vertically integrated, providing dialysis treatment at dialysis clinics it owns or operates and supplying these clinics with a range of products. In addition, Co. sells dialysis products to other dialysis service providers. In the U.S.A., Co. also provides inpatient dialysis services and other services under contract to hospitals. Co. provides patient services, including renal pharmaceutical products and in the U.S.A., laboratory services.

JCDecaux SA

JC Decaux specializes in outdoor advertising. Co.'s business mainly consists of the sale of advertising space for these activities: Street Furniture, Transport Advertising and Billboard. The Street Furniture segment covers the advertising agreements relating to public property entered into with cities and local authorities. It also includes advertising in shopping centers, renting of street furniture, sale and rental of equipment, cleaning and maintenance. The Transport Advertising segment covers advertising in airports, subways, buses, tramways and trains. The Billboard segment covers advertising on private property and neon-type activity.

Nexans SA

Nexans offers cables and cabling systems for the Infrastructure, Industry, Building and Local Area Network markets. Co.'s offering covers the research, design, manufacturing, installation, training, and network supervision and control. Co. operates under three segments: Energy (power cables for energy infrastructures, special cables for industry, and equipment cables for the building market), Telecom (cables for private telecommunications networks, junction components for telecommunications network cables, and copper and optical fiber cables for public telecommunications networks) and Electrical wires (wirerods, electrical wires and winding wires production operations).

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Carole Braudeau

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