Report
Benoit Valleaux ...
  • Jerôme Bodin
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/05/2018

There is plenty of justification for defensives leading the market (cyclical erosion in H1, political and trade risk). However, as cyclical indicators have stopped worsening, the defensive/cyclical spread has largely stabilised since the start of July. Although it is probably too early to come back to cyclicals, we can see a pro-cyclical stance emerging (after the US midterms), based on: 1/ the macroeconomic situation; 2/ congestion in the defensive sphere; 3/ the materialisation of r...
Underlyings
Bayerische Motoren Werke AG

Bayerische Motoren Werke is a holding company, engaged in the development, manufacture and sale of cars and motorcycles. Co. owns three brands: BMW, MINI and Rolls-Royce. Co.'s BMW automobile range encompasses the 1 Series, including coupe and convertible models; the 3 Series, including sedan, touring, coupe and convertible models; the 5 Series, including sedan and touring models; the 6 Series, including coupe or convertible; the 7 Series large sedan; the Z4 roadster and coupe; the sports utility vehicles, X3, X5 and X6 and M models. Co. also provides cars under the MINI brand and motorcycles under the BMW brand. The Rolls-Royce brand provides three cars, Phantom, Coupe and Ghost.

BioMerieux SA

Compagnie Generale des Etablissements Michelin SCA

Compagnie Generale des Etablissements Michelin is active in the tire and mobility-related service markets. Co. manufactures, distributes and sells tires for all kinds of vehicles, publishes maps and guides and operates a number of services. Co.'s operates in three segments: Passenger car/Light truck tires and related distribution; Truck tires and related distribution and Specialty businesses segment including tires for specialty vehicles and maps and guides. Co. distributes its products through two tire distribution networks: Euromaster (Europe) and TCI (U.S.A.) and its brands include Michelin, BFGoodrich, Kleber, Uniroyal, Warrior, Kormoran, Riken, Taurus and Tigar.

Daimler AG CEDEAR

FFP
FFP

Societe Fonciere, Financiere ACT is an investment holding company which acts as a long-term investor and an active shareholder. As of Dec 31 2010, Co. held 22.1% of the share capital of PSA Peugeot Citroen. Co. usually purchases minority stakes in companies with a large family shareholding. Co. has a portfolio of private equity funds which operate mainly in Europe and countries with emerging economies. Co. also operates a financial investment and cash management business, as well as a real estate and wine-producing businesses.

Fundo de Investimento Imobiliario BB Votorantim JHSF Cidade

Navya SA

Navya SAS is a France-based company specialized in the conception of electric autonomous systems. The Company manufactures autonomous vehicles. The Group offers two vehicles: the Autonom Shuttle, an autonomous, driverless and electric vehicle that is capable of transporting over 14 people, which serves cities and private sites. The technical design of the Autonom Shuttle allows the shuttle to understand the surroundings in which it is located, detect obstacles and anticipate movement, and the Autonom Cab, which is a self-driving taxi, which is capable to carry one to six passengers. Users can order Autonom Cab, open and close the vehicle's door, start its motor, obtain tourist information or finishing ordering tickets for a show through a smartphone application. In addition, the Group provides a number of services to its customers, including the control of data, software updates and the maintenance of its autonomous vehicles. Apart from France, Navya also operates in the United State.

Nissan Motor Co. Ltd. CEDEAR

Nokian Renkaat Oyj

Nokian Tyres is a tyre manufacturer. Co. mainly sells its products in the aftermarket. Co. and its subsidiaries include the Vianor tyre retail chain, which provides wholesale and retail services in Co.'s primary markets. The core business units in Co. and its subsidiaries are Passenger Car Tyres, which develops, manufactures, and markets summer and winter tyres for passenger cars and delivery trucks as well as SUVs; Heavy Tyres, which focuses on special tyres; as well as Vianor, which provides tyres for all vehicles: passenger cars, vans, trucks, and heavy machinery. In addition to Nokian-branded tyres, the Vianor tyre retail chain sells other tyre brands and a variety of motoring products.

Peugeot SA

Peugeot is an automobile manufacturer (cars and light commercial vehicles), supported by two brands: Peugeot and Citroen. Co.'s activities are divided into four main segments: Automobile (Co. designs, manufactures and markets passenger cars and light commercial vehicles under Peugeot and Citroen brands), Finance (Co. provides retail and wholesale financing to customers and dealer networks), Automotive equipment (Co. produces Interior Systems, Automotive Seating, Automotive Exteriors and Emissions Control Technologies) and Other businesses (Co. produces scooters).

Renault SA

Renault is an automobile manufacturer. Co.'s activities have been organized into two main business sectors, in more than 120 countries: Automotive and Sales Financing. Co. designs, develops and sells passenger cars and light commercial vehicles. Following the acquisition of Romanian carmaker Dacia and Samsung Motors' operating assets in South Korea, Co. has three automotive brands: Renault, Dacia and Samsung. RCI Banque, Co.'s captive financing arm, finances sales of the Renault, Renault Samsung Motors (RSM) and Dacia brands, and, in Europe, the Nissan and Infiniti brands. In addition to these two activities, Co. has equity investments in the following two companies: Nissan and AVTOVAZ.

Swisscanto (CH) Real Estate Fund Ifca

Windfall Geotek

WPP Plc

WPP is a holding company. Through its subsidiaries, Co. is a communications services organization providing national and multinational clients a range of communications services. Co. is organized into four operating segments: Advertising and Media Investment Management; Data Investment Management; Public Relations and Public Affairs; and Branding and Identity, Healthcare and Specialist Communications. This last reportable segment includes WPP Digital and direct, digital, promotional & relationship marketing.

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
Benoit Valleaux

Jerôme Bodin

Roland Pfaender,MBA,CFA,CCRA

Sylvain Goyon, CFA

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