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.

Carole Braudeau
  • Carole Braudeau

Credit Morning 09/21/2021

The US will allow vaccinated European and UK travellers to enter the countryAtos: S&P degrades the rating from BBB+/cw neg to BBB-/stable, Sopra Steria denies considering an acquisition of AtosAdler responds to questions raised by parliamentarians on merger>...

Fehmi Ben Naamane ... (+3)
  • Fehmi Ben Naamane
  • Emira Sagaama
  • Christophe Chaput
AC ACCOR S.A. (Oil & Gas)
MT ARCELOR MITTAL (Basic Resources) ... (+35)

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/09/2021

With a global share of c.46%, Novem is the undisputed leader within interior trim elements for premium passenger vehicles. Its global scale and comprehensive product portfolio offer OEMs a cost-efficient way to differentiate amid an industry transformation. On the back of efficient capital management and double-digit EBIT margins, Novem has an attractive ROIC profile (last 3y avg. 29%) which we expect to be shielded by high barriers to entry to its oligopolistic market segment. Amid a...

Anis Zgaya ... (+2)
  • Anis Zgaya
  • Philippe Ourpatian
GRE Grenergy Renova... (Utilities)

Grenergy renovables : H1 2021 results in line with our estimates. The ...

>H1 in line with our estimates - Grenergy renovables published this morning its H1 results which came in line with our estimates. Total group sales came in at € 82.5m of which € 32.2m of external sales (+5% y-o-y), in line with our estimates at € 32m. EBITDA came in at € 13.3m, up +40%, vs our estimates at € 12.6m. Net income came in at € 6.8m, up +49%, in line with our estimates at € 6.7m. As expected, the D&C business posted an EBITDA of € 10.1m (almost all in...

GRE GRENERGY RENOVABLES (Utilities)
Andreas Riemann ... (+2)
  • Andreas Riemann
  • Martin Marandon-Carlhian
HFG HELLOFRESH SE (Retail)

HelloFresh : A very appetising case

>Faster growth requires more capacity - HelloFresh reported strong results for Q2 2021. Excluding forex, revenue grew 66% y-o-y, underpinned by fast order growth across both of its regions (US and international) while average order value normalised. Adjusted EBITDA was up slightly y-o-y but the margin deteriorated 570bp to 10.1% due to increased marketing. HelloFresh also raised its top line guidance for FY 2021 but lowered its adjusted EBITDA margin target. Faster-t...

Anis Zgaya ... (+2)
  • Anis Zgaya
  • Philippe Ourpatian
GRE Grenergy Renova... (Utilities)

Grenergy renovables : H1 2021 results in line with our estimates. The ...

>H1 in line with our estimates - Grenergy renovables published this morning its H1 results which came in line with our estimates. Total group sales came in at € 82.5m of which € 32.2m of external sales (+5% y-o-y), in line with our estimates at € 32m. EBITDA came in at € 13.3m, up +40%, vs our estimates at € 12.6m. Net income came in at € 6.8m, up +49%, in line with our estimates at € 6.7m. As expected, the D&C business posted an EBITDA of € 10.1m (almost all in...

GRE GRENERGY RENOVABLES (Utilities)
Carole Braudeau
  • Carole Braudeau

Credit Morning 09/21/2021

The US will allow vaccinated European and UK travellers to enter the countryAtos: S&P degrades the rating from BBB+/cw neg to BBB-/stable, Sopra Steria denies considering an acquisition of AtosAdler responds to questions raised by parliamentarians on merger>...

Fehmi Ben Naamane ... (+3)
  • Fehmi Ben Naamane
  • Emira Sagaama
  • Christophe Chaput
AC ACCOR S.A. (Oil & Gas)
MT ARCELOR MITTAL (Basic Resources) ... (+35)

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/09/2021

With a global share of c.46%, Novem is the undisputed leader within interior trim elements for premium passenger vehicles. Its global scale and comprehensive product portfolio offer OEMs a cost-efficient way to differentiate amid an industry transformation. On the back of efficient capital management and double-digit EBIT margins, Novem has an attractive ROIC profile (last 3y avg. 29%) which we expect to be shielded by high barriers to entry to its oligopolistic market segment. Amid a...

Anis Zgaya ... (+2)
  • Anis Zgaya
  • Philippe Ourpatian
GRE Grenergy Renova... (Utilities)

Grenergy renovables : H1 2021 results in line with our estimates. The ...

>H1 in line with our estimates - Grenergy renovables published this morning its H1 results which came in line with our estimates. Total group sales came in at € 82.5m of which € 32.2m of external sales (+5% y-o-y), in line with our estimates at € 32m. EBITDA came in at € 13.3m, up +40%, vs our estimates at € 12.6m. Net income came in at € 6.8m, up +49%, in line with our estimates at € 6.7m. As expected, the D&C business posted an EBITDA of € 10.1m (almost all in...

GRE GRENERGY RENOVABLES (Utilities)
Andreas Riemann ... (+2)
  • Andreas Riemann
  • Martin Marandon-Carlhian
HFG HELLOFRESH SE (Retail)

HelloFresh : A very appetising case

>Faster growth requires more capacity - HelloFresh reported strong results for Q2 2021. Excluding forex, revenue grew 66% y-o-y, underpinned by fast order growth across both of its regions (US and international) while average order value normalised. Adjusted EBITDA was up slightly y-o-y but the margin deteriorated 570bp to 10.1% due to increased marketing. HelloFresh also raised its top line guidance for FY 2021 but lowered its adjusted EBITDA margin target. Faster-t...

Anis Zgaya ... (+2)
  • Anis Zgaya
  • Philippe Ourpatian
GRE Grenergy Renova... (Utilities)

Grenergy renovables : H1 2021 results in line with our estimates. The ...

>H1 in line with our estimates - Grenergy renovables published this morning its H1 results which came in line with our estimates. Total group sales came in at € 82.5m of which € 32.2m of external sales (+5% y-o-y), in line with our estimates at € 32m. EBITDA came in at € 13.3m, up +40%, vs our estimates at € 12.6m. Net income came in at € 6.8m, up +49%, in line with our estimates at € 6.7m. As expected, the D&C business posted an EBITDA of € 10.1m (almost all in...

GRE GRENERGY RENOVABLES (Utilities)
Carole Braudeau
  • Carole Braudeau

Credit Morning 09/21/2021

The US will allow vaccinated European and UK travellers to enter the countryAtos: S&P degrades the rating from BBB+/cw neg to BBB-/stable, Sopra Steria denies considering an acquisition of AtosAdler responds to questions raised by parliamentarians on merger>...

Fehmi Ben Naamane ... (+3)
  • Fehmi Ben Naamane
  • Emira Sagaama
  • Christophe Chaput
AC ACCOR S.A. (Oil & Gas)
MT ARCELOR MITTAL (Basic Resources) ... (+35)

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/09/2021

With a global share of c.46%, Novem is the undisputed leader within interior trim elements for premium passenger vehicles. Its global scale and comprehensive product portfolio offer OEMs a cost-efficient way to differentiate amid an industry transformation. On the back of efficient capital management and double-digit EBIT margins, Novem has an attractive ROIC profile (last 3y avg. 29%) which we expect to be shielded by high barriers to entry to its oligopolistic market segment. Amid a...

Anis Zgaya ... (+2)
  • Anis Zgaya
  • Philippe Ourpatian
GRE Grenergy Renova... (Utilities)

Grenergy renovables : H1 2021 results in line with our estimates. The ...

>H1 in line with our estimates - Grenergy renovables published this morning its H1 results which came in line with our estimates. Total group sales came in at € 82.5m of which € 32.2m of external sales (+5% y-o-y), in line with our estimates at € 32m. EBITDA came in at € 13.3m, up +40%, vs our estimates at € 12.6m. Net income came in at € 6.8m, up +49%, in line with our estimates at € 6.7m. As expected, the D&C business posted an EBITDA of € 10.1m (almost all in...

GRE GRENERGY RENOVABLES (Utilities)
Andreas Riemann ... (+2)
  • Andreas Riemann
  • Martin Marandon-Carlhian
HFG HELLOFRESH SE (Retail)

HelloFresh : A very appetising case

>Faster growth requires more capacity - HelloFresh reported strong results for Q2 2021. Excluding forex, revenue grew 66% y-o-y, underpinned by fast order growth across both of its regions (US and international) while average order value normalised. Adjusted EBITDA was up slightly y-o-y but the margin deteriorated 570bp to 10.1% due to increased marketing. HelloFresh also raised its top line guidance for FY 2021 but lowered its adjusted EBITDA margin target. Faster-t...

Anis Zgaya ... (+2)
  • Anis Zgaya
  • Philippe Ourpatian
GRE Grenergy Renova... (Utilities)

Grenergy renovables : H1 2021 results in line with our estimates. The ...

>H1 in line with our estimates - Grenergy renovables published this morning its H1 results which came in line with our estimates. Total group sales came in at € 82.5m of which € 32.2m of external sales (+5% y-o-y), in line with our estimates at € 32m. EBITDA came in at € 13.3m, up +40%, vs our estimates at € 12.6m. Net income came in at € 6.8m, up +49%, in line with our estimates at € 6.7m. As expected, the D&C business posted an EBITDA of € 10.1m (almost all in...

GRE GRENERGY RENOVABLES (Utilities)
Carole Braudeau
  • Carole Braudeau

Credit Morning 09/21/2021

The US will allow vaccinated European and UK travellers to enter the countryAtos: S&P degrades the rating from BBB+/cw neg to BBB-/stable, Sopra Steria denies considering an acquisition of AtosAdler responds to questions raised by parliamentarians on merger>...

Fehmi Ben Naamane ... (+3)
  • Fehmi Ben Naamane
  • Emira Sagaama
  • Christophe Chaput
AC ACCOR S.A. (Oil & Gas)
MT ARCELOR MITTAL (Basic Resources) ... (+35)

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/09/2021

With a global share of c.46%, Novem is the undisputed leader within interior trim elements for premium passenger vehicles. Its global scale and comprehensive product portfolio offer OEMs a cost-efficient way to differentiate amid an industry transformation. On the back of efficient capital management and double-digit EBIT margins, Novem has an attractive ROIC profile (last 3y avg. 29%) which we expect to be shielded by high barriers to entry to its oligopolistic market segment. Amid a...

Anis Zgaya ... (+2)
  • Anis Zgaya
  • Philippe Ourpatian
GRE Grenergy Renova... (Utilities)

Grenergy renovables : H1 2021 results in line with our estimates. The ...

>H1 in line with our estimates - Grenergy renovables published this morning its H1 results which came in line with our estimates. Total group sales came in at € 82.5m of which € 32.2m of external sales (+5% y-o-y), in line with our estimates at € 32m. EBITDA came in at € 13.3m, up +40%, vs our estimates at € 12.6m. Net income came in at € 6.8m, up +49%, in line with our estimates at € 6.7m. As expected, the D&C business posted an EBITDA of € 10.1m (almost all in...

GRE GRENERGY RENOVABLES (Utilities)
Andreas Riemann ... (+2)
  • Andreas Riemann
  • Martin Marandon-Carlhian
HFG HELLOFRESH SE (Retail)

HelloFresh : A very appetising case

>Faster growth requires more capacity - HelloFresh reported strong results for Q2 2021. Excluding forex, revenue grew 66% y-o-y, underpinned by fast order growth across both of its regions (US and international) while average order value normalised. Adjusted EBITDA was up slightly y-o-y but the margin deteriorated 570bp to 10.1% due to increased marketing. HelloFresh also raised its top line guidance for FY 2021 but lowered its adjusted EBITDA margin target. Faster-t...

Anis Zgaya ... (+2)
  • Anis Zgaya
  • Philippe Ourpatian
GRE Grenergy Renova... (Utilities)

Grenergy renovables : H1 2021 results in line with our estimates. The ...

>H1 in line with our estimates - Grenergy renovables published this morning its H1 results which came in line with our estimates. Total group sales came in at € 82.5m of which € 32.2m of external sales (+5% y-o-y), in line with our estimates at € 32m. EBITDA came in at € 13.3m, up +40%, vs our estimates at € 12.6m. Net income came in at € 6.8m, up +49%, in line with our estimates at € 6.7m. As expected, the D&C business posted an EBITDA of € 10.1m (almost all in...

GRE GRENERGY RENOVABLES (Utilities)

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