​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

Credit Morning 10/21/2020

Netflix raises its 2020 targets for FCF and operating margin but disappoints on subscriber net adds in Q3Wordline: Results of Worldline's public offer for Ingenico Ericsson reports significantly stronger than forecast Q3 2020 results and reiterates 2020-2022 guidance>...

Pierre Tegner

Danone : T3 à -2.5% en lfl. Beaucoup d’annonces. A prendre avec prudence

>La faiblesse de la valorisation n’est pas une protection - Alléger maintenu avec un OC de 50 €. Le titre affiche des niveaux de valorisation très faibles (PE 21e : 14x et VE/EBITDA21e : 10x), mais le titre peut continuer de subir un derating dans ce contexte d’hyper polarisation des valorisations qui s’amplifie dans le secteur du Food HPC (USA et Europe) depuis janvier 2018. Fondamentalement, le cours actuel valorise les Capitaux Investis au-dessus de la création de ...

Nicolas Thorez

Netgem : Still little sign of recovery in Q3 2020

>Q3 sales at € 6.6m (-11% q-o-q) and net revenues at € 6.4m (+2% vs Q2 2020) - This morning, Netgem reported its Q3 sales and net revenues (excluding hardware) which were below our forecasts. Quarterly sales came in at € 6.6m (vs ODDO BHF € 7.8m) with reported growth of 16% y-o-y, while net revenues doubled to € 6.4m vs Q3 2019. Note that the quarter benefited from the consolidation of Vitis (since the start of 2020) and the integration of Comcable (acquired in July)...

Fehmi Ben Naamane ...
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 10/21/2020

Within ODDO BHF Securities’ universe of coverage, we have attempted to compile an initial inventory of groups at risk on their annual 2020 guidelines. To this end, we focused in particular on those companies most dependent on performances during the last quarter, whether due to marked seasonality or insufficient performance over the first nine months. This exercise has enabled us to highlight the following stocks: Atos, Fnac Darty, Leonardo, Rheinmetall, SEB and Worldline. Note, howe...

Carole Braudeau

Morning Crédit 21/10/2020

Netflix relève sa guidance de FCF et de marge opérationnelle pour 2020 mais déçoit toutefois sur les recrutements d’abonnés au T3Résultats de l’offre publique de Worldline sur Ingenico Ericsson publie des résultats largement supérieurs aux attentes au T3 2020 et réitères ses guidances 2020-2022>...

Pierre Tegner

Danone : T3 à -2.5% en lfl. Beaucoup d’annonces. A prendre avec prudence

>La faiblesse de la valorisation n’est pas une protection - Alléger maintenu avec un OC de 50 €. Le titre affiche des niveaux de valorisation très faibles (PE 21e : 14x et VE/EBITDA21e : 10x), mais le titre peut continuer de subir un derating dans ce contexte d’hyper polarisation des valorisations qui s’amplifie dans le secteur du Food HPC (USA et Europe) depuis janvier 2018. Fondamentalement, le cours actuel valorise les Capitaux Investis au-dessus de la création de ...

Nicolas Thorez

Netgem : Still little sign of recovery in Q3 2020

>Q3 sales at € 6.6m (-11% q-o-q) and net revenues at € 6.4m (+2% vs Q2 2020) - This morning, Netgem reported its Q3 sales and net revenues (excluding hardware) which were below our forecasts. Quarterly sales came in at € 6.6m (vs ODDO BHF € 7.8m) with reported growth of 16% y-o-y, while net revenues doubled to € 6.4m vs Q3 2019. Note that the quarter benefited from the consolidation of Vitis (since the start of 2020) and the integration of Comcable (acquired in July)...

Fehmi Ben Naamane ...
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 10/21/2020

Within ODDO BHF Securities’ universe of coverage, we have attempted to compile an initial inventory of groups at risk on their annual 2020 guidelines. To this end, we focused in particular on those companies most dependent on performances during the last quarter, whether due to marked seasonality or insufficient performance over the first nine months. This exercise has enabled us to highlight the following stocks: Atos, Fnac Darty, Leonardo, Rheinmetall, SEB and Worldline. Note, howe...

Martial Descoutures ...
  • Oussema Denguir

Valneva : A new phase II in Lyme disease which confirms our opinion

>Another positive phase II result in Lyme disease - Valneva launched second phase II testing on its candidate vaccine for Lyme disease after the first positive results from VLA15-201. This second confirmatory study evaluated the new vaccination regimen, which is longer at 0, 2 and 6 months with an identical dose as the first study at 135 µg and 180 µg. The results were positive once again. Whether in terms of efficacy or safety, the candidate vaccine met the new ...

Jerôme Bodin ...
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/21/2020

Within ODDO BHF Securities’ universe of coverage, we have attempted to compile an initial inventory of groups at risk on their annual 2020 guidelines. To this end, we focused in particular on those companies most dependent on performances during the last quarter, whether due to marked seasonality or insufficient performance over the first nine months. This exercise has enabled us to highlight the following stocks: Atos, Fnac Darty, Leonardo, Rheinmetall, SEB and Worldline. Note, howe...

Tony Lebon

Oddo convertible news 21/10/2020

Results of Worldline's public offer for Ingenico>...

Laure Nottet

Schenck Process : A credit profile barely impacted by the crisis

Schenck Process' 2023 bonds have been strongly impacted by the worsening economic environment due to the coronavirus crisis. Finally, the deterioration of Schenck Process' operational performance remained moderate and credit metrics were relatively resilient in H1 2020, leading to a recovery in bond prices. Despite the acquisition of Baker Perkins, the bonds still offer an attractive yield in view of the improved results we expect in 2021. - - - - - - - - - - > - §...

Laure Nottet

Schenck Process : Un profil de crédit finalement peu affecté par la crise

Les obligations 2023 de Schenck Process ont été fortement impactées par la dégradation de l’environnement économique liée à la crise du coronavirus. Finalement, la détérioration de la performance opérationnelle de Schenck Process est restée modérée et les métriques de crédit ont été relativement résilients au S1 2020, entrainant un redressement du prix des obligations. Malgré l’acquisition de Baker Perkins, celles-ci offrent toujours un rendement attractif au regard de l’améliora...

Tony Lebon

Oddo convertible news 20/10/2020

Unibail-Rodamco-Westfield: comments on the group’s counter-attackFugro has announced a refinancing planDufry will raise CHF 820m in gross proceeds from its capital increase (vs. CHF 700m expected)>...

Tony Lebon

Amadeus IT Holding SA : Initiation of Amadeus’ coverage on the credit side

>Initiation of Amadeus’ coverage on the credit side - We are initiating Amadeus’ coverage on the credit side with a Negative credit opinion with regards to the expected increase in leverage on the back of the Covid-19 crisis. We reckon though that the group has a fairly resilient business model historically-speaking and reacted in an efficient manner to the pandemic with a savings plan and several financing measures leading to a solid liquidity position as of to...

Carole Braudeau

Credit Morning 10/21/2020

Netflix raises its 2020 targets for FCF and operating margin but disappoints on subscriber net adds in Q3Wordline: Results of Worldline's public offer for Ingenico Ericsson reports significantly stronger than forecast Q3 2020 results and reiterates 2020-2022 guidance>...

Carole Braudeau

Morning Crédit 21/10/2020

Netflix relève sa guidance de FCF et de marge opérationnelle pour 2020 mais déçoit toutefois sur les recrutements d’abonnés au T3Résultats de l’offre publique de Worldline sur Ingenico Ericsson publie des résultats largement supérieurs aux attentes au T3 2020 et réitères ses guidances 2020-2022>...

Carole Braudeau

Credit Morning 10/20/2020

Schenk: Acquisition in the food sectorGetlink Reassuring management stance and new green bond issue>...

Carole Braudeau

Morning Crédit 20/10/2020

Getlink : Discours rassurant du management sur les prochains mois et nouvelle émission obligataireSchenk : Acquisition dans le secteur alimentaire>...

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