​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 08/11/2020

Hertz : $0.8bn net loss at Q2 20 SoftBank Group: positive pretax profit in Q1 2020-21, the share buyback programme is almost complete>...

Jerôme Bodin

Lagardere : Vivendi-Amber Capital agreement on representation on the supervisory board

>Lagardère’s two main shareholders join together but do not act in concert - Vivendi and Amber Capital have announced the signature of an agreement aimed specifically at representation on the supervisory board. The next step will therefore be to request the convening of an AGM before 2021 and therefore to try to change the CEO. This pact illustrates a less friendly approach by Vivendi with Lagardère's management. If they succeed, the two shareholders will have a more...

Fehmi Ben Naamane ...
  • Johanna Jourdain

Intercontinental Hotels : H1 2020 results undershoot our expectations but reassuring comments on cash position and very early signs of improvement in the business

>H1 2020 results below our estimates, RevPAR low point at -75% in Q2 - IHG has reported H1 2020 revenues of $ 488m (-52% reported), 15% below our estimate of $ 574m. The decline in RevPAR was -51.7% (ODDO BHF -52%e), which suggests a low point at -74.7% reached in Q2 (ODDO BHF -75%e), in line with figures of its pre-close trading update released end-June (H1 RevPAR at -52% o/w -75% in Q2) and after -25% in Q1. Underlying EBIT totalled $ 74m, 6% below our forecast of...

Fehmi Ben Naamane ...
  • Johanna Jourdain

Intercontinental Hotels : H1 2020 results undershoot our expectations but reassuring comments on cash position and very early signs of improvement in the business

>H1 2020 results below our estimates, RevPAR low point at -75% in Q2 - IHG has reported H1 2020 revenues of $ 488m (-52% reported), 15% below our estimate of $ 574m. The decline in RevPAR was -51.7% (ODDO BHF -52%e), which suggests a low point at -74.7% reached in Q2 (ODDO BHF -75%e), in line with figures of its pre-close trading update released end-June (H1 RevPAR at -52% o/w -75% in Q2) and after -25% in Q1. Underlying EBIT totalled $ 74m, 6% below our forecast of...

Carole Braudeau

Morning Crédit 11/08/2020

Hertz : Perte nette de 0.8 md USD au T2 20 SoftBank Group: résultat avant impôts positif au T1 2020-21, le programme de rachat d’actions est quasiment finalisé>...

Jerôme Bodin

Lagardere : Vivendi-Amber Capital agreement on representation on the supervisory board

>Lagardère’s two main shareholders join together but do not act in concert - Vivendi and Amber Capital have announced the signature of an agreement aimed specifically at representation on the supervisory board. The next step will therefore be to request the convening of an AGM before 2021 and therefore to try to change the CEO. This pact illustrates a less friendly approach by Vivendi with Lagardère's management. If they succeed, the two shareholders will have a more...

Fehmi Ben Naamane ...
  • Johanna Jourdain

Intercontinental Hotels : H1 2020 results undershoot our expectations but reassuring comments on cash position and very early signs of improvement in the business

>H1 2020 results below our estimates, RevPAR low point at -75% in Q2 - IHG has reported H1 2020 revenues of $ 488m (-52% reported), 15% below our estimate of $ 574m. The decline in RevPAR was -51.7% (ODDO BHF -52%e), which suggests a low point at -74.7% reached in Q2 (ODDO BHF -75%e), in line with figures of its pre-close trading update released end-June (H1 RevPAR at -52% o/w -75% in Q2) and after -25% in Q1. Underlying EBIT totalled $ 74m, 6% below our forecast of...

Fehmi Ben Naamane ...
  • Johanna Jourdain

Intercontinental Hotels : H1 2020 results undershoot our expectations but reassuring comments on cash position and very early signs of improvement in the business

>H1 2020 results below our estimates, RevPAR low point at -75% in Q2 - IHG has reported H1 2020 revenues of $ 488m (-52% reported), 15% below our estimate of $ 574m. The decline in RevPAR was -51.7% (ODDO BHF -52%e), which suggests a low point at -74.7% reached in Q2 (ODDO BHF -75%e), in line with figures of its pre-close trading update released end-June (H1 RevPAR at -52% o/w -75% in Q2) and after -25% in Q1. Underlying EBIT totalled $ 74m, 6% below our forecast of...

Jerôme Bodin

Lagardère : Accord Vivendi et Amber Capital pour obtenir une représentation au conseil

>Les deux principaux actionnaires du groupe s’associent mais n’agissent pas de concert - Vivendi et Amber Capital ont annoncé la signature d’un pacte visant tout particulièrement une représentation au conseil de surveillance. La prochaine étape sera donc de demander la convocation d’un AG avant 2021 et donc de tenter de changer le CEO. Ce pacte illustre une approche moins amicale de Vivendi avec le management de Lagardère. S’ils parviennent à leurs fins, les deux acti...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Uniper : Slowdown in the pace of growth in line with expectations

>Guidance narrowed upward with no surprise - Uniper released figures in line with expectation this morning. H1 2020 adjusted EBITDA came in at € 1,012m (+54%) vs € 1,050m expected (€ 1,030m consensus), while adjusted EBIT was up 124% to € 691m vs € 685m expected (€ 699m consensus). Net income stood at € 527m (+178%) but in line with expectations (€ 535m ODDO BHF / Consensus). Economic net debt rose by € 646m to € 3.3bn after the dividend payment in Q2 2020 and slightl...

Laure Nottet

Saipem : Enhanced liquidity despite mixed results

Saipem returned to the bond market at the beginning of July 2020 to issue a € 500m bond under its EMTN programme. With a coupon of 3.375%, the bond matures in 2026. Thanks to this issue, Saipem strengthened its liquidity, which was weakened by the deterioration of its results in H1 2020. - - - - - - - - - - > - - - ...

Laure Nottet

Saipem : Une liquidité renforcée malgré des résultats mitigés

Saipem est revenu sur le marché obligataire début juillet 2020 pour émettre une souche de 500 m EUR dans le cadre de son programme EMTN. Assortie d’un coupon de 3.375%, elle arrive à échéance en 2026. Grâce à cette opération, Saipem a renforcé sa liquidité qui a été fragilisée par la dégradation des résultats au S1 2020. - - - - - - - - - - > - - - ...

Anne-Barbara Nicco

Fnac Darty : We are raising our recommendation in light of the reassuring H1

Fnac Darty has reported reassuring H1 2020 results at all levels, even if the mid-June trading update had strengthened visibility on the strong post-lockdown sales recovery. As the financial situation was tightly controlled during this critical period, and although H2 remains uncertain at the macroeconomic level, the trajectory of credit metrics in 2020 should be less unfavourable than expected a few weeks ago. We also expect S&P to confirm the BB rating (currently on watch negat...

Anne-Barbara Nicco

Fnac Darty : Nous relevons notre recommandation après un S1 très rassurant

Fnac Darty a publié des résultats S1 rassurants à tous les niveaux, même si l’update d’activité de juin avait renforcé la visibilité sur la solide reprise des ventes post confinement. La situation financière aura été bien maîtrisée au cours de cette période critique et, de ce fait, bien que le S2 reste incertain sur le plan macroéconomique, l’évolution des indicateurs de risque en 2020 devrait in fine être moins défavorable qu’anticipé il y a quelques semaines. Nous attendons d’a...

Laure Nottet

INEOS Group Holdings : A deleveraging promise that needs to be kept

The coronavirus crisis has taken a heavy toll on INEOS Group Holdings' H1 2020 operating results (sales -22%, EBITDA -39%). That said, FCF generation has helped IGH to maintain ample liquidity and steady net debt, and to limit leverage growth. The recovery in volumes since the end of the first half has prompted management to be confident that its earnings will improve by the end of 2020 and rebound in 2021. Even so, visibility remains limited in certain markets and this scenario ...

Carole Braudeau

Credit Morning 08/11/2020

Hertz : $0.8bn net loss at Q2 20 SoftBank Group: positive pretax profit in Q1 2020-21, the share buyback programme is almost complete>...

Carole Braudeau

Morning Crédit 11/08/2020

Hertz : Perte nette de 0.8 md USD au T2 20 SoftBank Group: résultat avant impôts positif au T1 2020-21, le programme de rachat d’actions est quasiment finalisé>...

Carole Braudeau

Credit Morning 08/10/2020

Tele Colombus: Replacement of the current EUR 50m RCF Bombardier: Alstom could renegotiate the acquisition of BT after it released poor Q2 2020 results>...

Carole Braudeau

Morning Crédit 10/08/2020

Alstom pourrait renégocier le rachat de BT suite à la mauvaise publication du T2 20Tele Columbus remplace son RCF par deux lignes bancaires à échéance 2022. >...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/08/2020

...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch