Report
Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/16/2021

Last week we showed that applying to the 19 Stoxx sectors our Present Value of Growth Opportunities model, which establishes a linear relationship between the weight of PVGO and the 2-year forward annualised performance, highlighted: automotive and auto suppliers, banks, real estate (shopping centres / offices) and oil. The ‘value’ cyclical colouring is obvious but not atypical if we accept that the cycle remains robust. But do these conclusions hold up if we take into consideration j...
Underlyings
Accell Group N.V.

Accell Group NV is a holding company active in the bicycle market, based in the Netherlands. The Company and its subsidiaries divides its business into two segments: bicycle & bicycle parts, active in the design, development, production, marketing and sales of bicycles, bicycle parts and accessories; and fitness, providing fitness equipment for home market. It offers bicycles under the Batavus, Carraro, Ghost, Haibike, Koga, Lapierre, Loekie, Nishiki, Sparta, Staiger, Torker Bicycles, Tunturi, Van Nicholas, Winora, XLC and Raleigh brands, which are sold via specialist bicycle retailers, as well as bicycle parts under the Juncker and E. Wiener Bike Parts brands, and fitness equipment under the Tunturi brand. The Company's main markets are the Netherlands, Germany, North America, and European countries. The Company has production facilities in the Netherlands, Germany, France, Hungary, Turkey and China. It operates through over 20 wholly owned subsidiaries.

Almirall SA

Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.

Banco Bilbao Vizcaya Argentaria S.A.

Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.

Banco Santander S.A.

Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.

Bollore SA

Bollore is a holding company. Through its subsidiaries, Co. conducts business in international logistics, transportation and logistics in Africa (port management, stevedoring, logistics), fuel distribution, batteries and supercapacitors, electric vehicles, plastic films for capacitors and packaging, dedicated terminals and systems, plantations, communicationa and the media (television and free press, advertising and market research) and the management of portfolio shareholdings. Co.'s activities can be divided into four segments: Transportation and logistics, Industry, Fuel distribution, and Other activities.

Danone SA

Danone is engaged in activities in the global food and beverages industry. Co. operates in four markets: Fresh Dairy Products (Co. produces and sells yogurts, fermented dairy products and other fresh dairy products); Waters (Co. produces and sells natural waters as well as flavored and vitamin-enriched waters products); Early Life Nutrition (Co. produces baby formula, milk-and fruit-based desserts, cereals, small pots of baby food and ready-made baby food); and Medical Nutrition (Co. develops adult and pediatric clinical nutrition products to be taken orally, or through a catheter in the event of malnutrition related to illness or other causes).

Fresenius SE & Co. KGaA

Fresenius is a health care group providing products and services for dialysis, hospitals and outpatient medical care. Co. operates four business segments: Fresenius Medical Care; Fresenius Kabi; Fresenius Helios; and Fresenius Vamed. Fresenius Medical Care provides dialysis care and dialysis products for patients with chronic kidney failure. Fresenius Kabi is engaged in the provision of generic drugs, infusion therapies, clinical nutrition products, related medical devices and transfusion technology. Fresenius Vamed manages projects and provides services for hospitals and other health care facilities. Fresenius Helios is a private hospital operator which only operates in Germany.

Hoffmann Green Cement Technologies SA

Hoffmann Green Cement Technologies SAS. Hoffmann Green Cement Technologies SAS is a France-based company, which manufactures cements. The Company mainly manufactures decarbonated cements for construction. Hoffmann Green Cement Technologies SAS is involved in the energy and ecological transition by manufacturing low carbon eco-materials.

Lagardere SCA

Lagardere Groupe is a holding company. Through its subsidiaries, Co. is engaged in the media industry (news, education, culture and entertainment businesses). Co.'s main activities in the media industry can be divided into four separate divisions. Lagardere Publishing includes Co.'s Book Publishing and e-Publishing businesses. Lagardere Active encompasses Co.'s Magazine Publishing, Audiovisual (Radio, Television, Audiovisual Production), Digital and Advertising Sales Brokerage businesses. Lagardere Services encompasses the Travel Retail and Distribution businesses. Lagardere Unlimited specializes in sports and entertainment.

QIAGEN NV

Qiagen is provider of Sample to Insight solutions to transform biological materials into valuable molecular insights. Co.'s sample technologies process DNA, RNA and proteins from blood, tissue and other materials. Assay technologies make these biomolecules visible and ready for analysis. Bioinformatics software interprets data. Automation solutions unite these together in molecular testing workflows. Co. provides these workflows to four classes: Molecular Diagnostics (human healthcare), Applied Testing (forensics, veterinary testing and food safety), Pharma (pharmaceutical and biotechnology companies) and Academia (life sciences research). Co. markets its products in more than 130 countries.

SBM Offshore NV

SBM Offshore is a holding company. Co. provides floating production solutions to the offshore energy industry, over the full product life-cycle. Co.'s main activities are the design, supply, installation, operation and life extension of floating production, storage and offloading (FPSO) vessels. Other products include semi-submersibles, tension-leg platforms, floating production storage and offloading liquefied natural gas, turret mooring systems, brownfield and offshore (off) loading terminals. As of Dec 31 2015, Co.'s fleet consisted of 10 FPSOs, two floating storage and offloadings, one mobile offshore production unit, one semisubmersible in operation worldwide.

Suedzucker AG

Suedzucker is the parent company of Suedzucker Group, which operates in four segments: sugar, which comprises sugar production in Bosnia, Austria, Romania, Slovakia, Czech Republic and Hungary, as well as Moldova; special products, which, among others, produces and sells ingredients made from natural raw materials for food products and animal feed, and its bioethanol businesses; CropEnergies, which includes the bioethanol activities of Co.'s Sudzucker group with production sites in Germany, Belgium, France and the U.K. as well as trading activities in Brazil, Chile and the U.S; and fruit, which serves food companies from the dairy, baked goods, ice cream and non-alcoholic beverage industry.

Thales SA

Thales is an electronics and systems group, serving defense, aeronautics, transport, space and security markets. Co.'s operations can be divided into four operating segments: Aerospace (Avionics, Space), Transportation (Ground Transport Systems), Defence & Security (Secure Communications & Information Systems Land and Air Systems, Defence Mission Systems), and DCNS. Co. designs and delivers systems for all four environments: air, land, sea and space. These systems detect and assess threats, manage information, support command decisions and control engagements through to threat neutralization. Co. is active in ground transportation; air transport; navigation systems.

VINCI SA

Vinci is engaged in building, civil engineering and facilities management. Through its subsidiaries, Co. is engaged in five divisions comprising of: the Building division which provides retail solutions including construction and fit-out in both the retail and commercial sectors; the Civil Engineering division; the Air division which provides program management, engineering and construction services to customers with airport infrastructure requirements; the Technology division; and the VINCI Facilities division which provides facilities management, repair and maintenance and small works in both the private and public sectors.

Vivendi SE

Vivendi is an audiovisual group active in the entertainment industry with activities in music, TV, cinema, mobile, fixed and internet, and games. Co.'s operations are divided into five businesses: Canal+ Group which produces and distributes pay-TV in France, analog or digital, and is involved in film making; Universal Music Group which sells recorded music (physical and digital media); GVT which serves as a telecommunication operator for fixed ultra high-speed broadband, fixed-line telecommunications and Pay-TV in Brazil; SFR which is engaged in mobile phone services in France, as well as fixed and ADSL services; and Other Activities which involves ticketing, Wengo and Watchever.

Wacker Chemie AG

Wacker Chemie is active in chemical products. Co. operates in five divisions: Wacker Silicones, which provides products ranging from silicone fluids and emulsions, resins, elastomers and sealants, to silanes and pyrogenic silica grades; Wacker Polymers, which manufactures binders and polymeric additives (such as dispersible polymer powders and dispersions); Wacker Biosolutions, which supplies customized biotech and catalog products for the fine-chemical sector; Wacker Polysilicon, which produces hyperpure polysilicon for the semiconductor, electronics and above all, solar sectors; and Siltronic, which supplies semiconductor manufacturers with silicon wafers.

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
Jerôme Bodin

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