Report
Carole Braudeau

Morning Crédit 21/08/2023

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Underlyings
ADLER Real Estate AG

ADLER Real Estate provides commercial and residential project development services in the form of improvement, planning, development and construction, as well as asset management services and property management services. Adler is also engaged in the acquisition, sale, renting and financing of real estate. Co. also provides international and national joint venture activities and acts as co-investor in the acquisition of real estate portfolios.

Aeroports de Paris SA

Aeroports de Paris is the airport authority that owns and manages the fourteen civil airports and airfields in the Ile-de-France (Paris) area. Co. owns and operates the three main airports of the Ile de France region (Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget), 10 general aviation airfields and the Issy-les-Moulineaux heliport. In the three main airports, Co. provides facilities to accommodate passengers, airlines and cargo and postal services, and offers a range of services. Co.'s activities are divided into five business segments: Aviation, Retail and Services, Real Estate, Airport Investments and Other Activities.

ArcelorMittal SA

ArcelorMittal is a steel company, based in Luxembourg, with operations in more than 60 countries. Co. is active in all major global steel markets, including automotive, construction, household appliances and packaging, as well as activities in Research & Development and technology, with captive supplies of raw materials and its own distribution network. Co. has an industrial presence in over 20 countries spanning four continents, covering key steel markets, from emerging to mature. Co. offers a complete spectrum of steel products from commodity steel to value-added products, from long products to flat, from standard to specialty products, from carbon steel to stainless steel and alloys.

Aroundtown SA

Aroundtown Property Holdings Plc (Co.) is a specialist real estate investment group, focusing in the German real estate markets. Co. covers the main real estate segments which benefit from strong fundamentals and growth prospects: residential (through its holding in Grand City Properties S.A.), commercial and hotel properties. The Co.'s vision is buying, redeveloping, turning around and optimizing real estate properties in Germany.

Assicurazioni Generali S.p.A.

Assicurazioni Generali is the parent company for The Generali Group (the Group), an insurance and financial services provider. The commercial offer is composed of savings and pure risks policies, which constitute the majority of the portfolio, which includes protection and pension funds. In the non-life sector the Group is focused primarily on the retail market. In addition, through the Europ Assistance Group, Co. is engaged in services in motor, travel, health, home and family. The Group has also expanded its business from insurance to a range of asset management, property and financial services.

Atos SE

Atos is an international information technology services company operating in 52 countries. Co.'s customers are sectors like Public Sector and Utilities, Telecoms and Media, Financial Services, Process Industries and Discrete Manufacturing and Consumer Products and Retail. Co. operates in seven geographical segments: Germany; France; Benelux and The Nordics; U.K. and Ireland; Atos Worldline; Central & Eastern Europe; North America; Iberia; and Other Countries. Co. delivers IT services through the following five segments: Managed Services, Systems Integration, Consulting, Worldline: ePayment Services, and Cloud & Enterprise Software.

Bilfinger SE

Bilfinger SE is a holding company. Through its subsidiaries, Co. develops, builds, maintains and operates facilities and structures for infrastructure, real estate, industry and the energy sector. Co.'s business segments include: Industrial, which is comprised of Industrial Maintenance; Insulation, Scaffolding and Painting; Oil and Gas; Industrial Fabrication and Installation; Engineering, Automation and Control; and Support Services; Power, which is comprised of Power Systems, and Piping Systems; Building and Facility, which is comprised of Building, Facility Services, Real Estate, and Water Technologies; and Construction, which is comprised of Construction, and Infrastructure.

Coface SA

Coface is a holding company that performs its activities through its primary operating subsidiary, Compagnie franASSaise d'assurance pour le commerce extA(c)rieur and its subsidiaries. Through its subsidiaries, Co. is a provider of credit insurance to businesses with solutions to protect them against the rist of client insolvency on both domestic and export markets.

Grand City Properties SA

Grand City Properties is a specialist real estate company based in Luxembourg. Co. is focused on investing in and managing turnaround opportunities in the German real estate property market. Co. is active in all relevant asset and property management activities along the real estate value chain from buying to redeveloping, managing and selling real estate properties. Co. also maintains a centralized 24/7 Service Center to coordinate and assure tenant satisfaction. Co.'s portfolio is located mainly in Berlin, North Rhine Westphalia, Dresden, Leipzig, Halle, Nuremberg, Munich, Mannheim, Frankfurt, Bremen and Hamburg.

K+S AG

K+S is engaged in the chemical sector. Co. has three business segments. The Potash and Magnesium Products segment combines the production and marketing of potash fertilizers and fertilizer specialities as well as potash and magnesium compounds for technical, industrial and pharmaceutical applications. The Salt segment encompasses the production and marketing of food grade salt, industrial salt and salt for chemical use, de-icing salt and sodium chloride brine. The Complementary Activities segment bundles together recycling activities and waste disposal or reutilisation in potash and rock salt mines as well as catsan® granulation.

SPIE SA

Spie is a provider of electrical engineering and IT services and an infrastructure and building contractor. Co. helps to design, finance, manage and implement an array of projects ranging from high-speed TGV and conventional rail lines to metros and light rail systems. In addition, Co. offers telecom and information network services. Through the Commercial Segment, Co. is engaged in construction and renovation projects. Co. also offers wired building services as well as multi-disciplinary industrial maintenance and facilities management solutions.

TAG Immobilien AG

TAG Immobilien is engaged in the acquisition, development and management of residential real estate as well as property sales. Co. operates within two segments: residential and commercial. Co.'s residential property portfolio is concentrated in the regions of Thuringia / Saxony, the greater metropolitan areas of Berlin and Hamburg, and the Salzgitter and North Rhine-Westphalia regions while its commercial portfolio is situated in locations such as Hamburg, Berlin and Munich. As of Dec 31 2013, Co.'s portfolio consisted of 70,587 units and comprised of 4,582,344 sq. m. of floor area.

Telecom Italia S.p.A.

Telecom Italia is a telecommunications group based in Italy. Co. is engaged in the communications sector and, particularly, the fixed and mobile national and international telecommunications sector, the television sector and the office products sector. Co. operates mainly in Europe, South America and the Mediterranean Basin. Co.'s operations are organized along two operating segments: Domestic - Italy (providing telephone and data services on fixed-line and mobile networks for final customers (retail) and other operators (wholesale)); and Brazil (operates in the mobile phone, fixed telephony, in long-distance and data transmission markets in Brazil).

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
Carole Braudeau

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