Report
Christophe Chaput

ODDO BHF Small & MIDCAP MORNING NEWS - 10/05/2021

Bonduelle combine un positionnement attractif sur le segment de l’alimentation végétale et un bon niveau de maîtrise des risques ESG matériels qui justifient notre opinion ESG Best-in-class Midcap. Toutefois nous réitérons notre recommandation Neutre sur le titre (OC relevé à 23 €) en raison du manque de visibilité sur l’évolution de la rentabilité. En dépit d’un contexte pandémique plutôt favorable à l’activité retail, le groupe subit des surcoûts qu’il peine à compenser. Néanmoins, ...
Underlyings
Air France-KLM SA

Air France-KLM is a holding company. Through its subsidiaries, Co. is engaged in transporting passengers and cargo, aeronautics maintenance and other air-transport related activities, including catering and charter services. Co. operates in six geographical regions: Metropolitan France; Europe (except France) and North Africa; Caribbean, French Guiana and Indian Ocean; Africa, Middle East; Americas, Polynesia; and Asia and New Caledonia. Co. organizes its business around the following four segments: Passenger, providing passenger transportation services on scheduled flights; Cargo, transporting freight on flights and selling cargo capacity to third parties; Maintenance, and Other activities.

Aperam SA

APERAM is a stainless and specialty steel producer. Co. produces a range of stainless steel products and products including electrical steel (grain oriented, non-grain oriented, and non-grain oriented semi-processed steel), nickel alloys and specialties. Co. sells its products to customers on three continents in over 40 countries, including aerospace, automotive, catering, construction, household appliances and electrical engineering, industrial processes, medical, and oil & gas industries. Co. manages its business according to three operating segments: Stainless and Electrical Steel; Services and Solutions; and Alloys and Specialties.

APPLUS SERVICES S.A.

Applus Services SA is a Spain-based company that provides inspection, testing and quality assurance services. The Company's activities are divided into five segments: Applus+ RTD, which provides non-destructive testing services mainly to the oil industry; Applus+ Velosi-Norcontrol, which offers solutions for technical assistance, supervision, inspection, quality control testing, certification and consulting services mainly to industrial, electrical, oil and telecommunications facilities; Applus+ Laboratories, which focuses on laboratory testing, system certification and product development services within aerospace, industrial and consumer goods sectors, among others; Applus+ Automotive, which is responsible for the vehicle roadworthiness testing services, and Applus+ IDIADA, which delivers design, engineering, testing and certification services mainly to car manufacturers. The Company operates in Europe, Africa, Asia and the Americas.

Mediaset Espana Comunicacion SA

Gestevision Telecinco is a television network company based in Spain. Co. heads a group of dependent companies, which form the Telecinco Group. Through its subsidiaries, Co. is engaged in the management and commercial exploitation of a television network. Co.'s television network acquires, produces, and distributes audiovisual content. Co. also sells the network advertising airtime, carried out by its subsidiary. In addition, Co. is involved in the sale of other advertising products; production of news programs; the production and sale of audiovisual property rights; and teleshopping.

Societe BIC SA

Societe BIC designs, manufactures and distributes the following consumer products: stationery products, lighters, shavers, and other products. Its stationery products include writing instruments such as ball pens, felt pens, mechanical pencils; marking instruments; coloring and drawing instruments; correction instruments and glues. Co.'s stationery products are sold under the BIC® Kids, Tipp-Ex®, Wite-Out®, Sheaffer® and PIMACO® brands. Its other products segment includes promotional products including notebooks, key rings, magnets, and drinkware; Sport sales (surfboards, windsurf boards, kayaks and sailboats); adhesive labels and adhesive raw materials.

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
Christophe Chaput

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