WOOD Daily: PCO PW; AIRA LI; CEZ CP; ALE PW; SHO PW; PL Banks; MBR PW; BDX PW; PCF PW; PGSUS TI; MTELEKOM HB

HEADLINES: • Pepco Group: structurally challenged (downgraded to HOLD) • Air Astana Group: 4Q24 – good, at first glance; dividend surprises positively • CEZ: takeaways from the 4Q24 earnings call NEGATIVE • Allegro: key takeaways from the 4Q24 call POSITIVE • Shoper: takeaways from the post-4Q24 prelims management call NEUTRAL • Polish banks: receive maximum dividend payout ratio letters from the PFSA – no surprises NEUTRAL • Mo-BRUK: unfavourable ruling results in closure of Wałbrzych branch (2% of annual EBITDA) NEGATIVE • Budimex: consortium (including BDX) chosen to build Rail Baltica in E...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/13/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 13/03/2025

ODDO : Les fondamentaux face à l’incertitude

Les déboires récents de quelques sociétés du secteur (déceptions de CagriSema de Novo, de l’anti-TIGIT de Roche ou investigations en Chine pour AZN) accompagnés de questionnements sur la politique US ont engendré un derating conduisant à une valorisation faciale attractive : PE 26e de 13.2x. Les publications annuelles des 6 large cap Pharma européennes ont été extrêmement rassurantes confirmant les attentes CT et LT du marché. Avec un BPA en croissance moyenne entre 2024 et 2028 de c10%, le PEG sectoriel n’est que de 1.3x. Dans ce contexte, nous privilégions Sanofi en top pick, relevons notre ...

ODDO : Fundamentals vs uncertainty

The recent setbacks for some sector companies (disappointments over Novo Nordisk’s Cagrisema and Roche’s anti-TIGIT or the investigations in China for AZN) along with question marks over US policy have generated a derating leading to a nominally attractive valuations: P/E 2026e of 13.2x. The full-year earnings reports of the six European large cap pharma companies were extremely reassuring, confirming short- and long-term market expectations. With average expected EPS growth between 2024 and 2028 of c10%, the sector PEG is just 1.3x. In this context, we favour Sanofi as our top pick and upgrad...

Oddo’s 2 Weeks Ahead_Vendredi 14 Mars 2025