Report
Delphine Brault ...
  • Jean-Baptiste Rouphael
  • Marc Lavaud

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/20/2021

Management has recently outlined i/ the drivers set to maintain growth at a high and sustainable level, namely Asia and new therapies, ii/ the thrusts of its ESG strategy. In addition, the group completed a new acquisition and raised further its guidance: SSB continues to surprise and deliver. After a recent upgrade to our estimates, we are maintaining our Outperform rating on the stock and raising our target price to € 505. - ...
Underlyings
Allianz SE

Allianz is engaged in the provision of a range of insurance and asset management products and services. Co. has three business segments: Property-Casualty, which provides insurance products to both private and corporate customers, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit and travel insurance; Life/Health, which provides life and health insurance products including annuities, endowment and term insurance, unit-linked and investment-oriented products and private health and supplemental health and long-term care insurance; and Asset Management, which provides institutional and retail asset management products and services.

Anglo American plc

Anglo American is a global mining company with a portfolio of mining operations and undeveloped resources. Co. is focused on diamonds, copper, platinum group metals (PGMs), and bulk commodities and other minerals. Co.'s segments include: De Beers, which produces rough and polished diamonds; Copper, which produces copper; Platinum, which produces PGMs; Iron Ore and Manganese, which produces iron ore, manganese ore and alloys; Coal, which produces metallurgical coal and thermal coal; and Nickel, which produces nickel.

Anheuser-Busch InBev SA/NV

Anheuser-Busch Inbev is engaged in the brewing of beer. Co. manages a portfolio of well over 200 brands that includes brands such as Budweiser, Stella Artois and Beck's; multi-country brands such as Leffe and Hoegaarden; and other brands such as Bud Light, Skol, Brahma, Quilmes, Michelob, Harbin, Sedrin, Klinskoye, Sibirskaya Korona, Chernigivske and Jupiler. Co. also produces and distributes soft drinks, particularly in Latin America. Co.'s operations are organized along seven business segments: North America, Mexico, Latin America North, Latin America South, Europe, Asia Pacific and Global Export & Holding Companies.

ASSA ABLOY AB Class B

ASSA ABLOY provides a range of door opening solutions. Co. is organized into five divisions. Europe, Middle East and Africa division, Americas (North and South America) division and Asia Pacific (Asia, Australia and New Zealand) division manufacture and sell mechanical and electromechanical locks, security doors and hardware in their respective geographical markets. Global Technologies division operates worldwide in the product areas of access control systems, secure card issuance, identification technology and hotel locks. Entrance Systems division is a global supplier of entrance automation products and service.

BHP Group Plc

BHP Billiton is a resources company. Co. extracts and processes minerals, oil and gas, primarily in Australia and the Americas. Co. operates four reportable segments: Petroleum, which is engaged in the exploration, development and production of oil and gas; Copper, which is engaged in the mining of copper, silver, lead, zinc, molybdenum, uranium and gold; Iron Ore, which is engaged in the mining of iron ore; and Coal, which is engaged in the mining of metallurgical coal and energy coal. Co.'s Petroleum unit comprises conventional and unconventional oil and gas assets, and includes exploration, development and production activities.

EasyJet plc

EasyJet and its subsidiaries are a low-cost airline carrier operating principally in Europe. Co. operates in the European short-haul aviation market. As of Sept 30 2017, Co. operated 862 routes. Co.'s total fleet as at Sept 30 2017, comprised 279 aircraft, split between 156-seat Airbus A319s, 180-seat A320s, 186-seat A320s and 186-seat A320neos. Co.'s main markets are the U.K., France, Italy, Switzerland, Germany, Netherlands, Portugal and Spain.

Getlink SE

Getlink SE, formerly known as Groupe Eurotunnel SE, is a France-based company, which brings together a group of companies active in the fields of infrastructure management and transport operations. Its various entities share the attention to quality and customer service, with priority given to safety. The Company manages and operates the Channel Tunnel between the United Kingdom and France and its railway infrastructure. The Company is also engaged in the passenger and freight transport between continental Europe and the United Kingdom. In addition, it provides ferry transport through the Channel. Getlink SE has direct and indirect stakes in a number of companies, including The Channel Tunnel Group Limited, France Manche SA and Europorte SAS, among others.

Ordina N.V.

Ordina offers Consulting, IT and Application Outsourcing services. Co. is organized in the IT Services and Business Process Outsourcing segments. The IT Services segment performs activities relating to business consulting, system development and integration, and application management and maintenance. Within the Business Process Outsourcing segment, Co. assumes full responsibility for backoffices (i.e. business processes and IT) of clients operating in the banking and insurance sectors. It was decided, in the second half of 2008, not to continue the BPO activities under Co.'s umbrella on a permanent basis.

Remy Cointreau SA

Remy Cointreau is an operator in the global wines and spirits market. Co. produces, markets and distributes Cognac, Liquors and Spirits and other non-group brand alcoholic beverages. Co.'s primary cognac brand is Remy Martin, produced from Petite Champagne and Grande Champagne eaux-de-vie. Co.'s principal liquor and spirits include the following brands: Cointreau, Passoa, Metaxa, St Remy, and Mount Gay. Co. also operates a distribution network that handles products from partners and third-party companies. Major non-group products distributed by Co. include Scotch Whiskies (Edrington brand), Champagne (Piper-Heidsieck and Charles Heidsieck brands) and Vodka.

Scor SE

SCOR is a holding company. Through its subsidiaries, Co. is engaged mainly in reinsurance. Its customers are insurers and large corporations. Co. is engaged in life reinsurance through SCOR Global Life SE and non-life reinsurance through SCOR Global P&C SE. In the life reinsurance business, Co. offers reinsurance for individual and group life insurance, long-term care, substandard risks, critical illness and financing products. The non-life reinsurance business comprises traditional reinsurance business; Treaty, Business Solutions, and Specialty Lines. In addition, Co. through SCOR Global Investments SE, manages, directly or indirectly its global investment portfolio.

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.

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
Delphine Brault

Jean-Baptiste Rouphael

Marc Lavaud

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