Report
Wim Gille

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/26/2021

The sector was hit by very significant COVID claims costs in 2020. We see a sharp drop in these costs this year, although reinsurers are still exposed (through life reinsurance in particular). But the crisis has accelerated price increases in P&C commercial lines and in reinsurance, which will be reflected in an improvement in profitability for these segments in 2021-2022. See the report published this morning. - ...
Underlyings
AMG Advanced Metallurgical Group N.V.

AMG Advanced Metaurgical Group NV is a holding company. Through its subsidiaries Co. creates and applies metallurgical solutions to the global trend of sustainable development of natural resources and CO2 reduction. Co. operates in three business segments: the Advanced Materials segment is engaged in the production of specialty metals and alloys; the Engineering Systems segement consists of proprietary technologies for the design and engineering of vacuum furnaces and related equipment used in the production and treatment of metals and alloys; and the Graphit Kropfmuhl's segment extracts, processes and refines natural crystalline graphite

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.

Autoliv Inc. SDR

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.

Beter Bed Holding N.V.

Beter Bed Holdings is a holding company. Through its subsidiaries, Co. operates in the European bedroom furnishings market and offers mattresses, box springs, bed bases, bedroom furniture, bed textiles and other related items. Co.'s activities include retail trade through 1,159 stores that operate via the chains Beter Bed (active in the Netherlands), Matratzen Concord (active in Germany, the Netherlands, Austria, Switzerland, Belgium and Poland), El Gigante del Colchon (active in Spain), BeddenREUS, Dormaeel and Slaapgenoten (all three active in the Netherlands) and MAV (active in Germany). Co. is also active in developing and selling branded products in the bedroom furnishings sector.

CONTINENTAL AKTIENGESELLSCHAFT

Continental is an automotive industry supplier. Co.'s automotive divisions comprised of: Chassis & Safety, which develops and produces systems that provide safety and enhanced vehicle dynamics; Powertrain, which develops solutions for gasoline and diesel engines, as well as hybrid and electrical drive systems; and Interior, which provides solutions for information management within vehicles and networking between vehicles. Co.'s rubber divisions comprised of: Tires, which provides tires for passenger cars through trucks, buses and construction site vehicles to special vehicles, motorcycles and bicycles; and ContiTech, which develops products made from rubber and plastic.

Deutsche Wohnen SE

Deutsche Wohnen is a holding company. Co.'s business focus is on residential and nursing properties in conurbations and metropolitan areas of Germany. Co. conducts its operations through three segments: asset/property management, disposal and nursing. Co.'s asset/property management segment includes all activities relating to the management and administration of residential property, the management of rental contracts and tenant support. Co.'s disposal segment comprises the disposal of residential units and portfolios managed by its Deutsche Wohnen Corporate Real Estate GmbH subsidiary. Co.'s nursing segment manages and markets retirement and nursing homes for senior citizens.

EssilorLuxottica SA

Essilor International (Compagnie Generale d'Optique) designs, manufactures and sells ophthalmic lenses, ophthalmic optical instruments and equipment. Co.'s activities are divided into three segments: Lenses and Optical Instruments (Co. designs, manufactures and customizes corrective lenses such as: Varilux (progressive lenses); anti-reflective, smudge-proof and anti-static lenses (Crizal); Nikon lenses, Transitions variable-tint lenses and Kodak lenses under agreements; polarized lenses (Xperio) and fog-proof lenses (Optifog)), Equipment (Co. produces, distributes and sells equipment and consumables used by prescription laboratories) and Readers (Co. designs and sells reading glasses).

Eurocommercial Properties NV

Eurocommercial Properties NV is a closed end property investment company based in the Netherlands. The Company invests, owns and manages retail real estate properties, primarily shopping centers, but also warehouses and office space. Its activities are focused on France, Sweden and Northern Italy, with property portfolio comprising more than 30 shopping centers. Eurocommercial Properties NV operates through a number of subsidiaries, such as Aktiebolaget Laholm Mellby 2:129, Aktiebolaget Norrkoping Silvret 1, Aktiebolaget Skovde K-mannen 2, Bergvik Kopet 3 Kommanditbolag, Betulla Srl, ECP Hogsbo AB, ECP Karlskrona AB, ECP Moraberg Holding AB, Eurocommercial Management Italia Srl, Eurocommercial Properties Ltd, Holgura BV and SAR Degeln AB, among others.

Koninklijke Philips N.V.

Koninklijke Philips Electronics is active in the markets of healthcare, consumer lifestyle and lighting. Co.'s activities can be divided into three segments: Healthcare (Co. provides Imaging Systems, Patient Care and Clinical Informatics, Home Healthcare Solutions and Customer Services), Consumer Lifestyle (Co.'s products are divided into the following: Health and Wellness; Domestic Appliances; and Lifestyle Entertainment), Lighting (Co. provides lighting solutions for homes, shops, offices, schools, hotels, factories and hospitals; Co. also offers solutions for roads (street lighting and car lights) and for public spaces, residential areas and sports arenas).

SAF-HOLLAND SE

Tessenderlo Group N.V.

Tessenderlo Group is engaged in providing solutions for food, agriculture, water management and use and re-use of natural resources. Co. has three operating segments: Agro, which is engaged in the production and marketing of crop nutrients (liquid crop fertilizers and Sulfate of Potash) and crop protection products; Bio-Valorization, which combines Co.'s activities in animal by-product processing, comprised of Akiolis (rendering, production and sales of proteins and fats) and PB Gelatins (production and sales of gelatins); and Industrial Solutions, with activities including the production and sales of plastic pipes systems and water treatment chemicals.

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
Wim Gille

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