ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/21/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/01/2025

Les Mousquetaires : Back on the bond market with an IG rating

Intermarché Entreprises announced that is planning a new benchmark offering of senior unsecured note with a five-year maturity (Jan. 2030), six months longer than the July 2029 maturity of its first € 300m bond issued last July. Both offerings serve the same purpose, namely to refinance the € 1.1bn syndicated facility obtained in February 2024 to fund the acquisition of the third wave of Casino stores. However, the present offering is likely to be easier to price given that the group obtained an IG rating last November, even if it is at the lowest possible level (BBB-/negative). Although the l...

ODDO : Winners and losers of 2025-30 space revolution

The space industry is set to be shaken by many more sea changes yet to come during the period from 2025 to 3030: Starship & Starlink v3 from SpaceX (valued at $ 350bn), Amazon's Kuiper, IRIS², the GlobalStar-Apple agreement, AST SpaceMobile's satellite mobile and Chinese projects. We prefer exposure to manufacturers (Airbus, Thales, Aliena Space and OHB) may see their business pick up with IRIS². Conversely, for services, contract losses and higher investments are coming over 2025-30. We would encourage SES (Underperform, TP revised down at € 3) to renegotiate the Intelsat deal. For Eutelsat ...

ODDO : Gagnants et perdants de la révolution spatiale 2025-2030

De nombreux bouleversements dans le domaine spatial sont encore à venir sur 2025-2030: Starship/Starlink v3 chez SpaceX (valorisé à 350 Md$), Kuiper d’Amazon, IRIS², accord GlobalStar-Apple, mobile satellitaire d’AST SpaceMobile ou projets chinois. Dans ce contexte, nous privilégions les constructeurs (Airbus, Thales Aliena Space, OHB), qui devraient profiter d’une possible relance d’activité avec IRIS². Alors que pour les services, concurrence et investissements vont affecter 2025-2030. Nous encourageons SES (Sous-performance, OC abaissé à 3 €) à renégocier l’acquisition Intelsat et revoyons ...