Report
Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/23/2021

Schneider Electric should benefit fully from the new upward cycle which we expect to be extremely dynamic, underpinned by the ramp-up of digital as well as the growing need for energy efficiency. A CMD in the autumn will provide an opportunity for the group to issue new medium-term targets. Out to 2025, we forecast average organic sales growth of 7.3% with an average adjusted EBIT margin of 18.7% in 2025. With additional sales of € 10bn per annum, this will be another change of scale ...
Underlyings
ArcelorMittal SA

ArcelorMittal is a steel company, based in Luxembourg, with operations in more than 60 countries. Co. is active in all major global steel markets, including automotive, construction, household appliances and packaging, as well as activities in Research & Development and technology, with captive supplies of raw materials and its own distribution network. Co. has an industrial presence in over 20 countries spanning four continents, covering key steel markets, from emerging to mature. Co. offers a complete spectrum of steel products from commodity steel to value-added products, from long products to flat, from standard to specialty products, from carbon steel to stainless steel and alloys.

ASM International N.V.

ASM International is an equipment supplier mainly to the semiconductor manufacturing industry. Co. designs, manufactures and sells equipment and services to its customers for the production of semiconductor devices, or integrated circuits. Co.'s front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. Co.'s back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested.

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.

Pernod Ricard SA

Pernod Ricard produces and distributes wines and spirits. Co. produces aniseed products, vodka, whisky, cognac, rum, gin, liqueurs, champagnes and wines. Co.'s activity is organized around families of products built around brands. Its brands portfolio includes: ABSOLUT vodka, Ricard pastis, Ballantine's, Chivas Regal and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Kahlua and Malibu liqueurs, Mumm and Perrier-Jouet champagnes as well as Jacob's Creek and Brancott Estate wines. Co. is structured into four segments constituted by the following geographic regions: France, Europe (excluding France), Americas, Asia/Rest of the World.

RTL Group S.A.

RTL Group is a holding company. Co. through its subsidiaries is engaged in the operation of television and radio broadcasting services, television content production and distribution. Co. has interests in 40 television channels and 33 radio stations in 11 countries. Co. is involved in television content production, such as talent and game shows, drama and daily soap operas, through its subsidiary, FremantleMedia. Co. also provides services in the digital entertainment environment, including online games, community and dating services, as well as user-generated content exchange platforms.

Salzgitter AG

Salzgitter is a holding company. Through its subsidiaries, Co. organized its businesses into five divisions. The Steel Division manufactures steel and special steels. The Tubes Division is involved with the manufacture of line pipes, HFI-welded pipes, precision tubes and stainless steel tubes. The Trading Division operates a European sales network as well as trading companies and agencies worldwide. The companies in the Services Division provide services such as data processing, telecommunications services, scrap dealing, the handling and storage of bulk cargo, transportation, and other services. The Technology Division operates in the filling and packaging technology segment.

SSAB AB Class A

SSAB is a supplier of high strength steels with products comprising various qualities and dimensions within wear steels and structural steels. Co.'s solutions also include services, from concept to finished delivery. SSAB Wear Services also provides advice, repairs, and sales of spare parts to the aftermarket. The business is organized into three business areas; SSAB Americas, SSAB EMEA and SSAB APAC as well as the subsidiary, Tibnor, which is a steel distributor in the Nordic region. SSAB EMEA consist of Europe, the Middle East and Africa; SSAB Americas of North and Latin America; SSAB APAC of Asia, Australia and New Zealand and Tibnor of steel and metal distribution in northern Europe.

Total SE

Total is an international integrated oil and gas company also active in solar and biomass energy sources. Co. engages all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, and LNG (Liquefied Natural Gas)) and Downstream operations (refining, petrochemicals, specialty chemicals, marketing and marketing and trading and shipping of crude oil and petroleum products). In addition, Co. is engaged in the coal mining and power generation sectors. Co.'s worldwide operations are conducted through three business segments: Upstream, Refining & Chemicals, and Marketing & Services.

Vivendi SE

Vivendi is an audiovisual group active in the entertainment industry with activities in music, TV, cinema, mobile, fixed and internet, and games. Co.'s operations are divided into five businesses: Canal+ Group which produces and distributes pay-TV in France, analog or digital, and is involved in film making; Universal Music Group which sells recorded music (physical and digital media); GVT which serves as a telecommunication operator for fixed ultra high-speed broadband, fixed-line telecommunications and Pay-TV in Brazil; SFR which is engaged in mobile phone services in France, as well as fixed and ADSL services; and Other Activities which involves ticketing, Wengo and Watchever.

Voestalpine AG

voestalpine is engaged in the production, processing, and distribution of materials made of steel and in research and development in the areas of metallurgy, metal processing, and materials technology. Co.'s steel division focuses on the production and processing of flat steel products. Co.'s special steel division is involve in tool steel and high-speed steel. Co.'s metal engineering division is engaged in turnout technology, rails and treated wire, and tubes. Co.'s metal forming division is involve in tube products and precision strip steel as well as pre-finished system components. Co.'s other activities include heavy plate production, a foundry, and a number of downstream processes.

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
Jerôme Bodin

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