Report
Carole Braudeau

Credit Morning 03/13/2024

Vallourec: ArcelorMittal becomes reference shareholderZalando: liquidity further strengthened at end 2023. Outlook and mid-term targets in line.>...
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.

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.

Bayer AG

Bayer is a life sciences group based in Germany. Co.'s operations are organized along three divisions: Pharmaceuticals (engaged in prescription pharmaceuticals for cardiology and women's healthcare); Consumer Health (engaged in non-prescription products in dermatology, dietary supplement, analgesic, gastrointestinal, allergy, cold and flu, foot care, sun protection and cardiovascular risk prevention categories); and CropScience (engaged in the development of seeds and plant traits; crop protection; and for gardens, the green industry and non-agricultural pest control). Co. also maintains an Animal Health business unit engaged in the development of products for farm and companion animals.

BNP Paribas SA Class A

BNP Paribas is engaged in the provision of banking and financial services. Co.'s business activities are divided into two segments: Retail Banking & Services and Corporate and Investment Banking. The Retail Banking and Services business includes domestic markets and international financial services. The Corporate and Institutional Banking comprises of corporate banking, global markets, and securities services. Other activities include principal investments, which related to Co.'s central treasury function, some costs related to crossbusiness projects, the residential mortgage lending business of personal finance, and certain investments.

Casino Guichard-Perrachon SA

Casino Guichard-Perrachon is a food retailer based in France. Co. operates hypermarkets, supermarkets, discount stores, convenience stores and cafeterias. Co.'s stores are discount stores selling groceries and consumer goods, and providing services like financial and insurance services, real estate, and restaurants. Co. operates hypermarkets under the brand Geant Casino; urban and rural supermarkets under the brand Casino Supermarches; city-centre supermarkets under the brand Monoprix; convenience/national superettes under the brands Petit Casino, Vival and Spar; covenience-paris area stores under the brand Marche Franprix; and discount stores under the brand Leader Price.

DIC Asset AG

DIC Asset along with its subsidiaries invests directly or indirectly in German commercial real estate and operates in the area of portfolio, asset and property management. Co.'s business segments include: commercial portfolio, which comprises portfolio properties owned by Co., which are leased long-term and offer attractive rental yields; and co-Investments, which comprises fund investments, investments in project developments and joint venture investments. As of Dec 31 2013, Co. had six branches located in the Hamburg, Berlin, Dusseldorf, Frankfurt Am Main, Mannheim, and Munich.

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.

Grand City Properties SA

Grand City Properties is a specialist real estate company based in Luxembourg. Co. is focused on investing in and managing turnaround opportunities in the German real estate property market. Co. is active in all relevant asset and property management activities along the real estate value chain from buying to redeveloping, managing and selling real estate properties. Co. also maintains a centralized 24/7 Service Center to coordinate and assure tenant satisfaction. Co.'s portfolio is located mainly in Berlin, North Rhine Westphalia, Dresden, Leipzig, Halle, Nuremberg, Munich, Mannheim, Frankfurt, Bremen and Hamburg.

TAG Immobilien AG

TAG Immobilien is engaged in the acquisition, development and management of residential real estate as well as property sales. Co. operates within two segments: residential and commercial. Co.'s residential property portfolio is concentrated in the regions of Thuringia / Saxony, the greater metropolitan areas of Berlin and Hamburg, and the Salzgitter and North Rhine-Westphalia regions while its commercial portfolio is situated in locations such as Hamburg, Berlin and Munich. As of Dec 31 2013, Co.'s portfolio consisted of 70,587 units and comprised of 4,582,344 sq. m. of floor area.

Ubisoft Entertainment SA

Ubisoft Entertainment is an international independent developer, publisher & distributor of video games. Co. centers its business activities on developing, publishing & distributing video games for portable & home consoles, the PC, smartphones & tablets in both physical & online formats: high-definition with games for Xbox 360, PlayStation®3 & PC; casual with games for Nintendo®, KINECT & PlayStation®3 Move; and online for on-line games. Co.'s catalogue includes various types of games: Action/Adventure, Shooters, Sports, Strategy, Simulation, TV and Movie licenses, Games for everyone and Driving. Co.'s trademarks include Assassin's Creed®, Rainbow Six® Vegas 2, and Rayman Raving Rabids®.

Vallourec SA

Vallourec SA is a France-based company, which specializes in the production of seamless and welded steel tube products for industrial applications. It operates through two segments: Seamless Tubes and Specialty Products. For the oil and gas industry, it designs and develops a comprehensive range of products including seamless tubes and connections for drilling operations, line pipes and well equipment. For the power generation market, it offers tubes that withstand severe temperature and pressure conditions. Its solutions enable power companies to meet the challenges of energy efficiency and reduce CO2 emissions in power plants. It also offers a wide range of tubes for petrochemical installations (refineries), for mechanical engineering applications (hydraulic cylinders and machine tools), for the automotive industry, for construction (stadiums, other complex buildings and structures) and for various other industrial sectors. It operates through Vallourec Solucoes Tubulares do Brasil.

Zalando SE

Zalando is an e-commerce group based in Germany. Co. is engaged in the online retailing of clothing, shoes and accessories for women, men and children. Co.'s product offering include more than 1,500 brands, including global and local brands, as well as private labels, including shoes, clothing and accessores as well as sportswear and homeware designed especially for the Co. The Co.'s product offering is complimented by the Zalando Lounge and Zalon apps, which provides registered members special offers at discounted prices. Co. also provides a combination of services that include free delivery and returns.

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
Carole Braudeau

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