Orano : New projects to shape the future

After a long period of deleveraging, which has led to a very solid financial structure (leverage of 0.4x at the end of 2024), Orano will pursue a more dynamic investment policy over the period 2025-2027, which will temporarily weigh on credit ratios. To reflect this development, we have revised our outlook from stable to negative but we remain confident in the group's ability to maintain its current BBB- rating. We are maintaining our Buy recommendation on the short-maturity bonds 23/04/26 and 15/05/27 because liquidity is comfortable (as is access to the bond market for future refinancings). ...

Orano : De nouveaux projets pour préparer l'avenir

Après une longue période de désendettement qui a conduit à une structure financière très solide (leverage de 0.4x fin 2024), Orano va mener une politique d’investissements plus dynamique sur la période 2025-2027, qui va temporairement peser sur les ratios de crédit. Pour refléter cette évolution, nous révisions notre outlook de stable à négatif mais restons confiants sur la capacité du groupe à préserver son rating actuel BBB-. Nous maintenons notre recommandation Achat sur les souches de maturités courtes 23/04/26 et 15/05/27 car la liquidité est confortable (tout comme l’accès au marché obl...

Orano : A new cycle

We are confident about Orano's operating momentum for several reasons: - . The market context is buoyant, given the expected increase in demand for nuclear energy in the medium and long term (nuclear revival in France and certain other countries) and Western countries' determination to reduce their exposure to uranium from Russia (particularly in enrichment and conversion). - It offers real opportunities for market share gains, at a time when Orano is studying ambitious projects to...

Credit Morning 06/06/2025

Séché Environnement offers to acquire the Flamme group for €300m|

Oddo’s 2 Weeks Ahead_Friday 06 June 2025

US: surveys point towards risk of stagflation

Economic policy choices in the United States are inconsistent. Some find reassurance in saying that Trump always backtracks (or chickens out) when the consequences of his actions are too negative. It's all just noise. In reality, what we observe is that to get out of a difficult situation, the US president often just opens another equally uncertain front (for example, seeking reconciliation with China on trade while intensifying the pressure on Europe). As the latest confidence surveys attest, this is prompting a “wait-and-see” stance amongst economic agents: pushing back of investments, postp...