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...

Rio Tinto Plc : Q1 production strongly hit by cyclones but FY guidance confirmed

Rio Tinto Plc : Q1 production strongly hit by cyclones but FY guidance confirmed

ODDO : Nothing to declare apart from trade tariffs