Oddo BHF - Areva SA Orano : Une bonne résistance à la crise sanitaire et un refinancement réussi

Report

Oddo BHF

Carole Braudeau

Orano : Une bonne résistance à la crise sanitaire et un refinancement réussi

Orano a fait preuve d’une bonne résistance au S1, à l’exception de l'Aval, plus touché par les effets de la crise sanitaire. Les objectifs 2020 ont été revus légèrement en baisse pour intégrer les effets de la crise mais l’objectif d’un FCF positif est maintenu, ce qui est appréciable. Le groupe a néanmoins précisé que les effets de la crise sur le cash seront plus forts sur le second semestre. Ainsi, le succès de la nouvelle émission de 500 m EUR sur 7.5 ans (08/03/2028), pricé...

18/09/2020 13 FR

Underlying

Areva SA

See profile

FR0011027143 France

Provider

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.

See profile

Analysts

Carole Braudeau

Other Reports on these Companies

Oddo BHF

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...

August 29, 2023 August 29, 2023 1 EN

Oddo BHF

Orano : Un nouveau cycle

Nous sommes confiants sur la dynamique opérationnelle d’Orano pour plusieurs raisons : - . Le contexte de marché est porteur compte tenu de l’augmentation attendue de la demande d'énergie nucléaire à moyen et long terme (relance du nucléaire en France et dans certains autres pays) et de la volonté des occidentaux de réduire leur exposition à l’uranium en provenance de Russie (en particulier dans l’Enrichissement et la Conversion). - Il offre de vraies opportunités de gains de part ...

August 29, 2023 August 29, 2023 1 FR

Oddo BHF

Orano : In full serenity

Orano produced a strong set of H1 2022 figures, with organic sales growth of 9.7% and a sharp increase in EBITDA, driven by higher prices in uranium, conversion and enrichment markets linked to the war in Ukraine. - The only black spot was a net loss of -€ 359m at group level, caused by the decline in financial markets which took a heavy toll on the return on end-of-lifecycle assets. - The group continues to draw down debt and revised up its sales target for 2022 to € 4.2bn (from "c...

August 30, 2022 August 30, 2022 1 EN

Verallia : The bottle is half empty...or half full... – New target price of € 34 (vs € 40)

>Still recovering - As we mentioned at end-July following a road show with management, the weakness in volumes is due to lower demand (see comments from beverages and spirits companies, etc.) and also a destocking phenomenon after the post-Covid upturn. The improvement in stocks in the chain is difficult to gauge. Following a company contact, we understand that the improvement is gradual. The destocking trend is gradually diminishing. Volumes should gradually return t...

21h / 43m 21h / 43m 1 EN

Jean-François Granjon

Jean-François Granjon

Verallia : La bouteille à moitié vide… ou à moitié pleine… – Nouvel OC de 34 € (vs 40 €)

>Toujours en convalescence - Comme nous le mentionnons fin juillet au terme d’un Road-Show avec le management, la faiblesse des volumes est imputable à une moindre demande (cf. les commentaires des sociétés de boissons et spiritueux…) et également à un phénomène de déstockage après l’embellie connue post-covid. L’appréciation des stocks dans la chaine est difficile à appréhender. Suite à un contact avec la société, nous comprenons que l’amélioration est progressive. L...

22h / 7m 22h / 7m 1 FR

Bruno Cavalier

Bruno Cavalier

What to make of the US industrial sector?

Industry is generally considered leading the rest of the economy. Even though it accounts for only a small share of total output, it is highly responsive to shocks to global trade and commodity prices. This has rapid repercussions on the capital and inventory spending that drives fluctuations in the business cycle. For a long time, it has been enough to monitor industry in order to determine where the rest of the economy is heading. The recent industrial signals are poor, and the...

October 4, 2024 October 4, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Orano : Une bonne résistance à la crise sanitaire et un refinancement réussi

Orano : A new cycle

Orano : Un nouveau cycle

Orano : In full serenity

Verallia : The bottle is half empty...or half full... – New target price of € 34 (vs € 40)

Verallia : La bouteille à moitié vide… ou à moitié pleine… – Nouvel OC de 34 € (vs 40 €)

What to make of the US industrial sector?

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe