Report
Carole Braudeau

Credit Morning 11/27/2025

Emeria: a more resilient Q3 2025, but much remains to be done|Gaming and sports betting: sharp increase in taxes in the UK|Isabel Marant released excellent Q3 results allowing a first decrease in net leverage|Canal+ prices € 700m of 2030 notes at a yield of 4.65%|Zegona will return € 1.6bn to its shareholders|
Underlyings
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.

Bouygues SA

Bouygues is a global industrial group engaged in designing, building and operating structures in public and private buildings, transportation infrastructure and energy and communication networks. Co. operates in three sectors - Construction (Bouygues Construction, Bouygues Immobilier and Colas), Media (TF1) and Telecom (Bouygues Telecom). Construction is engaged in the design and maintenance of projects in the areas of building, civil works, energies and services; Media offers activities covering the audiovisual sector; and Telecom offers mobile broadband services and prepaid card services for smart phones, as well as a range of services including telemessaging, voice mail and WAP

Fnac Darty SA

Fnac Darty is engaged in the leisure and entertainment, technology, and household appliances retail market in France and a player on markets in other countries where it operates such as Spain, Portugal, Belgium, the Netherlands and Switzerland. Fnac Darty also has franchise operations in Morocco, Qatar and Ivory Coast.

La Francaise des Jeux SA

La Francaise des Jeux is a France-based semi-public company that operates lottery and online games. The Company operates under the commercial brand name, FDJ, and provides scratch games, sports betting and draw games via a network of 35,800 points of sale (as of December 31, 2010), including LOTO points of sale, tobacconists and newsagents. The Company's scratch games include 1, 2 and 3 euros games; sports betting include the brand names, ParionsSport and ParionsWeb; and draw-based games include LOTO, Euro Millions, Rapido, Keno and others. The Company is also active in the online poker market with the website Barrierepoker.fr, which is jointly-owned with Groupe Lucien Barriere. The Company owns various subsidiaries, including Pacifique des Jeux and FDJ Developpement for the distribution in French overseas territory; Societe de Gestion de l'Echappee, which manages the Company-sponsored professional cycling team; Francaise de Motivation, Francaise d'Images, Lotsys and LVS.

Orange SA

Orange provides consumers, businesses and other telecommunications operators with a wide range of services including fixed telephony and mobile telecommunications, data transmission, Internet and multimedia, and other services. Co.'s portfolio comprises business lines (fixed-line, mobile, Internet), focusing on all customer segments (small and medium-sized businesses, multinationals), and personal and professional services for home, office, travel, and mobile. Co. manages eight operating segments: France, Poland, Spain, Rest of the Europe, Africa and Middle East, Other non-controlling equity interests, Enterprise Communication Services, and International Carriers and Shared Services.

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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