Report
Martin Marandon-Carlhian ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/03/2023

Dans un contexte incertain, l’exposition à la Chine (26% du CA) et au Professionnel (9% du CA) seront des facteurs de soutien à la croissance organique (attendue à respectivement +5% et +15%) à CT et MT. 2023 constituera une première étape dans la reconstitution des marges avec pour objectif de rejoindre 10% à MT. Parallèlement à la forte génération de FCF (~400 M€e en 2023), l’endettement est maitrisé (DN/EBITDA 1.9xe). Opinion Surperformance reconduite avec un OC porté à 127 € vs 11...
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.

Bankinter SA

Bankinter is the parent company of a group engaged in banking activities. Services provided include: investment banking; capital market services; financial services insurance; international services such as foreign exchange transactions and travelers' checks; wholesale corporate banking; and retail and private banking services. Co. offers its products and services through the following channels of distribution: branch network; telephone banking, interactive (software) banking; agents; and Internet banking. As of Dec 31 2014, Co. had assets totalling Euro57,332,974,000 and deposits totalling Euro29,966,129,000.

INFINEON TECHNOLOGIES AG

Infineon Technologies is a semiconductor manufacturing company. The Automotive segment designs, develops, manufactures and markets semiconductors for use in automotive applications. The Industrial Power Control segment designs, develops, manufactures and markets semiconductors for the generation, transmission and economy in the use of electrical energy. The Power Management & Multimarket segment designs, develops, manufactures and markets semiconductors for power supplies, mobile devices and mobile phone network infrastructures. The Chip Card & Security segment designs, develops, manufactures and markets semiconductor-based security products for card applications and networked systems.

RATIONAL AG

Rational is a producer and supplier of equipment for industrial and commercial kitchens. Co. is engaged in providing units for heating and cooking all types of food. Co.'s products include the SelfCooking Center®, a cooking appliance with intelligent cooking processes for roasting and pan-frying, poultry, fish, vegetables and other side dishes, potato dishes, egg dishes, desserts and bakery products; and the VarioCooking Center®, used for cooking in liquid or in direct contact with heat; and the CombiMaster®, a combi-steamer. Co.'s customers include restaurants, hotels, company canteens, hospitals, schools, universities, miliatry facilities, prisons and retirement homes.

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
Martin Marandon-Carlhian

Stephane Houri

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