Report
Martin Marandon-Carlhian ...
  • Sinan Doganli

ODDO BHF Small & MIDCAP MORNING NEWS - 02/10/2023

Elis subit une décote de plus de 30% sur ces comparables alors qu’au cours des derniers mois, le groupe a démontré une excellente résilience de son FCF. En 2023, nous notons une bonne capacité à passer des hausses de prix et d’importants effets de productivité. Ces facteurs, couplés à la détente des prix de l’énergie soutiendront les résultats 2024. La réduction du ratio de levier (DN/EBITDA 2024e : 1.8x vs 2.1x en 2023e) est compatible avec une notation “investment grade” qui permett...
Underlyings
Atrys Health

Atrys Health SA. Atrys Health SA, formerly Europath Biosciences SL, is Spain-based company primarily engaged in the predictive and personalized oncology therapies. It operates under Atrys brand name. Atrys is a clinical and translational research laboratory dedicated to the diagnosis, prognosis and treatment of cancer, including hematologic and solid malignancies. It has four areas of activity: Laboratory, Telemedicine, Radiotherapy, as well as Research and Development (R&D). The Company has its diagnostic laboratories and translational research in Barcelona and Granada, and offices in Madrid, Spain.

Bonduelle SCA

Bonduelle is active in the market of processed vegetables both within and outside the European Union. Co.'s business is made up of three activities: canned, frozen and fresh vegetables (prepared and fresh-cut). It distributes its products mostly through retail channels (large supermarkets and stores) and food service sectors (restaurants, inter-company canteens). Some of Co.'s brands are Bonduelle, Cassegrain, Frudesa and Artic Gardens. Co. is organized into two geographic regions and four business segments: Bonduelle Europe Long Life (BELL), Bonduelle Fresh Europe (FRESH), Bonduelle Americas (BAM), and Bonduelle Development (BDV).

Euronav NV

Euronav is a provider of maritime shipping and offshore services engaged primarily in the transportation and storage of crude oil. As of Apr. 4, 2017, Co. owned and operated a modern fleet of 55 vessels (including four chartered-in vessels) with an aggregate carrying capacity of approximately 13.7 million deadweight tons, or dwt, consisting of 31 very large crude carriers, one ultra large crude carrier, 21 Suezmax vessels, and two floating, storage and offloading vessels. Co. has two operating segments: the operation of crude oil tankers on the international markets (tankers) and the floating production, storage and offloading operations.

FlatexDEGIRO AG

Flatex AG, formerly known as Fintech Group AG, is a Germany-based company engaged in the financial technology sector. The Company divides its business into two operational segments: Securities Trading and Financial Services (ST & FS) and Transaction Processing and White-Label Banking Services (TP & WLBS). The ST & FS segment includes online brokerage in the business-to-consumer (B2C) sector in Germany (on trading platforms such as flatex.de, vitrade.de) and Austria (flatex.at). The operations are conducted by the subsidiaries flatex GmbH and ViTrade GmbH. The TP & WLBS segment includes the business-to-business (B2B) activities of subsidiaries XCOM AG and FinTech Group Bank AG that focus on research and development in the area of financial technology and provide back-end execution of securities transactions for the Company's own platforms and for other banks, as well as offer business process outsourcing services.

FLOW TRADERS LTD

Salzgitter AG

Salzgitter is a holding company. Through its subsidiaries, Co. organized its businesses into five divisions. The Steel Division manufactures steel and special steels. The Tubes Division is involved with the manufacture of line pipes, HFI-welded pipes, precision tubes and stainless steel tubes. The Trading Division operates a European sales network as well as trading companies and agencies worldwide. The companies in the Services Division provide services such as data processing, telecommunications services, scrap dealing, the handling and storage of bulk cargo, transportation, and other services. The Technology Division operates in the filling and packaging technology segment.

SYNLAB AG

Titan Cement International N.V.

Titan Cement International SA is a Belgium-based international cement and building material producer. The Company's activities include the production, transportation, and distribution of cement, concrete, aggregates, fly ash, mortars and other building materials. The Company reports its activities into four geographical business segments: Greece and Western Europe, North America, South East Europe and Eastern Mediterranean. Apart from the transportation and distribution, the Company also transfers its know-how through collaborations with customers, business partners, local communities and Academia.

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

Sinan Doganli

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