Oddo BHF - August 2021 | ResearchPool

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Oddo BHF

August 2021

The month of August was marked by the publication of the IPCC Working Group I report which states that "human influence on the climate system is now an established fact". Climate change is affecting all regions of the world, at a very rapid pace, and is intensifying in an unprecedented way. This has had direct economic implications this summer. The decrease in agricultural production following various extreme weather events underlines the importance of adapting agricultural pract...

30/08/2021 24 EN

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.

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Other Reports from Oddo BHF

Ahmed Ben Salem ... (+2)

Ahmed Ben Salem
Baptiste Lebacq

Maurel et Prom : Appetite for M&A

Following the change of analyst covering the stock, we are adopting an Outperform recommendation and a target price of € 6.3, excluding assets in Venezuela under threat of US sanctions. Output growth is strong, at 6% per year from 2024 to 2029e, thanks to M&A. A lifting of sanctions on Venezuela would lead to stronger growth of 12% per year and a fair value of € 8.6.

8h / 56m 8h / 56m 1 EN

Ahmed Ben Salem ... (+2)

Ahmed Ben Salem
Baptiste Lebacq

Maurel et Prom : De l’appétit pour le M&A

Suite à un changement d’analyste, nous adoptons une recommandation Surperformance et un OC de 6.3 €, excluant les actifs au Venezuela, sous menaces de sanctions américaines. La croissance de la production est solide, à 6%/an sur 2024-29 grâce au M&A. Un abandon des sanctions sur le Venezuela conduirait à une croissance plus solide de 12%/an et une fair value de 8.6 €.

9h / 14m 9h / 14m 1 FR

Pierre François Merveille

Pierre François Merveille

SES : New benchmark bond issue to replace the Intelsat bridge facility

SES is taking advantage of favorable market conditions to offer 5-year and 8-year of benchmark senior notes. The bond issue will help to fully address the long-term funding of the $ 4.6bn (€ 4.2bn) Intelsat acquisition, by replacing in all or in part the € 1.07bn bridge loan that was raised prior to the deal (closing expected in H2 2025). Based on the existing curve, we would derive yields of c. 3.9% on the new 5-year notes and 4.5% on the new 8-year notes. Given the risk entailed with the Intelsat acquisition and the competitive environment, we would add a 30 premium on top and recommend subs...

15h / 50m 15h / 50m 1 FR

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August 2021

Maurel et Prom : Appetite for M&A

Maurel et Prom : De l’appétit pour le M&A

SES : New benchmark bond issue to replace the Intelsat bridge facility

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