Report
Aurelien Sivignon ...
  • Delphine Brault
  • Jerôme Bodin
  • Olfa Taamallah
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/04/2019

La surperformance des banques de janvier s’est érodée avant de se transformer en mars (post capitulation BCE), en sous-performance (1.5% au 12/4). Les fondamentaux du secteur bancaire restent compliqués mais une macroéconomie moins inquiétante et surtout la reconnaissance par la BCE des effets secondaires des taux négatifs plaident pour une surperformance transitoire. Le ton nouveau de la BCE ouvre la porte au « fantasme » d’un rebond de la marge d’intérêt (TLTRO taux négatif ?). Cett...
Underlyings
Banco Santander S.A.

Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.

DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT

Deutsche Lufthansa is an aviation group based in Germany. Co. maintains global operations and a total of more than 500 subsidiaries and associated companies. Co. operates in five major business segments: scheduled passenger air traffic ("Passenger Airline Group"); scheduled airfreight services ("Logistics"); maintenance, repair and overhaul ("MRO"); information technology ("IT Services") and catering ("Catering").

ECA SA

ECA Sa. ECA SA is a France-based company which designs and delivers robotic equipment and intelligent solutions for both civil and military application. The Company offers vehicles and crafts for detection, inspection and destruction of mines, inspection systems for nuclear power plants, control and command systems, as well as ground and land robots for anti-terrorist missions and others. ECA SA is split into three divisions: Robotics and Integrated Systems, Simulation and Aeronautics. The Company has several subsidiaries, including, ECA CSIP, ECA CNAI, ECA Faros and ECA Sindel, among others. As of December 31, 2011, ECA SA was 56.4%-owned by Groupe Gorge.

Groupe Gorge SA

Groupe Gorge is a holding company engaged in three areas of operation: Smart Safety Systems (develops Smart Safety Systems designed to operate in hostile and constrained environments for civil and defense sectors); Protection in Nuclear Environments (protection solutions in nuclear environments: shielding by partition systems in nuclear power stations & protection against radiation for staff working in nuclear environments); and Industrial Project Services (industrial projects and maintenance, creating production tools and turnkey operation areas, projects and services in industrial robotics, iron works, automation, 3D printer offerings, electricity and fire fighting systems).

Hochtief AG

Hochtief is a holding company. Through its subsidiaries, Co. operates as a construction company engaged in projects in the transportation, energy, and social and urban infrastructure sectors as well as contract mining. Co. provides its services through three divisions: HOCHTIEF Americas, which encompasses the construction activities of operational units in the U.S and Canada; HOCHTIEF Asia Pacific, which includes the construction activities and contract mining in the Asia-Pacific region; and HOCHTIEF Europe, which designs, develops, builds, operates, and manages real estate and infrastructure, with primary business in Europe as well as selected other regions.

Prodways Group SA

Prodways Group SA. Prodways Group SA is a France-based company engaged in the industrial machinery sector. The Company focuses its activities on the industrial three-dimensional (3D) printing market and more specifically on ''rapid manufacturing'' 3D printing for industrial series production. The Company designs, manufactures and sells products for various industries, including automotive, dental, molding, medical, jewelry and luxury, aerospace and defense, architectural and design, consumer products and academic and research. It offers its customers multi-technology, multi-application industrial solutions, 3D printing systems and a wide range of composite, hybrid and powder products. In addition, it also develops its own manufacturing for the podiatry (orthopaedic soles) and dentistry (orthodontic pieces and dental trays) markets that is sold directly to healthcare professionals. It operates through Avenao Industrie and Interson-Protac.

Publicis Groupe SA

Publicis is holding company. Through its subsidiaries, Co. is engaged in marketing, communication and digital transformation. Co. designs a customized package of services to meet each client's particular needs through a holistic and global approach. In addition, Co. provides financial markets with information concerning the relative size of each of the different business sectors for the sole purpose of allowing sector comparisons. Co.'s principal activities comprise four main categories: Digital, Advertising, Specialized Agencies and Marketing Services (SAMS) and Media.

Rio Tinto plc

Rio Tinto is engaged in finding, mining and processing mineral resources. Co. has four product groups: iron ore, which supplies the global seaborne iron ore trade; aluminium, which includes bauxite mines, alumina refineries, and aluminium smelters; Copper and Diamonds, which has managed operations in Australia, Canada, Mongolia and the U.S., and non-managed operations in Chile and Indonesia, with by-product including gold, silver, molybdenum and others such as sulphuric acid, rhenium, and lead carbonate; and Energy and Minerals, which comprises mining, refining and marketing operations across borates, coal, iron ore concentrate and pellets, salt, titanium dioxide and uranium sectors.

Schindler Holding AG Pref

Schindler Holding is a holding company. Co. through its subsidiaries is engaged in the production of escalators, elevators and moving walks. Co. operates globally in one main division: Elevators and Escalators. The Elevators and Escalators division provides a range of elevators for different applications, including freight and special elevators, high-rise elevators, residential elevators and commercial elevators. Co. also provides commercial and public transport escalators and inclined and horizontal moving walks.

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
Aurelien Sivignon

Delphine Brault

Jerôme Bodin

Olfa Taamallah

Sylvain Goyon, CFA

Yan Derocles

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