Bechtle is engaged in the business as an information technology (IT) dealer. Co. provides IT services combining with online marketing of IT products. Co. provides vendor-independent, IT portfolio to its customers from the fields of industry and trade, the public sector and the financial industry. Co. operates within two segments: IT system house & managed services segment, which provides its customers with IT strategy consulting services, hardware and software, project planning and implementation, system integration, IT services, training and IT operation; and the IT e-commerce segment, which comprisesCo.'s Internet, catalogue and telesales trading activities.
Coloplast is a supplier of intimate healthcare products and services. Co. develops and markets products that support people with diseases of a private nature. Co. operates in three business areas: Ostomy care, products for people whose intestinal outlet has been rerouted through the abdominal wall; Urology and continence care products, for people suffering from diseases of the kidneys, the urinary system and the male reproductive system; Dressings, for the treatment of chronic wounds and skin care products for prevention and treatment. Co. markets and sells its products and services globally. Co. supplies products to hospitals, institutions as well as wholesalers and retailers.
William Demant Holding is a holding company. Through its subsidiaries, Co develops, manufactures and sells products and equipment designed to aid the hearing and communication of individuals. Co. focuses on four areas: Hearing Devices, Diagnostic Instruments, Hearing Implants and Personal Communication. Co.'s hearing devices include Oticon, Bernafon, Sonic, Phonic Ear, and FrontRow. Co.'s Hearing implant consist of Oticon Medical. Co.'s diagnostic instruments include Maico, Interacoustics, Amplivox, Grason-Stadler, MedRx, and Micromedical. Co.'s personal communication consists of Sennheiser Communications.
Deutsche Telekom is engaged in the telecommunications services and information technology sectors. Co. operates as an integrated telecommunications provider. It is organized into four operating segments: Germany, Europe, and the United States; and Systems Solutions, as well as Group Headquarters and Shared Services. Co. provides fixed-network lines, broadband lines and mobile communications. Co. also provides customized Information and Communication Technology (ICT) solutions for corporate customers under the T-Systems brand. The Group Headquarters and Shared Services segment comprises cross-segment management functions, real estate services, and mobility solutions, among others.
Knorr Bremse AG is a Germany-based company that manufactures braking systems and other subsystems for rail and commercial vehicles. It operates through two segments: Rail Vehicle Systems and Commercial Vehicle Systems. The Rail Vehicle Systems segment equips mass transit vehicles, such as metro cars, and mainline freight and passenger trains with brake systems, as well as entrance systems, heating, ventilation and air conditioning (HVAC) systems, auxiliary power supply, driver assistance systems, electrical traction equipment and control technology, among others. The Commercial Vehicle Systems segment offers products for trucks, buses, trailers and agricultural machinery. Its product portfolio includes brake systems and vehicle dynamics solutions, such as driver assistance, energy supply and distribution systems, such as air compressors, and fuel efficiency products and transmission subsystems, such as vibration dampers, among others. The Company also offers aftermarket services.
Gas Natural SDG is a gas company based in Spain. Co. and its subsidiaries are primarily engaged in the supply, transportation, distribution and commercialization of piped natural gas, as well as the activities involving exploration and developing, supply, regasification, liquefaction and storage of natural gas, and the generation and commercialization of electricity. Co. operates mainly in Spain and also outside of Spain, especially in Latin America, Puerto Rico, Italy, France and Africa (through Maghreb-Europe gas pipeline and integrated LNG projects in Algeria).
Orsted is a renewable energy company based in Denmark. Co. is engaged in developing a renewables portfolio based on competences in offshore wind, bioenergy, and energy solutions. Co. is active in deploying offshore wind and converting existing coal- and gas-fired power stations to sustainable biomass, providing a heat and power supply which is both green and flexible. Co. divides its operations into four businesses: Wind Power, Bioenergy & Thermal Power, and Distribution & Customer Solutions. The Bioenergy & Thermal Power and Distribution & Customer Solutions businesses jointly constitute Co.'s Danish utility business. Co. maintains activities primarily in Northwestern Europe.
RWE is an electricity and gas company. The Conventional Power Generation segment consists of the activities of RWE Power, Essent and RWE npower. The Supply/Distribution Networks Germany segment supplies electricity, gas and heat. The Supply Netherlands/Belgium segment comprises the activities of Essent in the Netherlands. The Supply United Kingdom segment comprises the operations of RWE npower. The Central Eastern and South Eastern European segment contains activities in the Czech Republic, Hungary, Poland, Slovakia, Turkey and Croatia. The Renewables, Upstream Gas & Oil and Trading/Gas Midstream segments include the activities of RWE Innogy, RWE Dea and RWE Supply & Trading, respectively.
Siemens is a technology company. Co.'s Energy sector provides a range of products, solutions and services for generating and transmitting power. The Healthcare sector provides customers a range of medical solutions across the treatment chain. The Industry sector supplies products and solutions for industrial companies, primarily in the process and manufacturing industries. The Infrastructure & Cities sector provides a range of technologies that accelerates the capabilities of metropolitan centers and urban infrastructures. The Investments segment is comprised of Co.'s equity stakes in other companies. The Financial Services segment provides business-to-business financial solutions.
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.
Our meetings with Alstom, CAF, Knorr-Bremse, Siemens Mobility, Stadler and Vossloh at the Innotrans fair in Berlin last week, provided reassuring insights on the outlook, with demand remaining robust, and more mixed messages on short-term pressures (inflation, supply chain), prompting us to cut our 2023 EPS forecasts by 4%. We think that the sector offers opportunities. We prefer Alstom (Outperform, target price adjusted to € 27) and Vossloh (Outperform, target price € 44). - §nys...
Nos rencontres avec Alstom, CAF, Knorr-Bremse, Siemens Mobility, Stadler et Vossloh au Salon Innotrans à Berlin la semaine dernière ont apporté un éclairage rassurant sur les perspectives, avec une demande toujours dynamique, et plus mitigé sur les pressions à CT (inflation, supply chain), conduisant à un abaissement de 4% de nos BPA 2023. Le secteur présente selon nous des opportunités. Nous privilégions Alstom (Surperformance, OC ajusté à 27 €) et Vossloh (Surperformance, OC 44...
Within our sample of consumer goods and business services stocks, we favour the most resilient business models to offset wage and energy inflation. Spie, ALD, Téléperformance, Intertek and Elis seem to us to be the best positioned to maintain strong organic growth and mitigate inflationary pressure on their profitability. Conversely, we downgrade our rating on Bureau Veritas, Fnac Darty, SMCP, Nexity and Kaufman & Broad. - ...
>Un ordre du jour éclipsé par la crise de l'énergie et le choc de demande - Aperam a tenu hier la première journée de son CMD à Düsseldorf avant une visite de deux sites des divisions Recycling & Renewables (R&R) et Services & Solutions (S&S) aujourd'hui. La présentation était en grande partie dédiée à ces deux activités mais elle était surtout l'occasion, à nos yeux, de faire un point sur la détérioration significative de la conjoncture depuis deux mois. Face à la f...
>Road show feedback: nothing very new, the market is still stressed about the H2 core business margin and inflation - We organised a road show with the company, which gave a recap on the main points that the market is focusing on at the moment, namely margins and inflation (wage inflation in particular).1/ Margins: the context is a lack of visibility on the core business margin since 2019, or for nearly three years (at the time the adjusted EBITDA margin was 20.4...
>Neutral rating and target price of € 22.0 unchanged - H1 2022 results were in line with our forecasts, driven by inflation, the Brazilian real and services. We are sticking with our Neutral recommendation and target price of € 22.0. This is based on a DCF approach with medium-term growth of 400 MW per year beyond 2023 (€ 23.4/share) and an SOTP (€ 20.7/share) factoring in the 2.6 GW strategic trajectory. At the current price, the EV/EBITDA ratio has a strategic targe...
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