Report
Ahmed Ben Salem ...
  • Thijs Berkelder

ODDO BHF Small & MIDCAP MORNING NEWS - 04/19/2021

The pause in value stocks seems to spring from a conviction that the "peak" of growth is now behind us. Such a view explains the decline in yields, the dismissal of inflationary concerns and implies that central bank policy will remain ultra-expansive indefinitely, in a world of low growth and non-existent inflation. We do not subscribe to this view! We see this as a form of complacency with regard to inflation and a denial of the reality of earnings momentum, which will remain favour...
Underlyings
BP p.l.c.

BP is an integrated oil and gas group based in the United Kingdom. Co. is engaged in the exploration and production of crude oil and natural gas; refining, marketing, supply and transportation; and the manufacture and marketing of petrochemicals. Co. operates globally, with business activities in Europe, the U.S., Canada, Russia, South America, Australasia, Asia and parts of Africa. Co. operates in two business segments: Exploration and Production - including oil and natural gas exploration and development and production; and Refining and Marketing- activities include the refining, manufacturing, supply and trading, marketing and transportation of crude oil, petroleum and petrochemicals.

Cellectis SA

Cellectis is a gene-editing company employing its core proprietary technologies to develop products in the field of immuno-oncology. UCART19 is Co.'s lead product. UCART19 is an engineered T-cell product which drives its ability to target and kill CD19-bearing cells, such as B-cell malignancies. Co. is also developing wholly-owned product candidates UCART123, UCARTCS1 and UCART38, which are in various stages of development. UCART 123, UCARTCS1 and UCART38 are engineered T-cell products that bear CARs that seek to kill cells expressing targets CD123, CS1 and CD38, respectively, which are found in other hematologic tumors, such as acute myeloid leukemia, or AML, and multiple myeloma, or MM.

Eni S.p.A.

Eni is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Co.'s operations are divided into three segments; Exploration and Production (oil and natural gas exploration and field development and production, as well as LNG operations), Gas and Power (supply, trading and marketing of gas and electricity, managing gas infrastructures for transport, distribution, storage, re-gasification, and LNG supply and marketing), and Refining and Marketing (supply of crude oil, refining and marketing of refined products). Co. maintains operations in 73 countries.

Eurogerm SA

Eurogerm SA is a France-based company specializing in manufacture and marketing of flour correctors, bread-making improvers, technological aids and nutritional cereal ingredients. It offers a range of enzymatic preparations, technical glutens adapted to bakery applications, mix and premixes for gluten free products, ingredients with omega-3 fatty acids, mix and premixes intended to reduce the salt intake of bread-making products and others, as well as related services. The Company has two production sites, Saint Apollinaire and Quetigny in France. The Company has such subsidiaries as Eurogerm Leag, Eurogerm Maroc, Problend-Eurogerm, Eurogerm Andina and Eurogerm Mexico, engaged in production and commercialization activities and Processus Alimentos Industria e Comercio LTDA EPP in Brazil, among others. The Company operates in countries like France, The United States, Algeria and Brazil, among others.

GALP Energia SGPS SA Class B

Galp Energia is a holding company. Through its subsidiaries, Co. operates in the following segments: exploration and production, with activities relating to exploration, development and production of hydrocarbons, particularly in Angola, Brazil and Mozambique; refining and marketing, which owns refineries in Portugal and also includes activities relating to the retail and wholesale commercialization of oil products; and gas and power, which covers the purchasing, commercialization, distribution and storage of natural gas and electric and thermal power production. As of Dec 31 2014, Co. had proved and probable reserves of 638.0 million barrels of oil equivalent.

Repsol SA

Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.

Royal Dutch Shell Plc Class A

Royal Dutch Shell is a holding company. Through its subsidiaries, Co. is engaged in the oil and gas industry. Co. reports its business through four segments: Integrated Gas, which engaged in the liquefaction and transportation of gas and the conversion of natural gas to liquids to provide fuels and other products; Upstream, which engaged in the exploration for and extraction of crude oil, natural gas and natural gas liquids; Downstream, which engaged in oil products and chemicals manufacturing and marketing activities; and Corporate, which comprising Co.'s holdings and treasury organisation, its self-insurance activities and its headquarters and central functions.

Solocal Group

Total SE

Total is an international integrated oil and gas company also active in solar and biomass energy sources. Co. engages all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, and LNG (Liquefied Natural Gas)) and Downstream operations (refining, petrochemicals, specialty chemicals, marketing and marketing and trading and shipping of crude oil and petroleum products). In addition, Co. is engaged in the coal mining and power generation sectors. Co.'s worldwide operations are conducted through three business segments: Upstream, Refining & Chemicals, and Marketing & Services.

Valbiotis SA

Valbiotis SA Formerly known as Valbiotis SAS. Valbiotis SA is a France-based company engaged in the biotechnology industry. The Company specializes in developing nutrition solutions designed to prevent cardiometabolic diseases and provide nutritional support for patients. It seeks to develop solutions designed to prevent type 2 diabetes, NASH, (non-alcoholic steatohepatitis) and obesity and to offer nutritional support. The Company prevents disease by developing products that reduce the risk factors of irreversible chronic diseases. It provides patient support through new-generation medical nutrition solutions containing patented substances with clinically proven effects. Its products are plant-based and undergo strict scientific and clinical tests in collaboration with academic research centers.

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
Ahmed Ben Salem

Thijs Berkelder

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