Report
Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/09/2024

At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...
Underlyings
Brunello Cucinelli S.p.A.

Brunello Cucinelli is an Italian company engaged in the fashion industry that produces luxury products. Co. is engaged in the design, manufacture, and distribution of luxury clothing and accessories collections and is known for its cashmere products. Co. provides outerwear, trousers and dresses, shirts, t-shirts, leather goods and accessories products on the market through a number of different distribution channels such as: the retail distribution channel (direct retail sales); the wholesale monobrand channel (franchised monobrand retail stores); and the wholesale multibrand channel (independent multibrand stores).

Burberry Group plc

Burberry Group designs, makes, sources and sells luxury products under the Burberry brand. Co.'s products are for women, men and children and include apparel, accessories, and beauty. Co.'s products are sold globally through its directly operated store network and online at Burberry.com, as well as through franchisees and third-party retailers, both offline and online. In a few selected areas such as Eyewear and Beauty, Co. uses the product and distribution capability of licensing partners. Co. operates in three regions: Asia Pacific; Europe, Middle East, India and Africa; and Americas. As of Mar 31 2017, Co.'s store portfolio had 469 directly-operated stores and 48 franchise stores.

Compagnie Financiere Richemont SA

Compagnie Financiere Richemont is engaged in the luxury goods market. Co.'s interests encompass some names such as Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Alfred Dunhill, Montblanc and Net-a-Porter. Co.'s luxury goods businesses are separated into four segments: Jewellery Maisons (design, manufacture and distribution of jewellery products), Specialist Watchmakers (design, manufacture and distribution of precision timepieces), Montblanc Maison (design, manufacture and distribution of writing instruments) and Other Businesses (Alfred Dunhill, Lancel, ChloA(c), Net-a-Porter, Purdey, textile brands and other manufacturing entities).

CORPORACION ACCIONA ENERGIAS RENOVABLES SA

E.ON SE

E.ON is an investor-owned energy company. The Generation global unit consists of all Co.'s existing (fossil and nuclear) generation assets in Europe. The Renewables unit is engaged in managing Co.'s carbonsourcing and renewables businesses. The Global Commodities unit buys and sells electricity, natural gas, liquefied natural gas, oil, coal, freight, biomass, and carbon allowances. The Exploration & Production unit is a active in the focus regions of the North Sea (U.K., Norway), Russia and North Africa. The New Build & Technology unit include Co.'s project-management and engineering operations to support the construction of new power plants and the operation of existing plants.

EDP Renovaveis SA

EDP Renovaveis is a renewable energy company based in Spain. Co. is engaged in activities related to the electricity sector, namely the planning, construction, operation and maintenance of electricity generating power stations, especially hydroelectric, mini-hydroelectric, wind, solar, thermal solar, photovoltaic, biomass and waste plants, among others. Co. designs, develops, manages and operates power plants. Co. generates electricity using renewable energy sources mostly wind energy. Co. owns EDP Renewables Europe that operates in several European countries and Horizon Wind Energy, which operates in the United States. Co. is a part of the Energias de Portugal group.

EDP-Energias de Portugal SA

EDP Energias de Portugal is a utility company engaged as a generator, distributor and supplier of electricity in Portugal, and as an electricity generation company and a gas distributor in the Iberian Peninsula. In addition, Co. is a wind power operator with windfarms for energy generation in the Iberian Peninsula, the U.S., Canada, Brazil, France, Belgium, Italy, Poland and Romania and is engaged in developing wind projects in the U.K. Co. is also engaged in generating solar photovoltaic energy in Portugal, Romania and the U.S, and in Brazil it is engaged as an operator in electricity generation. As of Dec 31 2015, Co. had 9.7 million electricity customers and 1.4 million gas customers.

Endesa S.A.

Endesa is engaged in the production, transmission, distribution, and supply of electricity, through hydroelectric, fossil fuel, and nuclear generation. Co. is also engaged in the mining of coal for use in its fossil-fuel electric plants; mining research; land restoration, and environmental monitoring and control.

Enel SpA

Enel Societa Per Azioni is engaged in the generation and sale of electricity through its Generation, Energy Management and Sales Italy Division. Co. is also engaged in the distribution of electricity (Enel Distribuzione) and public and artistic lighting (Enel Sole) in Italy through its Infrastructure and Networks Division. Co.'s Iberia and Latin America Division coordinates Co.'s operations in the electricity and gas markets in Spain, Portugal and Latin America. Co.'s Engineering and Research Division manages the engineering processes related to the development and construction of power plants. Co.'s other divisions are the International Division as well as the Renewable Energy Division.

ENGIE SA.

Engie is an industrial group, based in France, active in the fields of gas, electricity, energy services and the environment. Co. is an energy provider across the entire energy chain, in electricity and in natural gas, including: purchase, production and commercialization of natural gas and electricity; transport, distribution, management and development of major natural gas infrastructures; design and commercialization of energy services and environment-related services. Co.'s activities are conducted through five segments: Energy Europe, Energy International, Global Gas and LNG, Infrastructures, and Energy Services.

EssilorLuxottica SA

Essilor International (Compagnie Generale d'Optique) designs, manufactures and sells ophthalmic lenses, ophthalmic optical instruments and equipment. Co.'s activities are divided into three segments: Lenses and Optical Instruments (Co. designs, manufactures and customizes corrective lenses such as: Varilux (progressive lenses); anti-reflective, smudge-proof and anti-static lenses (Crizal); Nikon lenses, Transitions variable-tint lenses and Kodak lenses under agreements; polarized lenses (Xperio) and fog-proof lenses (Optifog)), Equipment (Co. produces, distributes and sells equipment and consumables used by prescription laboratories) and Readers (Co. designs and sells reading glasses).

Fortum Oyj

Fortum is an energy company. Co.'s operations are organised in five divisions: Hydro Power and Technology and Nuclear and Thermal Power, which are engaged in its hydro, nuclear and thermal power generation, services, portfolio management and trading as well as technology and research and development functions; Heat, Electricity Sales and Solutions, which consists of Co.'s combined heat and power production, district heating and business-to-business heating solutions, solar business, electricity sales and related customer offering; Russia, which consists of power and heat generation as well as heat distribution in Russia; and Distribution, which focuses on distribution activities in Sweden.

Hermes International SCA

Hermes International is engaged in the manufacture, sale, and distribution of luxury goods primarily in France, rest of Europe, Japan, Asia-Pacific, and Americas. Co.'s activities can be divided into two segments: the distribution via Co.'s exclusive network and the distribution via specialist outlets. The distribution via Co.'s exclusive network comprises silks and textiles, leather goods and saddlery, ready-to-wear and fashion accessories (men and women's clothing, belts, jewellery accessories, gloves, hats and shoes), and other goods (jewellery and products of the art of living department). The distribution via specialist outlets comprise perfumes, tableware and watches.

Iberdrola SA

Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.

Kering SA

Kering is engaged in the retail industry, particularly luxury fashion brands. Co.'s operations can be divided into two segments: Luxury and Sport & Lifestyle divisions. The Luxury division includes brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen, Girard-Perregaux & JeanRichard, & Stella McCartney. In addition, Co. offers Leather Goods, Shoes, Ready-to-wear, Watches, and Jewelry & Other products. The Sport & Lifestyle division designs & develops footwear, apparel & accessories and includes brands like Puma, Volcom and Electric among others.

LVMH Moet Hennessy Louis Vuitton SE

LVMH Moet Hennessy Louis Vuitton is a manufacturer and retailer of luxury goods. Co. offers champagne and wines, cognac and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewelery; and is engaged in selective retailing. Its operations are organized along five business segments: Wine and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelery, and Selective Retailing. Co. is also engaged in other activities (Media with Les Echos group, La Samaritaine and Luxury yacht with Royal Van Lent). Some of Co.'s brands are Moet & Chandon, Dom Perignon, Louis Vuitton, Fendi, Donna Karan, Parfums Christian Dior, Guerlain, Parfums Givenchy, and TAG Heuer.

Moncler SpA

Moncler is a jacket and sportswear production group based in Italy. Co. directly produces and distributes its own clothing and accessories collections, through its direct boutiques and exclusive department and multibrand stores. Co. branded products range from the high fashion segment with the Gamme Rouge and Gamme Bleu collections (exclusive products and selected distribution to boutiques) to the Grenoble collection (sporting and technical garments). As of Dec 31 2013, Co. operated a network of 135 stores, including 107 directly operated stores (DOS) and 28 wholesale stores (27 shop-in-shop and 1 franchise store).

Naturgy Energy Group S.A.

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

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.

Prada S.p.A.

PRADA is engaged the luxury goods sector where it operates with the Prada, Miu Miu, Church's and Car Shoe brands in the design, production and distribution of luxury handbags, leather goods, footwear, apparel and accessories. Co. also operates, under licensing agreements, in the eyewear, fragrances and mobile telephone sectors. Co.'s products are sold in 70 countries worldwide through a network that included 540 Directly Operated Stores (DOS), and a select network of luxury department stores, independent retailers and franchise stores.

PUIG BRANDS

Sanofi

Sanofi is an integrated, global healthcare company focused on patient needs and engaged in the research, development, manufacture and marketing of healthcare products. Two segments make up Co.'s business: Pharmaceuticals and Vaccines. The Pharmaceuticals segment covers research, development, production and marketing of medicines, consisting of flagship products, plus a broad range of prescription medicines, generic medicines, and consumer health products. The Vaccines segment includes research, development, production and marketing of vaccines in five areas: pediatric vaccines, influenza vaccines, adult and adolescent booster vaccines, meningitis vaccines, and travel and endemic vaccines.

Swatch Group Ltd. Bearer

Swatch Group is active in finished watches and jewelry sector with 20 brands in all market and price brackets. In addition, Co. is engaged in the sector of watch movements and components production as well as in the electronic systems sector. Co.'s operations can be divided into two segments: Watches & Jewelry, which is engaged in the production and sale of watches and jewelry; and Electronic Systems, which is engaged in the design, production and commercialization of electronic components, sports timing activities. Co. manufactures and sells watches under the following brands, among others: Breguet, Harry Winston, Blancpain, Glashutte Original, Jaquet Droz, Leon Hatot, and Omega.

UNIPER SE

Veolia Environnement SA

Veolia Environnement provides environmental management services to public authorities, industrial and commercial services customers, and individuals worldwide. These services include the supply of water, the treatment and recovery of municipal or industrial effluent, waste collection, processing and recycling, the supply of heating and cooling services and the optimization of industrial processes. Co.'s business operations are conducted through three divisions, each specializing in a single business sector: Veolia Eau (Water), Veolia Energie (Dalkia, Energy Services) and Veolia Proprete (Environmental Services).

VERBUND AG Class A

Verbund is a public utility company engaged in the generation and transmission of electricity from subsidiaries' hydro and thermal power stations located throughout Austria. Through its subsidiaries, Co. is involved in the planning and construction of water systems, hydroelectric power plants, river structures, sewage disposal systems, and high voltage transmission towers and lines. Co. generates, trades and sells electrical energy to power exchange buyers, traders, energy supply companies and industrial companies as well as households and commercial customers.

VESTAS WIND SYSTEMS

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
Bruno Cavalier

Louis Boujard, CFA

Philippe Ourpatian

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