Report
Fehmi Ben Naamane ...
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/09/2018

Face au différentiel entre les cash-flows publiés et réellement « contrôlés », la mission du management des sociétés consistera à se délester des actifs les moins générateurs de cash et à réallouer les capitaux. Après la forte baisse de notre échantillon de valeurs en Bourse, nous pensons qu’il est temps de se repositionner pour jouer les rotations d'actifs. HeidelbergCement remplace CRH comme Top Pick. Cf. étude publiée ce jour. - ...
Underlyings
Carnival plc

Carnival is a leisure travel and cruise company. Co. operates over 100 cruise ships within a portfolio of global, regional and national cruise brands that sell tailored cruise products, services and vacation experiences. Co.'s North America cruise brands include Carnival Cruise Line, Princess Cruises, Holland America Line, and Seabourn. Co. also has a Cruise Support segment that represents its portfolio of port destinations and private islands, which are operated for the benefit of its cruise brands. In addition to its cruise operations, Co. owns Holland America Princess Alaska Tours, the tour company in Alaska and the Canadian Yukon, which complements Co.'s Alaska cruise operations.

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.

HELLA GmbH & Co. KGaA

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
Fehmi Ben Naamane

Johanna Jourdain

Louis Boujard, CFA

Philippe Ourpatian

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