Oddo BHF - Carton jaune pour le budget français

Report

Oddo BHF

Bruno Cavalier

Carton jaune pour le budget français

Mars n’est pas encore fini et déjà le budget français pour 2024 est hors-jeu. Une première alerte est venue il y a quelques semaines quand le gouvernement s’est résolu à abaisser son hypothèse de croissance trop optimiste (les recettes prévues vont s’en ressentir). La seconde pointait depuis quelques jours et vient d’être officialisée : le déficit budgétaire 2023 est révisé à la hausse de 17Md€ à 5.5% du PIB. Atteindre 4.4% en 2024 est presque mission impossible. Le budget des mi...

27/03/2024 1 FR

Provider

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.

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Analysts

Bruno Cavalier

Other Reports from Oddo BHF

Martin Marandon-Carlhian ... (+2)

Martin Marandon-Carlhian
Stephane Houri

Logitech : PC cycle and leadership in gaming: the winning combo

As a leader in PC peripherals, Logitech is perfectly positioned to benefit from the PC replacement cycle (acceleration in volumes in Q3 and knock-on effect on peripherals) and the medium/long-term outlook for gaming (underestimated in our view, steady market share gains). This should translate into a solid financial performance (EPS CAGR 2025-28e of 14%) and trigger an upward revision phase (we are ~11% > css on FY 2027-28e EPS). We are initiating coverage at Outperform with a target price of CHF 115.

3h / 4m 3h / 4m 1 EN

Martin Marandon-Carlhian ... (+2)

Martin Marandon-Carlhian
Stephane Houri

Nordic Semiconductor : Solid momentum in the short term, already well priced in, and probably overestimated in the long term

Nordic Semiconductor, leader in Bluetooth Low Energy (BLE), is entering a recovery cycle driven by the rebound in PC accessories and the launch of its nRF54 chip (2026e sales at +16%). But we think this momentum is already largely priced into what is a demanding valuation (relative-to-peer premium of ~40%). This exposes the group to the risk of de-rating in the event of disappointment. Moreover, we think long-term growth in BLE and operating leverage are probably overestimated (we are 18% below the css on 2028e EBITDA). We are initiating coverage with a Neutral rating and a target price of NOK...

3h / 10m 3h / 10m 1 EN

Martin Marandon-Carlhian ... (+2)

Martin Marandon-Carlhian
Stephane Houri

Logitech : Cycle PC et leadership dans le Gaming : le combo gagnant

En tant que leader sur les périphériques PC, Logitech est parfaitement positionné pour bénéficier du cycle de remplacement PC (accélération des volumes au T3 et effet d’entrainement sur les périphériques) et des perspectives du gaming à moyen/long terme (sous-estimées selon nous, gains de PdM réguliers). Cela devrait se traduire par une solide performance financière (TMVA BPA 25-28e de 14%) et enclencher une phase de révisions en hausse (nous sommes ~11% > au css sur les BPA FY 27-28e). Nous initions à Surperformance, avec un OC de 115 CHF.

3h / 10m 3h / 10m 1 FR

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Carton jaune pour le budget français

Logitech : PC cycle and leadership in gaming: the winning combo

Nordic Semiconductor : Solid momentum in the short term, already well priced in, and probably overestimated in the long term

Logitech : Cycle PC et leadership dans le Gaming : le combo gagnant

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