Oddo BHF - Ceramtec : We lower our recommendation to Neutral as the CeramTec notes became expensive

Report

Oddo BHF

Markus Schmitt

Ceramtec : We lower our recommendation to Neutral as the CeramTec notes became expensive

Group revenues rose by 3.6% to â‚¬Â 146.6m in Q3Â 18 (Q3 17: â‚¬ 141.5m) and by 8.7% to â‚¬Â 456.2m in 9MÂ 18 (9MÂ 17: â‚¬Â 419.7m), mainly driven by a stellar performance and volume growth in the Medical Products segment (hip replacement components). Revenue growth at the Industrial Products segment is losing momentum, but management does not see any growth concerns â€“ direct exposure to China is limited, but is difficult to quantify given unknown distributor trade routes. - We believe that the ...

20/12/2018 10 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.

See profile

Analysts

Markus Schmitt

Other Reports from Oddo BHF

Chaima Ferrandon ... (+2)

Chaima Ferrandon
Sven Edelfelt

Holcim : Make Europe Great Again

The Holcim Group demerger will take effect on Monday 23 June. Although the demerger parity will not be known until after the close of trading on Friday 20 June, we estimate it at 0.55 Holcim remain-co shares (CHF 52) for 0.45 Amrize shares (CHF 42). The uncertainty surrounding the demerger parity and taxation of dividends could create volatility. Sophisticated investors may choose to wait until the first listing before deciding to build a position in Holcim remain-co. Outperform rating maintained and target price lowered to CHF 110 vs CHF 115 based on a SOP valuation.

2h / 58m 2h / 58m 1 EN

Chaima Ferrandon ... (+2)

Chaima Ferrandon
Sven Edelfelt

Holcim : Make Europe Great Again

La scission du groupe Holcim sera effective le lundi 23 juin. Si la parité de scission ne sera connue que vendredi 20 juin après Bourse, nous l’estimons à 0.55 action Holcim remain-co (52 CHF) pour 0.45 action Amrize (42 CHF). L’incertitude autour de la parité de scission et de la fiscalité des dividendes pourrait créer une certaine volatilité. Les investisseurs avertis pourraient choisir d’attendre la première cotation pour se décider à construire une position dans Holcim remain-co. Opinion Surperformance maintenue et OC ramené à 110 CHF vs 115 CHF sur la base d’une SOP.

3h / 4m 3h / 4m 1 FR

Anne-Barbara Nicco

Anne-Barbara Nicco

Mobilux : Update sur le crédit et ajustement de nos recommandations

Il ne fait pas de mystère que l’environnement de consommation soit resté morose depuis le début de l’année, sous l’effet du faible degré de confiance des ménages et d’un taux d’épargne toujours très élevé. L’équipement de la maison souffre de plus de la baisse des transactions immobilières, même si une légère inflexion commence à apparaitre, permettant (si elle se confirme) d’envisager des retombées positive pour le meuble et l’électroménager dans quelques mois. Dans cet environnement dégradé, Mobilux ne peut être épargné mais le groupe a le mérite de i/ performer en ligne avec l’évolution du ...

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

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Ceramtec : We lower our recommendation to Neutral as the CeramTec notes became expensive

Holcim : Make Europe Great Again

Holcim : Make Europe Great Again

Mobilux : Update sur le crédit et ajustement de nos recommandations

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe