Oddo BHF - CMA-CGM : Safe sailing

Report

Oddo BHF

Delphine Chauvin

CMA-CGM : Safe sailing

CMA CGM delivered a more than resilient performance amidst the Covid crisis in 2020 thanks to favourable changes in market conditions, but also to the smooth implementation of its performance plan and measures taken to generate $ 2bn in liquidity. The group has therefore regained adequate liquidity headroom and has already refinanced most of its forthcoming debt maturities. In addition, given the current outlook in shipping, CMA CGM should continue to post strong results in the q...

01/02/2021 16 EN

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

Delphine Chauvin

Other Reports from Oddo BHF

Pierre François Merveille

Pierre François Merveille

Cellnex : Evolution of coverage

As part of the rotation of our coverage, we are terminating the coverage with recommendation of Cellnex. Our previous credit opinion was Positive and our previous market recommendations were Buy on convertibles bonds and Neutral on straight bonds. We plan to initiate the coverage of new issuers soon. Issuer Previous credit opinion Previous market recommendation Date of the last report Current reco Cellnex Positive Buy on convertible bonds, Neutral on straight bonds 15/07/2024 No reco

6h / 50m 6h / 50m 1 EN

Pierre François Merveille

Pierre François Merveille

Cellnex : Evolution de la couverture

Dans le cadre de la rotation du suivi de nos valeurs, nous arrêtons la couverture avec recommandation de Cellnex. Notre précédent avis crédit était Positif et nos précédentes recommandations de marché étaient Achat sur les obligations convertibles et Neutre sur les obligations sèches. Nous comptons prochainement initier la couverture de nouveaux émetteurs. Emetteur Précédent avis crédit Précédente reco marché Date de la dernière étude Reco actuelle Cellnex Positif Achat obligations convertibles, Neutre obligations sèches 15/07/2024 Pas de Reco

7h / 2m 7h / 2m 1 FR

Emna Ben Bdira ... (+2)

Emna Ben Bdira
Maxime Kogge

ArcelorMittal : Un peu plus loin du rêve américain

Les bénéfices du deal Calvert se retrouvent plus que compensés par l’impact massif des droits de douane engendrant un OC réduit à 28 € vs 29 €. Aussi la part de l’Amérique du Nord (près du tiers de l’EBITDA pro forma) va désormais baisser au profit de l’Europe et du Brésil, limitant les perspectives de rerating. Les multiples actuels, près des plus hauts sur 5 ans, risquent donc de rester durablement plus proches des acteurs européens à ~4x l’EBITDA que des ~7x des américains. Nous maintenons notre opinion Neutre avec un potentiel de rebond en cas de levée des incertitudes tarifaires et une ex...

7h / 14m 7h / 14m 1 FR

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CMA-CGM : Safe sailing

Cellnex : Evolution of coverage

Cellnex : Evolution de la couverture

ArcelorMittal : Un peu plus loin du rêve américain

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