Oddo BHF - CONTINENTAL AKTIENGESELLSCHAFT (CON) Continental : Relative Value: IHOVER, SHAEFF lost attraction, except for longer duration

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Oddo BHF

Markus Schmitt

Continental : Relative Value: IHOVER, SHAEFF lost attraction, except for longer duration

We update/change our recommendation on certain outstanding instruments of the group: - IHOVER 3.750% 2026: Neutral (affirmed) - IHOVER 3.875% 2027: Neutral (affirmed) - IHOVER 8.750% 2028: Neutral (vs. Buy) - SHAEFF 2.750% 2025: Neutral (affirmed) - SHAEFF 4.500% 2026: Neutral (vs. Buy) - SHAEFF 2.875% 2027: Neutral (affirmed) - SHAEFF 3.375% 2028: Neutral (vs. Buy) - SHAEFF 4.750% 2029: Buy (affirmed) - SHAEFF 4.500% 2030: We adopt a Buy recommendation for the 2030 notes, which have been issued r...

04/04/2024 1 EN

Underlying

CONTINENTAL AKTIENGESELLSCHAFT

Continental is an automotive industry supplier. Co.'s automotive divisions comprised of: Chassis & Safety, which develops and produces systems that provide safety and enhanced vehicle dynamics; Powertrain, which develops solutions for gasoline and diesel engines, as well as hybrid and electrical drive systems; and Interior, which provides solutions for information management within vehicles and networking between vehicles. Co.'s rubber divisions comprised of: Tires, which provides tires for passenger cars through trucks, buses and construction site vehicles to special vehicles, motorcycles and bicycles; and ContiTech, which develops products made from rubber and plastic.

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DE0005439004 Germany

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

Markus Schmitt

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Continental : Relative Value: IHOVER, SHAEFF lost attraction, except for longer duration

Credit Morning 04/26/2024

Morning Crédit 26/04/2024

Credit Morning 04/17/2024

France: modest growth, fiscal stability at risk

France : un peu de croissance, pas de stabilité budgétaire

But : Nouvelle émission obligataire avec intégration de Conforama

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