On the shelves now: Consumer weekly #34

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we take a look at underperformance by European, and especially French, equity indexe

INFORME DIARIO 21 JUNIO (ANÁLISIS BANCO SABADELL)

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/20/2024

Thanks to its business model focused on the growth potential of long-term savings (AM/WM, insurance) in Italy, Intesa Sanpaolo is in a win/win position vis-à-vis the expected interest rate normalisation. Combined with its strong balance sheet and operating efficiency, this should bolster the credibility of the group’s capital plan and ultimately that of its attractive shareholder returns policy which is still not properly priced in. We reiterate our Outperform rating on the stock, wit...

ODDO : The macroeconomic environment is not helping the sector

The last few weeks had seen renewed interest in the sector, with stronger volumes, M&A activity and market transactions. Unfortunately, the political context in France has again undermined French biotechs. A large number of clinical results are expected in the next few months (Ose, Aelis, Genfit, Medincell, Trangsene, Abivax, etc.). If successful, these could reinvigorate the sector. In the meantime, we are taking a more decisive stance, increasing the beta of the firms in our sa...

ODDO : L'environnement macro ne favorise pas le secteur

Ces dernières semaines avaient laissé entrevoir un regain d’intérêt pour le secteur avec une hausse des volumes, du M&A et des opérations de marché. Malheureusement le contexte politique français vient à nouveau de pénaliser les biotechs françaises. Un nombre important de résultats cliniques sont attendus dans ces prochains mois (Ose, Aelis, Genfit, Medincell, Trangsene, Abivax…) qui pourraient, en cas de succès, redynamiser le secteur. Dans l’intervalle, nous décidons d’être plu...

Capgemini : Europe set to undermine recovery momentum for the group

>Set for very slight improvement in growth in Q2, driven by US - Capgemini is due to report its H1 2024 results on 26 July before trading. Based on our discussions with the company and its main peers, we understand that organic growth in Q2 is set to show an improvement on Q1. However, we think it is likely to be modest. Indeed, only North America (31% of revenues) is posting tangible signs of improvement at this stage, driven by a smaller decline for the banking/fina...