Credit Morning 04/23/2025

Europcar Mobility Group ended 2024 with corporate EBITDA of -€ 35m|Q1 25 trading update: Moderate growth, confirms FY 25 guidance, sees no tariffs risk|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/23/2025

Morning Crédit 23/04/2025

Europcar Mobility Group a fini 2024 avec un EBITDA Corporate de -35 m EUR|Q1 25 trading update: Moderate growth, confirms FY 25 guidance, sees no tariffs risk|

ODDO : Tariff risk in the US: what implications for the spirits sector?

The US represents 28% of the global spirits market in value, with the vast majority of products imported. The tariffs announced by Trump therefore particularly affect this industry. We estimate at -6% the impact on EBIT the one-off effect of trade tariffs, to which we must add -1% related to the depreciation of the dollar. Due to the probable impact on the US economy, we have pushed back the timing of the recovery of the spirits market our EPS estimates (EPS cut by 3% on average in 2025 and 2026) We continue to favour quality with our Top Pick Diageo (Outperform) and switch to Neutral on Rémy ...

Teva : On the road to investment grade

Teva successfully delivered the 1st phase of its ‘Pivot To Growth’ strategy with a return to revenue growth in 2023 and 2024 (+3% and +9% on constant FX respectively, excluding a $ 500m payment from Sanofi in Q4 2023). The company will now enter the 2nd phase of its strategy (‘accelerate growth’) with a sustained momentum for its AUSTEDO/AJOVY and a good a pipeline of biosimilar and innovative drugs (Olanzapine LAI in 2026, DARI in 2027). These developments should more than compensate for pricing headwinds in the US, we believe. Operating margins should be constrained by R&D and marketing inve...

ODDO : Risque tarifaire aux USA : quelles implications pour le secteur des spiritueux ?

Les USA représentent 28% du marché mondial des spiritueux en valeur avec une vaste majorité de produits importés. Les tarifs douaniers, annoncés par Trump, concernent donc particulièrement cette industrie. Nous estimons à 6% l’impact sur l’EBIT de l’effet one-off des droits de douane auquel il faut ajouter 1% lié à la baisse du dollar. En raison de l’impact probable sur l’économie américaine, nous décalons le timing de reprise du marché des spiritueux dans nos estimations (BPA abaissés de 3% en moyenne en 2025 et 2026). Nous privilégions la qualité avec notre top pick Diageo (Surperformance) e...