Oddo BHF - France : tout pour le travail, rien pour les loisirs

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Oddo BHF

Bruno Cavalier

France : tout pour le travail, rien pour les loisirs

Le confinement auquel sera soumise la France dans le mois qui vient n’implique pas l’incarcération quasi-complète de la population comme au printemps dernier. Cette fois, c’est un régime de semi-liberté, celui dont bénéficient les condamnés autorisés à quitter leur prison dans la journée pour travailler ou pour se former à condition de revenir y passer leurs nuits et leurs week-ends. Sous l’hypothèse que l’économie soit à nouveau libérée en décembre, nous estimons que l’impact su...

29/10/2020 5 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.

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Analysts

Bruno Cavalier

Other Reports from Oddo BHF

Bruno Cavalier

Bruno Cavalier

Macro hot spots: a mid-year review

The US president sets deadlines. Then he postpones them when he realises the objective is out of reach or personally damaging. The tariff question was initially supposed to be clarified on 2 April, but we now have to wait until 9 July. A further delay is possible. The same applies to the vote on the tax cut plan in the US and the resolution of wars (Ukraine, Middle East). The good news is that these postponements and U-turns aim to avoid the worst, namely a recession, but all this zig-zagging could end up derailing the economy. So far, there is no sign of this. In Q1, the world economy was not...

31m 31m 1 EN

Bruno Cavalier

Bruno Cavalier

Points chauds macro : une revue de mi-année

Le président américain fixe des dates butoirs… puis les déplace, selon son bon plaisir, ou parce qu’il réalise que l’objectif ainsi fixé est hors d’atteinte ou dommageable pour lui-même. Initialement, la question des droits de douane aurait dû être clarifiée le 2 avril. Il faut désormais attendre le 9 juillet. Un nouveau délai n’est pas à exclure. Idem pour le vote du grand plan de baisse d’impôt aux Etats-Unis. Idem pour le règlement des guerres en Ukraine et au Moyen-Orient. Le bon côté des choses est que ces reports et ces revirements visent à éviter le pire, à savoir une récession, mais à ...

1h / 13m 1h / 13m 1 FR

Martijn Den Drijver

Martijn Den Drijver

Vulcan Energy : Vulcan: Europe’s 1st carbon-neutral integrated lithium play – high risk, high return

We initiate coverage on Vulcan Energy with an Outperform rating and a TP of €4.0. The company is progressing towards full funding, and thus becoming the first carbon-neutral geothermal powered European lithium hydroxide producer using European lithium. Vulcan is likely to sell close to 100% of the output via legally binding take or pay contracts, but profitability beyond the initial contract duration depends on the lithium market price. That said, even at today’s multi-year low prices, assuming Vulcan will obtain a material premium for being European and carbon-neutral, sales, profitability l...

1h / 19m 1h / 19m 1 EN

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France : tout pour le travail, rien pour les loisirs

Macro hot spots: a mid-year review

Points chauds macro : une revue de mi-année

Vulcan Energy : Vulcan: Europe’s 1st carbon-neutral integrated lithium play – high risk, high return

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