Oddo BHF - Groupama : Nous initions la nouvelle RT1 à Neutre

Report

Oddo BHF

Carine Maciol

Groupama : Nous initions la nouvelle RT1 à Neutre

Groupama a émis hier 600 m EUR d’obligations RT1 PNC34. L’IPT a été fixé à 7%. Le book a atteint plus de 3 mds EUR, et a conduit l’assureur à réviser en hausse de 500 à 600 m EUR le montant émis et à ajuster le pricing final à 6.5%. C’est sans grande surprise, tant l’appétit des investisseurs ne se dément pas pour ces instruments, qui proposent un rendement attractif pour une notation IG. - Ce pricing, légèrement inférieur à nos anticipations, nous conduit à initier notre recomman...

10/07/2024 1 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.

See profile

Analysts

Carine Maciol

Other Reports from Oddo BHF

Christophe-Raphaël Ganet

Christophe-Raphaël Ganet

Robertet : Spéculation disparue, retour aux fondamentaux

Nous initions Robertet, un aromaticien multi-spécialiste, occupant la 7e place sur le marché mondial des parfums et arômes, avec une recommandation Neutre du fait de son profil de croissance moindre en 2025 (effets de base défavorables), des effets induits par les tarifs douaniers ou le dollar et de la fin de son statut spéculatif. Fondé sur un DCF et des comparables boursiers (après une décote de taille de 20%), notre OC se situe à 931 €.

2h / 41m 2h / 41m 1 FR

Christophe-Raphaël Ganet

Christophe-Raphaël Ganet

Robertet : Speculation over, back to fundamentals

We are initiating coverage of Robertet, a multi-specialist flavour and fragrance company, ranked 7th in the global fragrance and flavour market, with a Neutral rating due to a weaker growth profile in 2025 (unfavourable base effects), the fallout from US tariffs or the US dollar and the end of the speculative appeal. Based on DCF and peer comparison (with a size discount of 20%), we came up with a target price of € 931.

2h / 47m 2h / 47m 1 EN

Carine Maciol

Carine Maciol

MATMUT : Issuance Focus

Matmut is coming to the market for a first bond issue in the Tier 2 segment with a benchmark format of € 500m, a maturity of 10.75 years (2036) and a Baa1 rating. This bond issue is designed to finance part of the acquisition of HSBC Assurances Vie, for which the group has made a € 925m offer. The finalisation of the transaction is subject to relevant approvals and is expected to occur in the second half of 2025.

3h / 17m 3h / 17m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Groupama : Nous initions la nouvelle RT1 à Neutre

Robertet : Spéculation disparue, retour aux fondamentaux

Robertet : Speculation over, back to fundamentals

MATMUT : Issuance Focus

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe