Oddo BHF - Isabel Marant : Are there still good grounds for hope?

Report

Oddo BHF

Anne-Barbara Nicco

Isabel Marant : Are there still good grounds for hope?

The Q2 2024 earnings release and attendant conference call have not helped to determine a clear timeframe for an improvement in operating performance and financial strength. With two and a half years and four collections at most to go before refinancing, we assess the possible levers for operating recovery. We conclude that, assuming a moderate recovery from 2025, external support could be needed between now and 2026 and cannot dismiss a contribution from bondholders out of hand....

01/10/2024 1 EN

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

Anne-Barbara Nicco

Other Reports from Oddo BHF

Nicolas David

Nicolas David

Atos : Execution risk and debt levels still too high to come back to the stock

Following its debt restructuring, Atos has regained a cash position that will enable it to continue operations. However, in an unfavourable macroeconomic environment, the group's operational recovery will be tough going and cash burn is set to remain high. Despite the CMD due on 14 May, we think it is too early to return to the stock. We are upgrading our recommendation to Neutral with a target price of € 35.

9h / 50m 9h / 50m 1 EN

Nicolas David

Nicolas David

Atos : Le risque d’exécution et l’endettement restent trop importants pour revenir sur le titre

Suite à la restructuration de sa dette Atos a retrouvé une position de liquidité lui permettant d’opérer ses activités. Néanmoins, dans un contexte macro défavorable, le redressement opérationnel du groupe sera difficile et la consommation de trésorerie restera importante. Malgré la tenue d’un CMD le 14 mai, il nous semble trop tôt pour revenir sur le titre. Nous relevons l’opinion Neutre avec un OC de 35 €.

9h / 53m 9h / 53m 1 FR

Anis Zgaya ... (+3)

Anis Zgaya
Louis Boujard
CFA

SMA Solar Technology AG : Q1 above consensus but the lower third of the guidance is now targeted

11h / 40m 11h / 40m 1 EN

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Isabel Marant : Are there still good grounds for hope?

Atos : Execution risk and debt levels still too high to come back to the stock

Atos : Le risque d’exécution et l’endettement restent trop importants pour revenir sur le titre

SMA Solar Technology AG : Q1 above consensus but the lower third of the guidance is now targeted

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