Oddo BHF - Macro US : changement d’atmosphère ?

Report

Oddo BHF

Bruno Cavalier

Macro US : changement d’atmosphère ?

Prévisionnistes et investisseurs ont passé une bonne partie de l’année 2023 à guetter une récession américaine qui n’est jamais venue. Selon le scénario médian du consensus, la croissance de l’économie US serait proche de son potentiel en 2024. La bourse a inscrit de nouveaux points hauts et certains, y compris à la Fed, redoutent qu’une baisse des taux trop précoce provoque de l’ exubérance. Est-on vraiment passé d’une « atmosphère de récession » à un nouveau risque de surchauff...

07/03/2024 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

Bruno Cavalier

Other Reports from Oddo BHF

Louis Boujard ... (+3)

Louis Boujard
CFA
Philippe Ourpatian

Fortum : Are we nearing the end of the low-price paradigm in Nordics?

The Nordic electricity system is entering a phase of lasting change: demand is growing structurally (electrification, data centres), while controllable supply is stagnating, and variable renewables are dominating growth. Based on the analysis developed in this note, these changes are set to drive long-term price growth that is not yet reflected in the consensus. This shift could be addressed at the CMD on 25 November. Fortum, with its low-carbon mix (hydro + nuclear), deleveraged balance sheet and high price sensitivity (˜ +4% EPS per € 1/MWh), looks particularly well positioned to benefit fro...

11h / 45m 11h / 45m 1 EN

Louis Boujard ... (+3)

Louis Boujard
CFA
Philippe Ourpatian

Fortum : Vers la fin du « low price paradigm »

Le système électrique nordique entre dans une phase de mutation durable : la demande progresse structurellement (électrification, datacenters) tandis que l’offre pilotable stagne et que les renouvelables variables dominent la croissance. Selon l’analyse développée dans cette étude, ces changements conduiront à une hausse LT des prix non encore intégrée par le consensus. Cette évolution pourrait être abordée lors du CMD du 25/11 prochain. Fortum, doté d’un mix bas-carbone (hydro + nucléaire), d’un bilan désendetté et d’une sensibilité élevée aux prix de marché (˜ +4 % de BPA par +1 €/MWh), nous...

11h / 51m 11h / 51m 1 FR

Roy Külter ... (+2)

Roy Külter
Steven Boumans

Unite Group : The Unite Group : Housing the future, available at a bargain

Unite Group is the UK’s PBSA leader with scale, prime locations, and strong university ties driving sustained growth. Its shares trade at a deep discount to historical valuation, despite embedded rental growth and margin recovery. We see a compelling entry point with 23% upside to our 700p target price.

11h / 51m 11h / 51m 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

Macro US : changement d’atmosphère ?

Fortum : Are we nearing the end of the low-price paradigm in Nordics?

Fortum : Vers la fin du « low price paradigm »

Unite Group : The Unite Group : Housing the future, available at a bargain

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