Oddo BHF - Morning CrÃ©dit 08/05/2018

Report

Oddo BHF

Carole Braudeau

Morning CrÃ©dit 08/05/2018

Shell va cÃ©der sa participation dans le producteur de sable bitumineux Canadian Natural Resources pour 3.3 mds USD.>

08/05/2018 15 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

Carole Braudeau

Other Reports from Oddo BHF

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ATOSS Software is a leading workforce management (WFM) software provider. The company has a strong track-record since the IPO in 2000 with an excellent operational performance, coupled with a CAGR of 9.8% for revenue and 22.1% for EBIT since that date. However, macro-headwinds and risks surrounding the international expansion strategy could put further pressure on the shares, given the stock currently trading at a premium of 22.2% to its peer group of leading Human Capital Management (HCM) software companies. Our DCF valuation also provides limited upside on the current valuation. We therefore...

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ODDO : Mémoire : Et si nous étions à l’aube d’un ‘supercycle’ ?

Les prix de la mémoire ont progressé de 15% sur un mois et de ~30% YTD. Cela reflète une forte tension sur l’offre alors que la demande IA est plus élevée qu’attendu. Les stocks de mémoires sont, par ailleurs, au plus bas, ouvrant la voie en 2026 à un supercycle, tiré par l’IA mais aussi par l’intégration de l’Edge AI dans les smartphones/PC. Un marché des semis à ~+15/20% en 2026 est crédible dans ce contexte. Dans notre couverture, cela devrait d’abord bénéficier à ASML, VAT, Siltronic, ASMi et SUSS (Surperformance vs Neutre), pour lesquels nous relevons nos BPA 26/27e de respectivement 9% e...

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Morning CrÃ©dit 08/05/2018

ATOSS Software SE : Operational excellence meets a full valuation

thyssenkrupp : TKMS – a fully-integrated offer in the naval defence business

ODDO : Mémoire : Et si nous étions à l’aube d’un ‘supercycle’ ?

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