ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/30/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 30/07/2025

Novo Nordisk : A return to confidence that will take time - Neutral vs Outperform

Monthly round-up - July 2025 – trade “agreements” mainly benefit US equities

As we anticipated, the trade “deals” concluded in July mainly benefited US equities, which once again outperformed in July their European counterparts. In Europe, the strongest performances were recorded by cyclical sectors, particularly banks, but also energy, two sectors that we upgraded to Overweight at the beginning of July and in mid-June. Companies and sectors exposed to USD risk suffered, as did media (-6.3%). Value continues to outperform Growth, and European sovereign long rates continue to rise. We maintain our preference for US equities (Overweight) vs European equities (Marketweigh...

Bilan mensuel - juillet 2025 – les « accords » commerciaux profitent surtout aux actions américaines

Comme nous le pressentions, les « deals » commerciaux intervenus en juillet bénéficient surtout aux actions américaines qui ont à nouveau surperformé (de 3%) en juillet les actions européennes. En Europe, les meilleures performances sont à l’actif de secteurs cycliques, en particulier les Banques, mais également l’Energie, deux secteurs que nous avons upgradés à Surpondérer début juillet et mi-juin. Les sociétés et secteurs exposés au risque USD ont souffert, à l’instar des médias (-6,3%). La Value continue de surperformer la Croissance, et les taux longs souverains européens de grimper. Nous ...

Coty : Update following sale rumours and bleaker business environment

We are updating our assessment of the group's credit quality and our recommendations in the light of two recent developments: 1/ The bleaker operating environment since the beginning of the financial year, which is expected to slow the deleveraging process for at least a year. A rebound in growth and EBITDA is not expected before H2 2025-26 (calendar H1 2026). Leverage is expected to steady over the three months to end-June 2025 (i.e. -0.1 pt y/y, to 3.2x) and the consensus expects a decrease of 0.3 pts at end-June 2026 (subject to the 2025-26 guidance being met). We are therefore revising ou...