Oddo BHF - Oddo convertible news 03/06/2020

Report

Oddo BHF

Oddo convertible news 03/06/2020

S&P downgraded Amadeusâ€™ rating to BBB- with a negative outlookMoodyâ€™s has placed Wirecardâ€™s Baa3 rating on credit watch negative>...

03/06/2020 6 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.

See profile

Other Reports from Oddo BHF

Nicolas David ... (+2)

Nicolas David
Sinan Doganli

ATOSS Software SE : Operational excellence meets a full valuation

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...

6h / 3m 6h / 3m 1 EN

Klaus Ringel ... (+2)

Klaus Ringel
Yan Derocles

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

As a fully-integrated naval solutions provider, TKMS is perfectly positioned to capture the strong growth of the market. With the phase-out of legacy contracts, we think that the company will be able to meet its medium-term guidance in terms of EBIT margin >7% as of 2027. We value the business at between € 3.6bn and € 5.8bn in the event of a spin-off from thyssenkrupp.

9h / 14m 9h / 14m 1 EN

Martin Marandon-Carlhian ... (+2)

Martin Marandon-Carlhian
Stephane Houri

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...

11h / 21m 11h / 21m 1 FR

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

Oddo convertible news 03/06/2020

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’ ?

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