Oddo BHF - Oddo’s 2 Weeks Ahead_Friday 29 November 2024

Report

Oddo BHF

Matthias Desmarais

Oddo’s 2 Weeks Ahead_Friday 29 November 2024

29/11/2024 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

Matthias Desmarais

Other Reports from Oddo BHF

Martin Marandon-Carlhian ... (+2)

Martin Marandon-Carlhian
Stephane Houri

BE Semiconductor Industries : The next enabler of Moore’s Law, as were ASML/ASMi

In our view, BESI will be the equipment manufacturer showing the strongest growth in Europe (EPS multiplied by 4x in 4 years). With ~90% market share in hybrid bonding, it is ideally positioned on what is perhaps the most promising technology in the sector since ASML introduced EUV. The buy-side consensus now seems (too) cautious to us on the pace of the adoption of hybrid bonding, leaving room for positive surprises. Moreover, the cyclical upturn is approaching on the back-end (Q2/Q3 2025 in our view) and its extent is historically underestimated. Our 2025-2026 estimates are 15% above the con...

37m 37m 1 EN

Martin Marandon-Carlhian ... (+2)

Martin Marandon-Carlhian
Stephane Houri

BE Semiconductor Industries : Le prochain enabler de la loi de Moore, comme ont pu l’être ASML/ASMi

BESI sera, selon nous, l’équipementier avec la plus forte croissance en Europe (multiplication du BPA par 4 en 4 ans). Avec ~90% de PdM dans l’hybrid bonding, il est idéalement positionné sur la technologie, peut-être, la plus prometteuse du secteur depuis l’introduction de l’EUV par ASML. Le consensus buy-side nous semble désormais (trop) prudent sur le rythme d’adoption de l’HB, laissant de la place à de bonnes surprises. De plus, la reprise cyclique s’approche sur le back-end (T2/T3 25 selon nous) et son ampleur est historiquement sous-estimée. Nos estimations de BPA 25/26 se situent ~15% a...

49m 49m 1 FR

Carole Braudeau

Carole Braudeau

Credit Morning 11/29/2024

Emeria Q3 2024 call: promises, more promises? / Q3 24: Extremely weak earnings print, leverage based on reported EBITDA up by 0.9x qoq / Kiloutou reported good results in Q3 24 and its financial position remains stable|

2h / 15m 2h / 15m 1 EN

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Oddo’s 2 Weeks Ahead_Friday 29 November 2024

BE Semiconductor Industries : The next enabler of Moore’s Law, as were ASML/ASMi

BE Semiconductor Industries : Le prochain enabler de la loi de Moore, comme ont pu l’être ASML/ASMi

Credit Morning 11/29/2024

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