Report
Picard : Probably more shaken than hurt at the end of the year
In our Special Comment of 7 December 2018, published at the height of social unrest in France between act III (damage to the Arc de Triomphe, looting and fires) and act IV (worst-case scenario), we took a cautious approach on the credit by adopting a Reduce recommendation given that: 1/ leverage reached 7.5x at 30 September 2018 after the two dividend payments; 2/ annual deleveraging is particularly sensitive to the group's performance in this quarter (more than 40% of annual EBI...
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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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