Rubis : Excessive de-rating
Rubis' business model, which has proved its worth over the years, cannot be thrown into disarray by the COVID-19 crisis. The massive de-rating of the stock since the beginning of the year seems excessive to us, even when including long-term ESG uncertainties. We reiterate our Buy recommendation with a TP reduced to €40 vs €50. - >The petroleum products distributor is not asymptomatic to the COVID-19 epidemic - Contrary to initial expectations, Rubis was hit by the COVI...Rubis is a holding company based in France. Co., through its subsidiaries, is engaged in the bulk import, production or distribution process, and storage of petroleum products in Europe, the Caribbean, and Africa. Co. operates bulk liquid storage facilities for petroleum products, chemicals, fertilizers, edible oils and molasses, and foodstuffs, as well as distributes butane, propane, and petroleum products in wholesale and retail. Co.'s customers primarily include hypermarkets and supermarkets; oil companies; chemists; and traders and intermediaries of fuel, oil or gas, manures, and other liquids.
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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