Oddo BHF - Sogecap : Issuance Focus

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Oddo BHF

Carine Maciol

Sogecap : Issuance Focus

Sogecap (Sogesa) is launching a Tier 2 2044/2033 issue today. The insurer is issuing for the first time since 2014. This new issue aims to refinance the internal loans granted by SocGen to its insurance subsidiary, some of which are grandfathered. The group is rated BBB+/stable by S&P, like its parent company, Socgen. We do not have a credit opinion on SocGen, but the strength of its current fundamentals and the strategic plan outlined in September give reasons for optimism ...

09/11/2023 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

Carine Maciol

Other Reports from Oddo BHF

Oliver Metzger

Oliver Metzger

Siemens Healthineers : Q2 review – Headwind in China creates miss on expectations

>Miss on top and bottom line at group level - Q2 revenues of € 5,435m (+1.7% y-o-y) were -2%/-1% below ODDO BHF/consensus estimates. The comparable sales growth was 3.0% (vs 4.3%/4.0% expected) impacted by the anti-corruption campaign in China. The equipment book-to-bill was at a level of 1.08x, following 1.14x at the Q1 results. Adjusted EBIT of € 822m (+20.7% y-o-y, margin 15.1%) was -3%/-2% vs expectations. Adjusted EPS was € 0.55 vs € 0.52/€ 0.51 expected.§hp...

4m 4m 1 EN

Chaima Ferrandon ... (+2)

Chaima Ferrandon
Sven Edelfelt

Heidelberg Materials : Slow and steady wins the race

>EBITDA in line with the consensus - Heidelberg Materials has published Q1 2024 EBITDA in line with forecasts. EBITDA was € 542m, down -2.6% in real terms and -2.4% l-f-l (company-compiled consensus at € 535m, i.e. 1% above). The group was penalised by the € 202m decline in volumes at the EBITDA level (sales 6% below forecasts), almost offset by the price/cost differential of +€ 189m after +€ 218m in Q4, +€ 453m in Q3 and € 140m in Q2. The EBITDA margin improved to 12...

4m 4m 1 EN

Martin Marandon-Carlhian ... (+2)

Martin Marandon-Carlhian
Stephane Houri

Infineon Technologies AG : A warning as expected, but not a disaster

>Q2 2024 results above expectations - Infineon reported Q2 2024 results which were above expectations. Revenues came in at € 3,632m, above with Vara Research consensus at € 3, 604m. The adjusted gross margin stood at 41.1% in line with the consensus at 41.2%. Segment results were at € 707m, i.e. a margin of 19.5% above the consensus at € 651m and 18.1%. Adjusted EPS was € 0.41, 10.5% above the consensus at € 0.38.Q3 2024 guidance below expectations, FY 2...

4m 4m 1 FR

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Sogecap : Issuance Focus

Siemens Healthineers : Q2 review – Headwind in China creates miss on expectations

Heidelberg Materials : Slow and steady wins the race

Infineon Technologies AG : A warning as expected, but not a disaster

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