ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/12/2018
Based on the action taken by Carrefour in H1 2018, we are more confident in its capacity to deliver on the € 2bn cost-reduction target. In a more pragmatic approach, taking account of the share’s current valuation (19% discount to European peers for 2020e) and our perception of a reduced level of risk around the recovery, we are upgrading our recommendation to Buy vs Neutral and our target price from € 15 to € 20 (DCF). - Cf. Equity report published today. - ...Thales is an electronics and systems group, serving defense, aeronautics, transport, space and security markets. Co.'s operations can be divided into four operating segments: Aerospace (Avionics, Space), Transportation (Ground Transport Systems), Defence & Security (Secure Communications & Information Systems Land and Air Systems, Defence Mission Systems), and DCNS. Co. designs and delivers systems for all four environments: air, land, sea and space. These systems detect and assess threats, manage information, support command decisions and control engagements through to threat neutralization. Co. is active in ground transportation; air transport; navigation systems.
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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