Oddo BHF - UNIPER SE (UN0) Uniper : Une bonne publication mais les perspectives restent mal orientées

Report

Oddo BHF

Louis Boujard, CFA ...

Philippe Ourpatian

Uniper : Une bonne publication mais les perspectives restent mal orientées

>Une publication de bonne qualité sur le S1 2024 - Uniper a publié hier ses résultats détaillés du S1 après les résultats préliminaires publiés le 31 juillet (voir notre Flash du 1er août 2024 : « Guidance relevée, mais le principal point à retenir est ailleurs »). L'EBITDA ajusté a diminué à 1 743 M€ contre 4 113 M€ YoY et 1 615 M€ attendus. L'EBIT ajusté s'est établi à 1 439 M€ contre 3 712 M€ YoY contre 1 315 M€ attendus et le NI ajusté est ressorti en ligne avec n...

09/08/2024 1 FR

Underlying

UNIPER SE

See profile

DE000UNSE026 Germany

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.

See profile

Analysts

Louis Boujard, CFA

Philippe Ourpatian

Other Reports on these Companies

Oddo BHF

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2024

Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...

November 6, 2024 November 6, 2024 1 EN

Oddo BHF

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2024

Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...

November 6, 2024 November 6, 2024 1 FR

Oddo BHF

Uniper : No surprises for 2024 and the outlook remains vague

>Guidance confirmed for 2024 but we are lowering our estimates - Most of the favourable base effects are now behind us and Q4 should show a continuation in the normalisation of earnings. In particular, the group should see a readjustment of the real value of its positions on the carbon market that should trigger a € 140m decline in earnings over the quarter, while last year this readjustment in real value led to a € 140m increase in earnings. The cumulative effect of ...

November 6, 2024 November 6, 2024 1 EN

Les Mousquetaires : Back on the bond market with an IG rating

Intermarché Entreprises announced that is planning a new benchmark offering of senior unsecured note with a five-year maturity (Jan. 2030), six months longer than the July 2029 maturity of its first € 300m bond issued last July. Both offerings serve the same purpose, namely to refinance the € 1.1bn syndicated facility obtained in February 2024 to fund the acquisition of the third wave of Casino stores. However, the present offering is likely to be easier to price given that the group obtained an IG rating last November, even if it is at the lowest possible level (BBB-/negative). Although the l...

11h / 23m 11h / 23m 1 EN

Stephane Beyazian ... (+2)

Stephane Beyazian
Yan Derocles

ODDO : Winners and losers of 2025-30 space revolution

The space industry is set to be shaken by many more sea changes yet to come during the period from 2025 to 3030: Starship & Starlink v3 from SpaceX (valued at $ 350bn), Amazon's Kuiper, IRIS², the GlobalStar-Apple agreement, AST SpaceMobile's satellite mobile and Chinese projects. We prefer exposure to manufacturers (Airbus, Thales, Aliena Space and OHB) may see their business pick up with IRIS². Conversely, for services, contract losses and higher investments are coming over 2025-30. We would encourage SES (Underperform, TP revised down at € 3) to renegotiate the Intelsat deal. For Eutelsat ...

11h / 35m 11h / 35m 1 EN

Stephane Beyazian ... (+2)

Stephane Beyazian
Yan Derocles

ODDO : Gagnants et perdants de la révolution spatiale 2025-2030

De nombreux bouleversements dans le domaine spatial sont encore à venir sur 2025-2030: Starship/Starlink v3 chez SpaceX (valorisé à 350 Md$), Kuiper d’Amazon, IRIS², accord GlobalStar-Apple, mobile satellitaire d’AST SpaceMobile ou projets chinois. Dans ce contexte, nous privilégions les constructeurs (Airbus, Thales Aliena Space, OHB), qui devraient profiter d’une possible relance d’activité avec IRIS². Alors que pour les services, concurrence et investissements vont affecter 2025-2030. Nous encourageons SES (Sous-performance, OC abaissé à 3 €) à renégocier l’acquisition Intelsat et revoyons ...

11h / 41m 11h / 41m 1 FR

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Uniper : Une bonne publication mais les perspectives restent mal orientées

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2024

Uniper : No surprises for 2024 and the outlook remains vague

Les Mousquetaires : Back on the bond market with an IG rating

ODDO : Winners and losers of 2025-30 space revolution

ODDO : Gagnants et perdants de la révolution spatiale 2025-2030

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe