Energy Morning - 13 November 2024

Renewable Weekly – 11 November 2024

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,...

Accelleron : Straight and smooth sailing with a compounder profile

Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong sto...

Dermapharm Holding SE : All divisions contribute to better-than-expected 9M figures

>A strong set of 9M figures beats expectations - 9M sales of € 890m (+3%) came in 1% above our (€ 886m) and 2% above the consensus compiled by the company of € 871m. Adjusted EBITDA of € 240m (-1%) is 5% above our estimates of € 229m and 8% above consensus of € 223m. The slightly lower profitability vs 9M 2023 (adjusted EBITDA margin of 27% vs 28%) still reflects the absence of sales from the extremely attractive contract with BioNTech, which still supported Q1 2023....

ODDO BHF Small & MIDCAP MORNING NEWS - Date1

We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...