Oddo BHF - Zardoya Otis S.A. (ZOT) Zardoya Otis : Redémarrage en douceur. Initiation de couverture à Surperformance

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Oddo BHF

Delphine Brault ...

Jean-Baptiste Rouphael

Zardoya Otis : Redémarrage en douceur. Initiation de couverture à Surperformance

Zardoya Otis, fort de son statut de leader sur le marché espagnol, devrait parvenir à renouer avec la croissance de son activité (TMVA 2021/2023e du CA de 3%) et progressivement redresser sa marge d’EBIT (+60 pb d’ici 2023). Ce meilleur momentum, conjugué à un rendement de près de 6% et à une décote de plus de 30% (vs multiples de valorisation historiques et des pairs) nous conduisent à initier Zardoya Otis en Surperformance avec un OC de 6.9 €. - >Des leviers pour dynamis...

11/05/2021 37 FR

Underlying

Zardoya Otis S.A.

Zardoya Otis and its subsidiaries are engaged in the manufacture and installation of elevators, the provision of related maintenance services, and export of equipment for its installation abroad.

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ES0184933812 Madrid Stock Exchange Spain

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

Delphine Brault

Jean-Baptiste Rouphael

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ZARDOYA OTIS reduced its risk exposure resulting in an upgrade to Slightly Positive

ZARDOYA OTIS (ES), a company active in the Industrial Machinery industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date February 25, 2022, the closing price was EUR 7.03 and its potential was estimated at EUR 8.22.

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February 26, 2022 February 26, 2022 1 EN

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Zardoya Otis : Otis makes an offer on Zardoya at € 7 per share

>Otis makes an offer on Zardoya Otis - Otis Worldwide, the world number one elevator group, announced this morning that it was launching a takeover bid on the Zardoya Otis shares.The parent company Otis currently owns a 50.01% stake in Zardoya’s capital and 50.07% of voting rights. The bid therefore concerns the 235,184,934 shares that are not held by Otis. The price offered is € 7 per share. This € 7 is to be reduced by € 0.074 per share, corresponding...

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Zardoya Otis : Offre de Otis sur Zardoya à 7 € par titre

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Zardoya Otis : Redémarrage en douceur. Initiation de couverture à Surperformance

ZARDOYA OTIS reduced its risk exposure resulting in an upgrade to Slightly Positive

Zardoya Otis : Otis makes an offer on Zardoya at € 7 per share

Zardoya Otis : Offre de Otis sur Zardoya à 7 € par titre

Dassault Systèmes : L’environnement macro incite à la prudence pour le S2 mais le marché semble s’y être déjà préparé

Lanxess : Showing the money: disposals on track, cash flow recovery/deleveraging, too

ODDO : US elections: between continuity and disruption, the benefits/risks vary

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