Report
Arnaud Despre ...
  • Augustin Socié
  • Clément Bassat
  • Gaetan Calabro
  • Jeremy Sallee
  • Maxence Dhoury
  • Mohamed Kaabouni
  • Nicolas Montel
  • Nicolas Royot

La Matinale - 2022-07-29 - Portzamparc

MCPHY : À court terme : moins de croissance et plus de charges – Conserver (3) vs Acheter (1), obj. 15.3€ ...Cours: 16.1€ au 28/07/22
ADUX : S1 dynamique, S2 freiné par le contexte – Acheter (1), obj. 2.50€ Cours: 1.75€ au 28/07/22
AKWEL : Coup de frein sur la marge / Contact – Acheter (1), obj. 24.0€ Cours: 17.7€ au 28/07/22
BASSAC : Production en retrait, indicateurs toujours au top / Contact – Acheter (1), obj. 81.0€ Cours: 60.0€ au 28/07/22
BENETEAU : Surstock non liquidé, guidance confirmée – Acheter (1), obj. 18.2€ Cours: 10.4€ au 28/07/22
BW IDEOL : Poursuit son développement – Acheter (1), obj. 49.9kr Cours: 17.30kr au 28/07/22
CEGEDIM : T2 meilleur qu'attendu, guidance de CA confirmée / Contact – Conserver (3), obj. 28.0€ Cours: 20.5€ au 28/07/22
CGG : Au-dessus de nos attentes – Conserver (3), obj. 0.85€ Cours: 0.82€ au 28/07/22
CLASQUIN : La belle histoire continue / Contact – Acheter (1), obj. 78.0€ Cours: 60.0€ au 28/07/22
COIL : La sous-traitance continue de porter la croissance – Acheter (1), obj. 9.90€ Cours: 7.70€ au 28/07/22
EKINOPS : Relève enfin sa guidance d'organique – Acheter (1), obj. 9.70€ Cours: 7.25€ au 28/07/22
GTT : Cibles 2022 ajustées vers le bas, estimation 10y logiquement en forte hausse – Conserver (3), obj. 129.0€ Cours: 133.2€ au 28/07/22
HERIGE : Et de 4 ! / Contact – Acheter (1), obj. 56.0€ Cours: 40.0€ au 28/07/22
INVENTIVA : Read across - Pfizer abandonne un de ses candidats dans la NASH – Acheter (1), obj. 23.4€ Cours: 4.82€ au 28/07/22
KORIAN : Vise une stabilité des marges 2022 malgré un S1 dégradé / Confcall – Acheter (1), obj. 24.0€ Cours: 14.5€ au 28/07/22
MAAT PHARMA : Des premiers pas en bourse de qualité – Acheter (1), obj. 19.6€ Cours: 10.1€ au 28/07/22
MANITOU : Toujours prudent sur les perspectives de marge / Confcall – Acheter (1), obj. 30.0€ Cours: 19.7€ au 28/07/22
MERSEN : Un bon S1, comme annoncé – Acheter (1), obj. 37.6€ Cours: 33.1€ au 28/07/22
METABOLIC EXPLORER : Subit la conjoncture / Contact – Conserver (3), obj. 2.70€ Cours: 1.85€ au 28/07/22
MITHRA : Estelle en tête de gondole chez GoodRX aux USA – Acheter (1), obj. 20.7€ Cours: 6.34€ au 28/07/22
NEOEN : Relèvement de guidance ! – Conserver (3), obj. 42.5€ Cours: 42.5€ au 28/07/22
NRJ GROUP : Un S1 exceptionnel ! – Acheter (1), obj. 10.6€ Cours: 6.20€ au 28/07/22
SPIE : Accélération de la croissance et des marges – Acheter (1), obj. 28.5€ Cours: 22.8€ au 28/07/22
THERMADOR GROUPE : En dessous mais… - Contact– Renforcer (2), obj. 99.0€ Cours: 83.2€ au 28/07/22
VERIMATRIX : De la croissance au T2 – Acheter (1), obj. 1.50€ Cours: 0.72€ au 28/07/22
Underlyings
AdUX SA

Adux SA, formerly Hi-Media SA, is a France-based multimedia company engaged in Internet publishing, online advertising and electronic payments. The Company operates through two business divisions: Publishers division and Advertisers Solutions. Publishers division specializes in the publishing of Websites, including Fotolog.com, Jeuxvideo.com, Blogorama.fr, Actustar.com, MagicRPM.com, GameOnly.com and Mujeractual.com. Advertisers division provides advertising sales and direct marketing services under the Hi-Media Network brand, and also offers electronic payment services under the brand names Allopass (micropayment platform), Hipay (electronic wallet) and Mobile Trend (mobile marketing and SMS center). It offers its services in France, Germany, Spain, Portugal, China and the United States, among others. The Company has subsidiaries as Admoove, a French location-based mobile advertising company, among others.

Bassac SA

Bassac, formerly known as Les Nouveaux Constructeurs SA, is a France-based real estate development company that specializes in mid-range housing projects. The Company focuses on the development of new housing in France, Germany and Spain. The Company is present in France in cities, such as Paris, Lyon, Marseille, Cannes, Nice, Montpellier and Toulouse. In Germany, the Company's operations are located in Munich and Bayreuth metropolitan areas. In Spain, the Company provides housing development services in Madrid and Barcelona. The Company's residential real estate projects include VILLEFRANCHE SUR SAONE - 69400, DRANCY - 93700, CHAMPIGNY-SUR-MARNE - 94500, MARSEILLE - 13012, PRADES LE LEZ - 34730, CHATENAY MALABRY - 92290 and MONTPELLIER - 34090.

Beneteau SA

Beneteau designs, manufactures and sells yachts and powerboats through an international network of dealers. Co. also designs, manufactures and sells mobile homes. Its operations can be divided into two segments: The Boats segment and the Leisure Homes segment. The Boats segment groups together the activities for manufacturing and marketing boats with a customer base made up of dealers; The Leisure Homes segment groups together the activities for manufacturing and marketing mobile homes with a customer base made up of campsites and wholesalers, and the the activities for manufacturing and marketing wood-frame houses. Some of Co.'s brands are Beneteau, Jeanneau, CNB, IRM and O'Hara.

BW IDEOL AS

Cegedim SA

Cegedim is a technology and services company. Co. supplies services, IT tools, specialized software, information flow and database management services to healthcare industries, pharmaceutical companies, healthcare professionals and insurance companies. Co.'s operations can be divided into three sectors: CRM and Strategic Data (optimizing marketing and sales strategies, namely through tools and databases for managing sales forces, returns on investment, market or prescriber studies); Healthcare Professionals (software publishing with availability of promotional information) and Insurance and Services (software publishing and management of healthcare reimbursement flows).

CGG
CGG

CGG is a global participant in the geophysical seismic industry. Co. manufactures geophysical equipment and provides marine, land, and airborne data acquisition services. Co. also provides geosciences services, including data imaging, seismic data characterization, geosciences and petroleum engineering consulting services, and collecting, developing and licensing geological data. Co.'s clients are in oil and gas exploration and production industies. Co. divides its activities into four segments: Equipment, Contractual Data Acquisition, Geology, Geophysics and Reservoir (GGR), and Non-Operated Resources, including eight business lines, six Corporate functions, and four Group Departments.

Clasquin SA

Clasquin Group designs and supervises the entire overseas transport & logistics chain. Co. has two operating segments: air and sea freight forwarding and related services ("overseas freight") and IT service contractor ("IT services"). The air freight forwarding and related services ("overseas freight") segment comprises of three business lines: air freight forwarding and related services, sea freight forwarding and related services, other services not included in air and sea freight (including related services) are grouped into the "others" business line.

COIL

United Anodisers is engaged in the continuous surface treatment of aluminium flat rolled products and acts as a specialized surface treatment provision for the principal aluminium rolling mills and their end-user customers in Europe.

Ekinops SA

Ekinops SA is a France-based company engaged in the provision of optical transport solutions for service providers and private networks. The Company develops optical aggregation and transportation sub-systems for metropolitan and long-distance networks. Its products include switching, routing and multi-protocol solutions; optical amplifiers, optical filters, as well as optical protection units, among others. Its system can be configured through a software download to manage the aggregation of multiprotocol services through integration of systems and functionalities, allowing systems to be used through a single protocol. Ekinops operates a network of business offices in Americas, Europe, the Middle East and Africa.

Gaztransport & Technigaz SA

Gaztransport & Technigaz is an engineering company specialized in membrane containment systems for liquefied gas transport and storage. Co. designs and markets technologies which combine operational efficiency and safety to equip liquefied natural gas (LNG) carriers, LNG floating platforms and multi-gas transport vessels. Co. also provides solutions for onshore storage tanks and the use of LNG as a fuel for vessels propulsion as well as a wide range of services in engineering, consultancy, training, maintenance assistance and technical studies at each stage of the liquefied gas chain.

HERIGE SA

VM Materiaux is engaged in the building market with 3 complementary fields of activity. Co.'s operations can be divided into three segments: Building material trading (Co. has a trading network specialized in distribution of materials for the building and public works sector), Concrete industry (Co. produces pre-cast and ready-mix concrete) and Industrial joinery (Co. manufactures a range of PVC, aluminium or wooden external joinery (doors and windows), as well as entry closures (shutters, fences and gates)). Co. operates only in France. Among its clients, Co. has both professionals in the building industry and DIY customers.

Inventiva SA

Inventiva is a clinical stage biotechnology research company delivering therapies in the areas of oncology, fibrosis and rare diseases. The most advanced clinical programs (IVA337 for systemic sclerosis in Non-Alcoholic Steato-Hepatitis and IVA336 for Maroteaux-Lamy syndrome-MPS VI) have demonstrated efficacy in relevant in vivo and in vitro models as well as safety in phase I and phase II clinical trials. Using its in-house drug discovery platform, which covers target validation, screening, chemistry, ADME and pharmacology, Co. is developing an internal oncology and fibrosis discovery pipeline with approaches centered on transcription factors, epigenetics targets and nuclear receptors.

Korian SA

Korian is an actor on the temporary and permanent dependency care market in France, Germany and Italy. Co. offers and develops services related to dependency through its retirement homes (116 as of Dec 31 2009), follow-up care and rehabilitation facilities (35 as of Dec 31 2009) and psychiatric clinics (11 as of Dec 31 2009). Co.'s operations can be divided into four geographical segments: Medical and Social activity in France (retirement homes); Sanitary activity in France (follow-up care, rehabilitation, psychiatry and home medical care); Italy; and Germany.

MAAT PHARMA SA

Manitou BF SA

Manitou BF is active on the global market for material handling. Co. divides its activities into three divisions: Rough Terrain Handling (RTH) where Co. assembles and distributes rough terrain handling equipment such as masted forklift trucks and fixed and rotating telescopic forklift trucks; Industrial Material Handling (IMH) where Co. designs and distributes semi-industrial masted forklift trucks; industrial forklift trucks; truck-mounted forklifts; and Compact Equipment (CE) where Co. designs, assembles and distributes skid steer loaders, telescopic forklift trucks, articulated loaders and mini excavators. Co.'s brands include Manitou®, Gehl®, Mustang®, Loc®, Edge®.

McPhy Energy SA

McPhy Energy SAS is a France-based company that develops hydrogen storage and production solutions for the merchant hydrogen market and renewable energy markets. The Company sells solid-state hydrogen technology to provide a way for industrial gas renewable energy storage. Its products include the electrolyzer, a hydrogen generator that uses water as a raw material; solid hydrogen storage solutions with MCP and MGH series; and other ways that integrate electrolyzers and other solutions. It has offices in such countries as France, Italy and Germany and agents and distributors in Europe, Asia and Americas.

Mersen SA

Mersen produces materials and electrical components intended for alternative energies, chemicals and pharmaceuticals, rail transportation, electronics and process industries. Co. divides its operations into two segments: Advanced Materials and Technologies (AMT - Materials), and Electrical Components and Technologies (ECT - Electrical). In addition, Co. produces four types of products: Electrical Applications, Electrical Protection, High-Temperature Applications, and Anticorrosion Equipment. Co. also caters to the process industries, supporting their transition towards greater energy efficiency and boasts an efficient manufacturing base with plants employing the very latest technologies.

METabolic EXplorer SA

Metabolic Explorer SA. Metabolic Explorer SA is a France-based biological chemistry company that specializes in the development of bioprocesses for the production of chemical compounds used in a range of products, such as textile fibers, paints, solvents, animal feed supplements and adhesives, among others. Metabolic Explorer SA offers chemicals, such as Glycolic acid, L-Methionine, MPG (1.2 Propanediol) and PDO (1.3 Propanediol). The Company markets its products mainly for three families of industrialists: Manufacturers of agro-resources, Existing producers of chemical compounds and Manufacturers employing chemical compounds. In addition, the Company is engaged in the research and development works and runs its own laboratory to develop micro-organisms.

N.V. Mithra Pharmaceuticals S.A.

Mithra Pharmaceuticals SA is a Belgium-based company active in the pharmaceutical industry. The Company is dedicated to provide products and services for the fertility, contraception and menopause of women. It has a number of patent families regarding Estetrol (E4), a natural estrogen produced by the human foetus, which enables the investigation of fertility and contraception products. Mithra is focused on the development of two late-stage E4-based products: Estelle, a 5th generation oral contraceptive, and Donesta, a hormone therapy for Vasomotor Symptoms in menopause. Mithra develops a contraceptive vaginal ring called Myring and Zoreline, a biodegradable subcutaneous implant for hormone dependant cancer.

Neoen S.A.

Neoen SA Formerly known as Neoen Sas. Neoen SAS is a France-based company specialized in the renewable energy sector. The Company operates, finances and develops a number of power plants from a variety of energy sources, including Solar, wind and Biomass. Its portfolio of power plants includes providencia, ombrineo, degrussa, cestas, ygos, luxey, geloux, seixal, cabrela, coruche, hornsdale I, bussy-lettree, raucourt II, villacerf, bais et trans, reclainville, chapelle vallon and la montagne. Apart from France, the Company is present in many other countries such as Portugal, Australia, Australia, Jordan, Zambia, Mozambique, Argentina, Jamaica, Mexico, Egypt and El Salvador, among others.

NRJ Group SA

NRJ Group is engaged in the multimedia industry, particularly in France's private radio market. Co. also operates in 22 other countries, as of Dec. 31, 2012. Co. works as a publisher, producer, and brodcaster, while marketing its own media space. Co. also develops new media such as television, internet and mobile telephony. Co.'s core business consists of creating and developing media, whether it be radio stations, television or the Internet. Co.'s operations can be divided into six segments: Musical Media and Events; Television; International Activities; Shows and Other Productions; Broadcasting and Other Activities. Co.'s brands are NRJ, NOSTALGIE, CHERIE FM, RIRE and CHANSONS.

SPIE SA

Spie is a provider of electrical engineering and IT services and an infrastructure and building contractor. Co. helps to design, finance, manage and implement an array of projects ranging from high-speed TGV and conventional rail lines to metros and light rail systems. In addition, Co. offers telecom and information network services. Through the Commercial Segment, Co. is engaged in construction and renovation projects. Co. also offers wired building services as well as multi-disciplinary industrial maintenance and facilities management solutions.

Thermador Groupe

Verimatrix SA

Inside Secure designs, develops and sells software, silicon IP, tools and know-how to be integrated into mobile and connected devices to protect its customers' transactions, content, applications, and communications. Co. is serving markets such as: network security; IoT security; content & application protection; and mobile payment & banking. Co.'s technology protects solutions for a broad range of customers including: service providers; digital content distributors; security system integrators; device vendors; and semiconductor manufacturers.

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Analysts
Arnaud Despre

Augustin Socié

Clément Bassat

Gaetan Calabro

Jeremy Sallee

Maxence Dhoury

Mohamed Kaabouni

Nicolas Montel

Nicolas Royot

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