reports
- Research Team
Macro Review-Macro Insight: A Race to Secure More Budget Funding for 2...
Economic growth to remain slow as the economy will struggle to increase the stock of available resources, capital and labor, in the near future. The recovery will be supported by private consumption on the back of surging incomes in the private sector. Meanwhile, government consumption will remain a drag due to a gradual fiscal consolidation. Additionally, lower-than-expected harvest prompts a downgrade in our 2025 GDP growth forecast to 2.5%. The key near-term challenge for the government i...
Transaction in Own Shares
Transaction in Own Shares Transaction in Own Shares 16 July, 2025 • • • • • • • • • • • • • • • • Shell plc (the ‘Company’) announces that on 16 July, 2025 it purchased the following number of Shares for cancellation. Aggregated information on Shares purchased according to trading venue: Date of purchaseNumber of Shares purchasedHighest price paidLowest price paid Volume weighted average price paid per shareVenueCurrency16/07/2025644,486£26.4150£26.0400£26.2673LSEGBP16/07/2025178,085£26.4150£26.0900£26.2899Chi-X (CXE)GBP16/07/202591,861£26.4050£26.0400£26.2624BATS (BXE)GBP16/07/2025571...
- Pierre François Merveille
Cellnex : Evolution de la couverture
Dans le cadre de la rotation du suivi de nos valeurs, nous arrêtons la couverture avec recommandation de Cellnex. Notre précédent avis crédit était Positif et nos précédentes recommandations de marché étaient Achat sur les obligations convertibles et Neutre sur les obligations sèches. Nous comptons prochainement initier la couverture de nouveaux émetteurs. Emetteur Précédent avis crédit Précédente reco marché Date de la dernière étude Reco actuelle Cellnex Positif Achat obligations convertibles...
Kering: Monthly statement on the total number of shares and voting rig...
Kering: Monthly statement on the total number of shares and voting rights (July 2025) KeringSociété anonyme with a share capital of €493,683,112Head office: 40, rue de Sèvres – 75007 PARIS552 075 020 RCS PARIS July 16, 2025 Monthly statement on the total number of shares and voting rights(articles L.233-8 of the French Commercial Code and 223-16 of the General Regulation of the French Financial Markets Authority (AMF – Autorité des Marchés Financiers) DateTotal number ofsharesTotal number of voting rightstheoretical 1exercisable 2July 15, 2025123,420,778176,689,404175,869,319 1 Calculat...
Kering : Publication mensuelle du nombre d’actions composant le capita...
Kering : Publication mensuelle du nombre d’actions composant le capital et du nombre total de droits de vote (Juillet 2025) KeringSociété anonyme au capital de 493 683 112 €Siège social : 40, rue de Sèvres – 75007 PARIS552 075 020 RCS PARIS Le 16 juillet 2025 Publication mensuelle du nombre d’actions composant le capital et du nombre total de droits de vote(articles L. 233-8 du code de commerce et 223-16 du règlement général de l’AMF) Date d’arrêté desinformationsNombre total d’actionscomposant le capitalNombre total de droits de votethéoriques 1exerçables 215/07/2025123 420 778...
Umicore - Déclaration de transparence par BlackRock, Inc.
Umicore - Déclaration de transparence par BlackRock, Inc. Déclaration de transparence parBlackRock, Inc. Conformément à l'article 14, § 1 de la loi du 2 mai 2007 relative à la publicité des participations importantes, Umicore a récemment été notifiée par BlackRock, Inc. qu'elle a franchi le seuil légal de 3 % des droits de vote directs à la baisse le 9 juillet 2025. La détention totale par BlackRock, Inc. des droits de vote directs et des instruments financiers équivalents s'élève à 4,27 % le 9 juillet 2025. Résumé de transaction : Date de franchissement du seuilDate de la notificationDr...
Umicore - Transparency notification by BlackRock, Inc.
Umicore - Transparency notification by BlackRock, Inc. Transparency notification byBlackRock, Inc. In accordance with article 14, § 1 of the law of 2 May 2007 on the disclosure of major holdings, Umicore was recently notified by BlackRock, Inc. that it has crossed the legal threshold of 3% for the direct voting rights downwards on 9 July 2025. The total holding of direct voting rights and equivalent financial instruments of BlackRock, Inc. stands at 4.27% on 9 July 2025. Summary of the move: Date on which the threshold was crossedDate of notificationDirect voting rights after the transac...
Umicore - Transparantieverklaring van BlackRock, Inc.
Umicore - Transparantieverklaring van BlackRock, Inc. Transparantieverklaring vanBlackRock, Inc. In overeenstemming met artikel 14, § 1 van de wet van 2 mei 2007 betreffende de openbaarmaking van belangrijke deelnemingen, werd Umicore onlangs op de hoogte gebracht door BlackRock, Inc. dat het de statutaire drempel van 3% voor directe stemrechten heeft onderschreden op 9 juli 2025. Het totale percentage van directe stemrechten en gelijkwaardige financiële instrumenten aangehouden door BlackRock, Inc. bedraagt 4,27% op 9 juli 2025. Samenvatting van de transactie: Datum van drempelondersch...
Moody's Ratings assigns Aa2 enhanced rating to Harmony Grove SD 1 (Sal...
Moody's Ratings (Moody's) has assigned a Aa2 enhanced rating to Harmony Grove School District 1 (Saline), AR's proposed $840,000 Construction Bonds. The Aa2 enhanced rating is based on the Arkansas School District Intercept Program rating. RATINGS RATIONALE The Aa2 rating is based on the securit...
- Emna Ben Bdira
- Maxime Kogge
ArcelorMittal : Un peu plus loin du rêve américain
Les bénéfices du deal Calvert se retrouvent plus que compensés par l’impact massif des droits de douane engendrant un OC réduit à 28 € vs 29 €. Aussi la part de l’Amérique du Nord (près du tiers de l’EBITDA pro forma) va désormais baisser au profit de l’Europe et du Brésil, limitant les perspectives de rerating. Les multiples actuels, près des plus hauts sur 5 ans, risquent donc de rester durablement plus proches des acteurs européens à ~4x l’EBITDA que des ~7x des américains. Nous maintenons no...
- Emna Ben Bdira
- Maxime Kogge
ArcelorMittal : A little further from the American dream
The benefits of the Calvert deal are outweighed by the massive impact of fresh US tariffs, resulting in a target price reduced to € 28 from € 29. As such, the share of North America (close to one-third of pro forma EBITDA) will now drop over the forecast period in favour of Europe and Brazil, limiting rerating prospects. Current multiples, close to five-year highs, are therefore likely to remain durably closer to European players at ~4x EBITDA than to the ~7x of US players. We maintain our Neutr...
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of TCP Sunbelt Acquisition Co. ("Sunbelt Solomon" or "SBS") and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 10 July 2025 in which we reassessed the appropriat...
JCDecaux : Half-year liquidity contract statement for JCDECAUX SE
JCDecaux : Half-year liquidity contract statement for JCDECAUX SE Half-year liquidity contract statement for JCDECAUX SE Paris, July 16th, 2025 – JCDecaux SE (Euronext Paris: DEC), under the liquidity contract entered into between JCDECAUX SE and Kepler Cheuvreux, the following resources appeared on the liquidity account on June 30th, 2025: - 139,425 shares- € 3,197,469.14- Number of executions on buy side on semester: 8,865- Number of executions on sell side on semester: 8,796- Traded volume on buy side on semester: 1,949,178 shares for € 30,039,726.86- Traded volume o...
JCDecaux : Bilan semestriel du contrat de liquidité de la société JCDE...
JCDecaux : Bilan semestriel du contrat de liquidité de la société JCDECAUX SE Bilan semestriel du contrat de liquidité de la société JCDECAUX SE Paris, le 16 juillet 2025 – JCDecaux SE (Euronext Paris : DEC), au titre du contrat de liquidité confié par la société JCDECAUX SE à Kepler Cheuvreux, à la date du 30 juin 2025, les moyens suivants figuraient au compte de liquidité : - 139 425 titres - 3 197 469,14 € en espèces - Nombre de transactions exécutées sur le semestre à l'achat : 8 865- Nombre de transactions exécutées sur le semestre à la vente : 8 796- Volume échangé sur...
Moody's Ratings assigns provisional ratings to Nissan Auto Lease Trust...
Moody's Ratings (Moody's) has assigned provisional ratings to the notes to be issued by Nissan Auto Lease Trust 2025-B (NALT 2025-B). This is the second auto lease transaction of the year for Nissan Motor Acceptance Company LLC (NMAC, Ba2). The notes will be backed by a pool of closed-end retail aut...
Moody's Ratings updates Disclosures Related to Credit Rating Informati...
Moody's Ratings (Moody's) has published an updated Disclosures Related to Credit Rating Information Removed from Website Display report. To access the report, please go to /documents/PBC_1406020, or alternatively, navigate to the Regulatory Affairs Disclosures page on http...
Afry AB: 2 directors
Two Directors at Afry AB bought 21,000 shares at between 156.000SEK and 156.369SEK. The significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last...
- Julie Boote
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Inversiones CMPC S.A. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 10 July 2025 in which we reassessed the appropriateness of the ratings in the context...
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