reports
- Eric Lemarie
Cannabis 12 points go to …. Malta
Cannabis 12 points go to …. Malta Malta the first European country to have a national regulated recreational cannabis market It was/is no plain sailing to get the law approved The new rules are not exactly great news for corporate cannabis (but at best it will only be a €30m market)
- Eric Lemarie
OSMOZIS - BUY | EUR8.3 VS. EUR8 (+44%) Well placed to benefit from the...
OSMOZIS - BUY | EUR8.3 VS. EUR8 (+44%) Well placed to benefit from the energy and digital transition Solid profitability in 2020-21 Transformation of the group under way Further growth expected this year with EBITDA margin of 33% at least Buy reiterated, on the back of a positive momentum
- Eric Lemarie
- Eric Lemarie
SCHNEIDER ELECTRIC: A new animal after all | BUY | EUR170 VS. EUR150 (...
SCHNEIDER ELECTRIC - BUY | EUR170 VS. EUR150 (+9%) A new animal after all New guidance set ambitious outlook With sales growth underpinned by a favorable environment Solid targets but consistent with recent performance. Buy reiterated.
- Eric Lemarie
- Eric Lemarie
BILFINGER SE: Decent Q3 but business impacted through customers by sup...
BILFINGER SE - BUY | EUR39 VS. EUR35 (+22%) Decent Q3 but business impacted through customers by supply-chain and inflation issues Decent performance in Q3 North American customers penalised by supply-chain and inflation Well placed to benefit from any nuclear revival in Western Europe Outlook : guidance upgraded. Buy maintained.
- Eric Lemarie
BOUYGUES: Equans : challenging integration and economics | NEUTRAL | E...
BOUYGUES - NEUTRAL | EUR35 VS. EUR39 (+5%) Equans : challenging integration and economics Multi-technical services will improve Bouygues’ profile But some uncertainties remain on the integration… … as well as on the business plan EUR4 negative impact on our valuation. Neutral maintained
- Eric Lemarie
CABASSE GROUP - BUY | EUR11(+97%) Solid but not immune to supply-chain...
CABASSE GROUP - BUY | EUR11(+97%) Solid but not immune to supply-chain issues Q3 revenue down 11%, due to comparison and supply-chain issues But 2021 should be a solid year overall thanks to the innovation policy While top line growth is likely to accelerate in the next couple of years Buy maintained, on the back of good prospects for profitability
- Eric Lemarie
- Thomas Coudry
BOUYGUES: Equans : a high price for a strategic move | NEUTRAL vs. BUY...
BOUYGUES - NEUTRAL vs. BUY | EUR39(+11%) Equans : a high price for a strategic move Bouygues has been selected by Engie for the sale of Equans Bouygues is right to strengthen its multi-technical service arm… … but Equans is not cheap, not profitable and not easy to absorb Bouygues downgraded to Neutral. A good timing to look at Eiffage now
- Eric Lemarie
- Eric Lemarie
- Eric Lemarie
SAINT GOBAIN - BUY | EUR80(+30%) A definition of pricing power
SAINT GOBAIN - BUY | EUR80(+30%) A definition of pricing power Q3 mostly driven by very solid prices, as previously announced…. …which will offset cost inflation in FY 2021, but not in H2 though… … which is not a surprise… and 2021 guidance have been reiterated Buy maintained, valuation unchanged
- Eric Lemarie
- Eric Lemarie
BIC - BUY | EUR70(+40%) Solid set of Q3 numbers and FY21 sales outlook...
BIC - BUY | EUR70(+40%) Solid set of Q3 numbers and FY21 sales outlook raised Q3 sales: ~7% beat on CS expectations… … thanks to positive surprises in Stationery and Lighters Q3 adj. EBIT was 7.5% above CS forecasts BIC has revised up its FY21 sales objective… … but no quantification on FY21 margin outlook
- Eric Lemarie
Building solutions Bain Capital still motivated to try to win Equans d...
Building solutions Bain Capital still motivated to try to win Equans deal Bain Capital suggests Equans margin could be close to 2% only… .. but mentions solid revenues growth going forward Bain got some arguments but is not the best placed in our view
- Eric Lemarie
SOMFY CONVICTION BUY TOP PICKS | EUR195 VS. EUR190 Better than expect...
SOMFY CONVICTION BUY TOP PICKS | EUR195 VS. EUR190 Better than expected September. Guidance Upgraded (company contact) A decent Q3 on the back of a resilient September New chips improving visibility for 2022 New guidance, new estimates, new valuation Positive rating reiterated.
- Eric Lemarie
VALNEVA BUY | EUR17 VS. EUR15 Positive phase III results for COVID...
VALNEVA BUY | EUR17 VS. EUR15 Positive phase III results for COVID-19 vaccine – TP increased to EUR17 A superiority to AZN's vaccine How to compare with approved COVID vaccines? Valneva has started discussions with EMA Buy reiterated and TP increased to EUR17
- Eric Lemarie
- Thomas Coudry
- Eric Lemarie
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