ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/15/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 15/05/2025

Deutsche PfandbriefBank AG : Recovery confirmed in Q1 2025 but medium-...

Deutsche PfandbriefBank AG : Redressement confirmé au T1 25 mais cible...

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...

ODDO BHF Small & MIDCAP MORNING NEWS - 11/14/2024

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...

Deutsche PfandbriefBank AG : Processus CT de ‘recovery’ confirmé… mais...

>Opinion Neutre réitérée – OC porté à 6.0 € (vs 5.6 €) - Nous maintenons notre opinion Neutre sur PBB après la publication des chiffres T3/9M 2024. Malgré un ‘mix underlying’ mitigé, l’opérationnel continue globalement de rassurer peu à peu (évolution de la topline, des coûts et du coût du risque). Le processus de rerating observé depuis mars 2024 reste d’actualité avec cette nouvelle publication trimestrielle (à titre indicatif le titre a regagné ~40% depuis son poin...

Deutsche PfandbriefBank AG : Short-term recovery process confirmed … b...

>Neutral rating maintained – target price raised to € 6.0 (vs € 5.6) - We maintain our Neutral rating on PBB following its Q3/9M 2024 figures. Despite a contrasting underlying mix, operating trends continue to provide reassurance little by little (top line trend, costs and CoR). The re-rating process seen since March 2024 remains in play with this latest set of quarterly numbers (the stock has recovered ~40% since its low early March but continues to underperform the ...

ODDO BHF Small & MIDCAP MORNING NEWS - 09/03/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 03/09/2024

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Deutsche PfandbriefBank AG : Q2 2024 confirms a very gradual improveme...

>Neutral rating maintained – target price raised to € 5.6 (vs € 5.5) - We confirm our Neutral rating on PBB after the publication of the Q2 2024 results. Though not outstanding, the operating performance was slightly more reassuring (top-line growth, expected level of the cost of risk relating to US commercial real estate exposure). We can still envisage the gradual re-rating observed since March 2024 continuing as and when robust quarterly earnings are reported (as a...

Deutsche PfandbriefBank AG : Le T2 2024 entérine un retour très gradue...

>Opinion Neutre maintenue – OC porté à 5.6 € (vs 5.5 €) - Notre opinion Neutre est confortée sur le titre PBB après la publication des chiffres T2 2024. Sans briller, l’évolution opérationnelle rassure un peu plus (évolution de la topline, niveau attendu du coût du risque lié à l’exposition à l’immobilier commercial US). Le processus de rerating graduel observé depuis mars 2024 reste envisageable au fur et à mesure de publications trimestrielles solides (à titre indic...

ODDO BHF Small & MIDCAP MORNING NEWS - 05/15/2024 Date Performance sin...

With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...

ODDO BHF Small & MIDCAP MORNING NEWS - 15/05/2024 Date Performance dep...

Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...

Deutsche PfandbriefBank AG : La perspective de rétablissement, bien qu...

>Opinion relevée à Neutre (vs Sous-performance) – OC porté à 5.5 € (vs 5.2 €) - Nous relevons notre opinion à Neutre (vs Sous-performance) sur le titre PBB après la publication des chiffres T1 2024. L’évolution des performances opérationnelles du groupe nous rassure un peu plus sur ses perspectives (évolution de la topline, niveau attendu du coût du risque lié à l’exposition à l’immobilier commercial US), et nous amène revoir en moyenne de 4% à la hausse nos anticipat...

Deutsche PfandbriefBank AG : The prospect of a recovery, albeit gradua...

>Upgrade to Neutral (vs Underperform) – Target price raised to € 5.5 (vs € 5.2) - We have upgraded our recommendation to Neutral (vs Underperform) on PBB after the publication of Q1 2024 results and given the ‘recovery’ observed on the share over recent weeks. The trend in the group’s operational performance prompts us to remain cautious on the outlook (top line trend, a still-significant level expected for the cost of risk related to exposure to US commercial real es...

ODDO BHF Small & MIDCAP MORNING NEWS - 03/14/2024

Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/14/2024

Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2024

Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...

ODDO : Sector multiples do not reflect the improved resilience of the ...

>What are the main lessons from Q4/FY 2023 earnings? - Q4 earnings release have confirmed our view on the sector detailed early December. We expected net interest income to be this year relatively flattish in Italy and Spain, to decrease on some names in the Benelux (ING) and to increase for French banks, which is consistent with 2024 outlook given by banks. We therefore did not play a country rotation in favour of North European banks vs South European banks, and we ...