We update/change our recommendation on certain outstanding instruments of the group: - IHOVER 3.750% 2026: Neutral (affirmed) - IHOVER 3.875% 2027: Neutral (affirmed) - IHOVER 8.750% 2028: Neutral (vs. Buy) - SHAEFF 2.750% 2025: Neutral (affirmed) - SHAEFF 4.500% 2026: Neutral (vs. Buy) - SHAEFF 2.875% 2027: Neutral (affirmed) - SHAEFF 3.375% 2028: Neutral (vs. Buy) - SHAEFF 4.750% 2029: Buy (affirmed) - SHAEFF 4.500% 2030: We adopt a Buy recommendation for the 2030 notes, which have been issued...
We update/change our recommendation on certain outstanding instruments of the group: - IHOVER 3.750% 2026: Neutral (affirmed) - IHOVER 3.875% 2027: Neutral (affirmed) - IHOVER 8.750% 2028: Neutral (vs. Buy) - SHAEFF 2.750% 2025: Neutral (affirmed) - SHAEFF 4.500% 2026: Neutral (vs. Buy) - SHAEFF 2.875% 2027: Neutral (affirmed) - SHAEFF 3.375% 2028: Neutral (vs. Buy) - SHAEFF 4.750% 2029: Buy (affirmed) - SHAEFF 4.500% 2030: We adopt a Buy recommendation for the 2030 notes, which have been issued...
EQS-News: Continental AG / Key word(s): AGM/EGM Invitation to the Annual Shareholders’ Meeting 20.03.2024 / 17:42 CET/CEST The issuer is solely responsible for the content of this announcement. Continental Aktiengesellschaft Hanover ISIN: DE 0005439004 WKN: 543900 Invitation to the Annual Shareholders’ Meeting We invite our shareholders to the Annual Shareholders’ Meeting on Friday, April 26, 2024, at 10:00 a.m. (CEST), to be held in the Kuppelsaal of the Hannover Congress Centrum, Theodor-Heuss-Platz 1-3, 30175 Hanover, Germany. Agenda: Documents for the Annual Sharehol...
Le momentum autour de l’électrification, moins favorable dernièrement, a conduit à un changement profond de perception, passant d’un optimisme sans doute excessif à un pessimisme qui le semble tout autant. En effet, si nous avons revu en baisse nos hypothèses, nous visons néanmoins toujours une croissance dans les années à venir (y compris cette année), bien supérieure à celle du marché automobile dans son ensemble. Face à ces changements, tous les acteurs au sein de la chaîne de...
With momentum around electrification less favourable of late, we have seen a major shift in perception, from doubtless overly rose-tinted optimism to what looks to be similarly excessive pessimism. While we have reduced our BEV assumptions, we nonetheless still anticipate growth in the next few years (including this year), well ahead of that of the automotive market as a whole. In the face of these changes, the players in the value chain (mines, semiconductors, auto) are differen...
>No major negative surprises but no pleasant ones either … - All told, a fairly uninspiring release from Continental, with Q4 2024 earnings below expectations (the positive surprise on FCF was widely expected after peers earlier publications) and a 2024 guidance, which admittedly shows progress in the automotive business, but comes out at best in line with expectations, with little hope of consensus upgrades in the near term, and with the still marked seasonality of e...
>Pas de véritable mauvaise surprise mais pas de bonne non plus… - Au global, une publication sans grande saveur de la part de Continental avec un T4 inférieur aux attentes en matière de résultats (la bonne surprise sur le FCF était, elle, largement attendue après les publications des pairs) et une guidance 2024, qui montre certes des progrès dans l’automobile, mais ressort au mieux en ligne avec les attentes, avec peu d’espoirs de révisions en hausse à court terme et ...
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
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