reports
- Carole Braudeau
- Carole Braudeau
- Markus Schmitt
Continental : Relative Value: IHOVER, SHAEFF lost attraction, except f...
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...
- Markus Schmitt
Continental : Relative Value: IHOVER, SHAEFF lost attraction, except f...
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...
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
EQS-News: Invitation to the Annual Shareholders’ Meeting
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...
- Anthony Dick
- Marc Lavaud
- Martin Marandon-Carlhian
- Maxime Kogge
- Michael Foundoukidis
ODDO : Véhicules électriques : d’un excès à l’autre ?
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...
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
SHA SCHAEFFLER AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
CIE CIE AUTOMOTIVE S.A.
MELE MELEXIS NV
LIVS AUTOLIV INC. SDR
RIO RIO TINTO PLC
XFAB X-FAB SILICON FOUNDRIES SE
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Anthony Dick
- Marc Lavaud
- Martin Marandon-Carlhian
- Maxime Kogge
- Michael Foundoukidis
ODDO : Electric vehicles: from one extreme to another?
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...
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
SHA SCHAEFFLER AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
CIE CIE AUTOMOTIVE S.A.
MELE MELEXIS NV
LIVS AUTOLIV INC. SDR
RIO RIO TINTO PLC
XFAB X-FAB SILICON FOUNDRIES SE
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Carole Braudeau
- Carole Braudeau
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
EDEN EDENRED SA
JMT JERONIMO MARTINS SGPS S.A.
VIV VIVENDI SE
TEP TELEPERFORMANCE SE
HAL HAL TRUST
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
AENA AENA SME SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
IBE IBERDROLA SA
COLO B COLOPLAST A/S CLASS B
ASML ASML HOLDING NV
HFG HELLOFRESH SE
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
EDEN EDENRED SA
JMT JERONIMO MARTINS SGPS S.A.
VIV VIVENDI SE
TEP TELEPERFORMANCE SE
HAL HAL TRUST
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
AENA AENA SME SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
IBE IBERDROLA SA
COLO B COLOPLAST A/S CLASS B
ASML ASML HOLDING NV
HFG HELLOFRESH SE
- Anthony Dick
- Michael Foundoukidis
Continental : Major catalysts still missing near term
>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...
- Anthony Dick
- Michael Foundoukidis
Continental : Toujours pas de réel catalyseur à court terme
>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 ...
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/07/2024
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...
LHA DEUTSCHE LUFTHANSA AG
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/03/2024
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...
LHA DEUTSCHE LUFTHANSA AG
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Carole Braudeau
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