reports
- Martin Marandon-Carlhian
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/12/2024
We have upgraded our target price from € 43.4 to € 45.3 which factors in the growth strategy out to 2027 (EBITDA +5% to 6% p.a.) whereas the share price implies decrease of 0.65% p.a. The strategic GreenUp plan is based on three booster businesses that should see a gradual acceleration and will involve asset rotation. An accretive re-profiling in terms of EPS, and with no repercussions for the leverage limit, could also show through with minority buyouts for the regulated water operat...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
CBK COMMERZBANK AG
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ZAL ZALANDO SE
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Martin Marandon-Carlhian
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/09/2024
Nous relevons notre objectif de cours de 43.4 € à 45.3 € qui intègre la stratégie de croissance à 2027 (EBITDA +5% à 6%/an) alors que le cours de Bourse sous-tend une baisse de 0.65%/an. Le plan stratégique GreenUp repose sur trois métiers Boosters qui doivent connaitre une accélération graduelle et impliquer des rotations d’actifs. Un reprofilage relutif en termes de BPA, et sans conséquence sur la limite de levier, pourrait aussi intervenir par le biais de rachats de minoritaires de...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
CBK COMMERZBANK AG
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ZAL ZALANDO SE
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Andreas Riemann
Zalando : Road show feedback – focus on recovery of growth and B2B
>GMV growth to accelerate in H2 2024 - Yesterday, we were on a road show with Zalando in Dublin. From the presentation we take away: 1/ The B2B segment should outgrow B2C. 2/ The target in 2024 is to return to growth. In line with that Zalando expects a sequential improvement of GMV growth. 3/ AI is used to provide better and faster advice to consumers and lower return rates. However, it is still early days. Overall, statements are in line with previous ones made. Thu...
- Carole Braudeau
- Carole Braudeau
- Carine Maciol
Continental : Feedback Corporate Conference, 3 and 4 September 2024
Feedback from German bond issuers, which we met at our Corporate Conference in Frankfurt am Main, hosted jointly by ODDO BHF and Commerzbank. - This document summarises key notes. - Investment Grade - Continental, Fresenius SE, Fresenius Medical Care, Kion - High Yield - Ceconomy - Not rated - SGL Carbon - - - - - - - - - - - - - - - >...
- Carine Maciol
Continental : Feedback Corporate Conference, 3 and 4 September 2024
Feedback from German bond issuers, which we met at our Corporate Conference in Frankfurt am Main, hosted jointly by ODDO BHF and Commerzbank. - This document summarises key notes. - Investment Grade - Continental, Fresenius SE, Fresenius Medical Care, Kion - High Yield - Ceconomy - Not rated - SGL Carbon - - - - - - - - - - - - - - - >...
- Anthony Dick
- Michael Foundoukidis
ODDO : Software Defined Vehicle (SDV): the next revolution
The growing importance of software, which will be further enhanced by SDV, could be even more disruptive to the automotive sector than electrification. In this report, we take a closer look at the main challenges and opportunities of this technological breakthrough, while on the stock market front, the current negative perception of traditional OEMs (discount at historic levels) seems to us to represent an upside risk, provided the latter make progress in terms of execution. Conv...
BMW BAYERISCHE MOTOREN WERKE AG
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Anthony Dick
- Michael Foundoukidis
ODDO : Software Defined Vehicle (SDV): la prochaine révolution
L’importance croissante du logiciel, amenée à se matérialiser encore davantage via le SDV, pourrait bouleverser le secteur automobile encore plus que ne le fait l’électrification. Nous revenons ici sur les principaux enjeux de cette rupture technologique alors que, sur le plan boursier, la perception actuelle négative autour des constructeurs traditionnels (décote à des niveaux historiques) nous semble créer un risque à la hausse, pour peu que ces derniers progressent sur l’exécu...
BMW BAYERISCHE MOTOREN WERKE AG
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Oliver Metzger
- Sinan Doganli
ODDO : First feedback – DAY 2
We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - >Accelor Mittal (=) – Heading for better H2 despite still soft underlying markets, no change on VallourecAdesso (=) – IT-solutions segment will continue to be a drag on profitability in H2 2024Aurubis (+) – Announced disposal for its US-based finished ...
CON CONTINENTAL AKTIENGESELLSCHAFT
FRA FRAPORT AG
MT ARCELORMITTAL SA
DAI DAIMLER AG
SZG SALZGITTER AG
VNA VONOVIA SE
RWE RWE AG
NDA AURUBIS AG
WIE WIENERBERGER AG
RAA RATIONAL AG
ADN1 ADESSO AG
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
STM STABILUS SE
TUI TUI AG
R3NK RENK GROUP AG
- Oliver Metzger
- Sinan Doganli
ODDO : First feedback – DAY 1
We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - >Adidas (+) – On trackAixtron (=) – No short-term inflection, but high confidence in long-term prospectsAllgeier (+) – Is confident it can achieve 15% EBITDA margin by the end of 2025 ams OSRAM (=) – Some cautiousness on auto/industrial, still co...
FME FRESENIUS MEDICAL CARE AG
CEC CECONOMY AG
AMS AMS AG
ADS ADIDAS AG
CBK COMMERZBANK AG
EVT EVOTEC SE
GBF BILFINGER SE
BOSS HUGO BOSS AG
SDF K+S AG
TPE PVA TEPLA AG
ZAL ZALANDO SE
BAS BASF SE
AIXA AIXTRON SE
BC8 BECHTLE AG
SAX STROEER SE & CO. KGAA
LEG LEG IMMOBILIEN AG
WAF SILTRONIC AG
BNR BRENNTAG SE
SMHN SUESS MICROTEC AG
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
AEIN ALLGEIER HOLDING AG
IOS IONOS GROUP SE
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
Morning Crédit 19/08/2024
Ceconomy: 5.2% LfL growth in Q3 24, raise of sales guidance; EUR 144m 2026 bond remains outstanding 2026 bondholder will take over 2029 bond, Accentro publishes business plan updateTechem: potential IPO in September Brenntag: weak Q2 24 results, company revises down guidance again Avantor divests its clinical services business for USD 650m, aims to reduce indebtedness>...
- Carole Braudeau
Credit Morning 08/19/2024
Ceconomy: 5.2% LfL growth in Q3 24, raise of sales guidance; EUR 144m 2026 bond remains outstanding 2026 bondholder will take over 2029 bond, Accentro publishes business plan update Techem: potential IPO in September Brenntag: weak Q2 24 results, company revises down guidance again Avantor divests its clinical services business for USD 650m, aims to reduce indebtedness>...
- Julian Dobrovolschi
- Julian Dobrovolschi
- Carole Braudeau
- Carole Braudeau
- Anthony Dick
- Michael Foundoukidis
Continental : Far less surprising release than the strategy u-turn ann...
>Q2 broadly in line, FY cuts in line with consensus & still pointing to better H2 - Continental Q2 earnings published yesterday came in close to 5% above the consensus but broadly in line with our estimates and the message given during the pre-close call. As expected, all divisions posted a robust sequential improvement but the biggest beat came from the tyres unit, as already witnessed at peers earlier this season. Following the first half and assuming a weaker overa...
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