reports
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
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 ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
BFIT BASIC-FIT NV
PBB DEUTSCHE PFANDBRIEFBANK AG
IDL ID LOGISTICS GROUP
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
SAB BANCO DE SABADELL SA
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 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 ...
IDL ID LOGISTICS GROUP
INF INFOTEL SA
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Delphine Brault
- Quentin Borie
Stadler Rail AG : 2024, another transition year
>Sales growth and EBIT margin below forecasts in 2023 - Stadler reported yesterday morning 2023 earnings 11% below forecasts for EBIT (see our first take). Order intake amounted to CHF 6.8bn, in line with the consensus. Sales were down 4% (-1% excluding forex effects) at CHF 3.6bn, 5% below forecasts. The EBIT margin was 5.1% (-40bp) whereas the consensus had anticipated 5.4%. The group generated FCF of CHF 749m (vs CHF 396m in 2022).For 2024, the group is tar...
- Delphine Brault
- Quentin Borie
Stadler Rail AG : 2024, encore une année de transition
>La croissance et la marge en-dessous des attentes en 2023 - Stadler a publié hier matin ses résultats 2023 inférieurs de 11% aux attentes au niveau de l’EBIT (cf. notre first take). Les prises de commandes ont atteint 6.8 MdCHF (en ligne avec le css). Le chiffre d’affaires était en baisse de 4% (-1% hors effets de change) à 3.6 MdCHF, 5% sous les attentes. La marge d’EBIT a atteint 5.1% (-40 pb) alors que le consensus anticipait 5.4%. Le groupe a généré un FCF de 74...
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Jean-François Granjon
ROG ROCHE HOLDING LTD
ZIL2 ELRINGKLINGER AG
NOVN NOVARTIS AG
GYC GRAND CITY PROPERTIES SA
MRN MERSEN SA
SAN SANOFI
ERG ERG S.P.A.
DLG DE'LONGHI S.P.A.
AZN ASTRAZENECA PLC
DUFN DUFRY AG
RUI RUBIS SCA
TFF TFF GROUP
SRAIL STADLER RAIL AG
VK VALLOUREC SA
LOCAL SOLOCAL GROUP
NA9 NAGARRO
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Jean-François Granjon
ROG ROCHE HOLDING LTD
ZIL2 ELRINGKLINGER AG
NOVN NOVARTIS AG
GYC GRAND CITY PROPERTIES SA
MRN MERSEN SA
SAN SANOFI
ERG ERG S.P.A.
DLG DE'LONGHI S.P.A.
AZN ASTRAZENECA PLC
DUFN DUFRY AG
RUI RUBIS SCA
TFF TFF GROUP
SRAIL STADLER RAIL AG
VK VALLOUREC SA
LOCAL SOLOCAL GROUP
NA9 NAGARRO
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Delphine Brault
- Quentin Borie
Stadler Rail AG : 2023 results and 2024 guidance lower than expected
>FY 2023: sales down 4%, EBIT margin down 40bp at 5.1% - Stadler published this morning 2023 results below expectations at EBIT level.Orders were down 20% at CHF 6.8bn (vs css at CHF 6.8bn). The book-to-bill stood at 1.9x. Sales fell by 4% to CHF 3,608m, 5% below forecasts. EBIT came to CHF 183m and the margin to 5.1%, down 40bp. The consensus forecast was for an EBIT margin of 5.4%. EBIT was therefore nearly 11% below consensus forecasts. The group hig...
- Delphine Brault
- Quentin Borie
Stadler Rail AG : Des résultats 2023 et une guidance 2024 inférieurs a...
>FY 2023 : CA en baisse de 4% et marge d’EBIT en baisse de 40 pb à 5.1% - Stadler a publié ce matin des résultats 2023 inférieurs aux attentes au niveau de l’EBIT. Les commandes sont en recul de 20% à 6.8 MdCHF (vs css à 6.8 MdCHF). Le book-to-bill atteint 1.9x. Le chiffre d’affaires est en recul de 4% à 3 608 MCHF, 5% sous les attentes. L’EBIT atteint 183 MCHF et la marge s’établit à 5.1%, en baisse de 40 pb. Le consensus anticipait 5.4% de marge d’EBI...
- Delphine Brault
- Quentin Borie
ODDO : 2024, year of transition … and growth
2024 is set to be less impressive than 2023 (comparison bases, persistent inflation and tougher price hikes). We continue to play the green Capex theme and remain cautious on the construction segment. After the end-of-year rally, we see more limited re-rating potential. Based on our 2024 guidance scenarios, our Top Picks are Atlas Copco, Schneider Electric and Siemens (green Capex exposure, potential for earning upgrades over the course of the year). We have downgraded Rexel to N...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ATCO A ATLAS COPCO AB
- Delphine Brault
- Quentin Borie
ODDO : 2024, année de transition … et de croissance
L’année 2024 sera moins flamboyante que 2023 (base de comparaison, inflation persistante et hausses de prix plus difficiles). Nous continuons de privilégier la thématique ‘Green Capex’ et restons prudents sur le segment de la construction. Après le rallye boursier de fin d’année, le potentiel de rerating nous semble plus limité. Sur la base de nos scénarios de guidances 2024, nos top picks sont Atlas Copco, Schneider Electric et Siemens (exposition Green Capex, potentiel de relèv...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ATCO A ATLAS COPCO AB
- Charlotte Vaisse
- Julian Dobrovolschi
- Marc Lavaud
- Charlotte Vaisse
- Julian Dobrovolschi
- Marc Lavaud
- Delphine Brault
- Quentin Borie
Stadler Rail AG : Multiples now reasonable. Rating raised to Neutral (...
>After a 23% fall in the share price over 2 years, the multiples are becoming rational - The 23% fall in the share price over two years has brought Stadler’s multiples more into line with its status as a stock exposed to the rail sector. The share is now trading at an EV/EBIT 12m multiple of 12.7x, a discount of 23% to its historical average. Despite this de-rating, the stock nonetheless remains the most expensive in the rail sector (average EV/EBIT 12m multiple of 9...
- Delphine Brault
- Quentin Borie
Stadler Rail AG : Les multiples sont désormais raisonnables. Opinion r...
>Après une baisse de cours de 23% sur 2 ans, les multiples deviennent rationnels - La baisse du cours de 23% sur 2 ans permet à Stadler de se traiter sur des multiples plus en ligne avec son statut de valeur exposée au secteur ferroviaire. Le titre se traite désormais sur un multiple VE/EBIT 12m de 12.7x, soit une décote de 23% par rapport à sa moyenne historique. Malgré ce derating, la valeur reste tout de même la plus chère du secteur ferroviaire (multiple VE/EBIT 1...
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO BHF Small & MIDCAP MORNING NEWS - 08/31/2023
Since its H1 2023 results (25 July), Basic-Fit’s share price dropped by 21%. However, Basic-Fit is financially healthy, in our view – its long-term growth prospects remain sound, and we think the market overreacted on some topics. We reiterate our Outperform recommendation, with a marginally lowered € 45 TP (previously € 47.50). - ...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
IDL ID LOGISTICS GROUP
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
BLC BASTIDE LE CONFORT MEDICAL SA
GAMA GAMMA COMMUNICATIONS
PNL POSTNL NV
ORSTED ORSTED
RWE RWE AG
ERA ERAMET SA
DTE DEUTSCHE TELEKOM AG
ORP ORPEA SA
VRNL VERNEUIL PARTICIPATIONS
DOKA DORMAKABA HOLDING AG
EDW EDP RENOVAVEIS SA
EDR EDREAMS ODIGEO SA
TIT TELECOM ITALIA S.P.A.
IBE IBERDROLA SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
JST JOST WERKE AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SRAIL STADLER RAIL AG
INPST INPOST S.A.
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP EDP-ENERGIAS DE PORTUGAL SA
IDL ID LOGISTICS GROUP
BLC BASTIDE LE CONFORT MEDICAL SA
PNL POSTNL NV
ORSTED ORSTED
RWE RWE AG
ERA ERAMET SA
ORP ORPEA SA
VRNL VERNEUIL PARTICIPATIONS
DOKA DORMAKABA HOLDING AG
EDW EDP RENOVAVEIS SA
EDR EDREAMS ODIGEO SA
IBE IBERDROLA SA
JST JOST WERKE AG
SRAIL STADLER RAIL AG
INPST INPOST S.A.
- Delphine Brault
- Quentin Borie
Stadler Rail AG : Positive signals despite a slightly weaker-than-expe...
>Excellent FCF provides reassurance despite a slightly lower-than-expected H1 - Stadler’s H1 2023 results, reported yesterday morning, fell around 3% short of expectations at the EBIT level (see our first take). Order intake came to CHF 4.7bn (vs css of CHF 3.9bn), down 22% after an exceptionally strong H1 2022 (CHF 6bn). Revenues came in 12% lower (-9% excl. forex effects) at CHF 1.3bn, 8% below expectations, due to more marked seasonality than anticipated. The...
- Bruno Cavalier
- Damien Choplain
- Jean-Baptiste Rouphael
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 08/30/2023 Date Performance sin...
The economic outlook for the eurozone deteriorated over the summer. The gloom is no longer exclusively confined to Germany and the manufacturing sector but now also extends to other countries and sectors. The bank lending tap has been closed for more than six months, portending a sharp correction in investment spending. To date, the labour market has held up well but some cracks are now emerging. Disinflation is not yet advanced enough to restore purchasing power (we will have to wait...
- Bruno Cavalier
- Damien Choplain
- Jean-Baptiste Rouphael
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 30/08/2023 Date Performance dep...
Les perspectives économiques de la zone euro se sont dégradées cet été. La morosité n’est plus seulement confinée à l’Allemagne et au secteur manufacturier, elle s’étend aux autres pays et secteurs. Le robinet du crédit bancaire est fermé depuis plus de six mois, présageant une correction marquée des dépenses d’investissement. A ce jour, le marché du travail résiste mais quelques craquements se font jour. La désinflation n'est pas encore assez avancée pour redonner du pouvoir d’achat ...
- Delphine Brault
- Quentin Borie
Stadler Rail AG : H1 2023 results a shade below expectations, 2023 gui...
>H1 2023 figures miss expectations - Stadler this morning reported H1 2023 results shy of expectations on sales and EBIT. Orders were down 22% to CHF 4.7bn (consensus at CHF 3.9bn, ODDO BHF at CHF 3.8bn). Sales fell by 12% to CHF 1.3bn, 8% below expectations, due to a higher seasonal effect than in 2022 and a negative forex impact of 3%. The group underscored that supply chain tensions remain but that they have not, at this stage, resulted in any significant...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.