View 
FILTERS (0)
* Not connected to ResearchPool

MORE FILTERS

  
reports

BHP: Proposed acquisition of OZ Minerals would improve business profil...

Our credit view of BHP's proposal to acquire Oz Minerals, a copper and gold producer with operations in Australia and Brazil.

Delphine Brault
  • Delphine Brault

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/19/2022

European Telecoms have regained their defensive status and will soon test the street’s appetite to also rerate their fixed-line assets. In this in-depth report, we look at: 1/ the re-rating potential of network assets (“NetCo”), if Telecom Italia and TDC are successful in their break-up plans; and 2/ which of the top 20 telcos are the most resilient in a prolonged recession scenario. We also initiate coverage on Deutsche Telekom (Outperform), Vodafone (Neutral), Telefonica (Underperfo...

Delphine Brault
  • Delphine Brault

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/07/2022

European Telecoms have regained their defensive status and will soon test the street’s appetite to also rerate their fixed-line assets. In this in-depth report, we look at: 1/ the re-rating potential of network assets (“NetCo”), if Telecom Italia and TDC are successful in their break-up plans; and 2/ which of the top 20 telcos are the most resilient in a prolonged recession scenario. We also initiate coverage on Deutsche Telekom (Outperform), Vodafone (Neutral), Telefonica (Underperfo...

Haythem BOHLI ... (+2)
  • Haythem BOHLI
  • Maxime Kogge

BHP Group Plc : FY 2021-22 production within guidance. FY 2022-23 guid...

>FY 2021-22 production overall within expectations, with some misses - BHP’s 2021-22 production report (FY ending in June) came overall within our expectations and mostly in line with management’s guidance. The iron ore division (70% of FY 2020-21 EBITDA) production remained flat y-o-y at 253.2 Mt reflecting strong supply chain performance at WAIO and the ramp-up to full capacity at South Flank, contributing to record production from the Mining Area C hub. The copper ...

Haythem BOHLI ... (+2)
  • Haythem BOHLI
  • Maxime Kogge

BHP Group Plc : FY 2021-22 production within guidance. FY 2022-23 guid...

>FY 2021-22 production overall within expectations, with some misses - BHP’s 2021-22 production report (FY ending in June) came overall within our expectations and mostly in line with management’s guidance. The iron ore division (70% of FY 2020-21 EBITDA) production remained flat y-o-y at 253.2 Mt reflecting strong supply chain performance at WAIO and the ramp-up to full capacity at South Flank, contributing to record production from the Mining Area C hub. The copper ...

Sumeet Singh
  • Sumeet Singh

ECM Weekly (5th June 2022)

Aequitas Research publishes weekly updates on the deals that have been covered by the team recently along with updates for upcoming IPOs in the past week.

BHP Group Limited: Update following exit from petroleum

Our credit view of this issuer reflects its excellent liquidity supported by strong free cash flow generation, constrained by its ongoing cost pressures in the current operating environment.

Sumeet Singh
  • Sumeet Singh

BHP Woodside distribution Placement

BHP shareholders received US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. As a part of the distribution, some shares belonging to ineligible and other small shareholders are being sold by the sales agent, JPM, in a US$823m block. In this note, we will look at the possible deal dynamics and run the deal through our ECM framework.

Clarence Chu
  • Clarence Chu

ECM Weekly (29th May 2022)

Aequitas Research publishes weekly updates on the deals that have been covered by the team recently along with updates for upcoming IPOs in the past week.

Sumeet Singh
  • Sumeet Singh

BHP Woodside distribution

BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. As a part of the distribution, some shares belonging to ineligible and other small shareholders will have to be sold by the sales agent, JPM. Such shares could add up to US$1.5bn in stock sales which will be done in early June. In this note, we will look at the possible deal dynamics and the overall background of the deal.

Jerôme Bodin
  • Jerôme Bodin
REL RELX PLC
AC ACCOR SA ... (+25)

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/21/2022

The stock has seen a sharp decline since the start of the year (-17%), hit by the downturn on the financial markets. However, we estimate that the market variations since the start of the year have impacted assets under management and revenues by just under 5%, with the group maintaining long-term growth drivers. We reiterate our Outperform rating on the stock with an adjusted target price of € 83 (vs € 92). - ...

Jerôme Bodin
  • Jerôme Bodin
REL RELX PLC
AC ACCOR SA ... (+25)

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/04/2022

La valeur a fortement baissé depuis le début de l’année (-17%), souffrant du recul des marchés financiers. Or, nous estimons que les variations de marché depuis le début de l’année ont impacté les AuM et les revenus d’un peu moins de 5%, alors que le groupe conserve des leviers de croissance à LT. Nous réitérons notre recommandation Surperformance sur le titre avec un objectif de cours revu à 83 € (vs 92 €). - ...

Alain William
  • Alain William

BHP Group Plc : Q3 2021-22 production disappoints but overall FY 2021-...

>Q3 2021-22 production disappoints somewhat - BHP’s Q2 2021-22 production report (FY ending June) came overall below our expectations. Group copper equivalent production decreased 4% y-o-y in Q3 2021-22 mainly due to lower copper volumes. Production at the copper division (23% of FY 2020-21 EBITDA) decreased 6% y-o-y to 369.7 kt (ODDO BHF: 450.7 kt; Q3 2021-22: 366 kt) as the higher volumes at Olympic dam following completion of the smelter maintenance were offset by ...

Alain William
  • Alain William

BHP Group Plc : Q3 2021-22 production disappoints but overall FY 2021-...

>Q3 2021-22 production disappoints somewhat - BHP’s Q2 2021-22 production report (FY ending June) came overall below our expectations. Group copper equivalent production decreased 4% y-o-y in Q3 2021-22 mainly due to lower copper volumes. Production at the copper division (23% of FY 2020-21 EBITDA) decreased 6% y-o-y to 369.7 kt (ODDO BHF: 450.7 kt; Q3 2021-22: 366 kt) as the higher volumes at Olympic dam following completion of the smelter maintenance were offset by ...

BHP Group Limited - December 2021 (LTM): Peer Snapshot

Compares key performance metrics against industry peers

Baptiste Lebacq
  • Baptiste Lebacq

ODDO BHF Small & MIDCAP MORNING NEWS - 03/24/2022

We initiate coverage on Freenet with a Neutral rating. We believe that Freenet 1/ has room to beat 2025 EBITDA and FCF consensus forecasts by 4-5%, as we are probably a little more positive on the broadband potential; 2/ is a solid stock for income funds with its dividend policy (~80% payout and currently 6% dividend yield). 3/ However, Freenet’s FCF growth is not superior to peers Deutsche Telekom or Telefonica Deutschland. We prefer United Internet in German telecoms. In this report...

Alain William
  • Alain William

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/24/2022

Enagás, Spain’s TSO for the gas system, offers a predictable but mature earnings profile at its domestic regulated infrastructure business which complements the higher growth, yet riskier, international operations to sustain its attractive dividend policy (dividend yield 8.5%) and decarbonisation strategy. While the stock’s sensitivity to interest rates (-0.5 10Y) has materially declined in recent years as its international operations grow (>20% of EBITDA, c.40% by 2026e), we believe ...

Alain William
  • Alain William

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/03/2022

Enagás, Spain’s TSO for the gas system, offers a predictable but mature earnings profile at its domestic regulated infrastructure business which complements the higher growth, yet riskier, international operations to sustain its attractive dividend policy (dividend yield 8.5%) and decarbonisation strategy. While the stock’s sensitivity to interest rates (-0.5 10Y) has materially declined in recent years as its international operations grow (>20% of EBITDA, c.40% by 2026e), we believe ...

Baptiste Lebacq
  • Baptiste Lebacq

ODDO BHF Small & MIDCAP MORNING NEWS - 24/03/2022

We initiate coverage on Freenet with a Neutral rating. We believe that Freenet 1/ has room to beat 2025 EBITDA and FCF consensus forecasts by 4-5%, as we are probably a little more positive on the broadband potential; 2/ is a solid stock for income funds with its dividend policy (~80% payout and currently 6% dividend yield). 3/ However, Freenet’s FCF growth is not superior to peers Deutsche Telekom or Telefonica Deutschland. We prefer United Internet in German telecoms. In this report...

Alain William
  • Alain William

ODDO : Expectations rebased but visual navigation is still needed in t...

>Diversified miner segment stands out in the crisis - The MSCI Metals & Mining index is up 18% on the last three months (24pts of outperformance relative to the MSCI Europe). The diversified miner segment has been driven by surging commodities prices following the war in Ukraine. It is still too soon to draw definitive conclusions regarding the related supply shock as it is unclear how the conflict will develop. However, it is possible that the conflict could diminis...

Loading...
New interest

Save your current filters as a new Interest

Please enter a name for this interest

Email alerts

Would you like to receive real-time email alerts when a new report is published under this interest?

Save This Search

These search results will show up under 'Saved searches' in the left panel

Please enter a name for this saved search

ResearchPool Subscriptions

Get the most out of your insights

Get in touch