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
- Baptiste Salaville
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 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
AC ACCOR SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
SDF K+S AG
ZAL ZALANDO SE
ISP INTESA SANPAOLO S.P.A.
GEBN GEBERIT AG
RWE RWE AG
BCP BANCO COMERCIAL PORTUGUES S.A.
VOW3 VOLKSWAGEN AG PREF
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
HLAG HAPAG-LLOYD AG
UNI UNICAJA BANCO S.A.
BIM BIOMERIEUX SA
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
ALG ALLEGRO.EU SA
- Baptiste Salaville
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 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 ...
CSGN CREDIT SUISSE GROUP AG
AC ACCOR SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
SDF K+S AG
ZAL ZALANDO SE
ISP INTESA SANPAOLO S.P.A.
GEBN GEBERIT AG
RWE RWE AG
BCP BANCO COMERCIAL PORTUGUES S.A.
VOW3 VOLKSWAGEN AG PREF
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
HLAG HAPAG-LLOYD AG
UNI UNICAJA BANCO S.A.
BIM BIOMERIEUX SA
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
ALG ALLEGRO.EU SA
- Benoit Valleaux
- Steven Gould
ODDO : Sector multiples do not reflect the improved resilience of the ...
>What are the main lessons from Q4/FY 2023 earnings? - Q4 earnings release have confirmed our view on the sector detailed early December. We expected net interest income to be this year relatively flattish in Italy and Spain, to decrease on some names in the Benelux (ING) and to increase for French banks, which is consistent with 2024 outlook given by banks. We therefore did not play a country rotation in favour of North European banks vs South European banks, and we ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.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.
SAB BANCO DE SABADELL SA
CSGN CREDIT SUISSE GROUP AG
AMS AMS AG
ENX EURONEXT NV
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
ATO ATOS SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ALTR ALTRI SGPS SA
NRG NRJ GROUP SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
ERA ERAMET SA
FAE FAES FARMA S.A.
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ROYAL VOPAK NV
UCG UNICREDIT S.P.A.
WBD WEBUILD S.P.A.
CABK CAIXABANK SA
TLGO TALGO SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IBG IBERPAPEL GESTION S.A.
ROTH ROTHSCHILD & CO. SCA
ALVAL VALBIOTIS SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
SYAB SYNLAB AG
ALLFG ALLFUNDS (UK) LTD
STM STABILUS SE
CSGN CREDIT SUISSE GROUP AG
LR LEGRAND SA
HEIA HEINEKEN NV
ENX EURONEXT NV
EDEN EDENRED SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
UBSN UBS GROUP AG
GALP GALP ENERGIA SGPS SA CLASS B
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EN BOUYGUES SA
RXL REXEL SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
ITRK INTERTEK GROUP PLC
KER KERING SA
ENI ENI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
CAP CAPGEMINI SE
BOL BOLLORE SA
01913 PRADA S.P.A.
BKT BANKINTER SA
NEM NEMETSCHEK SE
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
CABK CAIXABANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ROTH ROTHSCHILD & CO. SCA
LDO LEONARDO SPA
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
UMI UMICORE
SAB BANCO DE SABADELL SA
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ALLFG ALLFUNDS (UK) LTD
CSGN CREDIT SUISSE GROUP AG
AMS AMS AG
ENX EURONEXT NV
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
ATO ATOS SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ALTR ALTRI SGPS SA
NRG NRJ GROUP SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
ERA ERAMET SA
FAE FAES FARMA S.A.
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ROYAL VOPAK NV
UCG UNICREDIT S.P.A.
WBD WEBUILD S.P.A.
CABK CAIXABANK SA
TLGO TALGO SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
ROTH ROTHSCHILD & CO. SCA
ALVAL VALBIOTIS SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
SYAB SYNLAB AG
ALLFG ALLFUNDS (UK) LTD
STM STABILUS SE
CSGN CREDIT SUISSE GROUP AG
LR LEGRAND SA
HEIA HEINEKEN NV
ENX EURONEXT NV
EDEN EDENRED SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
UBSN UBS GROUP AG
GALP GALP ENERGIA SGPS SA CLASS B
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EN BOUYGUES SA
RXL REXEL SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
ITRK INTERTEK GROUP PLC
KER KERING SA
ENI ENI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
CAP CAPGEMINI SE
BOL BOLLORE SA
01913 PRADA S.P.A.
BKT BANKINTER SA
NEM NEMETSCHEK SE
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
CABK CAIXABANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ROTH ROTHSCHILD & CO. SCA
LDO LEONARDO SPA
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ALLFG ALLFUNDS (UK) LTD
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
ODDO : 2023 EBA Stress Tests – a broadly resilient sector despite toug...
>Key points from the exercise - The results of the 2023 EBA stress tests on banks were published last Friday evening. The application of new stress tests over three years to balance sheets at the end of 2022, with tougher assumptions/scenario (adverse) and within another challenging/uncertain overall context (recession, inflation, etc.), logically resulted in significant negative impacts on banks’ BS positions (capital, etc.) although with a fair and reassuring resili...
CSGN CREDIT SUISSE GROUP AG
ENX EURONEXT NV
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.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.
ROTH ROTHSCHILD & CO. SCA
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
ALLFG ALLFUNDS (UK) LTD
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
ODDO : 2023 EBA Stress Tests – a broadly resilient sector despite toug...
>Key points from the exercise - The results of the 2023 EBA stress tests on banks were published last Friday evening. The application of new stress tests over three years to balance sheets at the end of 2022, with tougher assumptions/scenario (adverse) and within another challenging/uncertain overall context (recession, inflation, etc.), logically resulted in significant negative impacts on banks’ BS positions (capital, etc.) although with a fair and reassuring resili...
CSGN CREDIT SUISSE GROUP AG
ENX EURONEXT NV
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.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.
ROTH ROTHSCHILD & CO. SCA
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
ALLFG ALLFUNDS (UK) LTD
Moody's affirms UBS Group AG's senior unsecured debt ratings at A3 and...
Moody's Investors Service ("Moody's") has today affirmed UBS Group AG's (UBSG) senior unsecured debt ratings at A3 and its Preferred Stock Non-cumulative (Additional Tier 1 or AT1 instruments) ratings at Baa3 (hyb). The rating outlook on UBSG's senior unsecured debts changed to positive from negativ...
Moody's affirms UBS Group AG's senior unsecured debt ratings at A3 and...
Moody's Investors Service ("Moody's") has today affirmed UBS Group AG's (UBSG) senior unsecured debt ratings at A3 and its Preferred Stock Non-cumulative (Additional Tier 1 or AT1 instruments) ratings at Baa3 (hyb). The rating outlook on UBSG's senior unsecured debts changed to positive from negativ...
- Carole Braudeau
- Carole Braudeau
Credit Suisse Group AG: 1 director
A director at Credit Suisse Group AG sold 95,443 shares at 0.759CHF and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
- Carole Braudeau
- Konrad Zomer
- Konrad Zomer
- Roland Pfaender
- MBA
- CFA
- CCRA
- Steven Gould
Credit Suisse : Q1 2023 results weak as expected
>Q1 2023 results weak and influenced by pending merger with UBS - Credit Suisse reported weak Q1 2023 results which were influenced by the pending merger with UBS. Reported pre-tax profit came to CHF 12.8bn and benefited from the writedown of CHF 15bn AT1 capital notes (as ordered by FINMA in the light of the planned merger with UBS). Other items affecting pre-tax income wear: i/ CHF 0.7bn pre-tax profit from the sale of a significant part of the Securitized Products...
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