reports
- Olfa Taamallah
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/26/2024
‘Soft landing’... the term is in vogue and we think it aptly describes the current situation in the energy market. After a period of “excess profits”, the fundamentals are back in favour and prompt us to revise down our estimates for energy prices. - Alongside renewable energies, pockets of sustainable value creation are emerging for players capable of capitalising on the structural growth in volatility on the electricity markets but which are nonetheless trading at a discount In the U...
UBI UBISOFT ENTERTAINMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
SW SODEXO SA
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
GAMA GAMMA COMMUNICATIONS
FII LISI SA
NXT NEXT PLC
BAS BASF SE
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
HM B H&M HENNES & MAURITZ AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
SIE SIEMENS AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
FDJ LA FRANCAISE DES JEUX SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
- Olfa Taamallah
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/09/2024
“Soft landing”… le terme est à la mode et nous pensons qu’il caractérise bien la situation du marché de l’énergie aujourd’hui. Après une parenthèse de « surprofits », les fondamentaux reprennent leur droit et nous conduisent à réviser en baisse nos hypothèses de prix de l’énergie. A côté du renouvelable, des poches pérennes de création de valeur apparaissent pour les acteurs capables de profiter de la croissance structurelle de la volatilité des marchés électriques et qui souffrent ma...
UBI UBISOFT ENTERTAINMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
SW SODEXO SA
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
GAMA GAMMA COMMUNICATIONS
FII LISI SA
NXT NEXT PLC
BAS BASF SE
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
HM B H&M HENNES & MAURITZ AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
SIE SIEMENS AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
FDJ LA FRANCAISE DES JEUX SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
- Delphine Brault
- Quentin Borie
Siemens AG : Q4 preview: discrete automation business still taking a t...
>Digital Industries still struggling, Smart Infrastructure at the peak - At a conference on Tuesday, the CFO provided some details on the Digital Industries (DI) business and trends. In China (25% of DI revenues), distributor stocks remain high, at c. 11-11.5 weeks vs 12.5 at end-June and 14 at end-March. The situation continues to normalise but only gradually, reflecting lacklustre demand (automotive and building machines). The 2024 guidance for DI to see a revenue d...
- Delphine Brault
- Quentin Borie
Siemens AG : Preview T4 : l’activité discrete automation n’a pas fini ...
>Digital Industries toujours à la peine, Smart Infrastructure au sommet - Lors d’une conférence mardi, le CFO a fourni quelques éléments sur l’activité Digital Industries (DI) et les tendances. En Chine (25% du CA de DI), les stocks des distributeurs restent à un niveau élevé, autour de 11-11.5 semaines contre 12.5 à fin juin et 14 à fin mars. La normalisation se poursuit mais à un rythme faible, reflet d’une demande en berne (automobile et building machine). Dès lors...
Moody's Ratings says Siemens is gaining more traction on digital bonds
Moody's Ratings (Moody's) has assigned an Aa3 rating to Siemens Aktiengesellschaft's (Siemens, Aa3 stable) new €300 million digital bond, in line with Siemens' issuer rating. The bond has been registered on the blockchain, instead of a central securities depository. While Siemens funding remains hig...
Federal Signal Corp: 1 director
A director at Federal Signal Corp gave away/sold 26,860 shares at 0.000USD and the significance rating of the trade was 77/100. 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 ...
- Benoit Valleaux
- Benoit Valleaux
- Delphine Brault
- Quentin Borie
Siemens AG : Digital Industries pèse sur la performance, mais l’histoi...
>Un T3 meilleur qu’attendu porté par le software et par la division SI - Les commandes T3 2024 ont reculé de 15% en comparable (Css à -16.3%), à 19.8 Md€, avec un book-to-bill de 1.05. Le CA progresse de 5% en comparable à 18.9 Md€ (Css à 4.3%) et l’EBITA industrial ajusté atteint 3 033 M€, soit une marge de 16.5% (vs Css à 15.4%). L’industrial profit s’établit ainsi 4% au-dessus des attentes du consensus (une fois retraité de 70 M€ de plus-value de cession chez DI). ...
- Delphine Brault
- Quentin Borie
Siemens AG : Digital Industries is weighing on performance, but the st...
>Q3 is better than expected driven by software and the SI division - The Q3 2024 orders fell by 15% l-f-l (consensus at -16.3%) at € 19.8bn, with a book-to-bill of 1.05. Sales were up 5% l-f-l to € 18.9bn (consensus 4.3%) and adjusted industrial EBITA was € 3,033m, i.e. a margin of 16.5% (vs consensus at 15.4%). Industrial profit was therefore 4% above consensus forecasts (once restated for the € 70m in capital gains from the divestment at DI). Pre-PPA EPS was € 2.66 ...
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Lockheed Martin Corporation and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 7 August 2024 in which we reassessed the appropriateness of the ratings in the ...
3M Co: 2 directors
A director at 3M Co sold 5,675 shares at 123.455USD and the significance rating of the trade was 67/100. 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 clearly showing C...
- Delphine Brault
- Quentin Borie
Siemens AG : Un T3 meilleur qu’attendu, le groupe spécifie sa guidance...
>T3 2024 : commandes -15%, industrial profit 4% au-dessus des attentes - Les commandes T3 2024 reculent de 15% en comparable (consensus à -16.3%), à 19.8 Md€ (Css à 19.2 Md€). Le book-to-bill atteint 1.05. Le chiffre d'affaires progresse de 5% en comparable à 18.9 Md€ (consensus à 4.3%) et l’EBITA industrial ajusté atteint 3 033 M€, soit une marge de 16.5% (vs 15.4% attendus par le consensus). L’industrial profit s’établit ainsi 4% au-dessus des attentes du consensus...
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