reports
- Ahmed Ben Salem
- Baptiste Lebacq
ODDO : Journey to the centre of the earth
With the aim of reducing their net CO2 emissions, a number of industrial players are set to descend to the earth’s core to store CO2. The oil majors are stepping up announcements on this solution as they seek to meet the commitments made at the COP-21. TotalEnergies and Equinor seem to have made the most progress. In Europe, the CO2 storage market may be estimated at $ 35bn in 2035 and certain oil services players are already positioned on this segment. Our Top Picks in the secto...
AKRBP AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RDSA ROYAL DUTCH SHELL PLC CLASS A
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
ENI ENI S.P.A.
TW11 TENARIS S.A.
SPM SAIPEM S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
LUNE LUNDIN ENERGY AB
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
FUR FUGRO N.V.
TE TECHNIP ENERGIES NV
- Ahmed Ben Salem
- Baptiste Lebacq
ODDO : Voyage au centre de la terre
Dans le cadre de la réduction nette des émissions de CO2, nombre d’acteurs industriels devraient descendre au centre de la terre afin d’y stocker du CO2. Les majors pétrolières communiquent de plus en plus sur cette solution dans le cadre du respect de leurs engagements pris lors de la COP-21. TotalEnergies et Equinor semblent les plus avancées sur le sujet. En Europe, le marché du stockage de CO2 peut être évalué à 35 Md$ à horizon 2035 sur lequel certaines sociétés de services ...
AKRBP AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RDSA ROYAL DUTCH SHELL PLC CLASS A
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
ENI ENI S.P.A.
TW11 TENARIS S.A.
SPM SAIPEM S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
LUNE LUNDIN ENERGY AB
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
FUR FUGRO N.V.
TE TECHNIP ENERGIES NV
- Ahmed Ben Salem
- Baptiste Lebacq
ODDO : Voyage au centre de la terre
Dans le cadre de la réduction nette des émissions de CO2, nombre d’acteurs industriels devraient descendre au centre de la terre afin d’y stocker du CO2. Les majors pétrolières communiquent de plus en plus sur cette solution dans le cadre du respect de leurs engagements pris lors de la COP-21. TotalEnergies et Equinor semblent les plus avancées sur le sujet. En Europe, le marché du stockage de CO2 peut être évalué à 35 Md$ à horizon 2035 sur lequel certaines sociétés de services ...
AKRBP AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RDSA ROYAL DUTCH SHELL PLC CLASS A
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
ENI ENI S.P.A.
TW11 TENARIS S.A.
SPM SAIPEM S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
LUNE LUNDIN ENERGY AB
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
FUR FUGRO N.V.
TE TECHNIP ENERGIES NV
- Ahmed Ben Salem
- Christophe-Raphaël Ganet
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/18/2021
Abivax is a French biotechnology company specialised in chronic inflammatory diseases, especially inflammatory bowel diseases. Its lead compound ABX464 is days away from crucial phase 2b results in ulcerative colitis. These results could bolster the speculative aspect of the stock. We are initiating coverage of the stock with an Outperform rating and a target price of € 45. - ...
ENGI ENGIE SA.
GALP GALP ENERGIA SGPS SA CLASS B
RDSA ROYAL DUTCH SHELL PLC CLASS A
BN DANONE SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TFI TELEVISION FRANCAISE 1 SA
F3C SFC ENERGY AG
SCR SCOR SE
EL ESSILORLUXOTTICA SA
KER KERING SA
ENI ENI S.P.A.
SAN SANOFI
RY4C RYANAIR HOLDINGS PLC
SHA SCHAEFFLER AG
REP REPSOL SA
MMT METROPOLE TELEVISION SA
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
BP. BP P.L.C.
BSGR B&S GROUP S.A.
FUR FUGRO N.V.
- Ahmed Ben Salem
- Christophe-Raphaël Ganet
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/05/2021
Abivax est une société de biotechnologie française, spécialiste des maladies inflammatoires chroniques et en particulier celles de l’intestin. Son principal actif ABX464 est à quelques jours de résultats cruciaux de phase 2b en rectocolite hémorragique. Ces données pourraient renforcer l’aspect spéculatif de la valeur. Nous initions le suivi avec une opinion Surperformance et un OC de 45 €. - ...
ENGI ENGIE SA.
GALP GALP ENERGIA SGPS SA CLASS B
RDSA ROYAL DUTCH SHELL PLC CLASS A
BN DANONE SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TFI TELEVISION FRANCAISE 1 SA
F3C SFC ENERGY AG
SCR SCOR SE
EL ESSILORLUXOTTICA SA
KER KERING SA
ENI ENI S.P.A.
SAN SANOFI
RY4C RYANAIR HOLDINGS PLC
SHA SCHAEFFLER AG
REP REPSOL SA
MMT METROPOLE TELEVISION SA
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
BP. BP P.L.C.
BSGR B&S GROUP S.A.
FUR FUGRO N.V.
- Thijs Berkelder
Fugro : Wins offshore wind contract with 'significant value'
>Three year contract by BSH (Germany) - Yesterday, Fugro announced it has been awarded a multi-year site investigation contract by Germany's BSH, its Federal Maritime and Hydrographic Agency. The programme will be completed in three parts divided over the coming three years and comprises geotechnical investigations for offshore wind farm development areas in the German sector of the North Sea.Fugro’s site characterisation services will consist of geotechnical dat...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/22/2021 /
Despite its recovery since the start of the year, the insurance sector has underperformed the market since end-2019 and continues to be undervalued despite its capacity to weather crises (EPS, balance sheet). We maintain our positive stance on the sector, whose re-rating will likely be mainly driven by a lower risk premium with the prospect of improving solvency margins as early as Q1 2021. In this context, we reiterate our sector hierarchy with AXA as Top Pick. See the report publish...
AC ACCOR SA
HEIA HEINEKEN NV
GET GETLINK SE
EDEN EDENRED SA
IPN IPSEN SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
BFIT BASIC-FIT NV
NESN NESTLE S.A.
A14V70 FLOW TRADERS NV
BOL BOLLORE SA
COFB COFINIMMO SA
SOI SOITEC SA
ROYAL VOPAK NV
SLIGR SLIGRO FOOD GROUP N.V.
WLN WORLDLINE SA
INTER INTERTRUST NV
ASML ASML HOLDING NV
ENOG ENERGEAN PLC
UMI UMICORE
AKZA AKZO NOBEL N.V.
FUR FUGRO N.V.
TE TECHNIP ENERGIES NV
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/04/2021 /
En dépit de son rebond depuis le début de l’année, le secteur assurance a sous-performé le marché depuis fin 2019 et reste faiblement valorisé malgré sa bonne résistance à la crise (BPA, bilan). Nous restons positifs sur le secteur, dont le rerating devrait essentiellement provenir d’une baisse de sa prime de risque dans un contexte de hausse attendue des marges de solvabilité dès le T1 2021. Dans ce contexte, nous réitérons notre hiérarchie sectorielle avec AXA en top pick. - ...
HEIA HEINEKEN NV
GET GETLINK SE
EDEN EDENRED SA
IPN IPSEN SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
BFIT BASIC-FIT NV
NESN NESTLE S.A.
A14V70 FLOW TRADERS NV
BOL BOLLORE SA
COFB COFINIMMO SA
SOI SOITEC SA
ROYAL VOPAK NV
SLIGR SLIGRO FOOD GROUP N.V.
WLN WORLDLINE SA
INTER INTERTRUST NV
ASML ASML HOLDING NV
ENOG ENERGEAN PLC
UMI UMICORE
AKZA AKZO NOBEL N.V.
FUR FUGRO N.V.
TE TECHNIP ENERGIES NV
- Thijs Berkelder
Fugro : Beating earnings expectations despite adverse weather
>Clearly beating our earnings expectations - Revenues. Fugro’s revenues in Q1 2021 declined by a comparable 17% to € 382.8m (no consensus, our AAOB forecast € 385.2m) still strongly affected by COVID and the related impact on the oil & gas market. Marine revenues declined by 24% to € 189.1m, in-line with our forecast, and Land revenues were up 0.7% to € 94.7m. Marine Europe-Africa suffered from adverse weather in the UK, and extreme weather in the US, as well as delay...
Slight improvement for FUGRO, which now displays a rating of Neutral a...
The independent financial analyst theScreener just requalified the general evaluation of FUGRO (NL), active in the Oil Equipment & Services industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour, however, has improved and can be qualified as moderately risky moving forward. theScreener believes that the improved risk assessment represents a slight improvement for the title, which merits an overall rating upgrade to Neutral -...
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/13/2021 /
We are upgrading our recommendation to Outperform from Neutral, with a revised target price of € 34.0 vs € 29.5. We are revising up our estimates for UMG and especially for the publishing division. The group acquired several catalogues in 2019-2020 which will underpin a rise in profitability. Our valuation for UMG now stands at € 40bn. Before end-2021, Vivendi will communicate its guidance for UMG which we expect to be highly encouraging. The prospect of UMG's listing has led us to up...
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/04/2021 /
Nous relevons notre opinion à Surperformance contre Neutre avec un nouvel objectif de cours de 34,0 € contre 29,5 €. Nous rehaussons nos attentes pour UMG et tout particulièrement pour le pôle « publishing ». Le groupe a acquis plusieurs catalogues en 2019/20 qui soutiendront une hausse de la rentabilité. Notre valorisation d’UMG est dorénavant de 40 Md€. D’ici fin 2021, Vivendi communiquera les guidances d’UMG que nous attendons très encourageantes. La perspective de la cotation d’UM...
- Thijs Berkelder
Fugro : Stormy weather could be a blessing in disguise
>Preview for Q1 trading update - Fugro will publish its 2021 Q1 results on Thursday 22 April at 7.00h CET, to be followed by an analyst call at 8.30h CET. Later that day, starting at 14.00h CET, Fugro will hold its virtual AGM.Stormy winter both in Europe as in the US. From a seasonal perspective, Q1 is always the weakest quarter. This year has been harsher than last year, and as such it will be difficult to come with a positive surprise, reason why our expected ...
- Thijs Berkelder
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2021
President Biden has started courting Republicans to set to music a massive investment plan for infrastructure and building renovation that could be announced shortly. This plan is likely to at least partly take up the proposed $ 2,000bn programme set out in the election campaign. We evaluate the impact at between 2% and 10% per year on EBITDA for our sample of stocks. Assa Abloy (28% of sales concerned, target price raised to SEK 278), Legrand (19%), CRH (45%) and Ferguson (68%) are t...
- Thijs Berkelder
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/03/2021
Le président Biden a commencé à courtiser les républicains pour mettre en musique un plan d’investissement massif dans les infrastructures et dans la rénovation des bâtiments, qui pourrait être annoncé prochainement. Ce plan devrait reprendre au moins en partie la proposition de 2 000 Md$ détaillée lors de la campagne électorale. Nous en évaluons l’impact entre 2% à 10% par an sur l’EBITDA de notre échantillon de valeurs. Assa Abloy (28% du CA concerné, OC relevé à 278 SEK), Legrand (...
- Thijs Berkelder
Fugro : Divestment Seabed de-risks investment case
>Divestment Seabed Geosolutions, new CFO and new Chairmain - This morning, Fugro announced it has reached a binding agreement with PXGEO Seismic Services Limited (PXGEO) to sell certain assets and the related business of its non-core subsidiary Seabed Geosolutions for $ 16m (approx. € 14m) in cash. The transaction is expected to be completed mid-2021. The cash proceeds are in line with the book value of the divested business and are expected to cover anticipated restr...
- Thijs Berkelder
Fugro : Foundations in place for growing again
Based on a deep dive into Fugro’s market circumstances, we again highlight our Outperform recommendation. Four key factors lead us to be positive: 1) refinancing succeeded; 2) oil & gas prices are back up; 3) COVID vaccines available; and 4) new US administration. - >Four key factors make us positive on the name - 1. Refinancing. In December 2020, Fugro successfully refinanced its balance sheet and it is now free to invest and grow again; 2. Oil & gas price...
- Ahmed Ben Salem
- Bruno Cavalier
SREN SWISS RE AG
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
KPN ROYAL KPN NV
RMS HERMES INTERNATIONAL SCA
ALV ALLIANZ SE
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
SOLB SOLVAY SA
ICAD ICADE SA
AALB AALBERTS N.V.
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
BSGR B&S GROUP S.A.
ALFEN ALFEN NV
FUR FUGRO N.V.
- Ahmed Ben Salem
- Bruno Cavalier
SREN SWISS RE AG
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
KPN ROYAL KPN NV
RMS HERMES INTERNATIONAL SCA
ALV ALLIANZ SE
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
SOLB SOLVAY SA
ICAD ICADE SA
AALB AALBERTS N.V.
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
BSGR B&S GROUP S.A.
ALFEN ALFEN NV
FUR FUGRO N.V.
- Thijs Berkelder
Fugro : Offshore wind growth to be joined by Oil & Gas and Infra
>Feedback conference call - CEO Mark Heine and CFO Paul Verhagen hosted the FY20 analyst conference call. The questions in the call were focused on backlog, cost program & state support, offshore wind vs oil & gas, Seabed Geosolutions, and capex.Offshore Wind. Main confusion amongst analysts probably was around offshore wind. Because Fugro had made a small mistake in Q3, labelling € 6m revenues in renewables, while they were oil & gas, the perception was that of...
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