reports
- Carole Braudeau
Credit Morning 02/29/2024
ams OSRAM: cancellation of a key microLED project Forvia issues € 800m of new bonds to refinance part of its 2025 and 2026 maturities via a tender offer Nexity: after 2023 broadly in line with expectations, 2024 will remain a year of transition Clariane: FY23 results in line with management expectations, but the financial situation still needs to be improved. The group announces the sale of its UK operations for €243m.>...
- Carole Braudeau
Morning Crédit 29/02/2024
Clariane : Des résultats 2023 conformes aux attentes du management mais la situation financière reste à améliorer. Le groupe annonce la vente de ses activités au Royaume-Uni pour 243 m EUR. ams OSRAM : annulation d’un projet clé dans les microLED Forvia émet 800 m EUR de nouvelles obligations pour refinancer une partie de ses échéances 2025 et 2026 via une offre de remboursement anticipé Nexity : après une année 2023 globalement en ligne avec les attentes, 2024 res...
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
Credit Morning 02/08/2024
SoftBank Group: significant pre-tax profit in Q3 2023/24 erasing losses in H1Ontex: Sequential Adj. EBITDA margin improvement in Q4 23… but pricing growth comes to an endURW: after good Q4, URW returns to dividend policySoitec: Publication of Q3 2023/24 sales and profit warningTAG co-CEO warns on greater downside risk for German residential real estate>...
CON CONTINENTAL AKTIENGESELLSCHAFT
DG VINCI SA
CO CASINO GUICHARD-PERRACHON SA
MT ARCELORMITTAL SA
GYC GRAND CITY PROPERTIES SA
GLE SOCIETE GENERALE S.A. CLASS A
EZJ EASYJET PLC
SOI SOITEC SA
TEG TAG IMMOBILIEN AG
ONTEX ONTEX GROUP N.V.
WLN WORLDLINE SA
AT1 AROUNDTOWN SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
VK VALLOUREC SA
ADE ADEVINTA ASA
AF AIR FRANCE - KLM
- Carole Braudeau
Morning Crédit 08/02/2024
Soitec : Publication du CA T3 2023/24 et profit warningOntex: Sequential Adj. EBITDA margin improvement in Q4 23… but pricing growth comes to an endSoftBank Group : résultat avant impôts significatif au T3 2023/24 permettant de gommer les pertes du S1URW : après un bon T4, URW renoue avec une politique de dividendeTAG co-CEO warns on greater downside risk for German residential real estate>...
CON CONTINENTAL AKTIENGESELLSCHAFT
DG VINCI SA
CO CASINO GUICHARD-PERRACHON SA
MT ARCELORMITTAL SA
GYC GRAND CITY PROPERTIES SA
GLE SOCIETE GENERALE S.A. CLASS A
EZJ EASYJET PLC
SOI SOITEC SA
TEG TAG IMMOBILIEN AG
ONTEX ONTEX GROUP N.V.
WLN WORLDLINE SA
AT1 AROUNDTOWN SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
VK VALLOUREC SA
ADE ADEVINTA ASA
AF AIR FRANCE - KLM
- Carole Braudeau
- Carole Braudeau
- Ole Martin Westgaard
- Carole Braudeau
- Carole Braudeau
- Fabian Semon
- Jean-Baptiste Rouphael
- Jean-François Granjon
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/22/2023
Prysmian, the unrivalled global leader with an around 8% market share, is a key player in all cable segments. With a significant footprint in Europe and North America, it is seeing its project backlog (€ 10bn) accelerate. Yet we expect modest growth in view of the prevailing macroeconomic environment, corresponding to the lower end of the range for the Connect to Lead plan for 2027 (2022-2027e EBITDA CAGR of +5.0%, +6.1% based on the midpoint). We calculate a target price of € 40 and ...
- Fabian Semon
- Jean-Baptiste Rouphael
- Jean-François Granjon
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/11/2023
Leader mondial (8% de PdM), Prysmian est incontournable sur tous les segments de marché du câble. Fortement implanté en Europe et Amérique du Nord, le groupe bénéficie d’un backlog Projets (10 Md€) en accélération. Pour autant, nous avons retenu une croissance modérée compte tenu du contexte macroéconomique actuel, correspondant au bas de fourchette du Plan 2027 « Connect to lead » (TMVA 2022/27e de 5.0% pour l’EBITDA, +6.1% sur la base du milieu de fourchette). Nous calculons un obje...
- Jerôme Bodin
- Martin Marandon-Carlhian
Adevinta : Takeover bid at NOK 115/share from the Permira-Blackstone c...
>Takeover bid at NOK 115/share from the Permira-Blackstone consortium - Yesterday evening, a consortium of private equity funds led by Permira-Blackstone (Permira, Blackstone, General Atlantic and TCV) announced a bid for all Adevinta’s outstanding shares at a price of NOK 115 per share, 8% above the closing price of 21 November. The bid values the group at € 12.1bn (19x 2023e EBITDA) and represents a premium of 54% on the average share price over the three months pri...
- Ole Martin Westgaard
Adevinta (Hold, TP: NOK115.00) - Strategy pays off
Adevinta’s Q3 results confirmed that it is on track to achieve on its 2023 guidance and long-term strategy. Although some investors question whether the NOK115/share bid price reflects the latter, we believe the bid has a high likelihood of being accepted. We have downgraded the stock to HOLD (BUY) and cut our target price to NOK115 (120), despite slight estimate increases. Q3 EBITDA 4% above consensus with reiteration of the guidance. Adevinta reported revenues of EUR454m (we expected EUR454m,...
- Jerôme Bodin
- Martin Marandon-Carlhian
Adevinta : Offre de rachat à 115 NOK/action par le consortium Permira-...
>Offre de rachat à 115 NOK/action par le consortium Permira-Blackstone - Hier soir, un consortium de fonds de PE dirigé par Permira-Blackstone (Permira, Blackstone, General Atlantic et TCV) a annoncé une offre de rachat sur l’ensemble des actions en circulation d’Adevinta au prix de 115 NOK par action, 8% au-dessus du cours de clôture du 21/11. Cette offre valorise le groupe à 12,1 Md€ (19x l’EBITDA 2023e) et représente une prime de 54% sur le prix de l’action dans le...
- Carole Braudeau
- Carole Braudeau
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