reports
- Anthony Dick
- Michael Foundoukidis
ODDO : Software Defined Vehicle (SDV): the next revolution
The growing importance of software, which will be further enhanced by SDV, could be even more disruptive to the automotive sector than electrification. In this report, we take a closer look at the main challenges and opportunities of this technological breakthrough, while on the stock market front, the current negative perception of traditional OEMs (discount at historic levels) seems to us to represent an upside risk, provided the latter make progress in terms of execution. Conv...
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Anthony Dick
- Michael Foundoukidis
ODDO : Software Defined Vehicle (SDV): la prochaine révolution
L’importance croissante du logiciel, amenée à se matérialiser encore davantage via le SDV, pourrait bouleverser le secteur automobile encore plus que ne le fait l’électrification. Nous revenons ici sur les principaux enjeux de cette rupture technologique alors que, sur le plan boursier, la perception actuelle négative autour des constructeurs traditionnels (décote à des niveaux historiques) nous semble créer un risque à la hausse, pour peu que ces derniers progressent sur l’exécu...
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
EQS-News: Q2 2024 financial figures: Vitesco Technologies improves pro...
EQS-News: Vitesco Technologies Group AG / Key word(s): Quarter Results/Half Year Results Q2 2024 financial figures: Vitesco Technologies improves profitability in a challenging environment 08.08.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Q2 2024 financial figures: Vitesco Technologies improves profitability in a challenging environment Quarterly sales amounted to €2.02 billion (Q2 2023: €2.44 billion); €4.02 billion in the first half of 2024 (H1 2023: €4.76 billion) Sales in Electrification came in at €347.8 million in t...
EQS-News: Q2 2024 Finanzkennzahlen: Vitesco Technologies steigert Prof...
EQS-News: Vitesco Technologies Group AG / Schlagwort(e): Quartalsergebnis/Halbjahresergebnis Q2 2024 Finanzkennzahlen: Vitesco Technologies steigert Profitabilität bei herausforderndem Umfeld 08.08.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Q2 2024 Finanzkennzahlen: Vitesco Technologies steigert Profitabilität bei herausforderndem Umfeld Quartalsumsatz lag bei 2,02 Milliarden Euro (Q2 2023: 2,44 Milliarden Euro); im gesamten ersten Halbjahr 2024 bei 4,02 Milliarden Euro (H1 2023: 4,76 Milliarden Euro) Umsatz mit E...
- Baptiste Salaville
- Fehmi Ben Naamane
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
ODDO BHF Small & MIDCAP MORNING NEWS - 23/07/2024
Oerlikon, leader in attractive niche markets with technology entry barriers, is about to enter the final chapter of its group transition into a Surface Solutions pure play via the planned separation of Polymer Processing Solutions (OPP) in the next 12-36 months. After the strong performance YTD, we are seeing no further significant upside from here for now. We are rating Oerlikon’s shares Neutral with a TP of CHF 5.2. - ...
DKSH DKSH HOLDING AG
WTB WHITBREAD PLC
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
BEN BENETEAU SA
WHA WERELDHAVE N.V.
SHA SCHAEFFLER AG
DLG DE'LONGHI S.P.A.
CIE CIE AUTOMOTIVE S.A.
SHOT SCANDIC HOTELS GROUP
NVG NAVIGATOR COMPANY SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
DSC1 DUTCH STAR C SHAR
VTSC VITESCO TECHNOLOGIES GRP AG
- Baptiste Salaville
- Fehmi Ben Naamane
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
ODDO BHF Small & MIDCAP MORNING NEWS - 07/23/2024
Oerlikon, leader in attractive niche markets with technology entry barriers, is about to enter the final chapter of its group transition into a Surface Solutions pure play via the planned separation of Polymer Processing Solutions (OPP) in the next 12-36 months. After the strong performance YTD, we are seeing no further significant upside from here for now. We are rating Oerlikon’s shares Neutral with a TP of CHF 5.2. - ...
DKSH DKSH HOLDING AG
WTB WHITBREAD PLC
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
BEN BENETEAU SA
WHA WERELDHAVE N.V.
SHA SCHAEFFLER AG
DLG DE'LONGHI S.P.A.
CIE CIE AUTOMOTIVE S.A.
SHOT SCANDIC HOTELS GROUP
NVG NAVIGATOR COMPANY SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
DSC1 DUTCH STAR C SHAR
VTSC VITESCO TECHNOLOGIES GRP AG
- Anthony Dick
- Michael Foundoukidis
Vitesco : Q2 prelims & FY outlook cut on lower volumes, notably for BE...
>Q2 prelims broadly in line (ex FCF) but FY 2024 outlook cut meaningfully - Vitesco yesterday evening published preliminary Q2 2024 earnings which came broadly in line with expectations (ex FCF) but cut its FY outlook as a result of lower volumes, notably for BEVs.Final Q2 results and detailed FY 2024 guidance will be released with the half-year report on 13 August.Q2 earnings light on lower volumes, notably for BEVs, FCF at -€ 388m - In detail, ...
- Anthony Dick
- Michael Foundoukidis
Vitesco : Q2 prelims & FY outlook cut on lower volumes, notably for BE...
>Q2 prelims broadly in line (ex FCF) but FY 2024 outlook cut meaningfully - Vitesco yesterday evening published preliminary Q2 2024 earnings which came broadly in line with expectations (ex FCF) but cut its FY outlook as a result of lower volumes, notably for BEVs.Final Q2 results and detailed FY 2024 guidance will be released with the half-year report on 13 August.Q2 earnings light on lower volumes, notably for BEVs, FCF at -€ 388m - In detail, ...
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/08/2024
French equities should fall at the start of the week, returning to their lows of late June. After that, there are several potential combinations for forming a government, but what they all have in common is a shift to the left in the economic policy that will be pursued, with an increase in capital taxation. The French equity risk premium is set to rise durably. - ...
JMT JERONIMO MARTINS SGPS S.A.
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
EO FAURECIA SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
POM PLASTIC OMNIUM SE
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
FR VALEO SE
ICAD ICADE SA
01913 PRADA S.P.A.
SHA SCHAEFFLER AG
CIE CIE AUTOMOTIVE S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
GEST GESTAMP AUTOMOCION S.A.
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Anthony Dick
- Bruno Cavalier
- Michael Foundoukidis
- Thomas Zlowodzki
COV COVIVIO SA
EO FAURECIA SA
GFC GECINA SA
FLY SOCIETE FONCIERE LYONNAISE SA
POM PLASTIC OMNIUM SE
FR VALEO SE
ICAD ICADE SA
SHA SCHAEFFLER AG
CIE CIE AUTOMOTIVE S.A.
COL INMOBILIARIA COLONIAL SOCIMI SA
GEST GESTAMP AUTOMOCION S.A.
VTSC VITESCO TECHNOLOGIES GRP AG
ALLFG ALLFUNDS (UK) LTD
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Anthony Dick
- Bruno Cavalier
- Michael Foundoukidis
- Thomas Zlowodzki
COV COVIVIO SA
EO FAURECIA SA
GFC GECINA SA
FLY SOCIETE FONCIERE LYONNAISE SA
POM PLASTIC OMNIUM SE
FR VALEO SE
ICAD ICADE SA
SHA SCHAEFFLER AG
CIE CIE AUTOMOTIVE S.A.
COL INMOBILIARIA COLONIAL SOCIMI SA
GEST GESTAMP AUTOMOCION S.A.
VTSC VITESCO TECHNOLOGIES GRP AG
ALLFG ALLFUNDS (UK) LTD
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Anthony Dick
- Bruno Cavalier
- Michael Foundoukidis
- Thomas Zlowodzki
JMT JERONIMO MARTINS SGPS S.A.
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
EO FAURECIA SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
POM PLASTIC OMNIUM SE
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
FR VALEO SE
ICAD ICADE SA
01913 PRADA S.P.A.
SHA SCHAEFFLER AG
CIE CIE AUTOMOTIVE S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
GEST GESTAMP AUTOMOCION S.A.
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Anthony Dick
- Michael Foundoukidis
ODDO : Q2/H1 preview: not yet seeing light at the end of the tunnel
>Lacklustre H1 likely to make things even harder in H2 - The upcoming earnings season is unlikely to significantly improve sentiment around auto suppliers and we therefore maintain our cautious stance on the segment, despite the sharp underperformance YTD (-21% vs SXAP, -28% vs SXXP). Indeed, a more challenging first half of the year than expected (volumes, segment/client mix) is likely to result in lacklustre H1 earnings, making the required step-up in H2 to reach fu...
- Anthony Dick
- Michael Foundoukidis
ODDO : Preview T2/S1: vers une saison de résultats toujours sous tensi...
>Un S1 sans grande saveur qui rend la tâche encore plus ardue sur le S2 - La saison de publications à venir ne devrait pas permettre d’améliorer sensiblement le sentiment autour des équipementiers et nous maintenons donc notre prudence sur le segment, malgré la nette sous-performance YTD (-21% vs SXAP). En effet, face à une première partie d’année plus difficile qu’anticipé (volumes, mix segments/clients) qui devrait se traduire par des résultats S1 sans grande saveur...
- Juan Ros-Padilla
- Juan Ros-Padilla
- Anthony Dick
- Michael Foundoukidis
Vitesco : EV slowdown clearly visible in Q1, as expected
>Q1: sales at -7.5% org and adjusted EBIT up slightly (operating margin of 1.7%) - Vitesco’s Q1 2024 figures, reported yesterday, confirmed the slower momentum in electrification, which is also visible at its peers (and even more so at Valeo for example). Despite this, the auto supplier nonetheless fully confirmed its full-year guidance, suggesting, again, significant seasonality between H1 and H2, particularly as the message remains cautious on Q2 with the market env...
- Anthony Dick
- Michael Foundoukidis
Vitesco : Le ralentissement EV bien visible au T1, comme attendu
>T1 : CA à -7.5% en organique et EBIT ajusté en légère progression (MOP de 1.7%) - Le T1 2024 publié, hier, par Vitesco a, notamment, confirmé le ralentissement du momentum sur l’électrification, également visible chez les pairs (et encore davantage chez Valeo par exemple). Face à cela, l’équipementier a, néanmoins, pleinement confirmé ses objectifs annuels, suggérant à nouveau une forte saisonnalité entre S1 et S2, d’autant plus que le message est resté prudent sur l...
EQS-News: Vitesco Technologies startet mit einem soliden Quartalsergeb...
EQS-News: Vitesco Technologies Group AG / Schlagwort(e): Quartals-/Zwischenmitteilung/Quartalsergebnis Vitesco Technologies startet mit einem soliden Quartalsergebnis ins Geschäftsjahr 2024 08.05.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Vitesco Technologies startet mit einem soliden Quartalsergebnis ins Geschäftsjahr 2024 Quartalsumsatz liegt bei rund 1,99 Milliarden Euro (Q1 2023: 2,31 Milliarden Euro) Bereinigtes EBIT: 33,0 Millionen Euro (Q1 2023: 30,8 Millionen Euro) bei einer bereinigten EBIT-Marge von 1,7 P...
EQS-News: Vitesco Technologies starts with solid quarterly results int...
EQS-News: Vitesco Technologies Group AG / Key word(s): Quarterly / Interim Statement/Quarter Results Vitesco Technologies starts with solid quarterly results into fiscal year 2024 08.05.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Vitesco Technologies starts with solid quarterly results into fiscal year 2024 Quarterly sales of around €1.99 billion (Q1 2023: €2.31 billion) Adjusted EBIT: €33.0 million (Q1 2023: €30.8 million) with an adjusted EBIT margin of 1.7 percent (Q1 2023: 1.4 percent) Order intake of €708 million, o...
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