ODDO BHF Small & MIDCAP MORNING NEWS – 12/11/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 11/12/2024

Allfunds Group Plc : Business model facing uphill battle amid passive ...

Allfunds’ active fund distribution model is facing growing pressure from the rise of passive investments and private capital. While the company is diversifying into alternatives and active ETF distribution, these efforts are not game-changers and are unlikely to lead to a materially improved outlook in terms of AuA growth. With structural risks in the core business and lack of strong organic growth, we downgrade the stock to Underperform.

ODDO BHF Small & MIDCAP MORNING NEWS – 12/10/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 10/12/2024

Allfunds Group Plc/sUBScription cancelled/BUY

Following the unilateral cancellation by UBS of the former Credit Suisse contract with Allfunds, we have updated our forecasts for Allfunds. A faster-than-expected pace of AuA recovery in 9M24 offsets some of the loss from the former CS contract but our 2025 EPS forecast is reduced by 9%. Despite the forecast reduction, Allfunds continues to trade at an excessive discount to its peers and we maintain our 12-month target price of €7.30 and our BUY recommendation.

ODDO BHF Small & MIDCAP MORNING NEWS - 10/23/2024

28 October could mark a crucial step forward in the resolution of the asbestos litigation. The hearing set on this date at the Delaware court could lead to the launch of the plaintiffs’ vote on the reorganisation plan (agreement if 75% of plaintiffs vote in favour of the plan). We think that this vote is highly likely to materialise, notably with the integration of J&J into the plan (hearing of 8 October). The intrinsic valuation of the group’s assets (TQC, the Beauvoir/Saint-Austell ...

ODDO BHF Small & MIDCAP MORNING NEWS - 23/10/2024

Le 28 octobre prochain pourrait marquer une avancée cruciale dans la résolution des litiges amiante. L’audience prévue pour cette date dans l’agenda du tribunal du Delaware pourrait conduire au lancement du vote des plaignants sur le plan de réorganisation (accord si 75% des plaignants votent le plan). Nous pensons que ce vote a de grandes chances d’aboutir avec l’intégration de J&J dans le plan (décision du 8 octobre dernier). La valorisation intrinsèque des actifs du groupe reviendr...

Allfunds Group Plc : Q3 results in-line, good acceleration in new migr...

>EoP AuA reaching an all-time-high - Total AuA reached an all-time high in Q3 at € 1,522bn, growing 15,1% YoY and 3.8% QoQ. This came 1% ahead of consensus expectation and our forecast, supported by still a resilient stock market (major indices are up a touch QoQ, implying positive market performance) and a structural improvement in flows from existing clients. Q3 net flows were € 22.5bn, 18.4% ahead of css forecast and 12.5% above our expectations. Within mix, flows ...

Benelux Morning Notes

AkzoNobel: Slight miss on 3Q24, larger miss on year-end leverage Allfunds Group PLC: Strong NNM beat ASM International: Preview 3Q24; probably not too bad Azelis: 3Q24 results preview Heineken: Yet another miss Kinepolis: 3Q24 preview Philips: Preview 3Q24, some upside risk to margins Proximus: 3Q24 preview Events Calendar

ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2024

Les mesures annoncées par Michel Barnier correspondent à une augmentation de l’impôt sur les sociétés pour les 2 prochaines années de 31% (+773 pb) pour les entreprises réalisant plus de 3 Md€ de CA en France et de 15,5% (+258 pb) pour celles avec un CA France entre 1 et 3 Md€. L’impact sera négatif pour les actions françaises, en particulier pour les plus grandes capitalisations avec un CA France > 3 Md€ et une base fiscale française importante. - ...

ODDO BHF Sm all & MIDCAP MORNING NEWS - 10/11/2024

The measures announced by Michel Barnier correspond to a Corporate Tax increase on companies for the next two years of 31% (+773bp) for companies generating more than € 3bn in revenues in France and 15.5% (+258bp) for those generating revenues in France between € 1bn and € 3bn. The impact will be negative for French equities, in particular for the largest capitalisations with France revenues in excess of € 3bn and a significant French tax base. - ...

Allfunds Group Plc : Platform business better due to decent flows, but...

>Q3 24 AuA up 3.1% QoQ to € 1,512bn, flows improving across the board - Allfunds will publish its Q3 2024 figures on 23 October 2024. Overall, we expect a positive volume trend in the quarter across the board, and forecast at EoP AuA of € 1,512bn, an acceleration of 3.1% and up 14.3% YoY. We talked to the company recently, and understand that flows from existing clients remained in the positive territory, and are likely to end even slightly higher vs Q2 (up 22.8% QoQ,...

Benelux Morning Notes

Allfunds Group plc: Cancelled sUBScription. Sif Group: Preview - first new line open for business. UCB: Divestment deal for mature products portfolio in China

ODDO BHF Small & MIDCAP MORNING NEWS - 06/08/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 08/06/2024

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Allfunds Group Plc : Solid H1 figures and improved outlook warrant hig...

>TP upped to € 7 and Outperform reiterated, current sell-off a good entry point - On the back of excellent H1 figures and a good outlook for H2, which likely will lead to ALLFG reaching the top end of its guidance range on key metrics, we marginally increase our 2024 revenue and adj. EBITDA forecasts by 1% and 2.4%. Our new estimates are in-line with consensus on the top line and 1.6% ahead on EBITDA. Consequently, we up our TP to € 7 and reiterate our Outperform rati...

ODDO BHF Small & MIDCAP MORNING NEWS - 07/30/2024

With regard to our list of recommended stocks, i) we are adding: adidas, Merck KGaA, Santander, Technip FMC, Unilever and Vivendi , ii) we are maintaining ASMi, Atlas Copco, AXA, Deutsche Boerse, GSK, Holcim, Inditex, Lonza, Sodexo, RELX and Rolls-Royce, iii) we are removing: BASF, Nemetschek, Nestlé and TUI AG. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 30/07/2024

Au sein de notre liste de valeurs recommandées, i) nous faisons entrer : adidas, Merck KGaA, Santander, Technip FMC, Unilever et Vivendi, ii) nous maintenons ASMi, Atlas Copco, Axa, Deutsche Boerse, GSK, Holicm, Inditex, Lonza, Sodexo, RELX et Rolls-Royce, iii) nous faisons sortir : BASF, Nemetschek, Nestlé, TUI AG. - ...

Allfunds Group Plc : Adj. net profit 5.9% ahead of consensus, AuA marg...

>Good NTI growth main driven of revenue outperformance, margins and net profit better - ALLFG reported an all-time half-year revenue of € 309.6m, 1.8% ahead of css expectations and growing 16.5% YoY. Looking into the drivers of outperformance, we note that net treasury income was the main bright spot in the mix. This came at € 54.1m, 13% ahead of css forecast and growing 70% YoY. The reason for this is the higher liquidity on the platform combined with still elevated ...