reports
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/09/2024
La prochaine acquisition de Campari pourrait être en Inde et intervenir rapidement, selon nous. Rapidement d’abord pour que le groupe puisse pleinement profiter du dynamisme de ce marché. Rapidement ensuite pour se prémunir du ralentissement actuel des liqueurs et apéritifs (L&A) en Europe, segment dont il est historiquement très dépendant. Malgré l’intérêt stratégique du marché indien, une telle opération de M&A pourrait se révéler risquée en s’ajoutant aux multiples défis opérationn...
DGE DIAGEO PLC
MTX MTU AERO ENGINES AG
RI PERNOD RICARD SA
HO THALES SA
RCO REMY COINTREAU SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
PHIA KONINKLIJKE PHILIPS N.V.
FII LISI SA
ISP INTESA SANPAOLO S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
BOL BOLLORE SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
SKF B SKF AB CLASS B
LDO LEONARDO SPA
HAG HENSOLDT AG
CPR DAVIDE CAMPARI-MILANO N.V.
AERO MONTANA AEROSPACE AG
UMG UNIVERSAL MUSIC GROUP NV
AM DASSAULT AVIATION
DTG DAIMLER TRUCK
LAT LATECOERE
R3NK RENK GROUP AG
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/18/2024
Campari’s next acquisition might be in India and could materialise quickly, in our view. Speed is of the essence: first so that the group can take full advantage of the dynamic growth of this market; and second to guard against the current slowdown in liqueurs and aperitifs (L&A) in Europe, a segment on which it has historically been very reliant. Despite the strategic value that the Indian market offers, such an M&A deal could prove risky by adding to the multiple operational challen...
DGE DIAGEO PLC
MTX MTU AERO ENGINES AG
RI PERNOD RICARD SA
HO THALES SA
RCO REMY COINTREAU SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
PHIA KONINKLIJKE PHILIPS N.V.
FII LISI SA
ISP INTESA SANPAOLO S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
BOL BOLLORE SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
SKF B SKF AB CLASS B
LDO LEONARDO SPA
HAG HENSOLDT AG
CPR DAVIDE CAMPARI-MILANO N.V.
AERO MONTANA AEROSPACE AG
UMG UNIVERSAL MUSIC GROUP NV
AM DASSAULT AVIATION
DTG DAIMLER TRUCK
LAT LATECOERE
R3NK RENK GROUP AG
- Anthony Dick
- Michael Foundoukidis
Daimler Truck : IAA Mobility feedback: ambitions still high, environme...
>CEO/CFO meeting at IAA Mobility in Hannover - Daimler Truck yesterday hosted a meeting between CFO Eva Scherer and incoming CEO Karin Radstrom (ex-head of the Mercedes-Benz unit) and investors/analysts on the sidelines of the IAA Mobility fair in Hannover. The event provided an opportunity to discuss with the new top management team (the CFO having taken the role since 1 April and future CEO due to start on 1 October) the latest trends (demand still lacklustre in Eu...
- Anthony Dick
- Michael Foundoukidis
Daimler Truck : Feedback salon IAA : ambitions toujours fortes, contex...
>Rencontre CEO/CFO au salon IAA Mobility de Hanovre - Daimler Truck a organisé hier, en présence de la CFO Eva Scherer et de la nouvelle CEO Karin Radstrom (ex responsable de la BU Mercedes-Benz), un évènement de rencontre avec investisseurs/analystes en marge du salon IAA Mobility à Hanovre. L’évènement a été l’occasion d’échanger avec cette nouvelle équipe du top management (CFO en poste depuis le 01/04, prise de fonction de la future CEO prévue pour le 01/10) sur...
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/02/2024
The Stoxx 600 gained just 1.1% in July after shedding 1.3% in June, driven by the SMI (+2.5%) and the Footsie 100 (+2.7%). With business sentiment indicators continuing to weaken, defensive stocks outperformed cyclicals in July, and many healthcare stocks were among the best performers of the Stoxx 600. Long-term interest rates have fallen sharply (probably too much), but this has not benefited tech and luxury goods stocks, penalised by their disappointing results publications. - ...
AXA AXA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
BNP BNP PARIBAS SA CLASS A
GLE SOCIETE GENERALE S.A. CLASS A
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ITRK INTERTEK GROUP PLC
VOW3 VOLKSWAGEN AG PREF
INX IMCD N.V.
INGA ING GROEP NV
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
PIRC PIRELLI & C. S.P.A.
MRNA MODERNA INC.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/08/2024
Le Stoxx 600 ne progresse que de 1,1% en juillet après sa baisse de 1,3% en juin, tiré par le SMI (+2,5%) et le Footsie 100 (+2,7%). Avec la poursuite du fléchissement des indicateurs de climat des affaires, les défensives ont surperformé les cycliques en juillet, et de nombreuses valeurs Santé sont présentes parmi les meilleures performances du Stoxx 600. Les taux d’intérêt longs ont nettement reflué (sans doute trop) sans que cela profite aux valeurs de la Tech ou du Luxe qui ont s...
AXA AXA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
BNP BNP PARIBAS SA CLASS A
GLE SOCIETE GENERALE S.A. CLASS A
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
VOW3 VOLKSWAGEN AG PREF
INX IMCD N.V.
INGA ING GROEP NV
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
PIRC PIRELLI & C. S.P.A.
MRNA MODERNA INC.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Anthony Dick
- Michael Foundoukidis
Daimler Truck : A more proactive attitude, but it will likely take som...
>Q2 in line with preliminary results, 2024 guidance lowered - Following the preliminary results release on July 16th (see First Take), Daimler Truck reported yesterday morning its full Q2 results with, as expected, a downward revision to its 2024 guidance. As a reminder, Q2 EBIT came in 7% below expectations due to a full impairment of the group’s Chinese JV (€ 120m), without which results would have beaten expectations by 2%. However, the more concerning item of the...
- Anthony Dick
- Michael Foundoukidis
Daimler Truck : Attitude plus proactive, mais qui prendra sûrement du ...
>T2 en ligne avec résultats préliminaires, guidance 2024 abaissée - Après les résultats préliminaires du 16/07 (voir First Take), Daimler Truck a publié hier avant Bourse ses résultats T2 complets, avec, comme prévu, une guidance 2024 révisée à la baisse. Pour rappel, l’EBIT T2 s’est inscrit 7% en dessous des attentes du fait d’une dépréciation complète de sa JV chinoise (120 M€), sans quoi les résultats auraient battu les attentes de 2%. Toutefois, l’élément le plus...
- Delphine Brault
- Quentin Borie
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/07/2024
Après un parcours décevant (-21% depuis son entrée), nous décidons de prendre nos pertes sur Daimler Truck à l’occasion de la publication des résultats T2 où la société a décidé de passer une dépréciation de 120 M€ sur sa JV chinoise dans un « environnement de marché durablement faible » - ...
ADS ADIDAS AG
RI PERNOD RICARD SA
DEMANT DEMANT A/S
AIR AIRBUS SE
ACKB ACKERMANS & VAN HAAREN NV
ASSA B ASSA ABLOY AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
ARGX ARGEN-X SE
FDJ LA FRANCAISE DES JEUX SA
DTG DAIMLER TRUCK
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Delphine Brault
- Quentin Borie
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/17/2024
After a disappointing performance (down 21% since the IPO), we have decided to take our losses on Daimler Truck following its Q2 2024 results release, in which the company decided to write down the value of its Chinese joint venture by € 120m in a ‘persistently weak market environment’. - ...
ADS ADIDAS AG
RI PERNOD RICARD SA
DEMANT DEMANT A/S
AIR AIRBUS SE
ACKB ACKERMANS & VAN HAAREN NV
ASSA B ASSA ABLOY AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
ARGX ARGEN-X SE
FDJ LA FRANCAISE DES JEUX SA
DTG DAIMLER TRUCK
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Anthony Dick
- Michael Foundoukidis
Daimler Truck : Q2 prelims below expectations due to China JV impairme...
>Q2 below expectations due to China JV impairment, in line/above excl. impairment - DTG reported Q2 preliminary results last night. On a reported basis, Q2 adj. EBIT came in 7% below the consensus due to a € 120m impairment on the China Joint Venture on the back of a “persistently weak market environment”.Adjusted for this impairment, Q2 adjusted EBIT would have actually been 2% ahead of expectations (6% ahead on the Industrial Business)FCF is also below, bu...
- Anthony Dick
- Michael Foundoukidis
Daimler Truck : Q2 prelims below expectations due to China JV impairme...
>Q2 below expectations due to China JV impairment, in line/above excl. impairment - DTG reported Q2 preliminary results last night. On a reported basis, Q2 adj. EBIT came in 7% below the consensus due to a € 120m impairment on the China Joint Venture on the back of a “persistently weak market environment”.Adjusted for this impairment, Q2 adjusted EBIT would have actually been 2% ahead of expectations (6% ahead on the Industrial Business)FCF is also below, bu...
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
IFX INFINEON TECHNOLOGIES AG
LR LEGRAND SA
AMS AMS AG
RCO REMY COINTREAU SA
DEMANT DEMANT A/S
GLE SOCIETE GENERALE S.A. CLASS A
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ISP INTESA SANPAOLO S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
IFX INFINEON TECHNOLOGIES AG
LR LEGRAND SA
AMS AMS AG
RCO REMY COINTREAU SA
DEMANT DEMANT A/S
GLE SOCIETE GENERALE S.A. CLASS A
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ISP INTESA SANPAOLO S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
- Anthony Dick
- Michael Foundoukidis
Daimler Truck : Cautious tone on Europe, but North America holding up
>Robust Q1 results confirming resilient model - Daimler Truck's Q1 results, reported on Friday morning, were robust and slightly ahead of expectations (+3% vs css EBIT), see First Take here. Despite the decline in volumes (-13% y-o-y) reflecting the downturn in the truck cycle, the group managed to post stable revenues and growing earnings (EBIT +4% y-o-y), resilience that can be attributed to mix (strong US exposure, recovery in buses), prices, as well as recurring ...
- Anthony Dick
- Michael Foundoukidis
Daimler Truck : Un ton prudent sur l’Europe, mais l’Amérique du Nord r...
>Le T1 solide confirme la résilience - Daimler Truck a publié vendredi matin des résultats robustes et légèrement supérieurs aux attentes (+3% vs EBIT css), voir First Take ici. Malgré une baisse des volumes (-13% y-o-y) qui reflète le retournement du cycle poids lourd, le groupe a réussi à afficher un CA stable et une progression de ses résultats (EBIT +4% y-o-y), une résilience attribuable au mix (forte exposition US, rebond Bus), aux prix, et aux activités de Ser...
- Jerôme Bodin
LR LEGRAND SA
FRA FRAPORT AG
LI KLEPIERRE SA
ALV ALLIANZ SE
ORSTED ORSTED
RAA RATIONAL AG
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Bruno Cavalier
- Jerôme Bodin
LR LEGRAND SA
FRA FRAPORT AG
LI KLEPIERRE SA
ALV ALLIANZ SE
ORSTED ORSTED
RAA RATIONAL AG
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Anthony Dick
- Michael Foundoukidis
Daimler Truck : Robust Q1 results, slightly above expectations
>A solid Q1, slightly above expectations - This morning, Daimler Truck reported Q1 results that came in slightly ahead of expectations. Q1 revenues were € 13.3bn, flat y-o-y (vs company-compiled cons. at € 13.0bn, ODDO BHF € 12.7bn), driven by a strong price/mix as volumes (already reported) were down -13% y-o-y to 109k units. Adj. EBIT was € 1.21bn, +4% y-o-y, i.e. a margin of 9.1%, +30bps y-o-y, slightly ahead of expectations (css € 1.17bn, ODDO BHF € 1.16bn). Lastl...
- Anthony Dick
- Michael Foundoukidis
Daimler Truck : Robust Q1 results, slightly above expectations
>A solid Q1, slightly above expectations - This morning, Daimler Truck reported Q1 results that came in slightly ahead of expectations. Q1 revenues were € 13.3bn, flat y-o-y (vs company-compiled cons. at € 13.0bn, ODDO BHF € 12.7bn), driven by a strong price/mix as volumes (already reported) were down -13% y-o-y to 109k units. Adj. EBIT was € 1.21bn, +4% y-o-y, i.e. a margin of 9.1%, +30bps y-o-y, slightly ahead of expectations (css € 1.17bn, ODDO BHF € 1.16bn). Lastl...
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