reports
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Martin Arnell
Betsson (Buy, TP: SEK180.00) - Latin America the main attraction
We reiterate our BUY, and have raised our target price to SEK180 (175) after increasing our 2024–2025e EBIT by 1–3%. Latin America continued to surprise on the upside, and upcoming Brazilian regulation presents an interesting growth opportunity. We find the valuation attractive (trading at a 2025e FCF yield of 13% and P/E of 7x) in light of a 2023–2026e EBIT CAGR of 14% with a positive earnings revisions trend.
- Ahmed Ben Salem
AC ACCOR SA
EQNR EQUINOR ASA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
SK SEB SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
SW SODEXO SA
ENI ENI S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
SY1 SYMRISE AG
BOL BOLLORE SA
BKT BANKINTER SA
MOCORP METSO OUTOTEC OYJ
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
DSY DASSAULT SYSTEMES SA
EPI A EPIROC AB
SGSN SGS SA
FER FERROVIAL SA
- Ahmed Ben Salem
AC ACCOR SA
EQNR EQUINOR ASA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
SK SEB SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
SW SODEXO SA
ENI ENI S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
SY1 SYMRISE AG
BOL BOLLORE SA
BKT BANKINTER SA
MOCORP METSO OUTOTEC OYJ
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
DSY DASSAULT SYSTEMES SA
EPI A EPIROC AB
SGSN SGS SA
FER FERROVIAL SA
- Delphine Brault
- Quentin Borie
Metso : La progression et la résilience de la marge valident le potent...
>T3 2024 : un CA inférieur aux attentes compensé par la marge - Metso a publié hier matin ses résultats T3 2024 (voir first take) qui étaient globalement en ligne avec les attentes, avec un CA légèrement inférieur aux attentes, compensé par une forte progression de la marge.Les prises de commandes étaient en croissance organique de 6% (css à 6.4%) et le CA en recul de 9% en organique (css à -6.1%). La marge d’EBITA ajusté a atteint 16.9% (css à 16.1%), soit une p...
- Delphine Brault
- Quentin Borie
Metso : Margin growth and resilience validate improvement potential
>Q3 2024: weaker-than-expected revenues offset by the margin - Yesterday morning, Metso reported Q3 2024 results (see First Take published Thursday, 24 October) broadly in line with expectations, with revenues a shade below forecasts, offset by robust margin growth.The order intake was up 6% organically (consensus at 6.4%), while revenues were down 9% organically (consensus at -6.1%). The adjusted EBITA margin reached 16.9% (consensus at 16.1%), +80bp y-o-y....
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Delphine Brault
- Quentin Borie
Metso : Q3 in line with expectations, with strong margin improvement
>Q3 2024: sales miss (-9% vs -6%) compensated by margin (16.9% vs 16.1%) - Metso this morning reported Q3 2024 results that were slightly below expectations at the order level.The order intake was € 1,226m (consensus € 1,272m), up 6% on an organic basis (consensus 6.4%). Orders were up 9% org. in Minerals (strong activity in copper/gold during the quarter, although rebuild and modernisation service orders were still affected by slow decision-making: equipment +1...
- Delphine Brault
- Quentin Borie
Metso : Q3 in line with expectations, with strong margin improvement
>Q3 2024: sales miss (-9% vs -6%) compensated by margin (16.9% vs 16.1%) - Metso this morning reported Q3 2024 results that were slightly below expectations at the order level.The order intake was € 1,226m (consensus € 1,272m), up 6% on an organic basis (consensus 6.4%). Orders were up 9% org. in Minerals (strong activity in copper/gold during the quarter, although rebuild and modernisation service orders were still affected by slow decision-making: equipment +1...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Delphine Brault
- Quentin Borie
ODDO : Q3 2024 preview: good order levels expected in Q3 and China rai...
>Still healthy commodities prices and demand that could accelerate if Chinese recovery materialises - In Q3, the trends remained broadly unchanged with demand stable at a high level in the mining sector, and limited demand in the construction sector (continuation – and end – of destocking by distributors and core demand still lacklustre in the short term, particularly in Europe). Detailed previews on page 2.The main commodities prices have held up relatively well...
- Delphine Brault
- Quentin Borie
ODDO : Preview T3 2024 : le bon niveau de commandes attendues au T3 et...
>Des cours de matières premières toujours bien orientés et une demande qui pourrait accélérer si le rebond chinois se matérialise - Lors du T3, les tendances sont restées globalement inchangées avec une demande stable sur des niveaux élevés sur le secteur minier, et une faible demande sur le secteur de la construction (poursuite – et fin – du déstockage des distributeurs et demande sous-jacente toujours mal orientée à CT, notamment en Europe). Previews détaillés en pa...
- Bruno Cavalier
- Jean Danjou
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/14/2024
We are removing GSK from our European Large Caps Convictions List. The company is the only one of the six Big Pharma groups to have experienced a break in trend, which could act as a drag on future publications. Our analyst adjusted this morning his EPS estimates for 2024/2025/2026 by -0.6%, 2.0% and- 3.4% respectively, factoring in weaker growth for Arexvy and Shingrix, hence the lowering of his target price from 2,150p to 1,900p. - ...
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
ORA ORANGE SA
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
01913 PRADA S.P.A.
MOCORP METSO OUTOTEC OYJ
FDR FLUIDRA S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
AZN ASTRAZENECA PLC
ASML ASML HOLDING NV
EPI A EPIROC AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Bruno Cavalier
- Jean Danjou
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/10/2024
Nous sortons GSK de notre liste de valeurs recommandées Large Caps. La société est la seule des 6 big Pharma à connaître une rupture de tendance qui pourrait peser lors des prochaines publications. Notre analyste ajuste ce jour ses prévisions de BPA 24/25/26 de -0.6%/-2.0%/-3.4% intégrant une plus faible croissance pour Arexvy et Shingrix, ce qui conduit à une baisse de son objectif de cours de 2 150p à 1 900p. - ...
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
ORA ORANGE SA
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
01913 PRADA S.P.A.
MOCORP METSO OUTOTEC OYJ
FDR FLUIDRA S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
AZN ASTRAZENECA PLC
ASML ASML HOLDING NV
EPI A EPIROC AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
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