reports
- Carine Maciol
Continental : Feedback Corporate Conference, 3 and 4 September 2024
Feedback from German bond issuers, which we met at our Corporate Conference in Frankfurt am Main, hosted jointly by ODDO BHF and Commerzbank. - This document summarises key notes. - Investment Grade - Continental, Fresenius SE, Fresenius Medical Care, Kion - High Yield - Ceconomy - Not rated - SGL Carbon - - - - - - - - - - - - - - - >...
- Carine Maciol
Continental : Feedback Corporate Conference, 3 and 4 September 2024
Feedback from German bond issuers, which we met at our Corporate Conference in Frankfurt am Main, hosted jointly by ODDO BHF and Commerzbank. - This document summarises key notes. - Investment Grade - Continental, Fresenius SE, Fresenius Medical Care, Kion - High Yield - Ceconomy - Not rated - SGL Carbon - - - - - - - - - - - - - - - >...
- Oliver Metzger
- Sinan Doganli
ODDO : First feedback – DAY 1
We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - >Adidas (+) – On trackAixtron (=) – No short-term inflection, but high confidence in long-term prospectsAllgeier (+) – Is confident it can achieve 15% EBITDA margin by the end of 2025 ams OSRAM (=) – Some cautiousness on auto/industrial, still co...
FME FRESENIUS MEDICAL CARE AG
CEC CECONOMY AG
AMS AMS AG
ADS ADIDAS AG
CBK COMMERZBANK AG
EVT EVOTEC SE
GBF BILFINGER SE
BOSS HUGO BOSS AG
SDF K+S AG
TPE PVA TEPLA AG
ZAL ZALANDO SE
BAS BASF SE
AIXA AIXTRON SE
BC8 BECHTLE AG
SAX STROEER SE & CO. KGAA
LEG LEG IMMOBILIEN AG
WAF SILTRONIC AG
BNR BRENNTAG SE
SMHN SUESS MICROTEC AG
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
AEIN ALLGEIER HOLDING AG
IOS IONOS GROUP SE
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
Morning Crédit 19/08/2024
Ceconomy: 5.2% LfL growth in Q3 24, raise of sales guidance; EUR 144m 2026 bond remains outstanding 2026 bondholder will take over 2029 bond, Accentro publishes business plan updateTechem: potential IPO in September Brenntag: weak Q2 24 results, company revises down guidance again Avantor divests its clinical services business for USD 650m, aims to reduce indebtedness>...
- Carole Braudeau
Credit Morning 08/19/2024
Ceconomy: 5.2% LfL growth in Q3 24, raise of sales guidance; EUR 144m 2026 bond remains outstanding 2026 bondholder will take over 2029 bond, Accentro publishes business plan update Techem: potential IPO in September Brenntag: weak Q2 24 results, company revises down guidance again Avantor divests its clinical services business for USD 650m, aims to reduce indebtedness>...
Ceconomy AG: 2 directors
A director at Ceconomy AG bought 35,000 shares at 2.691EUR and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
- Ghada Ben Sedrine
- Nicolas David
- Ghada Ben Sedrine
- Nicolas David
- Andreas Riemann
Ceconomy : Q3 slightly better, FY sales target raised, EBIT target con...
>Some 5% like-for-like and adjusted EBIT improves € 9m - In Q3 2023-24 (ending June), Ceconomy sales increased 5% y-o-y on a like- for-like basis which was a notch above expectations to € 4.8bn (pre-IAS 29, inflation accounting) driven by Eastern Europe (up 42%) and West/South (up 5%) while DACH remained tough (flat). Channels: Online grew 10% and Services & Solutions increased 18%. Adjusted EBIT came in at -€ 51m (consensus: -€ 52m, ODDO BHFe: -€ 57m), i.e. also sli...
- Carole Braudeau
- Carole Braudeau
- Markus Schmitt
Ceconomy : Ceconomy’s bonds are unattractive
Ceconomy finally came to market to address its 2026 bond maturity in a pro-active manner, albeit investors we spoke to were unhappy with the below par tender. - We said already in our communications that we deem the final coupon as too low. The current yield of 6.2% is not attractive in light of other investment alternatives in the wider retail space. - EUR 143.7m of the 2026 notes will remain outstanding – for the time being – making the instrument an illiquid paper at a low yield...
- Markus Schmitt
Ceconomy : Ceconomy’s bonds are unattractive
Ceconomy finally came to market to address its 2026 bond maturity in a pro-active manner, albeit investors we spoke to were unhappy with the below par tender. - We said already in our communications that we deem the final coupon as too low. The current yield of 6.2% is not attractive in light of other investment alternatives in the wider retail space. - EUR 143.7m of the 2026 notes will remain outstanding – for the time being – making the instrument an illiquid paper at a low yield...
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
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