ODDO BHF Small & MIDCAP MORNING NEWS – 12/19/2024

Credit Morning 12/19/2024

Afflelou: topflight first quarter, leverage below 5x|Fnac Darty: € 109m fine from France's competition authority, slightly higher than the provision.|Maxeda: a better Q3, € 13m bond buyback|Eutelsat Group: S&P cuts the corporate rating to B-/stable from B-/stable|Atos compltes its financial restructuring, S&P raises the corporate rating to B-/stable from SD|

ODDO BHF Small & MIDCAP MORNING NEWS – 19/12/2024

Morning Crédit 19/12/2024

Afflelou : un très bon premier trimestre, levier en-dessous de 5x|Fnac Darty : amende de 109 m EUR de l’Autorité de la concurrence, un peu supérieure à la provision|Maxeda : un meilleur T3, rachat de 13 m EUR d’obligations|Eutelsat Group : S&P degrade le rating corporate de B/stable à B-/stable|Atos finalise sa restructuration financière, S&P relève le rating corporate de SD à B-/stable|

Ceconomy : Strategic progress, but mid term profit target still ambiti...

Credit Morning 12/18/2024

ELO (Auchan): slow negotiations in Russia around a price of € 400m|Ceconomy publishes FY 24 results, aims for moderate sales and clear adj. EBIT growth in new year|The ECB has published SREP 2024 data compiled|Moody's downgrades BNP, Crédit Agricole, Crédit Mutuel and CM Arkea from Aa3 to A1 in SP|Unicredit now holds a 28% stake in Commerzbank|

ODDO BHF Small & MIDCAP MORNING NEWS – 12/18/2024

Morning Crédit 18/12/2024

Ceconomy publishes FY 24 results, aims for moderate sales and clear adj. EBIT growth in new year|La BCE a publié le bilan du SREP 2024|Moody’s dégrade BNP, Crédit Agricole, Crédit Mutuel et CM Arkea d’un cran à A1 en SP|Unicredit détient désormais 28% du capital de Commerzbank|

ODDO BHF Small & MIDCAP MORNING NEWS – 18/12/2024

Ceconomy : Final FY 2023-24 results in line with prelims, FY 2024-25 o...

Credit Morning 11/26/2024

Isabel Marant: Q3 further exacerbates fears|Thyssenkrupp plans to reduce its workforce by 40%|Worldline buys back € 259m of 25/26 convertible notes as part of its cash tender offer|

Morning Crédit 26/11/2024

Isabel Marant : un T3 qui exacerbe les craintes|Thyssenkrupp prévoit de diminuer de 40% ses effectifs|Worldline va racheter 259 m EUR d’OCEANEs 25/26 dans le cadre de son offre d’achat|

Credit Morning 11/25/2024

Encouraging retail sales in some segments in October|Unicredit launches a takeover bid for Banco BPM for EUR 10 bn|

Credit Morning 11/21/2024

Fnac Darty: Vesa Equity Investment's stake rises to 30.8% without triggering the takeover threshold>...

Morning Crédit 21/11/2024

Fnac Darty : Vesa Equity Investment monte à 30,8% du capital sans déclencher le seuil d’OPA>...

Credit Morning 10/29/2024

Eramet: downgraded to Ba3/negative from Ba2/stable by Moody’sNexans has reportedly rejected a takeover bid approach from CD&R (La Lettre)>...

Morning Crédit 29/10/2024

Eramet : downgrade de Ba2/stable à Ba3/négatif par Moody’sNexans aurait rejeté une approche du fonds CD&R selon La Lettre>...

ODDO BHF Small & MIDCAP MORNING NEWS - 10/29/2024

Temenos, the European leader in core banking solutions with significant market share with Tier 3, 4 and 5 banks, faces structural challenges that impair its growth outlook: 1/ the reticence of major banking groups to renew their core banking system; 2/ fierce competition in the digital segment; and 3/ the slowdown in the launch pace for new neo-banks. Indeed, the group is set to scale back its medium-term targets at its CMD on 12 November. Moreover, the support for the stock offered b...

ODDO BHF S all & MIDCAP MORNING NEWS - 29/10/2024

Temenos, leader européen des solutions Core Banking avec une part de marché significative auprès des banques Tiers 3, 4 et 5, fait face des défis structurels qui réduisent ses perspectives de croissance : 1/ la réticence des grands acteurs bancaires à renouveler leur Core banking system; 2/ la forte compétition sur le segment Digital et 3/ le ralentissement du rythme de lancement de nouvelles néo-banques. Aussi, le groupe devrait abaisser ses objectifs MT lors du CMD du 12 novembre. E...

Ceconomy : FY 2023-24 preliminary results a notch above

>Some 5% like-for-like and slightly better adjusted EBIT - Ceconomy sales for FY 2023-24 (ending Sep) increased 5.3% y-o-y on a like-for-like basis to € 22.4bn (consensus: € 22.4bn, ODDO BHFe: € 22.4bn). We think this was driven by Eastern Europe and West/South Europe while DACH was probably tough. For Q4 this implies like-for-like growth of 4.5% and Ceconomy speaks about a good performance for the categories IT, phones, wearables, but weak demand for software and g...