In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Som...
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être l...
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
>Better-than-expected FCF performance - Lufthansa has just reported strong FY 2023 earnings pretty much in line with consensus forecasts in terms of adjusted EBITA but well above in terms of adjusted FCF. Adjusted EBIT was € 2,682m (ODDO BHF: € 2,676m, company-compiled consensus: € 2,697m), pretty much in line with consensus expectations. Revenues were up 15% to € 35,442m (versus the company-compiled consensus at € 36,279m) mostly generated by network with a 22.2% in...
>Better-than-expected FCF performance - Lufthansa has just reported strong FY 2023 earnings pretty much in line with consensus forecasts in terms of adjusted EBITA but well above in terms of adjusted FCF. Adjusted EBIT was € 2,682m (ODDO BHF: € 2,676m, company-compiled consensus: € 2,697m), pretty much in line with consensus expectations. Revenues were up 15% to € 35,442m (versus the company-compiled consensus at € 36,279m) mostly generated by network with a 22.2% in...
Auchan/ELO : La famille Mulliez en soutien après une année 2023 difficileFnac Darty : Levier préservé en 2023 et la surprise Daniel Kretinsky à 29,9% du capital juste sous le seuil d’OPAArdagh : T4 globalement en ligne avec les attentes ; perspectives 2024 peu réjouissantes>...
We still see some investment opportunities in the European airline sector despite the strong rally experienced at the end of last year. While we see some pressures in operating margins over 2024, fundamentals remain solid. Our top pick is Lufthansa, notably the hybrid bond, as we expect it to continue posting positive cash generation and maintaining a very low net leverage. Finnair’s EUR 2025 is also a strong conviction for us after the rebound in profitability and the capital in...
We still see some investment opportunities in the European airline sector despite the strong rally experienced at the end of last year. While we see some pressures in operating margins over 2024, fundamentals remain solid. Our top pick is Lufthansa, notably the hybrid bond, as we expect it to continue posting positive cash generation and maintaining a very low net leverage. Finnair’s EUR 2025 is also a strong conviction for us after the rebound in profitability and the capital in...
At the start of 2024, we are playing low-cost carriers over majors. We think that capacity momentum will remain more favourable on intra-European routes than on long-haul routes, which will lead to a more positive pricing trend for LCCs with greater operating leverage. We are therefore downgrading our recommendation on IAG to Neutral (from Outperform), with a target price of € 2 (vs € 2.3), Lufthansa to Neutral (from Outperform), with a target price of € 8.5 (vs € 10.5) and lastl...
En ce début d’année 2024, nous privilégions les compagnies low-cost face aux majors. Nous estimons que la dynamique capacitaire restera plus favorable sur l’intra-européen que sur les routes long-courrier, ce qui permettra une évolution plus positive du pricing pour les LCC avec un levier opérationnel plus important. Nous dégradons par conséquent IAG en Neutre (vs Surperformance) avec un OC de 2 € (vs 2.3 €), Lufthansa en Neutre (vs Surperformance) avec un OC de 8.5 € (vs 10.5 €)...
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