reports
- Carole Braudeau
- Carole Braudeau
- Michael B. Schäfer
ODDO : Glass half full – Volume recovery started after almost 2 years ...
As Spring approaches, we see industry-wide destocking coming to an end, emerging recovery trends in China gaining momentum and European spot energy cost relief rolling in, all helping to restore plant utilisation and earnings. We add more cyclicality to our preferred names, upgrading BASF to Outperform (Neutral). Momentum being regained in specialties chemicals distribution triggers our upgrade of IMCD to Outperform (Neutral). ‘From record to record’ remains our mantra at FUCHS. ...
1COV COVESTRO AG
AI AIR LIQUIDE SA
WCH WACKER CHEMIE AG
LXS LANXESS AG
SDF K+S AG
BAS BASF SE
SOLB SOLVAY SA
BAYN BAYER AG
SY1 SYMRISE AG
KWS KWS SAAT SE & CO KGAA
EVK EVONIK INDUSTRIES AG
BNR BRENNTAG SE
INX IMCD N.V.
2HRA H&R GMBH & CO KGAA
AKZA AKZO NOBEL N.V.
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
LIN LINDE PUBLIC LIMITED COMPANY
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/19/2024
With momentum around electrification less favourable of late, we have seen a major shift in perception, from doubtless overly rose-tinted optimism to what looks to be similarly excessive pessimism. While we have reduced our BEV assumptions, we nonetheless still anticipate growth in the next few years (including this year), well ahead of that of the automotive market as a whole. In the face of these changes, the players in the value chain (mines, semiconductors, auto) are differently p...
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/03/2024
Le momentum autour de l’électrification, moins favorable dernièrement, a conduit à un changement profond de perception, passant d’un optimisme sans doute excessif à un pessimisme qui le semble tout autant. En effet, si nous avons revu en baisse nos hypothèses, nous visons néanmoins toujours une croissance dans les années à venir (y compris cette année), bien supérieure à celle du marché automobile dans son ensemble. Face à ces changements, tous les acteurs au sein de la chaîne de vale...
- Michael B. Schäfer
- Stephan Wulf
Bayer : Low valuation remains justified given ongoing uncertainties
>CMD did not deliver what many investors had hoped for - In recent months, many hopes were pinned on the CMD on 5 March, which was expected to provide more clarity on Bayer's strategic direction. In particular, how to tackle the high level of debt that currently limits financial flexibility, e.g. to invest in the weakening pharma pipeline. At the same time, hopes for a major strategic move, such as the separation of the Consumer Health (CH) division, had already faded...
- Carole Braudeau
Credit Morning 03/15/2024
Elis: new bond issue maturing in 2030Ageas: BNP is said to weigh purchase of Fosun’s Ageas stakeVodafone reaches an agreement to sell Vodafone Italy to Swisscom for € 2bn in cashTHOM: resilient Q1 results without any major surprise after the figures released as part of the issuance.>...
- Carole Braudeau
Morning Crédit 15/03/2024
Elis : émission d’une nouvelle obligation à échéance 2030Ageas : BNP considérerait la reprise de la participation de 10% de Fosun au capital d’AgeasVodafone annonce un accord de cession de Vodafone Italie à Swisscom pour 8 mds EUR en cashTHOM : des résultats T1 résilients mais sans surprise après les chiffres communiqués dans le cadre de l’émission>...
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Research Department
INFORME DIARIO 12 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, OHLA, TELEFONICA. EUROPA: BAYER, SIEMENS. El Ibex salva la jornada A la espera del dato de inflación de hoy en EE.UU., que pueda dar pistas sobre el comienzo de las bajadas de tipos por parte de la Fed, la jornada fue de recogidas de beneficios para la mayoría de índices europeos, a excepción del Ibex (ha subido en 6 de las últimas 7 sesiones). Así, en el STOXX 600, la mayoría de los sectores cerraron con caídas, lideradas por Tecnología y ...
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/07/2024
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...
LHA DEUTSCHE LUFTHANSA AG
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/03/2024
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...
LHA DEUTSCHE LUFTHANSA AG
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Baptiste Lebacq
VIRP VIRBAC SA
MTU MANITOU BF SA
GLO GL EVENTS SA
BOSS HUGO BOSS AG
EBRO EBRO FOODS SA
BAYN BAYER AG
ELIS ELIS SA
CPINV CARE PROPERTY INVEST SA
SPIE SPIE SA
IDR INDRA SISTEMAS S.A. CLASS A
MAU ETABLISSEMENTS MAUREL & PROM SA
DUFN DUFRY AG
CGG CGG
NFN NFON AG
ANTIN ANTIN INFRASTRUCTURE PARTNERS
ALLFG ALLFUNDS (UK) LTD
CTPNV CTP NV
- Baptiste Lebacq
VIRP VIRBAC SA
MTU MANITOU BF SA
GLO GL EVENTS SA
BOSS HUGO BOSS AG
EBRO EBRO FOODS SA
BAYN BAYER AG
ELIS ELIS SA
CPINV CARE PROPERTY INVEST SA
SPIE SPIE SA
IDR INDRA SISTEMAS S.A. CLASS A
MAU ETABLISSEMENTS MAUREL & PROM SA
DUFN DUFRY AG
CGG CGG
NFN NFON AG
ANTIN ANTIN INFRASTRUCTURE PARTNERS
ALLFG ALLFUNDS (UK) LTD
CTPNV CTP NV
- Carole Braudeau
- Carole Braudeau
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