reports
- Carole Braudeau
Credit Morning 11/20/2024
Grifols: the board considers that Brookfield’s indicative price undervalues the company Teva: S&P upgrades the rating to BB/positive from BB/positiveElior: Results recovered in 2023-24, exceeding expectations. Debt reduction is making headway as planned.Tereos: Sharp decline in EBITDA in Q2 24/25. The financial position is stable thanks to the generation of FCF.>...
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 11/20/2024
Efforts to revitalise the five brands that make up the Lanvin Group are under way and should pay off in the medium term. However, at this stage of development (critical mass not yet achieved for some brands, negative profitability and cash burn) and in a consumer environment that does not yet point to a rebound, we prefer to remain cautious on the share. We are initiating coverage with a Neutral rating, with a target price of $ 1.80, based on a DCF valuation. - ...
- Damien Choplain
- Martial Descoutures
- Carole Braudeau
Morning Crédit 20/11/2024
Grifols : le conseil d’administration estime que le prix indicatif proposé par Brookfield sous-évalue la sociétéTeva: S&P upgrades the rating to BB/positive from BB/positiveElior: les résultats se sont redressés 2023/24, dépassant les attentes. Le désendettement progresse comme prévu.Tereos : fort repli de l'EBITDA au T2 24/25. La situation financière est stable grâce à la génération de FCF.>...
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 20/11/2024
Les efforts de redynamisation sont en cours pour les 5 marques qui constituent Lanvin Group et devraient porter leurs fruits à moyen terme. Toutefois, à ce stade de développement (taille critique encore non atteinte sur certaines marques, rentabilité négative et consommation de cash) et dans un environnement de consommation n’indiquant pas encore de rebond, nous préférons rester encore prudents sur le titre. Nous initions à Neutre, avec un OC à 1.8 $ résultant d’une valorisation par D...
- Damien Choplain
- Martial Descoutures
RHM RHEINMETALL AG
BLND BRITISH LAND COMPANY PLC
GRF GRIFOLS S.A. CLASS A
ELE ENDESA S.A.
ISP INTESA SANPAOLO S.P.A.
TLX TALANX AG
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
GRF.P GRIFOLS S.A. PREF CLASS B
ARGX ARGEN-X SE
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Johanna Jourdain
Elior : FY 2023-24 results mixed (better on EBIT but a miss on net inc...
>FY 2023-24 results above at the EBIT level but a miss on net income - Elior reported FY 2023-24 results (October 2023 to September 2024) that beat expectations at the EBIT level but missed on net income. Sales were € 6,053m, in line with the consensus at € 6,043m and up 16% on a reported basis. Organic growth was 5.1%, broadly in line with the consensus at 5.3% (ODDO BHF at 5.4%, guidance of +4-5%). We note a deterioration in the retention rate to 91.2% (vs 92.0% in...
- Johanna Jourdain
Elior : FY 2023-24 results mixed (better on EBIT but a miss on net inc...
>FY 2023-24 results above at the EBIT level but a miss on net income - Elior reported FY 2023-24 results (October 2023 to September 2024) that beat expectations at the EBIT level but missed on net income. Sales were € 6,053m, in line with the consensus at € 6,043m and up 16% on a reported basis. Organic growth was 5.1%, broadly in line with the consensus at 5.3% (ODDO BHF at 5.4%, guidance of +4-5%). We note a deterioration in the retention rate to 91.2% (vs 92.0% in...
Elior : Net redressement de la rentabilité opérationnelle et poursuite...
PARIS LA DÉFENSE--(BUSINESS WIRE)-- Regulatory News: Ce communiqué de presse contient des éléments multimédias. Voir le communiqué complet ici : Elior Group (Paris:ELIOR) (Euronext Paris – ISIN : FR 0011950732), un des leaders mondiaux de la restauration et des multiservices, publie ses résultats non audités de l’exercice 2023-2024 clos au 30 septembre 2024. La stratégie de transformation et de développement initiée depuis avril 2023 porte ses fruits : Un profil opérationnel fortement amélioré avec un EBITA en progression de +108 millions d'euros (+183%) par rapport à 2022-2023, soit +2...
- Research Department
IBERIAN DAILY 20 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAIXABANK, ENDESA, GRIFOLS, POSSIBLE TAX CHANGES, TALGO. Russia shakes markets The threat of using nuclear weapons by Russia after Ukraine used its long-range missiles on Russian territory led to corrections in European stock markets that eased throughout the session after the Foreign Minister S. Lavrov stressed that Russia does not wish nor expect a nuclear war. Thus, in the STOXX 600, Real Estate and Pharma were the only sectors ending with gains vs. Banks and Automobiles that ...
- Benoit Valleaux
- Steven Gould
CaixaBank : The medium-term strategic update underpins our positive ca...
>Outperform rating confirmed – Target price adjusted to € 7.0 (vs € 7.2) - The medium-term strategic update (CMD held yesterday) from CaixaBank confirms our positive approach to the stock and its place among our sector Top Picks. Unsurprisingly, the group intends to capitalise/strengthen solid achievements (top-line diversification, operating efficiency, healthy asset quality, etc.) while emphasising the notable potential for activity growth (which is a change from th...
- Juan Ros-Padilla
Grifols A : Brookfield confirms a non-binding indication of € 10.50. G...
>Brookfield confirms that it has issued a non-binding indication of € 10.5 - Brookfield unveiled, via a regulatory filing, that it recently requested more information from Grifols’ Transaction Committee with which to finalise its due diligence and issued a non-binding price indication of € 10.50 per class A share and € 7.62 per class B share. Brookfield added that it continues to engage constructively with Grifols yet, for the time being, no agreement or decision has...
- Benoit Valleaux
- Steven Gould
CaixaBank : L’update stratégique MT conforte notre call positif
>Opinion Surperformance confirmée – OC ramené à 7.0 € (vs 7.2 €) - L’update stratégique MT (CMD tenu hier) réalisé par CaixaBank vient confirmer notre approche positive sur le titre et sa place parmi nos top picks au sein du secteur. Sans surprise le groupe compte capitaliser/renforcer de solides acquis (diversification topline, efficience opérationnelle, qualité d’actifs saine…) tout en insistant sur le potentiel notable de croissance de l’activité (ce qui change vs ...
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Odigeo, Engineering Group, Teva, Versuni (formerly Philips Domestic Appliances), Alain Afflelou, Eircom, Iliad, Borr Drilling, Ithaca Energy, Tullow Oil, Victoria, TUI Cruises, Axactor, McLaren, EVOCA, Flos B&B Italia (formerly International Design Group)
- Luis Arredondo
- Javier Esteban
CAIXABANK: OBJETIVOS AMBICIOSOS PARA TIPOS BAJOS; CAMBIO DE RECOMENDAC...
Plan estratégico ambicioso para un escenario de tipos conservador. Cambio de recomendación a INFRAPONDERAR. CABK aspira a ROTE medio 25-27 >15% (14,1% BS(e) y 14,5% consenso) y >16% en 2027 (implicaría en media un BDI +15% por encima de lo esperado). Prevé compensar EURIBOR bajo (2,19% en 2025, 1,8% en 2026 y 2% en 2027( vs 2,5% nosotros)) con más volumen de crédito y coberturas ALCO. Mantiene política de dividendo en cash (50%- 60% payout/ ~7-8% yield). Distribuirá el exceso de capital >12,5% C...
Bayer AG: 1 director
A director at Bayer AG bought 11,278 shares at 20.745EUR and the significance rating of the trade was 73/100. 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 show...
- Martial Descoutures
- Oussema Denguir
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
F3C SFC ENERGY AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
GREEN GREENYARD NV
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
VOS VOSSLOH AG
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
AELIS AELIS FARMA SA
NCH2 THYSSENKRUPP NUCERA AG & CO.
SPG SPRINGER NATURE AG & CO. KGAA
- Martial Descoutures
- Oussema Denguir
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
F3C SFC ENERGY AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
GREEN GREENYARD NV
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
VOS VOSSLOH AG
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
AELIS AELIS FARMA SA
NCH2 THYSSENKRUPP NUCERA AG & CO.
SPG SPRINGER NATURE AG & CO. KGAA
- Fehmi Ben Naamane
eDreams ODIGEO : Q2 in line with estimates. Outperform reiterated
>Q2 results broadly in line with expectations - eDreams ODIGEO’s Q2 2024-25 results to end-September, reported this morning, were broadly in line with estimations. Group revenues totalled € 167.8m, virtually flat y-o-y (vs our estimates of € 175.9m). Group revenues including the contribution of the Prime loyalty programme (i.e., cash revenue) came to € 187.7m in the quarter, broadly in line with the company-compiled consensus of € 188.2m and our estimates of € 188.9m....
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