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|

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|

Volkswagen (pref) : Strikes in Germany set to start today (as expected...

Volkswagen (pref) : Strikes in Germany set to start today (as expected...

Credit Morning 12/09/2024

Ubisoft: the Guillemot family is reportedly in talks with investors about financing a takeover of the company (Reuters)|Crédit Agricole now owns 15.1% of Banco BPM|

Morning Crédit 09/12/2024

Ubisoft : la famille Guillemot discuterait avec des investisseurs du financement d’un possible rachat de la société (Reuters)|Crédit Agricole détient désormais 15.1% de Banco BPM|

Credit Morning 12/02/2024

ELO (Auchan): Decathlon is to pay € 1bn in dividends|Mahle reorganizes its structure and plans to introduce its Indian activities|Altarea monetizes several logistics assets|Bertrand Franchise : slower growth in Q3 24, impacted by a weaker-than-expected JO effect, in a more difficult economic environment in France|

Morning Crédit 02/12/2024

ELO (Auchan) : Decathlon va verser 1 md EUR de dividendes à ses actionnaires|Mahle réorganise sa structure et envisagerait d’introduire ses activités indiennes|Altarea monétise plusieurs actifs logistiques|Bertrand Franchise : tassement de la croissance au T3 24, impacté par un effet JO moins fort que prévu, dans un contexte économique plus difficile en France.|

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/02/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/12/2024

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>...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/31/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/10/2024

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Volkswagen (pref) : Q3 release broadly unsurprising but the focus is e...

>Soft Q3 but not worse than expected, recovery hoped for in Q4 (excl. strike risk) - Q3 (see our specific flash yesterday) was expected to be the weakest quarter of the year, given the combined effect of a tough environment and a number of one-offs (mainly for Progressive, related to Audi’s restructuring in Brussels). And so it was, with weak results (operating margin of 3.6% or 5.2% excl. exceptionals) but broadly in line. In detail, while Core surprised on the upsid...

Volkswagen (pref) : Un T3 sans grande surprise mais l’essentiel est ai...

>T3 faible mais pas pire qu’attendu, rebond espéré au T4 (hors risques de grèves) - Le T3 (cf. flash dédié hier) était attendu comme le trimestre le plus faible de l’année sous l’effet conjugué d’un environnement difficile et d’éléments exceptionnels (essentiellement chez Progressive, liés aux restructurations d’Audi à Bruxelles). Ce fut le cas, avec des résultats faibles (MOP de 3.6% ou 5.2% hors exceptionnels) mais globalement en ligne. Dans le détail, si le groupe ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/10/2024

Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2024

The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...

Volkswagen (pref) : Q3 weak but not more than feared, focus on restruc...

>Q3 not as bad as feared, at least at Core group level and for FCF - VW’s Q3 2024 earnings, released this morning, came in slightly below consensus expectations at the operating level (-2.5% at the EBIT level, RoS at 3.6% vs 3.9%) despite higher revenues (€ 78.5bn, +4% vs consensus) but much higher for FCF (€ 3.4bn vs €1.7bn consensus, WC support), also leading to a better NIL position (€ 34.4bn vs € 32.7bn end-Q3). However, the EBIT miss can be seen as attributable...

Volkswagen (pref) : Q3 weak but not more than feared, focus on restruc...

>Q3 not as bad as feared, at least at Core group level and for FCF - VW’s Q3 2024 earnings, released this morning, came in slightly below consensus expectations at the operating level (-2.5% at the EBIT level, RoS at 3.6% vs 3.9%) despite higher revenues (€ 78.5bn, +4% vs consensus) but much higher for FCF (€ 3.4bn vs €1.7bn consensus, WC support), also leading to a better NIL position (€ 34.4bn vs € 32.7bn end-Q3). However, the EBIT miss can be seen as attributable...