reports
- Julie Boote
PSA Autos / New Mobility: The Fraught Path to Electrification
Given that the EV market is not a free market, led by demand and supply, but a distorted market, moved by political intervention in the form of subsidies (or lack of), making EV sales forecasts is very challenging indeed. This is a headache for analysts, but even more so for auto companies with a ten-year planning horizon. In this report, we outline the sales situation for different regions, as well as providing an outlook based on currently available information.
RNO RENAULT SA
VOLV B VOLVO AB CLASS B
TSLA TESLA INC
F FORD MOTOR COMPANY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
VOW3 VOLKSWAGEN AG PREF
600104 SAIC MOTOR CORPORATION LIMITED CLASS A
000270 KIA MOTORS CORPORATION
7267 HONDA MOTOR CO. LTD.
7211 MITSUBISHI MOTORS CORPORATION
7269 SUZUKI MOTOR CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
1211 BYD COMPANY LIMITED CLASS H
A0M32L CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED CLASS A
GM GENERAL MOTORS COMPANY
VOW VOLKSWAGEN (VOW GR)
005380 KS HYUNDAI MOTOR UNTITLED
VOLV-B VOLVO AB-B SHS
STLA STELLANTIS N.V.
XPEV XPENG INC. ADR SPONSORED CLASS A
TSVT 2SEVENTY BIO INC
BCOW 1895 BANCORP OF WISCONSIN INC
PSNY GORES GUGGENHEIM INC
MBG MERCEDES BENZ GROUP AG
02015 LI AUTO INC
VOLCAR-B VOLVO CAR AB
- Arnaud Autier
- Marc Lavaud
- Pierre Tegner
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2024
Holcim Europe could ultimately be the most appealing equity story of the Holcim group’s spin-off project. We think that, for the group’s new management, the distribution of an exceptionally high dividend will be the favoured means for a rapid revaluation of Holcim Europe. We estimate it at CHF 2.0-2.2 for a dividend yield of 7-8% at the current price. We think that under the aegis of Miljan Gutovic, the new CEO, a significant refocusing of Holcim Europe’s assets will be implemented i...
- Arnaud Autier
- Marc Lavaud
- Pierre Tegner
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/09/2024
Holcim Europe pourrait finalement être « l’equity story » la plus attractive du projet de scission du groupe Holcim. Nous pensons que la distribution d’un dividende exceptionnellement élevé constituera, pour le nouveau management du groupe, le moyen privilégié pour une revalorisation rapide de Holcim Europe. Nous l’estimons entre 2.0 CHF et 2.2 CHF soit un dividende yield de 7/8% au cours actuel. Sous la houlette de Miljan Gutovic, le nouveau CEO, un recentrage important des actifs de...
- Research Department
INFORME DIARIO 11 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, INDITEX, SANTANDER, TALGO. EUROPA: BMW, UNICREDIT. Continua la volatilidad Jornada de más a menos en las bolsas europeas, que sin un catalizador claro fueron perdiendo altura hasta terminar con números rojos. Así, la mayoría de sectores del STOXX 600 cerró con pérdidas, lideradas por Autos y Energía (caídas del brent del 4,5%) frente a los defensivos Inmobiliario y Utilities que presentaron el mejor comportamiento. Por el lado macro, en...
- Anthony Dick
- Michael Foundoukidis
BMW : A profit warning that raises several questions
>Warning on 2024 guidance due to component issues and China - BMW issued a warning yesterday on its annual guidance, attributed to 1/ technical issues with its braking systems (the "Integrated Braking System" developed by Continental) which will impact H2 deliveries and generate warranty costs ("high-triple digit €M in Q3"), 2/ a persistently muted environment in China.The group is therefore revising its 2024 Auto guidance downwards, now expecting 1/ a “slight de...
- Anthony Dick
- Michael Foundoukidis
BMW : Un profit warning qui soulève plusieurs interrogations
>Avertissement sur la guidance 2024 dû à une défaillance technique et à la Chine - BMW a émis hier en séance un avertissement sur sa guidance annuelle, attribué à : 1/ une défaillance dans ses systèmes de freinage (système « Integrated Braking System » développé par Continental) qui va impacter les livraisons du S2 et engendrer des frais de garantie (« high-triple digit M€), 2/ un environnement toujours morose en Chine.Le groupe revoit donc sa guidance Auto 2024 ...
- Oscar Rodriguez
- Anthony Dick
- Michael Foundoukidis
ODDO : Software Defined Vehicle (SDV): the next revolution
The growing importance of software, which will be further enhanced by SDV, could be even more disruptive to the automotive sector than electrification. In this report, we take a closer look at the main challenges and opportunities of this technological breakthrough, while on the stock market front, the current negative perception of traditional OEMs (discount at historic levels) seems to us to represent an upside risk, provided the latter make progress in terms of execution. Conv...
BMW BAYERISCHE MOTOREN WERKE AG
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Anthony Dick
- Michael Foundoukidis
ODDO : Software Defined Vehicle (SDV): la prochaine révolution
L’importance croissante du logiciel, amenée à se matérialiser encore davantage via le SDV, pourrait bouleverser le secteur automobile encore plus que ne le fait l’électrification. Nous revenons ici sur les principaux enjeux de cette rupture technologique alors que, sur le plan boursier, la perception actuelle négative autour des constructeurs traditionnels (décote à des niveaux historiques) nous semble créer un risque à la hausse, pour peu que ces derniers progressent sur l’exécu...
BMW BAYERISCHE MOTOREN WERKE AG
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
Bayerische Motoren Werke AG: 1 director
A director at Bayerische Motoren Werke AG sold 5,000 shares at 82.860EUR and the significance rating of the trade was 81/100. 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 ye...
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/02/2024
The Stoxx 600 gained just 1.1% in July after shedding 1.3% in June, driven by the SMI (+2.5%) and the Footsie 100 (+2.7%). With business sentiment indicators continuing to weaken, defensive stocks outperformed cyclicals in July, and many healthcare stocks were among the best performers of the Stoxx 600. Long-term interest rates have fallen sharply (probably too much), but this has not benefited tech and luxury goods stocks, penalised by their disappointing results publications. - ...
AXA AXA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
BNP BNP PARIBAS SA CLASS A
GLE SOCIETE GENERALE S.A. CLASS A
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ITRK INTERTEK GROUP PLC
VOW3 VOLKSWAGEN AG PREF
INX IMCD N.V.
INGA ING GROEP NV
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
PIRC PIRELLI & C. S.P.A.
MRNA MODERNA INC.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/08/2024
Le Stoxx 600 ne progresse que de 1,1% en juillet après sa baisse de 1,3% en juin, tiré par le SMI (+2,5%) et le Footsie 100 (+2,7%). Avec la poursuite du fléchissement des indicateurs de climat des affaires, les défensives ont surperformé les cycliques en juillet, et de nombreuses valeurs Santé sont présentes parmi les meilleures performances du Stoxx 600. Les taux d’intérêt longs ont nettement reflué (sans doute trop) sans que cela profite aux valeurs de la Tech ou du Luxe qui ont s...
AXA AXA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
BNP BNP PARIBAS SA CLASS A
GLE SOCIETE GENERALE S.A. CLASS A
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
VOW3 VOLKSWAGEN AG PREF
INX IMCD N.V.
INGA ING GROEP NV
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
PIRC PIRELLI & C. S.P.A.
MRNA MODERNA INC.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Anthony Dick
- Michael Foundoukidis
BMW : Wait-and-see
>Q2 slightly lower on Autos, 2024 guidance reiterated - BMW’s Q2 2024 results, reported yesterday before trading, were broadly in line with expectations overall, although falling slightly short on Autos EBIT (-2% vs css, margin 20bp below), see First Take. The group saw continued erosion in its Auto margin (8.4%, -80bp y-o-y, -40bp q-o-q), impacted by pricing normalisation, higher R&D, and cost inflation (SG&A, manufacturing), partly offset by easing raw materials pr...
- Anthony Dick
- Michael Foundoukidis
BMW : Attentisme
>T2 légèrement inférieur sur l’Auto, guidance réitérée - BMW a publié hier avant Bourse des résultats T2 globalement conformes au global, légèrement inférieurs sur l’EBIT Auto (-2% vs css, marge 20 pb en-deçà), cf. First Take. Le groupe fait état d’une érosion de sa marge Auto (8,4%, -80 pb y-o-y, -40 pb q-o-q), impactée par la normalisation des prix, la hausse de la R&D, et l’inflation coûts (SG&A, manufacturing), partiellement compensée par la détente sur les matiè...
- Olfa Taamallah
- Yan Derocles
DHL DHL GROUP
V1S ARKEMA
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
- Olfa Taamallah
- Yan Derocles
DHL DHL GROUP
V1S ARKEMA
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
- Anthony Dick
- Michael Foundoukidis
BMW : Q2 results broadly in line although Autos margin slightly below,...
>Q2 results broadly in line although with slightly lower Autos margin - BMW reported Q2 results that came close to expectations (Autos EBIT 2% below consensus). Q2 revenues came in at €36.9bn, -1% y-o-y, slightly below expectations (css € 37.7bn, ODDO BHF € 37.6bn) with adj.EBIT at €3.9bn, -11% y-o-y, in line (css/ODDO BHF €3.9bn). Looking at individual business units, Autos reported revenues of € 32.1bn, +1% y-o-y, on slightly lower deliveries (619k units,...
- Anthony Dick
- Michael Foundoukidis
BMW : Q2 results broadly in line although Autos margin slightly below,...
>Q2 results broadly in line although with slightly lower Autos margin - BMW reported Q2 results that came close to expectations (Autos EBIT 2% below consensus). Q2 revenues came in at €36.9bn, -1% y-o-y, slightly below expectations (css € 37.7bn, ODDO BHF € 37.6bn) with adj.EBIT at €3.9bn, -11% y-o-y, in line (css/ODDO BHF €3.9bn). Looking at individual business units, Autos reported revenues of € 32.1bn, +1% y-o-y, on slightly lower deliveries (619k units,...
- Delphine Brault
- Quentin Borie
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/07/2024
Après un parcours décevant (-21% depuis son entrée), nous décidons de prendre nos pertes sur Daimler Truck à l’occasion de la publication des résultats T2 où la société a décidé de passer une dépréciation de 120 M€ sur sa JV chinoise dans un « environnement de marché durablement faible » - ...
ADS ADIDAS AG
RI PERNOD RICARD SA
DEMANT DEMANT A/S
AIR AIRBUS SE
ACKB ACKERMANS & VAN HAAREN NV
ASSA B ASSA ABLOY AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
ARGX ARGEN-X SE
FDJ LA FRANCAISE DES JEUX SA
DTG DAIMLER TRUCK
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Delphine Brault
- Quentin Borie
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/17/2024
After a disappointing performance (down 21% since the IPO), we have decided to take our losses on Daimler Truck following its Q2 2024 results release, in which the company decided to write down the value of its Chinese joint venture by € 120m in a ‘persistently weak market environment’. - ...
ADS ADIDAS AG
RI PERNOD RICARD SA
DEMANT DEMANT A/S
AIR AIRBUS SE
ACKB ACKERMANS & VAN HAAREN NV
ASSA B ASSA ABLOY AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
ARGX ARGEN-X SE
FDJ LA FRANCAISE DES JEUX SA
DTG DAIMLER TRUCK
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
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