reports
- Damien Choplain
- Martial Descoutures
- 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
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Talanx AG : Q3 2024 revealed solid earnings momentum and constructive ...
>Q3 2024 primary insurance above consensus; new 2025 guidance - Talanx’s Q3 2024 results came in ahead of the consensus driven by all primary insurance segments and reinsurance operations which were helped by a positive one-off tax effect. Group net income stood at € 503m and compares to € 455m css and our € 446m estimate. The group SII ratio was solid at 220%. Talanx provided a guidance update and now expects a NP of more than € 1.9bn for 2024 which sits in line with...
- Baptiste Salaville
- Bruno Cavalier
- Charlotte Vaisse
- Jerôme Bodin
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
TLX TALANX AG
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
NOVO B NOVO NORDISK A/S
- Baptiste Salaville
- Bruno Cavalier
- Charlotte Vaisse
- Jerôme Bodin
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
TLX TALANX AG
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
NOVO B NOVO NORDISK A/S
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Talanx AG : Strong underlying earnings trigger higher estimates
>We increase estimates following strong underlying Q2 2024 results - We have revisited our estimates following strong underlying results of Talanx’s primary insurance and reinsurance activities in Q2 2024. We have increased our net profit estimates by 5.9% to € 1,956m for 2024e and by 4.4% to 2,153m for 2025e driven by higher estimates for primary and reinsurance activities. Talanx reported Q2 2024 net profit of € 514m vs € 457m consensus. H1 2024 net profit attributa...
Talanx AG: 1 director
A director at Talanx AG bought 400 shares at 71.275EUR and the significance rating of the trade was 53/100. 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 showin...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Talanx AG : Q1 2024 results reflect a strong start to the year
>Net profit of € 572m came in 23% above consensus estimate - Talanx reported a very strong start to the year and reported € 572m group net profit which compares to € 466m consensus and our € 452m estimate. The beat was driven by primary insurance operations and attributable to the segments Industrial Lines insurance and Retail International. A higher-than-expected investment income (RoI of 3.4%) was part of the beat. Group Solvency came in with a strong ratio of 217% ...
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Talanx AG : Strong FY 2023 results allowed for building additional red...
>We increase estimates following strong FY 2023 results reporting - Talanx reported a strong set of FY 2023 results in line with preliminary results reporting. Group net profit came to € 1,581m, up 124% y-o-y. Underlying results were even stronger as the group built up reserve redundancies and realised losses on fixed income instruments to generate a higher ordinary investment income in future years. We have increased our estimates for Talanx driven by higher estimat...
- Emmanuel Matot
PUB PUBLICIS GROUPE SA
DGE DIAGEO PLC
RNO RENAULT SA
AGN AEGON NV
ALO ALSTOM SA
TLX TALANX AG
WPP WPP PLC
SOI SOITEC SA
EVK EVONIK INDUSTRIES AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
EVD CTS EVENTIM AG & CO. KGAA
HFG HELLOFRESH SE
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
SHUR SHURGARD SELF STORAGE LIMITED
- Emmanuel Matot
DGE DIAGEO PLC
RNO RENAULT SA
AGN AEGON NV
ALO ALSTOM SA
TLX TALANX AG
SOI SOITEC SA
EVK EVONIK INDUSTRIES AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
EVD CTS EVENTIM AG & CO. KGAA
HFG HELLOFRESH SE
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
SHUR SHURGARD SELF STORAGE LIMITED
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Talanx AG : Improving underlying technical results in Q3 2023
>Strong Q3 2023 supports higher estimates going forward - Talanx reported a healthy set of Q3 2023 results. Reported quarterly net profit came to € 452m and was thus comfortably in line with the pre-released guidance of >€ 423m and our earlier estimate of € 329m, helped by a strong performance of most primary insurance operations and a very low tax rate of 12.1% in the period. Reported EBIT of € 802m undershot our estimate of € 854m triggered by a lower-than-expected...
- Benoit Valleaux
- Cor Kluis
- Roland Pfaender
- MBA
- CFA
- CCRA
ODDO : Excessive risk premium in view of the financial strength
The insurance sector is trading at low multiples despite positive operating momentum, in particular in P&C insurance, as a result of fears that we believe are overblown. We remain positive on the sector, which offers good visibility on EPS growth with the prospect of attractive returns of capitals. Our Top Picks among large caps are AXA (Outperform, target price € 37), Allianz (Outperform, TP € 276) and Swiss Re (Outperform, TP CHF 113) and, among other stocks, ASR (Outperform, ...
SREN SWISS RE AG
ZURN ZURICH INSURANCE GROUP LTD
HNR1 HANNOVER RUECK SE
MUV2 MUNICH REINSURANCE COMPANY
SCR SCOR SE
AGS AGEAS SA/NV
ALV ALLIANZ SE
AGN AEGON NV
G ASSICURAZIONI GENERALI S.P.A.
TLX TALANX AG
ASRNL ASR NEDERLAND NV
GCO GRUPO CATALANA OCCIDENTE S.A.
MAP MAPFRE SA
COFA COFACE SA
NN NN GROUP N.V.
PHNX PHOENIX GROUP HOLDINGS PLC
- Benoit Valleaux
- Cor Kluis
- Roland Pfaender
- MBA
- CFA
- CCRA
ODDO : Prime de risque exagérée au regard de la solidité financière
Le secteur assurance se traite à de faibles multiples malgré une dynamique opérationnelle favorable, en particulier en dommages, du fait de craintes qui nous semblent surestimées. Nous restons positifs sur le secteur qui offre une bonne visibilité sur la croissance des BPA avec des perspectives de retour de capital attractif. Nos valeurs préférées sont, au sein des grandes capitalisations, AXA (Surperformance, OC 37 €), Allianz (Surperformance, OC 276 €) et Swiss Re (Surperforma...
SREN SWISS RE AG
ZURN ZURICH INSURANCE GROUP LTD
HNR1 HANNOVER RUECK SE
MUV2 MUNICH REINSURANCE COMPANY
SCR SCOR SE
AGS AGEAS SA/NV
ALV ALLIANZ SE
AGN AEGON NV
G ASSICURAZIONI GENERALI S.P.A.
TLX TALANX AG
ASRNL ASR NEDERLAND NV
GCO GRUPO CATALANA OCCIDENTE S.A.
MAP MAPFRE SA
COFA COFACE SA
NN NN GROUP N.V.
PHNX PHOENIX GROUP HOLDINGS PLC
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
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