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Banco Bilbao Vizcaya Argentaria, S.A.: Update following rating upgrade

Our credit view of Banco Bilbao Vizcaya Argentaria, S.A. reflects its strong profitability and high geographical diversification, with an elevated exposure to emerging markets

Carole Braudeau
  • Carole Braudeau

Credit Morning 12/19/2025

Coty announces sale of remaining 25.8% stake in Wella|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 19/12/2025

Coty annonce la cession de sa participation résiduelle de 25,8% dans Wella|

 PRESS RELEASE

WORLDLINE : EGM - Availability of preparatory documents

WORLDLINE : EGM - Availability of preparatory documents Extraordinary General Meeting of January 8, 2026Availability of preparatory documents Paris La Défense, December 18, 2025 – The shareholders of Worldline [Euronext: WLN] are convened to an Extraordinary General Meeting on Thursday, January 8, 2026 at 10:00 a.m. (Paris time) at Cloud Business Center – 10 bis rue du Quatre Septembre – 75002 Paris. The meeting notice (avis préalable de réunion) including the agenda, the draft resolutions and the terms and conditions of participation and voting at the General Meeting, was published in th...

 PRESS RELEASE

WORLDLINE : AGE - Modalités de mise à disposition des documents prépar...

WORLDLINE : AGE - Modalités de mise à disposition des documents préparatoires Assemblée Générale Extraordinaire du 8 janvier 2026Modalités de mise à disposition des documents préparatoires Paris La Défense, le 18 décembre 2025 – Les actionnaires de Worldline [Euronext: WLN] sont convoqués en Assemblée Générale Extraordinaire le jeudi 8 janvier 2026 à 10 heures au Cloud Business Center – 10 bis rue du Quatre Septembre – 75002 Paris L’avis préalable de réunion comportant l’ordre du jour, les projets de résolutions et les modalités de participation et de vote à l’Assemblée Générale ont été ...

Carole Braudeau
  • Carole Braudeau

Credit Morning 12/18/2025

Moody’s downgrades SES rating from Baa3/negative to Ba1/stable|ams OSRAM launches a € 300m tender offer on the 2027 convertible bonds|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 18/12/2025

Moody’s dégrade le rating de SES de Baa3/négative à Ba1/stable|ams OSRAM lance une offre d’achat de 300 m EUR sur les obligations convertibles 2027|

Banco Bilbao Vizcaya Argentaria SA: 1 director

A director at Banco Bilbao Vizcaya Argentaria SA sold 104,451 shares at 19.143EUR and the significance rating of the trade was 100/100. 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 l...

Pierre FerraguÊ
  • Pierre FerraguÊ

Bible 3Q25 – Industrials: cyclical recovery well underway

Today, we are publishing the final section of our 29th Tech Infrastructure Quarterly Bible on industrials. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Industrial semiconductor momentum is accelerating, with revenue growth up to 18% YoY. Industry commentary points to further growth in 4Q and into 2026, reinforcing our expectation of continued...

 PRESS RELEASE

Sodexo: Combined Shareholders Meeting of December 16, 2025

Sodexo: Combined Shareholders Meeting of December 16, 2025 Issy-les-Moulineaux, December 16, 2025 Sodexo's Annual Shareholders Meeting was held on Tuesday, December 16, 2025 at the Seine Musicale auditorium in Boulogne-Billancourt, chaired by Sophie Bellon, Chairwoman of the Board of Directors. Quorum was established at 87.28%, and 3,298 shareholders were present, represented or voted by correspondence. All the resolutions proposed by the Board of Directors were adopted, notably:• the adoption of the financial statements for Fiscal 2025;• the dividend of €2.70 per share, to be paid on D...

 PRESS RELEASE

Sodexo : Assemblée Générale mixte du 16 décembre 2025

Sodexo : Assemblée Générale mixte du 16 décembre 2025 Issy-les-Moulineaux, le 16 décembre 2025 L’Assemblée Générale annuelle des actionnaires de Sodexo s’est tenue ce mardi 16 décembre 2025 à l’auditorium de la Seine Musicale à Boulogne-Billancourt, sous la présidence de Sophie Bellon, Présidente du Conseil d’Administration. Le quorum s’est établi à 87,28% et 3 298 actionnaires étaient présents, représentés ou ont voté par correspondance. Toutes les résolutions proposées par le Conseil d’Administration ont été adoptées, et notamment celles concernant : • l’approbation des comptes sociau...

 PRESS RELEASE

Sodexo - Monthly disclosure on share capital and voting rights on Nove...

Sodexo - Monthly disclosure on share capital and voting rights on November 30, 2025 Regulated Information Issy-les-Moulineaux, December 8, 2025 Sodexo: Monthly disclosure on share capital and voting rights Pursuant to Article L.233-8-II of the French Commercial Code and Article 223-16 of the General Regulation of the Autorité des Marchés Financiers Registered name of the issuer: SODEXO 255, quai de la Bataille de Stalingrad – 92130 ISSY-LES-MOULINEAUX DateTotal number of sharesActual voting rights *Theoretical voting rights **November 30, 2025147,454,887216,069,600218,275,367 * Actual v...

 PRESS RELEASE

Sodexo - Déclaration mensuelle relative au nombre total de droits de v...

Sodexo - Déclaration mensuelle relative au nombre total de droits de vote et d’actions composant le capital social au 30 novembre 2025 Information réglementée Issy-les-Moulineaux, le 8 décembre 2025 Sodexo : Déclaration mensuelle relative au nombre total de droits de vote et d’actions composant le capital social Article L.233-8-II du Code de commerce et article 223-16 du Règlement général de l’AMF Dénomination sociale de l’émetteur : SODEXO 255, quai de la Bataille de Stalingrad – 92130 ISSY-LES-MOULINEAUX Date d’arrêtédes informationsNombre total d’actions composant le capital socialN...

Pierre FerraguÊ
  • Pierre FerraguÊ

Bible 3Q25 – Autos: Limited near-term visibility, but our cycle thesis...

Today, we are publishing the Automotive section of our 29th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. We will publish sections on Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, and Foundry later this week. Auto demand came in above expectations, with limited signs of an air-pock...

Carole Braudeau
  • Carole Braudeau

Credit Morning 12/08/2025

Worldline plans to sell PaymentIQ for € 160m|BNP sells 25% stake in AG Insurance to Ageas; Cardif builds up stake in Ageas to 22.5%|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 08/12/2025

Worldline compte céder la plateforme PaymentIQ pour 160 m EUR|BNP cède à Ageas sa participation de 25% dans AG ; Cardif se renforce au capital d’Ageas à 22.5%.|

 PRESS RELEASE

WORLDLINE : PaymentIQ disposal - Press release

WORLDLINE : PaymentIQ disposal - Press release Worldline announces the contemplated divestmentof its payments orchestration platform PaymentIQ to Incore Invest Paris La Défense, 8 December 2025 – Worldline [Euronext: WLN], a European leader in payment services, announces the contemplated divestment of PaymentIQ, a payment orchestration platform, to Incore Invest for an estimated cash proceeds at closing of c.€160m1. The disposal of PaymentIQ marks a further step in Worldline’s strategic refocus on core European payment activities and a new milestone in its simplification journey, as part ...

 PRESS RELEASE

WORLDLINE : Cession paymentIQ - Communiqué

WORLDLINE : Cession paymentIQ - Communiqué Worldline annonce la cession envisagée de sa plateforme d'orchestration des paiements PaymentIQà Incore Invest Paris La Défense, le 8 décembre 2025 – Worldline [Euronext : WLN], leader européen des services de paiement, annonce la cession envisagée de PaymentIQ à Incore Invest, une plateforme d'orchestration des paiements, sur la base d’une considération globale de l’ordre de 160 millions d’euros1. La cession de PaymentIQ à Incore Invest marque une nouvelle étape dans le recentrage de Worldline sur les activités de paiement en Europe, partie inté...

Dirk Verbiesen ... (+2)
  • Dirk Verbiesen
  • Quirijn Mulder

Air France-KLM/Interesting times but yield should improve/HOLD

We continue to believe that the current environment for airlines is improving with especially more travelling. However, the sector continues to struggle with higher unit costs. AF-KLM is not an exception seeing higher unit costs especially in 1H25 but 3Q25 already was a slowdown. However, 3Q yield came under pressure for several reasons and that disappointed the market. The fuel bill, however, came to the rescue leading to a slightly higher income from operations. It is interesting that fuel sup...

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