reports
- Bruno Cavalier
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
GLE SOCIETE GENERALE S.A. CLASS A
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
DTE DEUTSCHE TELEKOM AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ABI ANHEUSER-BUSCH INBEV SA/NV
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
STMN STRAUMANN HOLDING AG
- Bruno Cavalier
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
GLE SOCIETE GENERALE S.A. CLASS A
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
DTE DEUTSCHE TELEKOM AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ABI ANHEUSER-BUSCH INBEV SA/NV
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
STMN STRAUMANN HOLDING AG
- Olfa Taamallah
- Yan Derocles
Ryanair : Q2 2024/2025 PAT c.1% below css – Q3 fare outlook in line wi...
>Q2 net income c.1% below css - Ryanair has just released its Q2 results with net income reported at € 1,431.2m (-5.5% y-o-y), roughly 1% below the consensus compiled by the company standing at € 1,444m, and 1% above our estimates at € 1,415m. Average fares closed up at -7%, with +9% on ancillaries, which comes in line with management’s previously expressed expectations of ‘materially lower’ fares due to softer than anticipated pricing.Unit costs excl. fuel ...
- Olfa Taamallah
- Yan Derocles
Ryanair : Q2 2024/2025 PAT c.1% below css – Q3 fare outlook in line wi...
>Q2 net income c.1% below css - Ryanair has just released its Q2 results with net income reported at € 1,431.2m (-5.5% y-o-y), roughly 1% below the consensus compiled by the company standing at € 1,444m, and 1% above our estimates at € 1,415m. Average fares closed up at -7%, with +9% on ancillaries, which comes in line with management’s previously expressed expectations of ‘materially lower’ fares due to softer than anticipated pricing.Unit costs excl. fuel ...
- Olfa Taamallah
- Yan Derocles
ODDO : Majors begin a phase of upward revisions
Thanks to unit revenue that has proven more resilient than anticipated, real discipline on capacity and a decline in the fuel bill, we expect margins to recover, especially for the legacies. IAG remains our top pick. We are upgrading Air France-KLM and Lufthansa to Neutral and downgrading Ryanair to Underperform as well as WizzAir on Neutral. - >Sights on the legacies: IAG remains our top pick, Air France and Lufthansa upgraded to Neutral - We have the legacies in our ...
- Olfa Taamallah
- Yan Derocles
ODDO : Les majors amorcent leur phase de montée
Grâce à une recette unitaire qui se tient mieux que prévu, une discipline capacitaire notable et une baisse de la facture carburant, nous anticipons un rebond des marges tout particulièrement pour les majors. IAG reste notre valeur préférée. Nous relevons Air France-KLM et Lufthansa à Neutre et abaissons Ryanair à Sous-performance ainsi que Wizz Air à Neutre. - >Cap sur les majors: IAG en top pick, Air France et Lufthansa relevées à Neutre - Nous mettons le cap sur le...
- Carole Braudeau
- Carole Braudeau
- Baptiste Salaville
- Chaima Ferrandon
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
- Sven Edelfelt
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
FGR EIFFAGE SA
RAND RANDSTAD NV
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
VACN VAT GROUP AG
SAP SAP SE
AKZA AKZO NOBEL N.V.
JDEP JDE PEET'S NV
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Baptiste Salaville
- Chaima Ferrandon
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
- Sven Edelfelt
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
FGR EIFFAGE SA
RAND RANDSTAD NV
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
VACN VAT GROUP AG
SAP SAP SE
AKZA AKZO NOBEL N.V.
JDEP JDE PEET'S NV
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Olfa Taamallah
- Yan Derocles
Ryanair : The warning on prices firms up and weighs on profitability
>Stronger pressure on prices... - During the conference call, management's tone appeared particularly cautious with the anticipation of continued pressure on prices notably during the heart of the summer season. After a decline of 15% in Q1, yields are expected to be down by around a further 5% in Q2 but a double-digit decline has not been ruled out if stimulation efforts remain in place (management mentioned that the load factor was 0.5% below the target for August a...
- Olfa Taamallah
- Yan Derocles
Ryanair : L’avertissement sur les prix se confirme et pèse sur la rent...
>Une pression plus forte sur les prix… - Lors de la conférence téléphonique, le ton du management nous a paru particulièrement prudent avec des anticipations de poursuite de la pression tarifaire notamment sur le cœur de la saison estivale. Après un recul de 15% au T1, les yields sont encore attendus en baisse autour de 5% sur le T2 mais un recul à deux chiffres n’est pas écarté en cas de poursuite des efforts de stimulation (le management mentionnait que les coeffici...
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
DHL DHL GROUP
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SCHP SCHINDLER HOLDING AG PREF
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
BKT BANKINTER SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
UMI UMICORE
EPI A EPIROC AB
ALIV SDB AUTOLIV INC.
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
DHL DHL GROUP
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SCHP SCHINDLER HOLDING AG PREF
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
BKT BANKINTER SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
UMI UMICORE
EPI A EPIROC AB
ALIV SDB AUTOLIV INC.
- Carole Braudeau
- Carole Braudeau
- Olfa Taamallah
- Yan Derocles
Ryanair : More pressure on pricing than expected
>A disappointing Q1 - Ryanair has just released a disappointing Q1 to end June 2024. Net income came in at € 360m down 46% y-o-y and 33% short of the consensus (complied by company) figure of € 538m.This poor performance is very much explained by revenue per pax falling 10% (vs -3.6% for VA consensus) with average fares down 15% & ancillary revenue flat, due, in part, to the absence of the first half of Easter which fell in March, and more price stimulation than ...
- Olfa Taamallah
- Yan Derocles
Ryanair : More pressure on pricing than expected
>A disappointing Q1 - Ryanair has just released a disappointing Q1 to end June 2024. Net income came in at € 360m down 46% y-o-y and 33% short of the consensus (complied by company) figure of € 538m.This poor performance is very much explained by revenue per pax falling 10% (vs -3.6% for VA consensus) with average fares down 15% & ancillary revenue flat, due, in part, to the absence of the first half of Easter which fell in March, and more price stimulation than ...
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/07/2024
A l’occasion du flash sectoriel sur les compagnies aériennes publié ce matin par nos analystes sectoriels, nous sortons Ryanair de notre liste de valeurs recommandées Large Caps. L’opinion passe de Surperformance à Neutre et l’objectif de cours est abaissé de 26 € à 20 €. - ...
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
PUB PUBLICIS GROUPE SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
VOLV B VOLVO AB CLASS B
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
VACN VAT GROUP AG
SAP SAP SE
BHP BHP GROUP LTD
ASML ASML HOLDING NV
NEXI NEXI S.P.A.
AF AIR FRANCE - KLM
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/18/2024
The French equity market will only be able to erase the discount (50bp increase in risk premium) triggered by the dissolution of the National Assembly once the budget has been approved next autumn. In the meantime, a technocratic government or an Ensemble + LR government could provide some slight respite, but other options (partial alliance of the NFP with Ensemble) are also possible, and less favourable for French equities. The parliamentary session that opens today could clarify the...
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
PUB PUBLICIS GROUPE SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
VOLV B VOLVO AB CLASS B
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
VACN VAT GROUP AG
SAP SAP SE
BHP BHP GROUP LTD
ASML ASML HOLDING NV
NEXI NEXI S.P.A.
AF AIR FRANCE - KLM
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