reports
- Jerôme Bodin
ODDO : Olympic Games and Euro 2024: a limited economic impact but an o...
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Som...
AC ACCOR SA
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
FRA FRAPORT AG
ADP AEROPORTS DE PARIS SA
BN DANONE SA
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
PUM PUMA SE
COV COVIVIO SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
ULVR UNILEVER PLC
RCO REMY COINTREAU SA
SW SODEXO SA
TFI TELEVISION FRANCAISE 1 SA
MMB LAGARDERE SCA
DEC JCDECAUX SA
NESN NESTLE S.A.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
GLO GL EVENTS SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
WPP WPP PLC
ICAD ICADE SA
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ABI ANHEUSER-BUSCH INBEV SA/NV
DUFN DUFRY AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
FDJ LA FRANCAISE DES JEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
AF AIR FRANCE - KLM
MFEA MEDIASET NV
- Jerôme Bodin
ODDO : Jeux Olympiques et Euro 2024 : un impact économique limité mais...
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être l...
AC ACCOR SA
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
FRA FRAPORT AG
ADP AEROPORTS DE PARIS SA
BN DANONE SA
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
PUM PUMA SE
COV COVIVIO SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
ULVR UNILEVER PLC
RCO REMY COINTREAU SA
SW SODEXO SA
TFI TELEVISION FRANCAISE 1 SA
MMB LAGARDERE SCA
DEC JCDECAUX SA
NESN NESTLE S.A.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
GLO GL EVENTS SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
WPP WPP PLC
ICAD ICADE SA
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ABI ANHEUSER-BUSCH INBEV SA/NV
DUFN DUFRY AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
FDJ LA FRANCAISE DES JEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
AF AIR FRANCE - KLM
MFEA MEDIASET NV
- Olfa Taamallah
- Yan Derocles
Ryanair : Strong FCF generation is ramping up the return of cash to th...
>A very comfortable cash level at end-March 2024, with a share buyback announcement very likely at the full-year earnings publication - Ryanair is due to report full-year earnings to end-March 2024 on 20 May. We expect net profit at € 1.96bn for sales of € 13.4bn, giving a net margin of 14.6% (vs € 1.88bn and € 13.6bm respectively for the Visible Alpha consensus) factoring in a strong yield performance and ancillary revenues in Q4 (+12% and +3% respectively) thanks no...
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
SHEL SHELL PLC
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
SHEL SHELL PLC
- Olfa Taamallah
- Yan Derocles
Ryanair : La forte génération de FCF accélère le retour de cash à l’ac...
>Un niveau de cash très confortable à fin mars 2024 ouvrant la voie à une annonce de rachat d’actions lors de la publication des résultats annuels - Ryanair publiera ses résultats annuels à fin mars 2024 le 20/05/2024. Nous attendons un résultat net de 1.96 Md€ pour un CA de 13.4 Md€ soit une marge nette de 14.6% (vs 1.88 Md€ et 13.6 Md€ respectivement pour le consensus Visible Alpha) intégrant une bonne tenue des yields et des recettes auxiliaires sur le T4 (+12% et ...
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/30/2024
We see the FY 2024 order intake consensus of € 11.1bn as too bearish (ODDO BHFe: € 11.9bn), given resilient momentum in ITS (not back-end loaded & positive Jinan ramp-up impact), while SCS has reached an inflection point (recovery as of H2 2024). We expect sticky pricing in ITS (January +1-2% up again) to provide 8% upside to the FY 2024 group adj. EBIT consensus (ODDO BHFe: € 909m). Our raised adj. EBIT estimates (+7%/+14% for 2024/25) leads to a TP of € 61 (€ 35). We upgrade to Outp...
REL RELX PLC
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
FGR EIFFAGE SA
GBF BILFINGER SE
GLE SOCIETE GENERALE S.A. CLASS A
VIV VIVENDI SE
WKL WOLTERS KLUWER NV
ENI ENI S.P.A.
BOL BOLLORE SA
RY4C RYANAIR HOLDINGS PLC
REP REPSOL SA
HLAG HAPAG-LLOYD AG
BP. BP P.L.C.
SHEL SHELL PLC
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/01/2024
We see the FY 2024 order intake consensus of € 11.1bn as too bearish (ODDO BHFe: € 11.9bn), given resilient momentum in ITS (not back-end loaded & positive Jinan ramp-up impact), while SCS has reached an inflection point (recovery as of H2 2024). We expect sticky pricing in ITS (January +1-2% up again) to provide 8% upside to the FY 2024 group adj. EBIT consensus (ODDO BHFe: € 909m). Our raised adj. EBIT estimates (+7%/+14% for 2024/25) leads to a TP of € 61 (€ 35). We upgrade to Outp...
REL RELX PLC
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
FGR EIFFAGE SA
GBF BILFINGER SE
GLE SOCIETE GENERALE S.A. CLASS A
VIV VIVENDI SE
WKL WOLTERS KLUWER NV
ENI ENI S.P.A.
BOL BOLLORE SA
RY4C RYANAIR HOLDINGS PLC
REP REPSOL SA
HLAG HAPAG-LLOYD AG
BP. BP P.L.C.
SHEL SHELL PLC
- Olfa Taamallah
- Yan Derocles
Ryanair : Une inflation des coûts unitaires hors carburant compensée p...
>Une bonne orientation du pricing sur l’été - En dépit du délisting des OAT début décembre (10-15% des ventes selon Ryanair), nous avons trouvé la performance du yield solide sur le T3 avec une progression de 12% yoy. Sur le T4, le management s’est abstenu de concéder une guidance sur le pricing mais anticipe une bonne orientation notamment sur le mois de mars et en particulier autour du week-end de Pâques. Sur l’été, les réservations et les yields affichent une ...
- Olfa Taamallah
- Yan Derocles
Ryanair : Inflation in unit costs excl. fuel offset by solid pricing a...
>Pricing in good shape for the summer - Despite the delisting by OTA early December (10-15% of sales according to Ryanair), we find the yield performance solid in Q3 with growth of 12% y-o-y. For Q4, management declined to give guidance on pricing but expects good trends particularly for March and around the Easter weekend. For the summer, bookings and yields show an increase relative to last year and given the capacity discipline expected on intra-European route...
- Ahmed Ben Salem
- Bruno Cavalier
LHN LAFARGEHOLCIM LTD.
FP TOTAL SE
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
AGS AGEAS SA/NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
PGS PGS ASA
ZAL ZALANDO SE
ENI ENI S.P.A.
RWE RWE AG
RY4C RYANAIR HOLDINGS PLC
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
REP REPSOL SA
SOC SUBSEA 7 S.A.
BKT BANKINTER SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
FDR FLUIDRA S.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
LIVS AUTOLIV INC. SDR
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
SGSN SGS SA
TEN TENARIS S.A.
- Bruno Cavalier
- Oliver Metzger
- Wim Gille
LHN LAFARGEHOLCIM LTD.
FP TOTAL SE
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
AGS AGEAS SA/NV
EL ESSILORLUXOTTICA SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
PGS PGS ASA
ZAL ZALANDO SE
ENI ENI S.P.A.
RWE RWE AG
RY4C RYANAIR HOLDINGS PLC
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
REP REPSOL SA
SOC SUBSEA 7 S.A.
BKT BANKINTER SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
FDR FLUIDRA S.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
LIVS AUTOLIV INC. SDR
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
SGSN SGS SA
TEN TENARIS S.A.
- Carole Braudeau
- Carole Braudeau
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