reports
- Antoine Lebourgeois
SOMFY: Better 1H22 margin than expected, attractive valuation despite ...
SOMFY - BUY | EUR155 Better 1H22 margin than expected, attractive valuation despite weakening demand Margins proved more resilient than expected in 1H22 despite lower 2Q22 demand As expected, volumes should remain negatively oriented in 2H22 BUY reiterated, TP EUR155
- Antoine Lebourgeois
- Antoine Lebourgeois
- Alfonso Mariategui
SCHNEIDER ELECTRIC: IT’S ELECTRIFYING! (ANÁLISIS BANCO SABADELL)
It’s electrifying! Iniciamos cobertura con un P.O. de 138 euros/acc. COMPRAR. SU ha caído un -35% vs máximos’22 pese a tener un EBITA’21 un +18% superior (vs niveles pre-covid). Así, la ligera prima con la que cotiza frente a su media histórica no nos parece suficiente cuando los márgenes en los últimos 5 años han pasado de 14,8% a 17,3% (2021). Además, no se esperan impactos relevantes por inflación, cadena de suministros, Rusia, etc… lo que aporta tranquilidad de cara al cumplimiento de sus o...
- Research Department
INFORME DIARIO 27 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, LAR ESPAÑA, SECTOR ELÉCTRICO, TÉCNICAS REUNIDAS. EUROPA: INTESA SANPAOLO, PROSUS, SCHNEIDER ELECTRIC. Semana marcada por el discurso de J Powell Nueva semana de volatilidad en las bolsas europeas que consiguieron desdibujar las caídas en el último tramo de la misma y cuya evolución vino marcada por los discursos de J. Powell ante el Congreso y el Senado y que apuntaron a una Fed dispuesta a seguir subiendo tipos hasta controlar la inflaci...
- Thibault Morel
- Antoine Lebourgeois
- Gregory Ramirez
- Paul Charpentier
- Thibault Morel
Technology | Industry 4.0 | Industry in the digital age
Technology Industry 4.0 Industry in the digital age The industry of tomorrow is being reshaped through the convergence of IT (Information Technologies) and OT (Operational Technologies) as well as hardware and software embedding to meet the structural challenges of the 21st century such as the ageing population and the value chain disruption. In this context, we are extending our industrial coverage to include six new hardware and software stocks at the heart of structuring themes in indu...
- Antoine Lebourgeois
- Thibault Morel
TECHNOLOGY Excessive relative derating for Schneider and Somfy
As a summary of the 1Q22 publications of our industrial coverage, we believe Schneider features the best fundamentals given (i) its strong industry automation focus, (ii) a product portfolio resolutely focused on sustainability and resource frugality in a context of tense supply chains, and (iii) its diversified geographical exposure. Schneider’s valuation, at par with building-focused players, is in our view not justified given its better fundamentals. Regarding Legrand and Somfy, players almos...
- Antoine Lebourgeois
- Thibault Morel
- Antoine Lebourgeois
- Thibault Morel
- Thibault Morel
- Antoine Lebourgeois
- Thibault Morel
Smart Industries: How to play capital goods stocks in a tense geopolit...
Smart Industries How to play capital goods stocks in a tense geopolitical context I – Lasting Geopolitical tensions could significantly impair growth and margins II – Schneider seems the most resilient player to an economic slowdown III – Metals, energy and labor inflation to weigh on costs IV - Currency risks V- Limited exposure to the Russian and Ukrainian economies VI – We adjust our risk perception, TP and rating to reflect risks
- Antoine Lebourgeois
- Thibault Morel
- Antoine Lebourgeois
- Thibault Morel
- Thibault Morel
SOMFY: Surprisingly resilient Q4 on tough comparison basis | CONVICTIO...
SOMFY - CONVICTION BUY | EUR200 VS. EUR195 (+26%) Surprisingly resilient Q4 on tough comparison basis 4Q21 topline growth is +7pts above our forecasts Tough comparison basis in 4Q21 Upgraded EBITA margins thanks to better growth and one-off savings Conviction buy reiterated. TP upgraded to EUR200.
- Eric Lemarie
SCHNEIDER ELECTRIC: A new animal after all | BUY | EUR170 VS. EUR150 (...
SCHNEIDER ELECTRIC - BUY | EUR170 VS. EUR150 (+9%) A new animal after all New guidance set ambitious outlook With sales growth underpinned by a favorable environment Solid targets but consistent with recent performance. Buy reiterated.
- Eric Lemarie
- Eric Lemarie
- Eric Lemarie
SOMFY CONVICTION BUY TOP PICKS | EUR195 VS. EUR190 Better than expect...
SOMFY CONVICTION BUY TOP PICKS | EUR195 VS. EUR190 Better than expected September. Guidance Upgraded (company contact) A decent Q3 on the back of a resilient September New chips improving visibility for 2022 New guidance, new estimates, new valuation Positive rating reiterated.
- Eric Lemarie
SCHNEIDER ELECTRIC: Supply chain remains a haunting issue. Company con...
SCHNEIDER ELECTRIC - BUY | EUR150 VS. EUR143 (+5%) Supply chain remains a haunting issue. Company contact. The supply-chain constraint is getting slightly tighter… … but confidence in the guidance is still there And we not similar comments on the Legrand side anyway Buy maintained ahead of Q3 sale
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