>Outperform rating and € 14.40 target price maintained - The webinar organised by the group and dedicated to the network activities with the focus on the planning and supply of equipment and services, confirms our positive view on the stock, its strategic vision and capacity to achieve its targets. We maintain our Outperform rating and target price of € 14.4, based on the average between a DCF (€ 16.0) factoring in the targets of the 2026 strategic plan, a sum-of-the-...
>Opinion Surperformance et OC 14.40€ maintenus - Le webinar organisé par le groupe et dédié aux activités de réseau à travers le prisme de la planification et de l’approvisionnement en équipements et services confirme notre opinion positive sur le groupe, ses visions stratégiques et sa capacité à atteindre ses objectifs. Nous maintenons notre opinion Surperformance et notre objectif de cours de 14.4 €, issu d’une moyenne entre un DCF (16.0 €) intégrant les objectifs d...
In this report we evaluate spreads in the TMT hybrids space. Over the year, TMT hybrid notes have outperformed. Nevertheless, we still like this hybrid space as it offers a good yield. From a spread perspective, we continue to think the tightening potential over senior is more limited, although the small recent widening makes hybrids a bit more attractive.
As momentum has become less adverse than over the past five years, interest rates have started to fall and valuations have (historically low), this should have prodded small and mid cap companies back to their old outperformance. The European elections in France and the ensuing decision to dissolve the French National Assembly have changed risk perceptions and erased YTD gains. In our new ODDO BHF European mid cap list for H2 2024, France is underweighted with a mix of defensive and s...
Le momentum devenu moins défavorable qu’au cours des 5 derniers exercices, l’amorce de baisse des taux, et les valorisations (historiquement basses) auraient dû aider les small&Midcaps à retrouver leur surperformance. Les Elections européennes suivies de la dissolution de l’Assemblée nationale en France ont changé la perception du risque et gommé les gains YTD. Notre nouvelle liste ODDO BHF European Midcaps pour le S2 2024 se trouve sous-pondérée sur la France et propose un mix entre ...
>Unprecedented revision of 25% - Ericsson yesterday published its annual Ericsson Mobility report, an industry benchmark for mobile network traffic forecasts. Traffic forecasts are crucial in terms of the investment outlook for the telecoms sector.What is surprising is that Ericsson cut its global mobile traffic forecast by close to 25% for 2029 (from 403 EB/m to 313 EB/m, or from 56 to 42 GB/m per smartphone user). Ericsson does not communicate much on this revi...
>Une révision inédite de 25% - Ericsson a publié hier son rapport annuel « Ericsson Mobility report», une référence de l’industrie pour les prévisions de trafic sur réseau mobile. Les prévisions de trafic sont déterminantes pour les prévisions d’investissements dans les télécoms.La surprise est qu’Ericsson coupe de près de 25% à la baisse ses prévisions de trafic mobile mondial pour 2029 (de 403 ExaBytes/mois à 313 EB/mois, soit de 56 à 42 GB/mois par utilisateur...
A director at Ence Energia Y Celulosa SA bought 407,742 shares at 3.371EUR 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 last two...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ENAGÁS, ROVI, SECTOR ELÉCTRICO, TELEFÓNICA, UNICAJA. EUROPA: VOLKSWAGEN. El Ibex resiste en los 11.100 puntos Volvió la cautela a los mercados tras las subidas del lunes y sin catalizadores macro relevantes en europa. Así, en el STOXX 600 Farma y Viajes&Ocio presentaron las mayores ganancias frente al peor comportamiento relativo de Industriales y Servicios Financieros. Por el lado macro, en España el PIB final del 1T’24 se revisó una décima ...
NEWS SUMMARY: AENA, ELECTRICITY SECTOR, ENAGÁS, ROVI, TELEFÓNICA, UNICAJA. The Ibex remains above 11,100 points Following Monday’s gains and in the absence of relevant macroeconomic drivers in Europe , caution prevailed in stock markets. Thus, in the STOXX 600 Pharma and Travel&Leisure were the best performers vs. the worse relative performance of Industrials and Financial Services. On the macro side, in Spain, the final 1Q’24 GDP was raised one tenth to 2.5% YoY. On the political front, in S...
Our conviction on the long-term growth potential and opportunities of generative AI is renewed. The enabler sectors (semiconductors, software and IT services) and those that provide the infrastructure (utilities, metals, capital goods and real estate) will be the primary beneficiaries, leading us to make certain target price changes. Among AI ‘user’ sectors (media, healthcare, automotive, banking and insurance, oil services, defence, aerospace and airlines), the effects will doub...
Notre conviction sur le potentiel de croissance LT et d’opportunités de l’IA générative est renforcée. Les secteurs 'enablers' (semiconducteurs, software et IT services) et fournisseurs d’infrastructures (utilities, métaux, biens d'équipements et immobilier) en seront les premiers bénéficiaires, conduisant à certains changements d’OC. Parmi les secteurs ‘utilisateurs’ de l’IA (média, santé, automobile, banque et assurance, services pétroliers, défense, aéronautique et compagnies ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IAG, INDRA, FLUIDRA, REDEIA, ROVI. EUROPA: AIRBUS Las bolsas toman aire Las bolsas comenzaron la semana rebotando tras las caídas del viernes pasado, sin catalizadores reseñables y a la espera del deflactor subyacente del consumo el viernes y la primera vuelta de las elecciones en Francia el domingo. Así, en el STOXX 600 todos los sectores menos tecnología presentaron ganancias, lideradas por Autos (tras el inicio de conversaciones entre la UE y Chi...
Dutch real estate companies showed signs of cautious optimism at the recent Provada conference, with logistics and retail favoured. Healthcare shows some positive signs, with limited devaluations. The Dutch government's potential reduction of the Real Estate Transfer Tax and new REIT regime could benefit listed real estate companies active in the country. - ...
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