ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/27/2024

HAL Trust : Another strong quarter, but not yet reflected in share pri...

Morning Notes : CMBT BB, HAL NA, SEQUA BB, SHUR BB, TKWY NA

: CMBT BB, HAL NA, SEQUA BB, SHUR BB, TKWY NA

Merck KGaA: Update following affirmation of A3 rating, outlook remains...

Our credit view of this issuer reflects its operational diversification and conservative financial policies, mitigated by a significant risk of acquisitions.

Euronext N.V.: 3 directors

A director at Euronext N.V. sold after exercising options 431 shares at 102.210EUR and the significance rating of the trade was 24/100. 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...

Swiss Re AG: 1 director

A director at Swiss Re AG sold 625 shares at 124.354CHF and the significance rating of the trade was 56/100. 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 years clearly showi...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/20/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/11/2024

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Rheinmetall AG : Numerous sources of new growth but cash conversion a ...

>Electronic solutions and vehicle systems, to a lesser extent, new growth drivers - At its CMD in Rome, Rheinmetall unveiled its targets for FY 2027 for an EBIT margin >18% and sales of c.€ 20bn, i.e. EBIT at around 14% above the Visible Alpha consensus. The difference was primarily due to electronic solutions (for the top line and margins) which should benefit from the stronger-than-anticipated acceleration of air defence sales and digitisation programmes. Strong sal...

Rheinmetall AG : De nombreux relais de croissance mais une conversion ...

>Electronic Solutions et dans une moindre mesure VS prennent le relais - Lors de son CMD organisé à Rome, Rheinmetall a dévoilé des objectifs FY 27 de marge d'EBIT >18% pour un CA de c.20 Md€, soit un niveau d'EBIT environ 14% au-delà des attentes du consensus VA. L'écart s'explique essentiellement par Electronic Solutions (en top line comme en marge) qui bénéficiera de l'accélération plus forte qu'attendue des ventes de défense anti-aérienne et des programmes de numé...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/18/2024

As expected, US equities welcomed Donald Trump's victory, while European stock markets reacted negatively, also weighed down two days later by a further disappointment on China's stimulus plan. Our sector strategies and baskets of Trump stocks (long or short) have paid off, with a few exceptions that may provide investment opportunities, like Total Energies or Repsol. In Europe, we are maintaining our Underweight recommendation on the Basic Resources, Chemicals, Luxury Goods and Autom...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/11/2024

Comme prévu, les actions américaines ont salué la victoire de Donald Trump tandis que les bourses européennes accusaient le coup, également lestées deux jours plus tard par une nouvelle déception sur le plan de relance chinois. Nos stratégies sectorielles et paniers de valeurs Trump (long ou short) ont fonctionné, avec quelques exceptions qui peuvent être des opportunités d’investissement, à l’instar de Total Energies ou Repsol. En Europe, nous conservons notre opinion Sous-pondérer s...

Swiss Re : We lift estimates and TP on better technical profit outlook...

>Q3 2024 digested substantial reserve additions in P/C reinsurance - Swiss Re reported Q3 24 NP attributable to common shareholders of $ 102m, in line with preliminary results which disclosed $ 2.45bn reserve additions to US liability exposures in the quarter. Initial consensus expectation stood at $ 835m. Underlying technical profits were strong in all three segments. We increase our 2025e EPS estimate by 7.5% based on a markedly better underlying technical profit ou...

IBERIAN DAILY 18 NOVEMBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ENDESA, GRIFOLS, MERLIN PROPERTIES, ROVI. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’24 results to be released over the coming days in Spain. Post-electoral phase in the US After the confirmation that the Republican Party obtained majority in the two parliamentary chambers and following some announcements or possible appointments...

INFORME DIARIO 18 NOVIEMBRE + RDOS. ESPAÑA 3T’24. PREVIEWS (ANÁLISIS B...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ENDESA, GRIFOLS, MERLIN PROPERTIES, ROVI. EUROPA: PROSUS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. Mercados en fase post-electoral Durante la semana pasada los índices mundiales entraron en la fase post elect...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/11/2024

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MERLIN PROPERTIES: 9M’24 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'24 vs. 3Q'23 Results Rental Revenues: € 125.34 M (+5.2% vs. +4.7% BS(e)); EBITDA: € 97.97 M (+8.3% vs. +2.0% BS(e)); FFO: € 82.7 M (+19.9% vs. +8.3% BS(e)); 9M'24 vs. 9M'23 Results Rental Revenues: € 373.54 M (+4.8% vs. +4.6% BS(e)); EBITDA: € 279.24 M (+3.3% vs. +1.2% BS(e)); FFO: € 230.5 M (+6.7% vs. +3.0% BS(e));

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2024

Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong stock pe...