>Underlying market intact - We organised a site visit of Merck’s Life Sciences business including the new mRNA showroom and hosted a group meeting with the divisional CEO Matthias Heinzel who described an underlying healthy demand from the biopharmaceutical industry. The development in China is seen as more muted with growth in the mid to high-single-digit territory on the back of a challenging macro environment despite overall healthy fundamentals (investments in hea...
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 ...
Peu de secteurs polarisent autant que le luxe automobile sportif. A la pointe de l’innovation technologique et artistique pour les uns, il est le reflet d’inégalités excessives pour les autres. Nous estimons que le secteur a un rôle prépondérant à jouer sur l’atténuation du changement climatique, mais aussi l’économie circulaire ou la transition juste. Considérant les impacts, risques et opportunités matériels, nous plaçons Ferrari en Best-in-Class ESG, Porsche en Neutre ESG, et Aston...
Few sectors are as polarising as luxury sports cars. At the cutting edge of technological and artistic innovation for some, they reflect excessive inequality for others. We believe the sector has a key role to play in climate change mitigation, as well as in the circular economy and just transition. Taking into account material impacts, risks and opportunities, we see Ferrari as ESG Best-in-Class, Porsche as ESG Neutral and Aston-Martin Lagonda as ESG Not Recommended. - ...
>Retail REITs broadly the best positioned - The announcement of the dissolution of parliament created a stock market shock or French real estate stocks leading to a negative performance of 10.6% since 7 June vs -4.2% for our other real estate stocks, notably in line with the increase in the 10-year OAT yield (c.+5bp) and its difference with the German 10-year yield (+c.23bp).The outcome of the legislative elections is still uncertain. Based on the sc...
>Phase III of xevinapant failed - Merck announced the discontinuation of the phase III randomized TrilynX study evaluating xevinapant plus chemoradiotherapy in patients with unresected locally advanced squamous cell carcinoma of the head and neck. The decision follows a pre-planned interim analysis performed by the study’s Independent Data Monitoring Committee, which found that the trial would be unlikely to meet its primary objective of prolonging event-free survival...
>Les foncières de commerce globalement les mieux positionnées - L’annonce de la dissolution de l’Assemblée Nationale a créé un choc boursier sur les valeurs immobilières françaises engendrant une performance négative de 10.6% depuis le 7 juin vs -4.2% sur nos autres valeurs immobilières, en ligne notamment avec la hausse du rendement de l’OAT 10 ans (+c.+5 pb) et son écartement avec le 10 ans allemand (+c. 23 pb).L’issue des élections législatives est encore inc...
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. - ...
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. - ...
>But reiterates: no equity raise in 2024 - On Friday 21 June, Elia Group held an EGM (Extraordinary General Meeting of Shareholders) to validate an amendment in the articles of association related to the authorised capital. Because at the initial EGM on 21 May a quorum was reached of 71.39% and 71.29% respectively, not enough for approval, on Friday a second EGM took place to reach the final approval.Amendment company’s object: now also allowed to invest in othe...
A director at Rheinmetall AG bought 70 shares at 475.500EUR and the significance rating of the trade was 53/100. 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 s...
René van Vlerken to succeed Simone Huis in ‘t Veld as CEO of Euronext Amsterdam Contacts MediaContact Investor RelationsAmsterdam Brussels 17Dublin 13Lisbon 97 Milan 56Oslo Paris 45 René van Vlerken to succeed Simone Huis in ‘t Veld as CEO of Euronext Amsterdam Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 18 June 2024 – Euronext today announced that the Supervisory Board of Euronext N.V. has nominated René van Vlerken as CEO of Euronext Amsterdam and member of the Managing Board of Euronext N.V. as per 1 September 2024. The announcement follows Simone Huis in ‘t Veld...
Euronext announces completion of share repurchase programme as part of its long-term incentive plan Contacts MediaContact Investor RelationsAmsterdam Brussels 17Dublin 13Lisbon 97 Milan 56Oslo Paris 45 Euronext announces completion of share repurchase programme as part of its long-term incentive plan Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 17 June 2024 – Euronext, the leading pan-European market infrastructure, today announced that it has completed the repurchase of 100,000 of its own shares at an average price of €93.18. This repurchase programme was ...
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