reports
- Emmanuel Matot
- Marc Lavaud
- Michael B. Schäfer
- Marc Lavaud
- Michael B. Schäfer
- Anthony Dick
- Marc Lavaud
- Michael Foundoukidis
Michelin : MICHELIN – ESG road show feedback: a convincing company in ...
>Convincing ESG road show with the CFO, head of sustainable development and investor relations team - On Thursday 12 November, we organised an ESG road show with Michelin. The company was represented by Yves Chapot, CFO & General Manager, Pierre-Martin Huet, Senior Vice President Sustainable Development and Impact, Guillaume Jullienne, Head of investor relations, and Flavien Huet, investor relations. The meetings were held with ESG analysts (sometimes specialists in b...
- Anthony Dick
- Marc Lavaud
- Michael Foundoukidis
Michelin : Michelin - Feedback roadshow ESG : une société convaincante...
>Roadshow ESG convaincant avec CFO, direction du développement durable et équipe des relations investisseurs - Nous avons organisé le jeudi 14 novembre un roadshow ESG avec la société Michelin. Celle-ci était représentée par son Directeur Financier & Gérant Yves Chapot, son Directeur Développement Durable et Impact Pierre-Martin Huet, son Directeur des Relations Investisseurs Guillaume Jullienne, et son Chargé de Relations Investisseurs Flavien Huet. Alors que l...
- Damien Choplain
- Martial Descoutures
- Damien Choplain
- Martial Descoutures
RHM RHEINMETALL AG
BLND BRITISH LAND COMPANY PLC
GRF GRIFOLS S.A. CLASS A
ELE ENDESA S.A.
ISP INTESA SANPAOLO S.P.A.
TLX TALANX AG
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
GRF.P GRIFOLS S.A. PREF CLASS B
ARGX ARGEN-X SE
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Anthony Dick
- Michael Foundoukidis
Michelin : October volumes trends in line with September with Europe R...
>October unlikely to surprise, PIRC & CON better positioned than ML near term - Overall, October volumes continued the trend of September, with global replacement volumes positive (mostly linked to Europe with winter/all season in PLT) and OE volumes (strongly) negative, both for light vehicles and trucks. These figures are in line with most tyre manufacturers' messages during the Q3 earnings season and should come as no surprise, with Michelin less favourably positio...
- Anthony Dick
- Michael Foundoukidis
Michelin : October volumes trends in line with September with Europe R...
>October unlikely to surprise, PIRC & CON better positioned than ML near term - Overall, October volumes continued the trend of September, with global replacement volumes positive (mostly linked to Europe with winter/all season in PLT) and OE volumes (strongly) negative, both for light vehicles and trucks. These figures are in line with most tyre manufacturers' messages during the Q3 earnings season and should come as no surprise, with Michelin less favourably positio...
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Anthony Dick
- Michael Foundoukidis
Michelin : A tougher H2, penalised by specialty tyres weakness
>Q3 sales 2% below expectations, FY targets adjusted (EBIT down but FCF up) - Michelin has reported Q3 sales of € 6.69bn (-5%), 2% below expectations (-1% vs ODDO BHF), mainly because of an even bigger drop in volumes (Specialities/SR3) than feared (-7.1% vs -4.4%), not fully offset by the more robust price/mix (+2.9% vs +2.4%). As a result, the group adjusted full-year guidance by cutting its EBIT/SOI target (~€ 3.4bn vs >€ 3.5bn at constant FX) but raising its FCF ...
- Anthony Dick
- Michael Foundoukidis
Michelin : Un S2 plus difficile, pénalisé par les spécialités
>CA T3 2% sous les attentes, obj. annuels ajustés (EBIT en baisse, FCF en hausse) - Michelin a publié un CA T3 de 6 690 M€ (-5%), 2% sous les attentes (-1% vs ODDO BHF), essentiellement en raison d’une baisse des volumes (Spécialités/SR3) encore plus prononcée que craint (-7.1% vs -4.4%) que le prix/mix plus robuste (+2.9% vs +2.4%) n’a pas plus pleinement compenser. Face et cela, le groupe a ajusté ses objectifs annuels, révisant en baisse son objectif d’EBIT (~3.4 M...
- Charlotte Vaisse
- Christophe-Raphaël Ganet
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/18/2024
The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefer Acc...
VIE VEOLIA ENVIRONNEMENT SA
CA CARREFOUR SA
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
FGR EIFFAGE SA
ABB ABB LTD.
HNR1 HANNOVER RUECK SE
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
RACE FERRARI NV
VACN VAT GROUP AG
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Charlotte Vaisse
- Christophe-Raphaël Ganet
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/10/2024
La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissance 202...
VIE VEOLIA ENVIRONNEMENT SA
CA CARREFOUR SA
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
FGR EIFFAGE SA
ABB ABB LTD.
HNR1 HANNOVER RUECK SE
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
RACE FERRARI NV
VACN VAT GROUP AG
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Anthony Dick
- Michael Foundoukidis
Michelin : September trends still weak, but not more than expected
>Volumes weakness now well known and already included in our Q3/FY estimates - Overall, September volumes continued the trend of previous months, with global replacement volumes positive (mostly linked to EU Winter/all-season in PLT) and OE volumes (strongly) negative, both for light vehicles and trucks. These figures are in line with most tyre manufacturers' messages recently and back our cautious approach towards Q3 sales (€ 6.7bn, -4.7% incl. volumes at -5.6%e) as...
- Anthony Dick
- Michael Foundoukidis
Michelin : September trends still weak, but not more than expected
>Volumes weakness now well known and already included in our Q3/FY estimates - Overall, September volumes continued the trend of previous months, with global replacement volumes positive (mostly linked to EU Winter/all-season in PLT) and OE volumes (strongly) negative, both for light vehicles and trucks. These figures are in line with most tyre manufacturers' messages recently and back our cautious approach towards Q3 sales (€ 6.7bn, -4.7% incl. volumes at -5.6%e) as...
- Marc Lavaud
- Robert Jan Vos
- Marc Lavaud
- Robert Jan Vos
- Ahmed Ben Salem
- Charlotte Vaisse
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/08/2024
The long financial duration that Cellnex enjoys implies high sensitivity of the valuation to discount rates. After a long challenging two-year period, we now see a more favourable economic environment ahead. Factors such as the potential for interest rate cuts and inflation nearing Cellnex’s sweet spot, coupled with a strong organic performance and newly implemented strategic measures—particularly deleveraging and further efficiencies on both Opex and Capex—create a positive backdrop....
EQNR EQUINOR ASA
BVI BUREAU VERITAS SA
PUM PUMA SE
RCO REMY COINTREAU SA
TFI TELEVISION FRANCAISE 1 SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
ORSTED ORSTED
MMT METROPOLE TELEVISION SA
EVK EVONIK INDUSTRIES AG
VACN VAT GROUP AG
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Ahmed Ben Salem
- Charlotte Vaisse
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/10/2024
The long financial duration that Cellnex enjoys implies high sensitivity of the valuation to discount rates. After a long challenging two-year period, we now see a more favourable economic environment ahead. Factors such as the potential for interest rate cuts and inflation nearing Cellnex’s sweet spot, coupled with a strong organic performance and newly implemented strategic measures—particularly deleveraging and further efficiencies on both Opex and Capex—create a positive backdrop....
EQNR EQUINOR ASA
BVI BUREAU VERITAS SA
PUM PUMA SE
RCO REMY COINTREAU SA
TFI TELEVISION FRANCAISE 1 SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
ORSTED ORSTED
MMT METROPOLE TELEVISION SA
EVK EVONIK INDUSTRIES AG
VACN VAT GROUP AG
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.