ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/24/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 24/03/2025

Carnival : A very good Q1, guidance edged-up

Carnival : Très bon T1, Guidance relevée à la marge

Credit Morning 02/21/2025

Auchan is to announce a dismal set of numbers for 2024 (La Lettre)|Constellium: weak Q4 results and 2025 outlook, but FCF to be positive|

Morning Crédit 21/02/2025

Auchan s’apprêterait à annoncer des résultats très dégradés (La Lettre)|Constellium: weak Q4 results and 2025 outlook, but FCF to be positive|

Credit Morning 02/19/2025

Tereos : 9M 24/25 results in line with expectations|Nexans: a very strong FY 2024, and a good performance expected in FY 2025.|KKR clashes with Fibercop management over a difference in EBTDA forecasts (FT)|SES : Moody’s revises the outlook to Negative from Stable, SES says FY24 results are better than expected|

Morning Crédit 19/02/2025

Tereos : Résultats 9M 24/25 conforme aux attentes|Nexans: a very strong FY 2024, and a good performance expected in FY 2025.|FiberCop : conflit entre KKR et le management concernant les prévisions d’EBITDA (FT)|SES : Moody’s révise la perspective de Stable à Négative, SES indique que les résultats 2024 devraient être meilleurs que prévu|

Moody's Ratings assigns B1 rating to Carnival Corporation's new unsecu...

Moody's Ratings (Moody's) assigned a B1 rating to the new backed senior unsecured notes that Carnival Corporation (Carnival) announced earlier today. The Notes will be guaranteed by the same subsidiaries that guarantee the company's other unsecured notes. Carnival will use the net proceeds to redeem...

Moody's Ratings assigns B2 rating to Carnival Corporation's new unsecu...

Moody's Ratings (Moody's) assigned a B2 rating to the new backed senior unsecured notes (Notes) that Carnival Corporation (Carnival) announced earlier today. The Notes will be guaranteed by the same subsidiaries that guarantee the company's other unsecured notes. Carnival will use the net proceeds p...

Morning Crédit 23/12/2024

Ventes Retail France : un mois de novembre globalement positif mais avec des disparités|Biogroup : feedback conf call des résultats 9M 2024, les biologistes obtiennent quelques concessions de l’Assurance Maladie|

Credit Morning 12/23/2024

French retail sales: a decent month overall, but still with disparities|Biogroup: feedback 9M 2024 earnings call, biologists win some concessions from the Assurance Maladie|

Vermilion Compass: Weekly Equity Strategy

Ride the Trend Higher Our outlook remains bullish following the S&P 500's multi-month base breakout above 5670, alongside constructive market dynamics which have significantly improved over the past week. In last week's Compass (11/5/24) titled "Buy the Pullback," we discussed how we were buyers, noting that "once past the election, starting as early as today (election day) or tomorrow (day after the election), we believe there will be a strong end-of-year rally that will extend into the early ...

Vermilion Compass: Weekly Equity Strategy

Downgrading Health Care to Underweight Our outlook remains bullish following the S&P 500's multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher. We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670. The prior two election years (2016 and 2020) saw 5% and 10% pullbacks, respectfully, during Septem...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/10/2024

Rechutant début septembre à cause des inquiétudes sur un risque de récession aux USA, les marchés actions se sont ensuite repris grâce au pivot de la Fed et au plan de relance chinois qu’on n’attendait plus. La baisse des taux courts permet de mettre fin à l’inversion de la courbe sur les rendements souverains. Autos, Energy et Healthcare ont nettement sous-performé le Stoxx 600. Demain, la Golden Week, l’élection US et le budget français seront clés pour une poursuite de la progressi...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/02/2024

Falling back sharply in early September due to concerns about a risk of recession in the US, equity markets then recovered thanks to the Fed's pivot and the Chinese stimulus plan that was no longer expected. The fall in short-term rates did put an end to the inversion of the curve on sovereign yields. Autos, energy and healthcare significantly underperformed the Stoxx 600. To come, Golden Week, the US election and the French budget will be key to a continued market progress. With, of ...

Carnival : Normalisation ongoing, still not much visibility on 2025 (p...

>Q3 figures slightly ahead of expectations. Excellent pricing trend - Carnaval turned in excellent quarterly figures, with figures just beating the company’s guidance and analyst forecasts. In detail, we note very strong revenue growth of 15% y-o-y, lifted by prices which showed an increase of 8.7% in constant dollars in the quarter (vs guidance of +8.0%) vs 12% in Q2 and 18% in Q1. EBITDA jumped 27% y-o-y to $ 2.82bn, despite robust revenue growth, reflecting good co...

Carnival : Normalisation en cours, encore très peu de visibilité sur 2...

>Un T3 2024 légèrement au-dessus des attentes. Très bonne tenue des prix - La publication trimestrielle de Carnival aura été de très bonne facture, avec des chiffres qui ont légèrement surpassés, aussi bien les guidances société, que les attentes des analystes. Dans le détail, on notera la très forte croissance des revenus de 15% yoy, portés par les prix qui progressent de 8.7% à dollar constant sur le trimestre (vs une guidance à +8.0%) contre une hausse de 12% au T2...

Credit Morning 10/01/2024

IHO aims for maturity extension in primary deal… frankly badly timed and maybe pre-emptiveINEOS Quattro: Back into the HY market; we recommend to not subscribe to the new offering based on the IPTsPicard announces a change of control and a releveraging>...

Morning Crédit 01/10/2024

IHO aims for maturity extension in primary deal… frankly badly timed and maybe pre-emptiveINEOS Quattro : Back into the HY market; we recommend to not subscribe to the new offering based on the IPTsPicard annonce son changement de contrôle et va se réendetter>...