reports
- Delphine Brault
- Quentin Borie
ODDO BHF Small & MIDCAP MORNING NEWS - 03/21/2024
GTT boasts a secure growth profile with enhanced visibility on the back of high-quality backlog. With over € 1.8bn in secured revenues, we are anticipating an EBITDA CAGR of 22% over 2023-26. Growth drivers were confirmed (LNG fuel, hydrogen, digital services) and the news flow should remain favourable (future orders). The valuation remains modest (13x EBITDA vs 13.4x for historical ratio) in light of the anticipating growth (0.6x 2023-26 CAGR). Our target price stands at € 170 exclu...
EURN EURONAV NV
ALCLA CLASQUIN SA
BLC BASTIDE LE CONFORT MEDICAL SA
IPH INNATE PHARMA SA CLASS A
VIRP VIRBAC SA
VETO VETOQUINOL SA
NRG NRJ GROUP SA
GBT GUERBET SA
FFP FFP
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
COPN COSMO PHARMACEUTICALS NV
AVTX AVANTIUM NV
VOS VOSSLOH AG
CLA CLARANOVA SE
- Geoffroy Michalet
Peugeot Invest : Record year, driven by Stellantis, despite Signa. Ful...
>2023 driven by Stellantis - Peugeot Invest published its full-year results. NAV came to € 238.7 per share, up +21% over the full year and 8% in H2. Gross asset value came to € 6.9bn and net asset value to € 5.9bn.The non-managed part of the portfolio (Peugeot 1810) which represents 54% of gross assets (or € 3.7bn) and comprises stakes in Stellantis and Forvia, grew 58%, to € 3.7bn vs € 2.3bn. In particular, Stellantis gained 77% in 2023 (ODDO BHF – Outperform – ...
- Delphine Brault
- Quentin Borie
ODDO BHF Small & MIDCAP MORNING NEWS - 21/03/2024
GTT présente un profil de croissance sécurisé avec une visibilité renforcée à l’appui d’un backlog de qualité. Fort d’un CA sécurisé de plus de 1.8 Md€, nous tablons sur un TMVA 2023/26 de l’EBITDA de +22%. Les relais de croissance sont confirmés (GNL Carburant, Hydrogène, Services digitaux) et le newsflow devrait demeurer bien orienté (futures commandes). La valorisation reste modeste (13x l’EBITDA vs 13.4x pour les références historiques) au regard de la croissance attendue (0.6x TM...
EURN EURONAV NV
ALCLA CLASQUIN SA
BLC BASTIDE LE CONFORT MEDICAL SA
IPH INNATE PHARMA SA CLASS A
VIRP VIRBAC SA
VETO VETOQUINOL SA
NRG NRJ GROUP SA
GBT GUERBET SA
FFP FFP
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
COPN COSMO PHARMACEUTICALS NV
AVTX AVANTIUM NV
VOS VOSSLOH AG
CLA CLARANOVA SE
- Geoffroy Michalet
Peugeot Invest : Année record, tirée par Stellantis, malgré Signa. ANR...
>Une année 2023 tirée par Stellantis - Peugeot Invest a publié ses résultats annuels. L’ANR ressort à 238.7 M€, en hausse de +21% sur l’année et de 8% sur le S2. L’Actif brut ressort à 6.9 Md€ et l’actif net à 5.9 Md€.La partie non-gérée du portefeuille (Peugeot 1810) qui représente 54% de l’actif brut (soit 3.7 Md€) et composé des participations dans Stellantis et Forvia, aura progressé de 58%, à 3.7 Md€ vs 2.3 Md€. En particulier, Stellantis aura progressé de ...
- Geoffroy Michalet
Peugeot Invest : ANR S1 2023 : +12%, tiré par Peugeot 1810
>Bon ANR de début d’année dans un contexte compliqué - Peugeot Invest a publié hier soir ses résultats annuels. L’ANR ressort à 221.3 €/action, en hausse de 12% sur le semestre et de 15% sur 12 mois glissants. L’actif brut ressort à 6.4 Md€ (+0.5 Md€) et l’ANR à 5.5 Md€ (+0.5 Md€).La partie non gérée du portefeuille (Peugeot 1810) qui représente 45% de l’actif brut (soit 2.9 Md€) et composée des participations dans Stellantis et Forvia aura progressé de 22%. Les ...
- Geoffroy Michalet
Peugeot Invest : ANR H1 2023 NAV: +12%, driven by Peugeot 1810
>Good NAV at the start of the year in a complicated context - Peugeot Invest released its annual results yesterday evening. NAV per share came to € 221.3, up 12% in the first half and +15% y-o-y. Gross asset value amounted to € 6.4bn (+€ 0.5bn) and NAV to € 5.5bn (+€ 0.5bn).The unmanaged part of the portfolio (Peugeot 1810) which represents 45% of gross assets (or € 2.9bn) and comprises stakes in Stellantis and Forvia, grew 22%. Both companies posted a good perfo...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 23/03/2023
We continue to see healthcare real estate as a defensive segment from an income perspective while market evidence now also points to valuations remaining fairly stable. Analysing FY2022 results proofs Cofinimmo can fully capture inflation and is not impacted by rent freezes. With Cofinimmo trading at a discount to NAV, growing rent close to inflation and with positive catalysts from divestments are still possible, we reiterate our Outperform rating. - ...
ALFOC FOCUS HOME INTERACTIVE SA
MF WENDEL SE
IDL ID LOGISTICS GROUP
ALCLA CLASQUIN SA
INF INFOTEL SA
BEN BENETEAU SA
BLC BASTIDE LE CONFORT MEDICAL SA
IPH INNATE PHARMA SA CLASS A
VETO VETOQUINOL SA
VLS VALNEVA SE
NRG NRJ GROUP SA
MRN MERSEN SA
PIG HAULOTTE GROUP SA
GBT GUERBET SA
FFP FFP
PAT PATRIZIA AG
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
VLTSA VOLTALIA
LNSX SIXT LEASING AG
HBH HORNBACH HOLDING AG & CO. KGAA
RBO ROCHE BOBOIS INTERNATIONAL SAS
TITC TITAN CEMENT INTERNATIONAL N.V.
INPST INPOST S.A.
VTSC VITESCO TECHNOLOGIES GRP AG
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 03/23/2023
We continue to see healthcare real estate as a defensive segment from an income perspective while market evidence now also points to valuations remaining fairly stable. Analysing FY2022 results proofs Cofinimmo can fully capture inflation and is not impacted by rent freezes. With Cofinimmo trading at a discount to NAV, growing rent close to inflation and with positive catalysts from divestments are still possible, we reiterate our Outperform rating. - ...
ALFOC FOCUS HOME INTERACTIVE SA
MF WENDEL SE
IDL ID LOGISTICS GROUP
ALCLA CLASQUIN SA
INF INFOTEL SA
BEN BENETEAU SA
BLC BASTIDE LE CONFORT MEDICAL SA
IPH INNATE PHARMA SA CLASS A
VETO VETOQUINOL SA
VLS VALNEVA SE
NRG NRJ GROUP SA
MRN MERSEN SA
PIG HAULOTTE GROUP SA
GBT GUERBET SA
FFP FFP
PAT PATRIZIA AG
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
VLTSA VOLTALIA
LNSX SIXT LEASING AG
HBH HORNBACH HOLDING AG & CO. KGAA
RBO ROCHE BOBOIS INTERNATIONAL SAS
TITC TITAN CEMENT INTERNATIONAL N.V.
INPST INPOST S.A.
VTSC VITESCO TECHNOLOGIES GRP AG
- Geoffroy Michalet
Peugeot Invest : Listed portion takes toll on performance in 2022. FY ...
>Uneven performances, but the listed portion undermined NAV - Peugeot Invest reported its full-year results yesterday evening. NAV came in at € 199.5 per share, down 14% y-o-y and up +4% in H2. Gross assets amounted to € 5.9bn and NAV to € 5.0bn.The managed portion of the portfolio (Peugeot 1810) which accounts for 40% of gross assets (or € 2.3bn), and is comprised of the stakes in Stellantis and Forvia, dropped by -23%. Despite a good operating performance from ...
- Geoffroy Michalet
Peugeot Invest : Le coté aura pesé sur la performance 2022. ANR FY 202...
>Des performance inégales, mais le coté impacte négativement l’ANR - Peugeot Invest a publié hier soir ses résultats annuels. L’ANR ressort à 199.5 €/action, en baisse de 14% sur l’année et en hausse de 4% sur le S2. L’actif brut ressort à 5.9 Md€ et l’ANR à 5.0 Md€ La partie gérée du portefeuille (Peugeot 1810) qui représente 40% de l’actif brut (soit 2.3 Md€) et composée des participations dans Stellantis et Forvia aura baissé de 23%. En dépit d’une bonne perfo...
- François Digard
Probable increase in NAV at 31/12
PEUG will publish its half-yearly NAV on 22 March. After a 17.2% decline in H1, the NAV at 31/12 should benefit from the 7.2% increase in listed assets in H2 (53% of the GAV). PEUG has not communicated on new investments but had indicated in September that it was selling assets at satisfactory multiples. The unlisted portion of NAV should therefore not disappoint. In H2 22, PEUG's share price rose by only 3% (-28% over the year), showing a spot discount of 56%. Orpéa has become insignificant...
- François Digard
Remontée probable de l’ANR au 31/12
PEUG publiera son ANR annuel le 22 mars prochain. Après un recul de 17,2% au S1, l’ANR au 31/12 devrait bénéficier de la progression des actifs cotés de 7,2% au S2 (53% de l’ABR). PEUG n’a pas communiqué sur de nouveaux investissements mais avait indiqué en septembre céder des actifs à des multiples satisfaisants. La part non cotée de l’ANR ne devrait donc pas décevoir. Au S2-22, le cours de PEUG n’a progressé que de 3% (-28% sur l’année), affichant une décote spot de 56%. Devenu insignifian...
- François Digard
H1 with 2 speeds
At the end of the first half of 2022, NAV stood at €4.78bn and NAV per share at €192, compared with €235 at the end of 2021, a decline of 17.2%, dividend reinvested. Over the period, the portfolio's diversification into unlisted investments and the high dividend payments made by Stellantis offset part of the decline in the share price of listed holdings (-31.4%).
- François Digard
S1 à 2 vitesses
A l’issue du 1er semestre 2022, l’ANR s’est établi à 4,78Md€ et l’ANR par action à 192€ contre 235€ fin 2021, soit un recul de 17,2%, dividende réinvesti. Sur la période, la diversification du portefeuille dans le non coté et le versement de dividendes élevés par Stellantis ont permis de compenser une partie de la baisse des cours de bourse des participations cotées (-31,4%).
- Ahmed Ben Salem
- Anis Zgaya
- Stephane Houri
EQNR EQUINOR ASA
ALESK ESKER SA
GALP GALP ENERGIA SGPS SA CLASS B
FORTUM FORTUM OYJ
ASY ASSYSTEM SA
IPH INNATE PHARMA SA CLASS A
LNA LNA SANTE SA
ALCAR CARMAT SA
ENI ENI S.P.A.
REP REPSOL SA
FFP FFP
AXS ACCSYS TECHNOLOGIES
FNTN FREENET AG
ALVAL VALBIOTIS SA
UN01 UNIPER SE
BP. BP P.L.C.
PWG PRODWAYS GROUP SA
DMP DERMAPHARM HOLDING SE
ALCUR ARCURE SA
SHEL SHELL PLC
- Ahmed Ben Salem
- Anis Zgaya
- Stephane Houri
EQNR EQUINOR ASA
ALESK ESKER SA
GALP GALP ENERGIA SGPS SA CLASS B
FORTUM FORTUM OYJ
ASY ASSYSTEM SA
IPH INNATE PHARMA SA CLASS A
LNA LNA SANTE SA
ALCAR CARMAT SA
ENI ENI S.P.A.
REP REPSOL SA
FFP FFP
AXS ACCSYS TECHNOLOGIES
FNTN FREENET AG
ALVAL VALBIOTIS SA
UN01 UNIPER SE
BP. BP P.L.C.
PWG PRODWAYS GROUP SA
DMP DERMAPHARM HOLDING SE
ALCUR ARCURE SA
SHEL SHELL PLC
- Geoffroy Michalet
Peugeot Invest : H1 2022 NAV: down -17% at € 192 per share. Rating and...
>NAV down -17% at € 192 per share - For H1, Peugeot Invest reported an NAV of € 192 per share, down -17% vs end-2021 (€ 235).The listed portion of the NAV, the main one in value terms (€ 2.9bn), fell by -32% in H1, as a result of the performance by Stellantis (-29%) which accounts for 35% of the NAV. The other stakes are also trending downwards. The group has sold a fleet of 13 vessels, for an undisclosed amount, after nine years of partnerships with LDA. T...
- Geoffroy Michalet
Peugeot Invest : ANR S1 2022 : en retrait à 192 € par action. Reco et ...
>ANR en baisse, -17% à 192 € par action - Au titre de son S1, Peugeot Invest publie un ANR de 192 € par action, en baisse de 17% vs fin 2021 (235 €).La partie cotée de l’ANR, la principale en valeur (2.9 Md€) régresse de 32% au S1, en particulier du fait de la performance de Stellantis (-29%) qui représente 35% de l’ABR. Les autres participations sont plutôt orientées en baisse également. Le groupe a procédé à la cession d'une flotte de 13 navires, pour un montan...
- François Digard
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