reports
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Lewi
Elia Group Politics cloud the need for investments, but no turning bac...
Elia suffers from negative downdraft as politics cast doubt on the expected RAB growth outlined in the grid development plans. In Belgium, there is currently a standstill in the government formation and in Germany an early election has been called. Also the rhetoric of president-elect Mr Trump does not bode well for US energy transition investments. For Elia specific, the Elisabeth Island and its budget have been subject of discussions that juggle with figures that are taken out of context. As t...
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/10/2024
Les députés ont supprimé vendredi dernier la surtaxe d’Impôt sur les Sociétés proposée par le gouvernement français dans son PLF 2025. Il serait, selon nous, hasardeux de crier victoire trop tôt, et cette disposition pourrait faire son retour durant la suite du débat budgétaire, sous la forme initialement proposée par le gouvernement ou sous une autre. Nous restons prudents sur les actions françaises, le débat budgétaire restant chaotique et pas à la hauteur des enjeux, comme le souli...
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
EL ESSILORLUXOTTICA SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
NEXI NEXI S.P.A.
EPI A EPIROC AB
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/28/2024
Last Friday, MEPs scrapped the exceptional additional corporate tax proposed by the French government in its PLF 2025. In our view, it would be risky to claim victory prematurely, and this provision could make a comeback during the remainder of the budget debate, in the form initially proposed by the government or in another form. We remain cautious on French equities, as the budget debate remains chaotic and fails to live up to the stakes, as underlined by Moody's downgrade of the so...
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
EL ESSILORLUXOTTICA SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
NEXI NEXI S.P.A.
EPI A EPIROC AB
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
- Thijs Berkelder
Elia Group : Gas network operator Fluxys to support Elia’s equity need...
>Fluxys agreement with reference shareholder Publi-T (44.79% in Elia Group) - Fluxys announces that Elia Group’s reference shareholder Publi-T signed a Heads of Agreement with Fluxys SA/NV to enable Publi-T to follow future capital increases of Elia Group. Together, they will create a new subsidiary to which Publi-T will contribute its 44.79% stake in Elia Group. When needed, Publi-T and Fluxys SA/NV will contribute additional capital to the subsidiary to fund its sha...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2024
Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the anti-C...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2024
Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage accru de...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Thijs Berkelder
Elia Group : Uncertainty on new CEO starting to affect quality investo...
>One year further: still no new group CEO - Yesterday an article in newspaper De Tijd was titled: “It is irresponsible that Elia already so long is without CEO”. Former CEO Chris Peeters (see picture below) was already appointed by BPost on 6 September 2023, and left Elia Group at the end of October 2023. Since that date CFO Catherine Vandenborre (see picture below) took over the job as interim-CEO, but also made clear she does not have the ambition to permanently bec...
- ING Helpdesk
Benelux Morning Notes
Ageas: The Saga continues. ASM International: KKR reportedly interested in ASM PT. D'Ieteren: Belron €8.1bn debt financing at better rates than expected. Elia: Challenges ahead, CEO appointment necessary. Gimv: €150-250m bond issue by Gimv controlling anchor investor WorxInvest. PostNL: Preparation letter on future of Dutch mail market sent to Parliament. Vonovia: Good progress on disposals
- Wim Lewi
Elia Group Analyst Day Take-Aways
Elia hosted its first Analyst day on the site of its National Control Center (NCC) in Vilvoorde (BXL). Elia intended mainly to educate Analysts on its operations, but also provided a Q&A session with the (interim) CEO and CFO. A new CEO is expected before the year end. Elia is examining different scenario's on the equity needs. There is a lot of noise at the moment with a new government shift in BE, potential early elections in GE and the pending sale of Tennet. The visit to the NCC gave a perfe...
- Baptiste Salaville
- Charlotte Vaisse
- Michael B. Schäfer
- Thomas Zlowodzki
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...
- Baptiste Salaville
- Charlotte Vaisse
- Michael B. Schäfer
- Thomas Zlowodzki
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 ...
- Thijs Berkelder
Elia Group : Not yet a new CEO but on track to deliver on its growth p...
>Feedback analyst day - Yesterday, Elia Group held its Analyst Day in its Belgian National Control Centre in Schaerbeek, near Brussel. Next to the expanded IR team also present were interim-CEO Catherine Vandenborre and interim-CFO Marco Nix. Selection new CEO takes more time. Where analysts were hoping for a surprise CEO reveal party, reality is that Elia is still busy with the selection of a new CEO preferable having experience in an international industrial gr...
- Guy Sips
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Quirijn Mulder
Elia/Rapid growth/HOLD
Elia is a good company in the sweetspot of the EU's ambitious plans to have one European electricity network and with Germany-specific plans to replace nuclear power with wind. Elia's asset base is growing fast, with €31bn in capex until FY28 being more than quadruple the FY19-23 level. This is good for profitability in its regulatory framework. While its growth means that the company deserves a premium to its peers, at the same time Elia falls >60% short of the dividend yield offered by peers. ...
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Lewi
- Nadège Tillier
Elia/Holding tight
The Elia Group's results for the first six months of 2024 showed some growth and management upgraded its bottom-line guidance for year-end 2024. The group's capital expenditure reached €1,736m and should total €4,700m by the end of the year. A substantial part of the investments requires new financial debt and mitigating measures, such as additional capital increases. We expect new bond issuance on the € market to be regular in order to finance capex and redemptions. Elia issues bonds at three e...
- Nadège Tillier
Eurogrid/Fairly valued
Part of the Elia Group, Eurogrid is one of the electricity transmission utilities in Germany. We look back at the company's 1H24 results published earlier during the summer. 1H24 financials saw some cash flow generation expansion but also a swelling debt. With capital expenditure of €1.3bn in the first six months of 2024, the utility expects to spend a total of €3.3bn in investments by the end of the year. At LTM 1H24, capex represented 332% of EBITDA, reflecting the gap between cash flow genera...
- Thijs Berkelder
Elia Group : Time is right to look at upside potential again
Elia Group is on track with its large capex (€ 4.7bn) and funding roll-out for 2024, making it also lift in its earnings outlook for the year. Having underperformed the general equity market year-to-date by around 23%, the time in our view now is right to start looking again at the Elia Group share. Assuming that (1) the new CEO will be presented before end of 24Q3, (2) an updated larger capex plan in 24Q4, and (3) the long awaited equity raise to be government supported in 25H1...
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