reports
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/14/2024
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
BFIT BASIC-FIT NV
PBB DEUTSCHE PFANDBRIEFBANK AG
IDL ID LOGISTICS GROUP
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
SAB BANCO DE SABADELL SA
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 14/03/2024
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
IDL ID LOGISTICS GROUP
INF INFOTEL SA
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : Caution is the parent of safety
>Outperform rating maintained and target price adjusted to € 34.5 (vs € 37.0) - Following the publication of 2023 results that came in slightly above our expectations and the provision of cautious 2024 guidance that was lower than anticipated, we maintain our Outperform rating. The management updated its trajectory based on updated current electricity market prices which are on a significantly downward trend and affect around 20% of its production volumes. The 2024 EB...
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : Prudence est mère de sureté
>Opinion Surperformance maintenue et OC ajusté à 34.5 € (vs 37.0 €) - A l’issue la publication de résultats 2023, un peu supérieurs à nos attentes et celles du consensus, et de la délivrance d’une guidance 2024 prudente et en deçà des attentes, nous maintenons notre recommandation Surperformance. Le management a mis à jour sa trajectoire sur une base actualisée des prix de marché actuels de l’électricité qui suivent une trajectoire significativement baissière et impac...
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Jean-François Granjon
ROG ROCHE HOLDING LTD
ZIL2 ELRINGKLINGER AG
NOVN NOVARTIS AG
GYC GRAND CITY PROPERTIES SA
MRN MERSEN SA
SAN SANOFI
ERG ERG S.P.A.
DLG DE'LONGHI S.P.A.
AZN ASTRAZENECA PLC
DUFN DUFRY AG
RUI RUBIS SCA
TFF TFF GROUP
SRAIL STADLER RAIL AG
VK VALLOUREC SA
LOCAL SOLOCAL GROUP
NA9 NAGARRO
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Jean-François Granjon
ROG ROCHE HOLDING LTD
ZIL2 ELRINGKLINGER AG
NOVN NOVARTIS AG
GYC GRAND CITY PROPERTIES SA
MRN MERSEN SA
SAN SANOFI
ERG ERG S.P.A.
DLG DE'LONGHI S.P.A.
AZN ASTRAZENECA PLC
DUFN DUFRY AG
RUI RUBIS SCA
TFF TFF GROUP
SRAIL STADLER RAIL AG
VK VALLOUREC SA
LOCAL SOLOCAL GROUP
NA9 NAGARRO
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : 2023 slightly better than expectations, 2024 guidance below cons...
>2023 slightly above expectations - The company has just released its figures for 2023, which are slightly above our expectations and market estimates. Recurring EBITDA came in at € 520m (+3.5%), slightly higher the € 500m we expected and the FactSet consensus average (€ 508m). This earnings trend is mainly due to the scope effect, and new capacities put on stream in a context of lower prices captured during the period compared to the particularly high prices of the s...
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : 2023 slightly better than expectations, 2024 guidance below cons...
>2023 slightly above expectations - The company has just released its figures for 2023, which are slightly above our expectations and market estimates. Recurring EBITDA came in at € 520m (+3.5%), slightly higher the € 500m we expected and the FactSet consensus average (€ 508m). This earnings trend is mainly due to the scope effect, and new capacities put on stream in a context of lower prices captured during the period compared to the particularly high prices of the s...
ERG Eolica Campania S.p.A: 1 director
A director at ERG Eolica Campania S.p.A sold 3,900 shares at 25.650EUR and the significance rating of the trade was 58/100. 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 year...
- Jerôme Bodin
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
GYC GRAND CITY PROPERTIES SA
F3C SFC ENERGY AG
PSM PROSIEBENSAT.1 MEDIA SE
ENI ENI S.P.A.
DEQ DEUTSCHE EUROSHOP AG
ORP ORPEA SA
REP REPSOL SA
ERG ERG S.P.A.
ECV ENCAVIS AG
EDR EDREAMS ODIGEO SA
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
COFA COFACE SA
TLGO TALGO SA
BP. BP P.L.C.
SOL SOLTEC POWER HOLDINGS
NA9 NAGARRO
C3RY CHERRY AG
FUR FUGRO NV
VTSC VITESCO TECHNOLOGIES GRP AG
SHEL SHELL PLC
- Jerôme Bodin
FP TOTAL SE
PUB PUBLICIS GROUPE SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
GYC GRAND CITY PROPERTIES SA
F3C SFC ENERGY AG
PSM PROSIEBENSAT.1 MEDIA SE
ENI ENI S.P.A.
DEQ DEUTSCHE EUROSHOP AG
ORP ORPEA SA
WPP WPP PLC
REP REPSOL SA
ERG ERG S.P.A.
ECV ENCAVIS AG
EDR EDREAMS ODIGEO SA
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
COFA COFACE SA
TLGO TALGO SA
BP. BP P.L.C.
SOL SOLTEC POWER HOLDINGS
NA9 NAGARRO
C3RY CHERRY AG
FUR FUGRO NV
VTSC VITESCO TECHNOLOGIES GRP AG
SHEL SHELL PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : 9M 2023 in line, guidance range narrowed and visibility for 2024
>Outperform rating and target price of € 37.0 maintained - Following the publication of 9M 2023 results that were in line with our expectations and the consensus, we confirm our Outperform rating. Management has lifted the lower end of its EBITDA guidance range (to € 490m - € 520m vs € 480m - € 520m), with an attributable net profit above € 200m. We maintain unchanged our current 2023 estimates, as they are in line with the guidance parameters. The outlook for 2024 wi...
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : 9M 23 en ligne, fourchette de guidance 2023 resserrée et visibil...
>Opinion Surperformance et OC 37.0 € maintenus - A l’issue la publication de résultats à fin septembre 2023, en ligne avec nos attentes et celles du consensus, nous confirmons notre recommandation Surperformance. Le management a resserré à la hausse le bas de sa fourchette de guidance d’EBITDA (490 M€ - 520 M€ vs 480 M€ -520 M€), avec un RNpg supérieur à 200 M€. Pour notre part, nos estimations 2023 sont inchangées car en ligne avec les paramètres de la guidance. La p...
- Anthony Dick
- Michael Foundoukidis
PUB PUBLICIS GROUPE SA
FGA FIGEAC AERO SA
HOT HOCHTIEF AG
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
WPP WPP PLC
ERG ERG S.P.A.
ECV ENCAVIS AG
GREEN GREENYARD NV
TEG TAG IMMOBILIEN AG
PAT PATRIZIA AG
TWEKA TKH GROUP N.V. CERT
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
UNI UNICAJA BANCO S.A.
VAR1 VARTA AG
MEDCL MEDINCELL SA
AERO MONTANA AEROSPACE AG
FUR FUGRO NV
VTSC VITESCO TECHNOLOGIES GRP AG
- Anthony Dick
- Michael Foundoukidis
PUB PUBLICIS GROUPE SA
FGA FIGEAC AERO SA
HOT HOCHTIEF AG
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
WPP WPP PLC
ERG ERG S.P.A.
ECV ENCAVIS AG
GREEN GREENYARD NV
TEG TAG IMMOBILIEN AG
PAT PATRIZIA AG
TWEKA TKH GROUP N.V. CERT
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
UNI UNICAJA BANCO S.A.
VAR1 VARTA AG
MEDCL MEDINCELL SA
AERO MONTANA AEROSPACE AG
FUR FUGRO NV
VTSC VITESCO TECHNOLOGIES GRP AG
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : 9M 2023 in line, guidance 2023 bracket narrowed slightly upward
>9M 2023 in line with expectations - The company has just released its figures for 9M 2023, which are in line with our expectations and market estimates. Recurring EBITDA came in at € 365m (-6.4%), in line with the € 365m we expected and the FactSet consensus average (€ 370m). This earnings trend is mainly due to very unfavorable wind conditions in the second quarter in a context of lower prices captured during the period compared to the particularly high prices of th...
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : 9M 2023 in line, guidance 2023 bracket narrowed slightly upward
>9M 2023 in line with expectations - The company has just released its figures for 9M 2023, which are in line with our expectations and market estimates. Recurring EBITDA came in at € 365m (-6.4%), in line with the € 365m we expected and the FactSet consensus average (€ 370m). This earnings trend is mainly due to very unfavorable wind conditions in the second quarter in a context of lower prices captured during the period compared to the particularly high prices of th...
CSGN CREDIT SUISSE GROUP AG
AMS AMS AG
ENX EURONEXT NV
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
ATO ATOS SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ALTR ALTRI SGPS SA
NRG NRJ GROUP SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
ERA ERAMET SA
FAE FAES FARMA S.A.
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ROYAL VOPAK NV
UCG UNICREDIT S.P.A.
WBD WEBUILD S.P.A.
CABK CAIXABANK SA
TLGO TALGO SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IBG IBERPAPEL GESTION S.A.
ROTH ROTHSCHILD & CO. SCA
ALVAL VALBIOTIS SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
SYAB SYNLAB AG
ALLFG ALLFUNDS (UK) LTD
STM STABILUS SE
CSGN CREDIT SUISSE GROUP AG
AMS AMS AG
ENX EURONEXT NV
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
ATO ATOS SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ALTR ALTRI SGPS SA
NRG NRJ GROUP SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
ERA ERAMET SA
FAE FAES FARMA S.A.
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ROYAL VOPAK NV
UCG UNICREDIT S.P.A.
WBD WEBUILD S.P.A.
CABK CAIXABANK SA
TLGO TALGO SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
ROTH ROTHSCHILD & CO. SCA
ALVAL VALBIOTIS SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
SYAB SYNLAB AG
ALLFG ALLFUNDS (UK) LTD
STM STABILUS SE
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : Not as bad as feared
>Outperform rating and target price of € 37.0 maintained - Following the publication of H1 results that were in line with our expectations and the consensus, we confirm our Outperform rating. The management admittedly revised down its EBITDA guidance range for 2023 due to the weakness of resources and more marginally wholesale prices, but it clearly indicated attributable net profit guidance of around € 200m, which should reassure the market, whose reaction, with a -6...
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