reports
- Russell Waller
European Telecoms High Yield review Setting out our key preferences
We published our Global High Yield Quarterly this week – HERE. For a European perspective, we provide a summary of our thoughts and ideas on the European HY issuers in this piece, which takes excerpts from the Global HYQ and adds to it, including asset cover and a summary of our most preferred and least preferred names.
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/05/2024
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d. The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement. As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 m...
GPRK GEOPARK
EGY VAALCO ENERGY INC.
A2PAZ7 TETHYS PETROLEUM
GENL GENEL ENERGY
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ALVOF ALVOPETRO ENERGY LTD
SNM SHAMARAN PETROLEUM CORP.
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
FEC FRONTERA ENERGY CORP
BP. BP P.L.C.
DGOC DIVERSIFIED GAS & OIL
CNE CANACOL ENERGY LTD
KOS KOSMOS ENERGY LTD.
TAL PETROTAL (TAL)
HBR HARBOUR ENERGY PLC
PLSR CN PULSAR HELIUM INC.
Intesa Sanpaolo S.p.A.: 1 director
A director at Intesa Sanpaolo S.p.A. sold 322,362 shares at 3.554EUR and the significance rating of the trade was 100/100. 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 years...
Holding(s) in Company
easyJet plc (EZJ) Holding(s) in Company 09-May-2024 / 13:00 GMT/BST TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN GB00B7KR2P84 Issuer Name EASYJET PLC UK or Non-UK Issuer UK 2. Reason for Notification An acquisition or disposal of voting rights 3. Details of person subject to the notification obligation Name Bank of America Corporation City of registered office (if applicable) Country of registered office (if applicable) US 4. Details of the shareholder Full name of shareholder(...
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Olfa Taamallah
- Yan Derocles
BAE Systems : Trading update – Strong commercial momentum continues – ...
>Trading in line with expectations with solid order intake momentum - For its AGM, BAE Systems is updating the market with trading so far in line with expectations. In particular, we would highlight i/ solid order intake momentum that will be supported by the recent passing of the US supplemental aid package to Ukraine and the commitment by the UK to spend 2.5% of GDP by 2030; ii/ Ball Aerospace acquisition was completed on 16 February (Space & Mission Systems) and th...
- Olfa Taamallah
- Yan Derocles
BAE Systems : Trading update – Strong commercial momentum continues – ...
>Trading in line with expectations with solid order intake momentum - For its AGM, BAE Systems is updating the market with trading so far in line with expectations. In particular, we would highlight i/ solid order intake momentum that will be supported by the recent passing of the US supplemental aid package to Ukraine and the commitment by the UK to spend 2.5% of GDP by 2030; ii/ Ball Aerospace acquisition was completed on 16 February (Space & Mission Systems) and th...
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
G1A GEA GROUP AG
PUM PUMA SE
AFX CARL ZEISS MEDITEC AG
UTDI UNITED INTERNET AG
ALO ALSTOM SA
ELE ENDESA S.A.
GEBN GEBERIT AG
RWE RWE AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
SIX2 SIXT SE
BC8 BECHTLE AG
AMS AMADEUS IT GROUP SA CLASS A
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
KBX KNORR-BREMSE AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
UN0 UNIPER SE
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
G1A GEA GROUP AG
PUM PUMA SE
AFX CARL ZEISS MEDITEC AG
UTDI UNITED INTERNET AG
ALO ALSTOM SA
ELE ENDESA S.A.
GEBN GEBERIT AG
RWE RWE AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
SIX2 SIXT SE
BC8 BECHTLE AG
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
KBX KNORR-BREMSE AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
UN0 UNIPER SE
- Martin Marandon-Carlhian
- Stephane Houri
Infineon Technologies AG : The low point reached = rebound, target pri...
>Outperform reiterated, target price raised to € 45 vs € 40 despite the warning - Following the publication of Q2 2024 results that came in a shade above of expectations yesterday and despite the downward revision to the guidance for 2024 (the weakness of demand in automobile and the deepening of the correction in industry) the stock rebounded strongly (+13%). Despite this revision, the market above all retained that 1/ Infineon has indicated that it has de-risked its...
- Ahmed Ben Salem
BP : Net profit and cash generation a shade below expectations but gui...
>Q1 EBIT ahead of our expectations but net earnings below - EBIT was 2.1% higher than the consensus estimate and down 2.9% q-o-q. In contrast, net profit came in 5.1% below expectations due to the impact of a higher tax effect. In contrast, net profit for the OP&O division undershot expectations given the fall in the prices of oil and gas and the group is guiding for lower production in Q2 albeit slightly higher over the full year vs 2023. The pleasant surprise for t...
- Ahmed Ben Salem
BP : Résultats net et génération de cash légèrement inférieurs aux att...
>EBIT T1 supérieur aux attentes mais résultat net en dessous - L’EBIT ressort 2.1% supérieur au consensus et en baisse de 2.9% QoQ. Le résultat net par contre ressort 5.1% en dessous des attentes sous l’impact d’un effet taxe plus important. Le résultat de OP&O est ressorti inférieur aux attentes vu la baisse du prix du pétrole et du gaz et le groupe guide sur une production plus faible au T2 mais légèrement plus élevée sur l’année vs 2023. Sur ce trimestre, la bonne ...
- Pierre FerraguÊ
- Martin Marandon-Carlhian
- Stephane Houri
Infineon Technologies AG : Le point bas atteint = rebond, OC relevé à ...
>Opinion Surperformance réitérée, OC relevé à 45 € vs 40 € malgré le warning - Suite à la publication des résultats T2 24 légèrement supérieurs aux attentes hier et malgré la révision en baisse de la guidance 2024 (faiblesse de la demande dans l’automobile et approfondissement de la correction dans l’industrie), le titre a fortement rebondi (+13%). Malgré cette révision, le marché a en effet surtout retenu que 1/ IFX a indiqué avoir dérisqué sa guidance et qu’il s’agi...
- Olfa Taamallah
- Yan Derocles
VLS VALNEVA SE
ELG ELMOS SEMICONDUCTOR SE
NOEJ NORMA GROUP SE
ELIS ELIS SA
SHA SCHAEFFLER AG
KRN KRONES AG
PSPN PSP SWISS PROPERTY AG
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
ASS APPLUS SERVICES S.A.
COFA COFACE SA
JUN3 JUNGHEINRICH AG PREF
IDR INDRA SISTEMAS S.A. CLASS A
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Martin Marandon-Carlhian
- Stephane Houri
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
EN BOUYGUES SA
ADEN ADECCO GROUP AG
SCR SCOR SE
ZAL ZALANDO SE
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
SOLB SOLVAY SA
COLO B COLOPLAST A/S CLASS B
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
UN0 UNIPER SE
- Olfa Taamallah
- Yan Derocles
VLS VALNEVA SE
ELG ELMOS SEMICONDUCTOR SE
NOEJ NORMA GROUP SE
ELIS ELIS SA
SHA SCHAEFFLER AG
KRN KRONES AG
PSPN PSP SWISS PROPERTY AG
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
ASS APPLUS SERVICES S.A.
COFA COFACE SA
JUN3 JUNGHEINRICH AG PREF
IDR INDRA SISTEMAS S.A. CLASS A
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Martin Marandon-Carlhian
- Stephane Houri
INFINEON INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
EN BOUYGUES SA
ADEN ADECCO GROUP AG
SCR SCOR SE
ZAL ZALANDO SE
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
SOLB SOLVAY SA
COLO B COLOPLAST A/S CLASS B
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
UN0 UNIPER SE
- Klaus Ringel
- Michael Foundoukidis
Schaeffler AG : A good start to the year and confirmation of FY 2024 o...
>Q1 2024 earnings are ahead of expectations - Schaeffler’s reported Q1 2024 group sales are -2% y-o-y to € 4.09bn, which is a touch below our expectation (ODDO BHF: € 4.11bn) and consensus (€ 4.13bn). Sales in Auto Tech division are +0.8% organically, Vehicle Lifetime Solutions (previously Automotive Aftermarket) sales are +8.6% organically and sales in Bearings& Industrial Solutions are -4.1% y-o-y. By region, sales in Europe are -0.4% organically, +4.2% in the Ameri...
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