reports
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Pullback Underway A pullback in global equities is underway following steep uptrend violations on the MSCI ACWI (ACWI-US) and EURO STOXX 50. These two indexes are already 4-5% off their highs, so further downside may be limited. Several 5%-10% pullbacks are to be expected in any given year -- particularly after the historic 5-month rallies -- so we view this as healthy and normal within the ongoing bull market. ACWI-US is currently testing important support at $105; if this area were to break, ...
- Nicolas David
BVI BUREAU VERITAS SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
GRF GRIFOLS S.A. CLASS A
AIR AIRBUS SE
CAP CAPGEMINI SE
ENEL ENEL SPA
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NEM NEMETSCHEK SE
COK CANCOM SE
BC8 BECHTLE AG
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
AGN AEGON N.V.
- Nicolas David
BVI BUREAU VERITAS SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
GRF GRIFOLS S.A. CLASS A
AIR AIRBUS SE
CAP CAPGEMINI SE
ENEL ENEL SPA
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NEM NEMETSCHEK SE
COK CANCOM SE
BC8 BECHTLE AG
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
AGN AEGON N.V.
- Louis Boujard
- CFA
- Philippe Ourpatian
Enel : The 2023 publication is in line and the 2026 trajectory confirm...
>Outperform rating maintained and target price adjusted to € 9.20 vs € 9.60 - The group reported 2023 performances in line with the consensus’ forecasts. The turnaround in the trajectory vs 2022 has materialised, with as expected a significant contribution to growth from EBITDA thanks to the generation and commercialisation benefited respectively from a far more favourable hydroelectric environment in Italy and Iberia and growth in unitary margins. Management confirm...
- Louis Boujard
- CFA
- Philippe Ourpatian
Enel : Une publication 2023 en ligne et une trajectoire 2026 confirmée
>Opinion Surperformance réitérée et OC ajusté à 9.20 € vs 9.60 € - Le groupe a publié des performances 2023 en ligne avec les attentes du consensus. Le retournement de trajectoire par rapport à 2022 est réalisé, avec comme attendu une contribution significative à la croissance de l’EBITDA en provenance des activités de génération et de commercialisation qui ont bénéficié respectivement d’un environnement hydroélectrique nettement plus favorable en Italie et en Ibérie...
Moody's assigns Baa3 rating to Enel S.p.A's hybrid notes; negative out...
Moody's Investors Service (Moody's) has today assigned a Baa3 long-term debt rating to the junior subordinated capital security (the "Hybrid") to be issued by ENEL S.p.A. ("Enel"). The size and completion of the Hybrid are subject to market conditions. The outlook for Enel is negative. RATINGS RAT...
Enel S.p.A.: 1 director
A director at Enel S.p.A. bought 1,000,000 shares at 6.400EUR and the significance rating of the trade was 89/100. 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 clearly...
- Emira Sagaama
- Stephane Beyazian
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
ENEL ENEL SPA
DTE DEUTSCHE TELEKOM AG
ACKB ACKERMANS & VAN HAAREN NV
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Emira Sagaama
- Stephane Beyazian
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
ENEL ENEL SPA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Louis Boujard
- CFA
- Philippe Ourpatian
Enel : A cautious strategic plan, in line with our expectations
>Outperform rating and target price of € 9.60 reiterated - The new management team’s first strategic plan is in line with our expectations, with regards to the continuation of its geographical refocus, the putting in place of additional efficiency measures (€ 1.2bn announced) which should provide further support to the new more resilient profile that stems from the financial restructuring that began in 2022. Lastly, confirmation of the resumption of a dividend policy ...
- Louis Boujard
- CFA
- Philippe Ourpatian
Enel : Un plan stratégique prudent, en ligne avec nos attentes
>Opinion Surperformance et OC 9.60 € réitérés - Le premier opus stratégique du nouveau management est ressorti en ligne avec nos attentes, en ce qui concerne la poursuite du recentrage géographique, la mise en place de mesures complémentaires d’efficacité (1.2 Md€ annoncés) qui constitueront un soutien supplémentaire au nouveau profil plus résilient issue de la restructuration financière entamée en 2022. Enfin le retour à une politique de dividendes fondée sur un taux...
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO : Main pillars of proposed reform for ARENH mechanism
>Constrained optimisation - The NOME Act had provided for the end of the ARENH (regulated access to historical nuclear energy) mechanism at end-2025 but its replacement has been the focus of discussions for several years now. There needed to be a sales framework for nuclear energy that would not be seen as state aid in order to avoid European Union investigations into the mechanism while at the same time guaranteeing a certain level of visibility on the cost of the en...
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO : Principaux éléments de la réforme proposée pour l’ARENH
>Une optimisation sous contrainte - La loi NOME prévoyait la mort de l’Accès Régulé à l’Electricité Nucléaire Historique (ARENH) fin 2025 et cela fait plusieurs années que son remplacement fait l’objet de discussions. Il fallait trouver un cadre de vente de l’électricité nucléaire qui ne soit pas considéré comme une aide d’état afin d’éviter les investigations de l’Union Européenne dans le mécanisme tout en garantissant une certaine visibilité sur le cout de l’énergie...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/21/2023
TotalEnergies remains one of our Top Picks in the sector. The new 2024-2028 plan presented at end-September is ambitious. It is based on selective growth in upstream production (+2/3% per year) and significant development in renewables. Its lead in this domain is undeniable, and has enabled it to raise its profitability target for iPower, which will be a source of re-rating over time. This plan should facilitate cash returns to shareholders of >40% of CFFO, while the share's valuation...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
FORTUM FORTUM OYJ
CPG COMPASS GROUP PLC
ELE ENDESA S.A.
RWE RWE AG
BAYN BAYER AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
SOI SOITEC SA
GAS NATURGY ENERGY GROUP S.A.
IBE IBERDROLA SA
UN01 UNIPER SE
EVD CTS EVENTIM AG & CO. KGAA
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/11/2023
TotalEnergies reste un de nos top picks dans le secteur Pétrole. Le nouveau plan 2024/2028 présenté fin septembre est ambitieux. Il repose sur une croissance sélective de la production en Upstream (+2/3% par an) et un important développement dans les Renouvelables. Son avance dans ce domaine est indéniable et lui a permis de relever son objectif de rentabilité pour iPower, qui sera source de rerating à terme. Ce plan doit permettre un retour de cash aux actionnaires >40% du CFFO alors...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
FORTUM FORTUM OYJ
CPG COMPASS GROUP PLC
ELE ENDESA S.A.
RWE RWE AG
BAYN BAYER AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
SOI SOITEC SA
GAS NATURGY ENERGY GROUP S.A.
IBE IBERDROLA SA
UN01 UNIPER SE
EVD CTS EVENTIM AG & CO. KGAA
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 21/11/2023
Les faibles valorisation et endettement de Wendel et de BVI, permettent pour la première fois depuis 20 ans, d’envisager un scenario original mais créateur de valeur pour Wendel-Participations (WP). Il s’agirait d’une OPA sur les 60% non détenus de Wendel, financée par un dividend recap de BVI, Stahl et Wendel ainsi qu’une cession d’un bloc de BVI. Elle permettrait à Wendel 1/ d’éliminer la forte décote sur l’ANR (52%), 2/ d’offrir une porte de sortie aux minoritaires (prime de 35%e),...
PUB PUBLICIS GROUPE SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BFIT BASIC-FIT NV
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
ELE ENDESA S.A.
RWE RWE AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
WPP WPP PLC
CFEB COMPAGNIE D'ENTREPRISES CFE SA
GAS NATURGY ENERGY GROUP S.A.
SIGHT GENSIGHT BIOLOGICS SA
SHOT SCANDIC HOTELS GROUP
IBE IBERDROLA SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
XFAB X-FAB SILICON FOUNDRIES SE
UN01 UNIPER SE
ATRY ATRYS HEALTH
MOR MORPHOSYS AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 11/21/2023
Les faibles valorisation et endettement de Wendel et de BVI, permettent pour la première fois depuis 20 ans, d’envisager un scenario original mais créateur de valeur pour Wendel-Participations (WP). Il s’agirait d’une OPA sur les 60% non détenus de Wendel, financée par un dividend recap de BVI, Stahl et Wendel ainsi qu’une cession d’un bloc de BVI. Elle permettrait à Wendel 1/ d’éliminer la forte décote sur l’ANR (52%), 2/ d’offrir une porte de sortie aux minoritaires (prime de 35%e),...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BFIT BASIC-FIT NV
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
ELE ENDESA S.A.
RWE RWE AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
GAS NATURGY ENERGY GROUP S.A.
SIGHT GENSIGHT BIOLOGICS SA
SHOT SCANDIC HOTELS GROUP
IBE IBERDROLA SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
XFAB X-FAB SILICON FOUNDRIES SE
UN01 UNIPER SE
ATRY ATRYS HEALTH
MOR MORPHOSYS AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO : What risks from a potential second gas shock?
The conflict in the Middle East inevitably results in pressure on fossil fuel markets (oil and gas). Since the withdrawal of gas volumes from Russia, offset to some extent by LNG imports from the US, Australia and Qatar, the risk is that the current geopolitical situation might lead to a second gas shock, which could trigger a fresh rise in gas prices with a knock-on effect on electricity prices. In this scenario, the sensitivity of each group to prices would confirm our sector h...
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