reports
- Julie Boote
PSA Autos / New Mobility: The Fraught Path to Electrification
Given that the EV market is not a free market, led by demand and supply, but a distorted market, moved by political intervention in the form of subsidies (or lack of), making EV sales forecasts is very challenging indeed. This is a headache for analysts, but even more so for auto companies with a ten-year planning horizon. In this report, we outline the sales situation for different regions, as well as providing an outlook based on currently available information.
RNO RENAULT SA
VOLV B VOLVO AB CLASS B
TSLA TESLA INC
F FORD MOTOR COMPANY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
VOW3 VOLKSWAGEN AG PREF
600104 SAIC MOTOR CORPORATION LIMITED CLASS A
000270 KIA MOTORS CORPORATION
7267 HONDA MOTOR CO. LTD.
7211 MITSUBISHI MOTORS CORPORATION
7269 SUZUKI MOTOR CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
1211 BYD COMPANY LIMITED CLASS H
A0M32L CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED CLASS A
GM GENERAL MOTORS COMPANY
VOW VOLKSWAGEN (VOW GR)
005380 KS HYUNDAI MOTOR UNTITLED
VOLV-B VOLVO AB-B SHS
STLA STELLANTIS N.V.
XPEV XPENG INC. ADR SPONSORED CLASS A
TSVT 2SEVENTY BIO INC
BCOW 1895 BANCORP OF WISCONSIN INC
PSNY GORES GUGGENHEIM INC
MBG MERCEDES BENZ GROUP AG
02015 LI AUTO INC
VOLCAR-B VOLVO CAR AB
- Bruno Cavalier
- Robert Jan Vos
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/10/2024
Représentant 19% en moyenne du CA des groupes de biens d’équipement européens (plus de 40% pour certains), les Etats-Unis sont inévitablement au cœur des stratégies de croissance, tant organique qu’externe. Après analyse des programmes des deux candidats à la Maison Blanche, croisée avec celle du positionnement des groupes, nous avons établi 2 scénarios permettant de se positionner en fonction du candidat qui sera élu en novembre. Dans ce contexte électoral américain encore incertain,...
- Bruno Cavalier
- Luis de Toledo Heras
- Philippe Ourpatian
- Robert Jan Vos
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/11/2024
Accounting for an average of 19% of revenues for European capital goods groups (over 40% in some cases), the US is clearly a central factor in growth strategies, both organically and inorganically. Based on our analysis of the programmes of the two candidates running for the White House and the positioning of the various groups, we have established two scenarios through which to play the sector depending on the winner in November's election. In this still uncertain US election context...
- Carole Braudeau
Credit Morning 10/11/2024
Zalando revises up full-year guidance after strong Q3 Teva: Moody’s revises the outlook of the Ba2 rating to Positive from Stable, $ 450m settlement to end litigations regarding Copaxone in the US ELO (Auchan): continued downward pressure. Overview of negative pledge clauses and covenants in the event of a senior secured debt offering.>...
- Carole Braudeau
Morning Crédit 11/10/2024
ELO (Auchan) : poursuite de la pression baissière. Point sur les clauses de negative pledge et covenants en cas d’émission de dettes sécurisée Teva : Moody’s révise la perspective du rating Ba2 de Stable à Positive, accord à l’amiable de 450 m USD aux US pour mettre fin aux poursuites concernant CopaxoneZalando révise ses prévisions annuelles à la hausse après un très bon T3>...
- Anthony Dick
- Michael Foundoukidis
Stellantis : Major management reshuffle, CFO to leave immediately, CEO...
>A broad reshuffle and some clarification regarding CEO succession - After rumours reported by Bloomberg two days ago, yesterday evening Stellantis officially announced a major management shakeup. The targeted management changes, effective immediately and notably including the departure of the CFO Nathalie Knight, will be made under the leadership of CEO Carlos Tavares who is now officially confirmed to retire in 2026 when his contract is up and whose successor should...
- Anthony Dick
- Michael Foundoukidis
Stellantis : Major management reshuffle, CFO to leave immediately, CEO...
>A broad reshuffle and some clarification regarding CEO succession - After rumours reported by Bloomberg two days ago, yesterday evening Stellantis officially announced a major management shakeup. The targeted management changes, effective immediately and notably including the departure of the CFO Nathalie Knight, will be made under the leadership of CEO Carlos Tavares who is now officially confirmed to retire in 2026 when his contract is up and whose successor should...
- Cor Kluis
ING Group : 3Q24e € 1.63bn net profit, a stable NII and commission inc...
>Conclusion: Q3 € 1.63bn net profit, stable NII and commission income, cost up - For 3Q24, we expect a net profit of € 1.63bn whereby we assumed 20bp loan losses vs outstanding loans. For 3Q24 we expect a quite stable qoq a underlying net interest income (NII) and a small cost increase. The commission income is expected to remain quite stable qoq. For end 3Q24 we expect a CET1 ratio of 14.25% incl. some small RWA mitigation actions. As ING wants to bring their CET1 ra...
- Nicolas David
Dassault Systèmes : L’environnement macro incite à la prudence pour le...
>Vers un T3 sans bonnes surprises, hormis la stabilisation de Medidata - En juillet dernier, la société avait bien prévenu le marché que la croissance resterait faible au T3 en raison d’un effet de base difficile (signature du mega-deal avec JLR représentant 3pts de croissance exceptionnelle). Néanmoins, la société semblait espérer concrétiser la signature de quelques contrats significatifs, parmi ceux qui avaient été décalés au T2. In fine, il semble bien qu’il n’y a...
- Nicolas David
Dassault Systemes : The macro environment is a cause for caution on H2...
>No positive surprises expected in Q3 results, except the stabilisation of Medidata - Last July, the company warned the market that growth would remain weak in Q3 due to a demanding base of comparison (mega-deal signed with JLR representing an exceptional 3 points of growth). Nevertheless, the company seemed to hope to seal the signing of a few major contracts among those that were deferred in Q2. In the end, it looks as though there will not be any good news in this ...
- Baptiste Lebacq
- Michael B. Schäfer
Air Liquide : Q3 should be in line with Q2
>Q3 sales expected to be up 3.1% like-for-like - We expect group sales to be up 3.1% like-for-like (in line with the organic growth recorded in Q2 2024). Sales should be down -0.9% on a reported basis due to the fall in energy prices - changes in which are contractually passed on to customers in Large Industries - and negative currency effects.The Gas & Services business, which accounts for over 95% of revenues, is expected to show l-f-l growth of 3.2%, supporte...
- Baptiste Lebacq
- Michael B. Schäfer
Air Liquide : Un T3 qui devrait s’inscrire dans la lignée du T2
>CA T3 attendu en croissance de 3.1% en comparable - Nous tablons sur des ventes du Groupe en croissance de 3.1% sur une base comparable (en ligne avec la croissance organique enregistrée sur le T2 24). Elles devraient ressortir à – 0.9 % en données publiées, en raison de la baisse des prix de l’énergie - dont les variations sont contractuellement répercutées aux clients de la Grande Industrie - et d’effets de change négatifs.L’activité Gaz et Services, qui repr...
- Robert Jan Vos
Anheuser-Busch InBev : Consensus assumes ABI to hit or exceed the high...
>Detailed company-collected consensus distributed 7 October - Anheuser-Busch InBev (ABI) sent back detailed and company-compiled consensus to contributing analysts on 7 October. For Q3 2024 and 2024, consensus expectations are above ABI’s guidance range of 4-8% organic EBITDA growth. For 2025 and 2026, we conclude that market expectations are at the higher end of this medium-term outlook range provided by ABI.Our forecasts are 1-4% ahead of consensus for ...
- Andreas Riemann
Zalando : Q3 above, raising FY 2024 outlook
>Some 8% GMV growth and almost 300bp margin enhancement - Yesterday evening Zalando pre-released strong Q3 results. In Q3, GMV was up 8% y-o-y at € 3.5bn (consensus: € 3.4bn, ODDO BHFe: € 3.4bn) and thus 2% above the company-compiled consensus. Sales increased 5% y-o-y to € 2.4bn (consensus: € 2.4bn, ODDO BHFe: € 2.4bn) in line with consensus expectations. No details with regards to regions or segments were provided at this point, but we believe all regions and segme...
Stellantis Leverages Its Management Organisation with Changes to Drive...
Stellantis Leverages Its Management Organisation with Changes to Drive Performance Under the Leadership of Carlos Tavares Stellantis Leverages Its Management Organisation with Changes to Drive Performance Under the Leadership of Carlos Tavares AMSTERDAM, October 10, 2024 - To drive simplification and enhance organisational performance in a turbulent global environment, Stellantis today announced targeted management changes, effective immediately, under the leadership of CEO Carlos Tavares to redouble the Company’s focus on its key business priorities and confront head-on the global challen...
- Clement Genelot
Zalando: Singin' in the rain while upgrading guidance
Zalando has raised its FY 2024 guidance, with css 3% below on EBIT, thanks to a rainy September and downsized capex. But our attention is mostly on the structurally lower capex plan beyond 2024, marking Zalando's more pragmatic approach to online penetration and growth prospects (unlocking a FCF bu
Stellantis to Announce Third Quarter 2024 Shipments and Revenues on Oc...
Stellantis to Announce Third Quarter 2024 Shipments and Revenues on October 31 Stellantis to Announce Third Quarter 2024 Shipments and Revenues on October 31 AMSTERDAM, October 10, 2024 - announced today that its Third Quarter 2024 Shipments and Revenues will be released on Thursday, October 31, 2024. A live webcast and conference call for the Third Quarter 2024 Shipments and Revenues will begin at 1:00 p.m. CET / 8:00 a.m. EDT on Thursday, October 31, 2024. The related press release and presentation materials will be posted under the section of the Company’s corporate website () at a...
AIR LIQUIDE : DROITS DE VOTE
PARIS--(BUSINESS WIRE)-- Regulatory News: Air Liquide (Paris:AI) : Déclaration au 30 Septembre 2024 du mois de: Nombre d’actions composant le capital Nombre théorique des droits de vote (y compris actions auto-détenues) Nombre réel de droits de vote (déduction faite des actions auto-détenues) Septembre 578 233 363 578 233 363 576 789 736 Déclaration précédente Août 2024 Août 578 180 359 578 180 359 576 357 097 Air Liquide est un leader mondial des gaz, technologies et services pour l’industrie et la santé. Présent dans 72 pays avec 67 80...
Progress on share buyback programme
Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 4,156,092 shares during the week of 30 September 2024 up to and including 4 October 2024. The shares were repurchased at an average price of €16.01 for a total amount of €66,525,462.10. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share cap...
Dassault Systèmes Employee Sets GUINNESS WORLD RECORDS™ Title in Parac...
VELIZY-VILLACOUBLAY, France--(BUSINESS WIRE)-- (Euronext Paris: FR0014003TT8, DSY.PA) today announced a milestone celebrating inclusive mobility and the boundless capabilities of the human spirit: Kazuhiko Kanno, a Japanese paracyclist and Dassault Systèmes employee, set a new GUINNESS WORLD RECORDS™ title for the farthest distance by handcycle in one hour (male): 28.331 km (17.6 miles). This press release features multimedia. View the full release here: Dassault Systèmes employee Kazuhiko Kanno sets GUINNESS WORLD RECORDS title. Image copyright Glenn Gervot Kanno established the record on Oc...
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