L’année 2025 verra, selon nous, une poursuite de la croissance du CA (5% estimé vs 1.5% en 2024e) et de l’amélioration de la marge (53 pb vs 14 pb en 2024e), à l’exception possible de quelques sociétés (marge optimisée ou risque lié aux hausses des droits de douane). Si quelques thématiques devraient rester inchangées (exposition USA, Green Capex, datacenters, etc), d’autres émergeront (construction, discrete automation) ou accélèreront (semiconducteurs) au cours de l’année. Dans ce contexte, no...
2025 is in our view likely to see sales continue to grow (5% estimated vs 1.5% in 2024e) and margins continue to improve (53bp vs 14bp in 2024e), with the possible exception of a few companies (optimised margins or tariff risk). While some themes are likely to endure (US exposure, green capex, data centres, etc.), others will emerge (construction, discrete automation) or accelerate (semiconductors) over the year. In this context, our Top Picks are Alstom, Assa Abloy, Siemens and SKF. And we upgr...
We hosted our 28th ODDO BHF Forum in Lyon on 9 and 10 January 2025. In total, 210 companies made presentations over the two days. In addition to day 1 feedback (Link to the feedback of the first day), in the following note, we provide some initial feedback from the companies for the second day. The full final feedback, including sector conclusions, will be published later this week. As was the case for the first day, analysts judged that a majority of the companies had a rather neutral tone. Ou...
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