reports
- Ana Arjona-Martinez
- Yan Derocles
Fraport : Mixed 2023, short and medium-term guidance in line with our ...
>High quality EBITDA despite being a touch below at Frankfurt - Fraport’s Q4 2023 results, once adjusted for one-offs, were slightly below our estimates, but mainly driven by a weaker performance at the real estate division and by slightly higher opex at the ground handling division: revenues at Frankfurt airport were € 583m vs € 590m estimated by ODDO BHF (€ 587m consensus), while EBITDA was 7% or € 11m below our numbers (-13% vs consensus). The positive note came f...
Fraport AG: 1 director
A director at Fraport AG bought 1,406 shares at 53.313EUR 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 years clearly sho...
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
- Yan Derocles
ODDO : A worsening environment but it needs to be put into perspective
Uncertainty remains over the macroeconomic situation, which is the main driver of traffic growth in the short-term. Additionally, inflationary pressure on both opex and capex are likely to put pressure on tariffs, testing the leeway from the regulators. We have adopted what we currently consider to be a reasonably cautious stance on the three airports under our coverage and conclude that Aena offers the most attractive risk/reward profile, followed by Fraport, while regulatory un...
- Oliver Metzger
- Stephan Wulf
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/07/2023
Since its integration into our European Large Caps Convictions list on 11 January 2023, KPN has made a significant contribution to the list’s performance, thanks to its defensive profile and high dividend yield (11.33% total return). We have decided to take profits as the company is holding its Capital Market Day today. The outlook remains very bright, but the smaller-than-expected share buyback programme announced this morning in the group's press release could disappoint. - ...
- Oliver Metzger
- Stephan Wulf
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/11/2023
Since its integration into our European Large Caps Convictions list on 11 January 2023, KPN has made a significant contribution to the list’s performance, thanks to its defensive profile and high dividend yield (11.33% total return). We have decided to take profits as the company is holding its Capital Market Day today. The outlook remains very bright, but the smaller-than-expected share buyback programme announced this morning in the group's press release could disappoint. - ...
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Fraport : Q3 results: good opex control but retail spend per passenger...
>Q3 results slightly ahead - Target price adjusted upwards - Fraport’s Q3 2023 results were slightly ahead of our estimates, as opex performance was clearly better than expected: reported revenues at Frankfurt airport were € 631m vs € 630m estimated by ODDO BHF, while EBITDA was 10% or € 20m above our numbers. However, despite the good opex performance in the quarter, especially in the ground handling division, we suspect that part of the beat came from the accounting...
- Oliver Metzger
- Stephan Wulf
- Oliver Metzger
- Stephan Wulf
EQS-News: Fraport AG Frankfurt Airport Services Worldwide: Aktienrückk...
EQS-News: Fraport AG Frankfurt Airport Services Worldwide / Schlagwort(e): Aktienrückkauf Fraport AG Frankfurt Airport Services Worldwide: Aktienrückkauf für Mitarbeiter-Beteiligungsprogramm 22.05.2023 / 16:13 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Frankfurt, 22. Mai 2023 - Für die Durchführung des diesjährigen Mitarbeiterbeteiligungsprogramms hat der Vorstand der Fraport AG Frankfurt Airport Services Worldwide (ISIN DE0005773303) beschlossen, eigene Aktien über die Börse zurückzukaufen. Zur Erfüllung sämtlicher Ansprüche wer...
EQS-News: Fraport AG Frankfurt Airport Services Worldwide: Share Buyba...
EQS-News: Fraport AG Frankfurt Airport Services Worldwide / Key word(s): Share Buyback Fraport AG Frankfurt Airport Services Worldwide: Share Buyback for the Employee Participation Program 22.05.2023 / 16:13 CET/CEST The issuer is solely responsible for the content of this announcement. Frankfurt, 22 May 2023 – For the implementation of this year’s employee participation program the Executive Board of Fraport AG Frankfurt Airport Services Worldwide (ISIN DE0005773303) decided to buy back own shares through the stock exchange. To fulfill all claims up to 75,000 of its own ...
- Martin Marandon-Carlhian
- Stephane Houri
LR LEGRAND SA
VIE VEOLIA ENVIRONNEMENT SA
FRA FRAPORT AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
QIA QIAGEN NV
ADEN ADECCO GROUP AG
RHM RHEINMETALL AG
NOVO B NOVO NORDISK A/S CLASS B
VNA VONOVIA SE
ZAL ZALANDO SE
ORSTED ORSTED
GN GN STORE NORD A/S
AIR AIRBUS SE
HEN3 HENKEL AG & CO. KGAA PREF
ENEL ENEL SPA
BA. BAE SYSTEMS PLC
RAA RATIONAL AG
BC8 BECHTLE AG
EDW EDP RENOVAVEIS SA
UCG UNICREDIT S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
UN01 UNIPER SE
STLA STELLANTIS N.V.
SHEL SHELL PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Martin Marandon-Carlhian
- Stephane Houri
LR LEGRAND SA
VIE VEOLIA ENVIRONNEMENT SA
FRA FRAPORT AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
QIA QIAGEN NV
ADEN ADECCO GROUP AG
RHM RHEINMETALL AG
NOVO B NOVO NORDISK A/S CLASS B
VNA VONOVIA SE
ZAL ZALANDO SE
ORSTED ORSTED
GN GN STORE NORD A/S
AIR AIRBUS SE
HEN3 HENKEL AG & CO. KGAA PREF
ENEL ENEL SPA
BA. BAE SYSTEMS PLC
RAA RATIONAL AG
BC8 BECHTLE AG
EDW EDP RENOVAVEIS SA
UCG UNICREDIT S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
UN01 UNIPER SE
STLA STELLANTIS N.V.
SHEL SHELL PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Fraport : Q1 results below our estimates due to lower retail
>Lower retail spend per pax, impacted by refurbishment, weighs on the results; international strong - Fraport’s Q1 2023 results were slightly below our estimates once adjusted for one-offs: EBITDA 3% or € 4m below our numbers. The better performance in International activities was offset by a miss in the retail activities, with revenue per passenger decreasing by 6% y-o-y (due to a temporary store refurbishment) and higher opex in the ground handling division. Moreove...
- Antonio Rodriguez Vicens
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2023
La notion d’Energy Security, apparue avec le conflit entre la Russie et l’Ukraine, vient renforcer celle de supercycle, plusieurs fois évoquée. La reprise des investissements n’est plus hypothétique et devrait se poursuivre au moins sur les 5 prochaines années, non seulement dans le GNL mais aussi en offshore. Nous relevons nos attentes de Capex 2022/26 de 10%, qui devraient dépasser le précédent point haut de 2014 à cet horizon. Dans ce contexte, nous privilégions Technip Energies, T...
SN. SMITH & NEPHEW PLC
FRA FRAPORT AG
WCH WACKER CHEMIE AG
OSE OSE IMMUNOTHERAPEUTICS SA
QIA QIAGEN NV
PA8 PAION AG
HNR1 HANNOVER RUECK SE
TNG TRANSGENE SA
AFX CARL ZEISS MEDITEC AG
A1XAEB QUANTUM GENOMICS
RHK RHON-KLINIKUM AG
ABVX ABIVAX SA
FAGR FAGRON SA
IPH INNATE PHARMA SA CLASS A
VLS VALNEVA SE
MKEA MAUNA KEA TECHNOLOGIES SA CLASS O
ALCLS CELLECTIS SA
ALCAR CARMAT SA
FIE FIELMANN AG
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
DIM SARTORIUS STEDIM BIOTECH SA
ADOC ADOCIA SA
COLO B COLOPLAST A/S CLASS B
POXEL POXEL SA
COPN COSMO PHARMACEUTICALS NV
ALVAL VALBIOTIS SA
ALTHX THERANEXUS SA
MEDCL MEDINCELL SA
PHNX PHOENIX GROUP HOLDINGS PLC
SYAB SYNLAB AG
AZE AZELIS GROUP NV
AELIS AELIS FARMA SA
EAPI EUROAPI
STMN STRAUMANN HOLDING AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
BAI BENEVOLENTAI
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Antonio Rodriguez Vicens
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/14/2023
The idea of energy security, which emerged with the conflict between Russia and Ukraine, has strengthened that of the supercycle, as previously highlighted. The upturn in investment is no longer hypothetical and is set to continue over the next five years at least, not only in LNG but also offshore. We have raised our 2022-2026 capex expectations by 10%, with the previous high of 2014 set to be topped by then. Against this backdrop, we prefer Technip Energies, Technip FMC and Valloure...
SN. SMITH & NEPHEW PLC
FRA FRAPORT AG
WCH WACKER CHEMIE AG
OSE OSE IMMUNOTHERAPEUTICS SA
QIA QIAGEN NV
PA8 PAION AG
HNR1 HANNOVER RUECK SE
TNG TRANSGENE SA
AFX CARL ZEISS MEDITEC AG
A1XAEB QUANTUM GENOMICS
RHK RHON-KLINIKUM AG
ABVX ABIVAX SA
FAGR FAGRON SA
IPH INNATE PHARMA SA CLASS A
VLS VALNEVA SE
MKEA MAUNA KEA TECHNOLOGIES SA CLASS O
ALCLS CELLECTIS SA
ALCAR CARMAT SA
FIE FIELMANN AG
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
DIM SARTORIUS STEDIM BIOTECH SA
ADOC ADOCIA SA
COLO B COLOPLAST A/S CLASS B
POXEL POXEL SA
COPN COSMO PHARMACEUTICALS NV
ALVAL VALBIOTIS SA
ALTHX THERANEXUS SA
MEDCL MEDINCELL SA
PHNX PHOENIX GROUP HOLDINGS PLC
SYAB SYNLAB AG
AZE AZELIS GROUP NV
AELIS AELIS FARMA SA
EAPI EUROAPI
STMN STRAUMANN HOLDING AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
BAI BENEVOLENTAI
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
- Sven Edelfelt
Fraport : Positive trends continue but with no surprises
> All 2022 results, short- and mid-term guidance, in line with our estimates - Having already published Q4 2022 traffic figures (44% in Q4 2022 and 97% in FY 2022 or -21% and -31% vs 2019 in Frankfurt, respectively) Fraport’s FY 2022 results were in line with our estimates and the consensus (EBITDA 1% or € 13m below our numbers and 1% or € 15m above the consensus). The better performance in Retail and International activities was offset by a higher opex in both the A...
- Delphine Brault
- Yan Derocles
Rexel : Industry in 2023: our Top Picks and stocks to avoid
In this report we present our main ideas (two lists: 10 Top Picks and 5 stocks to avoid) in four sectors of industry: aerospace-defence, capital goods, construction & concessions and, lastly, building materials. Our Top Picks are: Airbus, Alstom, Eiffage, ID Logistics, Imerys, Krones, Ryanair, Saint-Gobain, Schneider Electric, Vinci and our stocks to avoid are: ADP, easyJet, Geberit, Schindler and Wienerberger. We have also addressed the main ESG themes in the different sectors. - ...
LR LEGRAND SA
LHA DEUTSCHE LUFTHANSA AG
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
FRA FRAPORT AG
RR. ROLLS-ROYCE HOLDINGS PLC
DG VINCI SA
TKTT TARKETT SA
ADP AEROPORTS DE PARIS SA
NK IMERYS SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
G1A GEA GROUP AG
MTX MTU AERO ENGINES AG
VCT VICAT-CIMENTS VICAT SA
FGR EIFFAGE SA
ABB ABB LTD.
EN BOUYGUES SA
RXL REXEL SA
IDL ID LOGISTICS GROUP
GBF BILFINGER SE
EXE EXEL INDUSTRIES SA
STF STEF
ALCLA CLASQUIN SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
MRN MERSEN SA
FII LISI SA
GOE GROUPE GORGE SA
HOT HOCHTIEF AG
ALO ALSTOM SA
GEBN GEBERIT AG
BAMNB KONINKLIJKE BAM GROEP NV
SCHP SCHINDLER HOLDING AG PREF
WIZZ WIZZ AIR HOLDINGS PLC
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
NEX NEXANS SA
EZJ EASYJET PLC
LAT LATECOERE SA
AF AIR FRANCE-KLM SA
RY4C RYANAIR HOLDINGS PLC
BA. BAE SYSTEMS PLC
CRG CRH PLC
MAREL MAREL HF.
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
FDR FLUIDRA S.A.
KGX KION GROUP AG
SEFER SERGEFERRARI GROUP SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
AENA AENA SME SA
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WBD WEBUILD S.P.A.
TWEKA TKH GROUP N.V. CERT
AXS ACCSYS TECHNOLOGIES
TLGO TALGO SA
HBH HORNBACH HOLDING AG & CO. KGAA
FER FERROVIAL S.A.
JUN3 JUNGHEINRICH AG PREF
LDO LEONARDO SPA
SO SOMFY SA
SIE SIEMENS AG
DUE DURR AG
PWG PRODWAYS GROUP SA
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
SIK SIKA AG
KBX KNORR-BREMSE AG
THEP THERMADOR HOLDING SA
TITC TITAN CEMENT INTERNATIONAL N.V.
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
SRAIL STADLER RAIL AG
HAG HENSOLDT AG
ENR SIEMENS ENERGY AG
NXFIL NX FILTRATION HLDG BV
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
HGEA HGEARS AG
- Delphine Brault
- Yan Derocles
Rexel : L’industrie en 2023 : nos valeurs préférées et celles à éviter
Nous présentons dans cette étude nos principales idées (2 listes : 10 valeurs préférées et 5 à éviter) sur 4 secteurs de l’Industrie : l’Aéronautique-Défense, les Biens d’équipements, la Construction & Concessions et, enfin, les Matériaux de construction. Nos top picks sont : Airbus, Alstom, Eiffage, ID Logistics, Imerys, Krones, Ryanair, Saint-Gobain, Schneider Electric, Vinci et nos valeurs à éviter sont : ADP, easyJet, Geberit, Schindler et Wienerberger. Nous adressons égaleme...
LR LEGRAND SA
LHA DEUTSCHE LUFTHANSA AG
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
FRA FRAPORT AG
RR. ROLLS-ROYCE HOLDINGS PLC
DG VINCI SA
TKTT TARKETT SA
ADP AEROPORTS DE PARIS SA
NK IMERYS SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
G1A GEA GROUP AG
MTX MTU AERO ENGINES AG
VCT VICAT-CIMENTS VICAT SA
FGR EIFFAGE SA
ABB ABB LTD.
EN BOUYGUES SA
RXL REXEL SA
IDL ID LOGISTICS GROUP
GBF BILFINGER SE
EXE EXEL INDUSTRIES SA
STF STEF
ALCLA CLASQUIN SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
MRN MERSEN SA
FII LISI SA
GOE GROUPE GORGE SA
HOT HOCHTIEF AG
ALO ALSTOM SA
GEBN GEBERIT AG
BAMNB KONINKLIJKE BAM GROEP NV
SCHP SCHINDLER HOLDING AG PREF
WIZZ WIZZ AIR HOLDINGS PLC
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
NEX NEXANS SA
EZJ EASYJET PLC
LAT LATECOERE SA
AF AIR FRANCE-KLM SA
RY4C RYANAIR HOLDINGS PLC
BA. BAE SYSTEMS PLC
CRG CRH PLC
MAREL MAREL HF.
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
FDR FLUIDRA S.A.
KGX KION GROUP AG
SEFER SERGEFERRARI GROUP SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
AENA AENA SME SA
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WBD WEBUILD S.P.A.
TWEKA TKH GROUP N.V. CERT
AXS ACCSYS TECHNOLOGIES
TLGO TALGO SA
HBH HORNBACH HOLDING AG & CO. KGAA
FER FERROVIAL S.A.
JUN3 JUNGHEINRICH AG PREF
LDO LEONARDO SPA
SO SOMFY SA
SIE SIEMENS AG
DUE DURR AG
PWG PRODWAYS GROUP SA
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
SIK SIKA AG
KBX KNORR-BREMSE AG
THEP THERMADOR HOLDING SA
TITC TITAN CEMENT INTERNATIONAL N.V.
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
SRAIL STADLER RAIL AG
HAG HENSOLDT AG
ENR SIEMENS ENERGY AG
NXFIL NX FILTRATION HLDG BV
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
HGEA HGEARS AG
- Olfa Taamallah
- Yan Derocles
ODDO : Still more turbulence to come
The looming recession scenario risks slowing the air traffic recovery and we now expect a return to 2019 traffic levels in 2025 (vs 2024 previously). On the basis of our multi-criteria analysis (traffic, costs, pricing power, balance sheets and valuations), we are adjusting our recommendations ranking for airlines and airports. We have a preference today for Ryanair, Wizz Air (Outperform vs Neutral) and AENA (Outperform vs Neutral), whereas we are cautious about ADP (Underperform...
- Olfa Taamallah
- Yan Derocles
ODDO : Encore des turbulences à prévoir
Le scenario de récession qui se confirme risque de freiner la reprise du trafic aérien et nous attendons désormais un retour sur les niveaux de 2019 en 2025 (vs 2024 précédemment). Notre analyse multicritère (trafic, coûts, pricing power, bilan, valorisation) nous conduit à ajuster notre hiérarchie de recommandation pour les compagnies aériennes et les aéroports. Notre préférence va désormais à Ryanair (Surperformance), Wizz Air (Surperformance vs Neutre) et AENA (Surperformance ...
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