reports
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2024
Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong stock pe...
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Oliver Metzger
Merck KGaA : Turnaround for Process solutions – highly attractive entr...
>Life Sciences – the turnaround for Process solutions - While there is still some residual headwind related to destocking and the changing ordering pattern of customers, the 3.7% organic growth in Q3 was a clear positive surprise. The company highlighted that sales and order intake increased sequentially q-o-q. For the fourth quarter, additional sequential growth was indicated not only in absolute terms, but also as organic growth rate. We assume 5% organic growth for...
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Oliver Metzger
Merck KGaA : Q3 review – turnaround for Process solutions
>Q3 review – beat on EBITDA pre level, guidance confirmed - Merck’s Q3 revenues of € 5,266m (+1.8% y-o-y) were driven by organic growth of 3.8% and were 0%/-1% vs ODDO BHF/consensus. On the bottom line, the company reported EBITDA pre of € 1,618m (+11.9% y-o-y, margin 30.7%), 5% ahead of expectations. EPS pre reached € 2.30, in line with expectations. The 2024 guidance was confirmed with revenues in the range of € 20.7bn to € 22.1bn, trending towards the lower half of...
Thermo Fisher Scientific Inc: 1 director
A director at Thermo Fisher Scientific Inc sold 9,000 shares at 552.863USD and the significance rating of the trade was 69/100. 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 ...
Lonza to Expand Bioconjugation in Visp (CH) with Two Additional Manufa...
Lonza Group AG / Key word(s): Expansion Lonza to Expand Bioconjugation in Visp (CH) with Two Additional Manufacturing Suites 12.11.2024 / 07:00 CET/CEST The expansion of bioconjugation capabilities will provide additional manufacturing capacity for launch and commercial supply, addressing growing market demand 2,000m2 of manufacturing space will include two additional production suites and supporting infrastructure A significant increase in bioconjugation capacity will enable Lonza to offer expertise to a broad customer base and address the expected increase in approvals Basel, S...
Lonza Extends Collaboration with Major Pharmaceutical Partner for Inte...
Lonza Group AG / Key word(s): Partnership/Agreement Lonza Extends Collaboration with Major Pharmaceutical Partner for Integrated Commercial Supply of Antibody-Drug Conjugates 22.10.2024 / 07:00 CET/CEST Extension of long-term collaboration includes construction of new customer-dedicated bioconjugation capacity in Visp (CH) and commercial antibody supply of a new ADC The extended relationship builds on a successful long-term collaboration and strong track record of manufacturing all key elements of bioconjugates at commercial scale Basel, Switzerland, 22 October 2024 – Lonza, a gl...
- Baptiste Lebacq
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
VOE VOESTALPINE AG
SAN SANOFI
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
JDEP JDE PEET'S NV
ALIV SDB AUTOLIV INC.
- Baptiste Lebacq
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
VOE VOESTALPINE AG
SAN SANOFI
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
ALIV SDB AUTOLIV INC.
- Oliver Metzger
Merck KGaA : CMD feedback – Turn to the better and de-risking
>Focus on lower capital intensity over the next years - Following some years of elevated capex projects, CFO Helene von Roeder indicated lower capital expenditure in absolute terms that support an improving cash conversion backed also by an improving sales mix. As a result, free cash flow is expected to improve. Regarding the allocation of capital for potential acquisitions, a substantial amount is allocated towards the Life Sciences segment. For Healthcare, a de-risk...
- Charlotte Vaisse
- Christophe-Raphaël Ganet
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/18/2024
The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefer Acc...
VIE VEOLIA ENVIRONNEMENT SA
CA CARREFOUR SA
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
FGR EIFFAGE SA
ABB ABB LTD.
HNR1 HANNOVER RUECK SE
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
RACE FERRARI NV
VACN VAT GROUP AG
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Charlotte Vaisse
- Christophe-Raphaël Ganet
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/10/2024
La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissance 202...
VIE VEOLIA ENVIRONNEMENT SA
CA CARREFOUR SA
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
FGR EIFFAGE SA
ABB ABB LTD.
HNR1 HANNOVER RUECK SE
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
RACE FERRARI NV
VACN VAT GROUP AG
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Oliver Metzger
Sartorius Stedim Biotech : Order intake to point in the right directio...
>The end of destocking, consumables drive recovery - While Q3 revenues were slightly lower than expected, the company highlighted that most customers are progressing well with their destocking programmes. The growing demand in theconsumables business more than compensates for still muted equipment demand. From a regional perspective, EMEA shows a positive development driven by the consumable business. The Americas still suffer from a high comparable base as well ...
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/17/2024
We measured the impact of the contribution from Michel Barnier’s exceptional tax on 88 stocks exposed to France. Some 17 of them would experience a (negative) impact on their EPS of more than 4% on average over 2024 and 2025: LDC (-8.3%), Synergie (-8%), Eiffage (-7.9%), ADP (-7.9%), Dassault Aviation (-7%), Crit (-6.9%), Derichebourg (-6.3%), Hermès (-5.6%), Safran (-5.6%), Bouygues (-5.6%), M6 (-5.2%), Thales (-5%), TF1 (-4.9%), Nexans (-4.9%), Vinci (-4.7%), Compagnie des Alpes (...
FP TOTAL SE
PUB PUBLICIS GROUPE SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
RI PERNOD RICARD SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
ABB ABB LTD.
KORI KORIAN SA
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
KER KERING SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
INPST INPOST S.A.
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/10/2024
Nous avons mesuré l’impact de la contribution exceptionnelle Barnier sur 88 valeurs exposées à la France. 17 d’entre elles auraient un impact (négatif) sur leurs BPA de plus de 4% en moyenne sur 2024 et 2025 : LDC (-8,3%), Synergie (-8%), Eiffage (-7,9%) ADP (-7,9%), Dassault Aviation (-7%), Crit (-6,9%), Derichebourg (-6,3%), Hermès (-5,6%), Safran (-5,6%), Bouygues (-5,6%), M6 (-5,2%), Thalès (-5%), TF1 (-4,9%), Nexans (-4,9%), Vinci (-4,7%), Compagnie des Alpes (-4,4%), FDJ (-4%). - ...
FP TOTAL SE
PUB PUBLICIS GROUPE SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
RI PERNOD RICARD SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
ABB ABB LTD.
KORI KORIAN SA
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
KER KERING SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
INPST INPOST S.A.
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Oliver Metzger
Sartorius Stedim Biotech : Q3 review - Stabilisation seen, order intak...
>Q3 review – Results in line, order intake better - Q3 revenues of € 655m (-1.7% y-o-y, -1%/-1% vs ODDO BHF/consensus) were impacted by a constant-currency sales decline of -1.4% including 250bp coming from external growth. The order intake reached € 634m (+2.8% y-o-y) in the quarter, which was 6% higher than we had expected. The increase at constant currencies was +3.5%. The company highlighted that most customers are well progressing with their destocking programmes...
Sartorius Stedim Biotech publie ses résultats non audités pour les neu...
Sartorius Stedim Biotech SA / Mot-clé(s) : Rapport trimestriel Sartorius Stedim Biotech publie ses résultats non audités pour les neuf premiers mois de 2024 17-Oct-2024 / 07:02 CET/CEST Aubagne, France | 17 octobre 2024 Sartorius Stedim Biotech publie ses résultats non audités pour les neuf premiers mois de 2024 Chiffre d’affaires à 2 029 millions d’euros, soit une baisse organique de 3,0 % à taux de change constant1 (baisse déclarée : -1,9 %) EBITDA courant1 à 565 millions d’euros, marge correspondante à 27,8 % ; résultat net1 à 129 millions d’euros L'augmentation significa...
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