reports
- Jeremy Garnier
- Nicolas David
- Thomas Zlowodzki
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
NK IMERYS SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
SZG SALZGITTER AG
ALTR ALTRI SGPS SA
ITRK INTERTEK GROUP PLC
GOE GROUPE GORGE SA
ALLAN LANSON-BCC
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
NEX NEXANS SA
ERA ERAMET SA
QDT QUADIENT SA
FAE FAES FARMA S.A.
NDA AURUBIS AG
ANA ACCIONA SA
CCC CCC SA
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
NVG NAVIGATOR COMPANY SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
ENC ENCE ENERGIA Y CELULOSA SA
ARG ARGAN SA
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
RIO RIO TINTO PLC
UNI UNICAJA BANCO S.A.
BHP BHP GROUP LTD
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
GRE GRENERGY RENOVABLES
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
SGSN SGS SA
DSPW DOOSAN SKODA POWER A.S.
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
- Nicolas David
- Stefano Toffano
- Thomas Zlowodzki
SGO COMPAGNIE DE SAINT-GOBAIN SA
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
GIVN GIVAUDAN SA
SZG SALZGITTER AG
ITRK INTERTEK GROUP PLC
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ERA ERAMET SA
DTE DEUTSCHE TELEKOM AG
FAE FAES FARMA S.A.
NDA AURUBIS AG
ANA ACCIONA SA
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
COLO B COLOPLAST A/S CLASS B
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
RIO RIO TINTO PLC
UNI UNICAJA BANCO S.A.
BHP BHP GROUP LTD
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
GRE GRENERGY RENOVABLES
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
SGSN SGS SA
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
- Jeremy Garnier
- Nicolas David
- Thomas Zlowodzki
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
NK IMERYS SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
SZG SALZGITTER AG
ALTR ALTRI SGPS SA
ITRK INTERTEK GROUP PLC
GOE GROUPE GORGE SA
ALLAN LANSON-BCC
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
NEX NEXANS SA
ERA ERAMET SA
QDT QUADIENT SA
FAE FAES FARMA S.A.
NDA AURUBIS AG
ANA ACCIONA SA
CCC CCC SA
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
NVG NAVIGATOR COMPANY SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
ENC ENCE ENERGIA Y CELULOSA SA
ARG ARGAN SA
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
RIO RIO TINTO PLC
UNI UNICAJA BANCO S.A.
BHP BHP GROUP LTD
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
GRE GRENERGY RENOVABLES
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
SGSN SGS SA
DSPW DOOSAN SKODA POWER A.S.
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
- Nicolas David
- Stefano Toffano
- Thomas Zlowodzki
SGO COMPAGNIE DE SAINT-GOBAIN SA
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
GIVN GIVAUDAN SA
SZG SALZGITTER AG
ITRK INTERTEK GROUP PLC
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ERA ERAMET SA
DTE DEUTSCHE TELEKOM AG
FAE FAES FARMA S.A.
NDA AURUBIS AG
ANA ACCIONA SA
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
COLO B COLOPLAST A/S CLASS B
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
RIO RIO TINTO PLC
UNI UNICAJA BANCO S.A.
BHP BHP GROUP LTD
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
GRE GRENERGY RENOVABLES
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
SGSN SGS SA
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
- Nicolas David
REE RED ELECTRICA CORP. SA
FAE FAES FARMA S.A.
ANA ACCIONA SA
CIE CIE AUTOMOTIVE S.A.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
GEST GESTAMP AUTOMOCION S.A.
GRE GRENERGY RENOVABLES
AENA AENA S.M.E. SA
Fluidra S.A.: 1 director
A director at Fluidra S.A. sold 50,000 shares at 24.260EUR and the significance rating of the trade was 100/100. 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 s...
- Jerôme Bodin
CLN CLARIANT AG
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MF WENDEL SE
INF INFOTEL SA
DEC JCDECAUX SA
FAGR FAGRON SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
NEX NEXANS SA
ERA ERAMET SA
ELIS ELIS SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
MELE MELEXIS NV
CSM CORBION NV
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
ALD ALD SA
MEDCL MEDINCELL SA
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
HGEA HGEARS AG
AZE AZELIS GROUP NV
IVG IVECO GROUP
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
LOCAL SOLOCAL GROUP
HBX HBX GROUP INTERNATIONAL PLC
- Jerôme Bodin
CLN CLARIANT AG
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MF WENDEL SE
INF INFOTEL SA
DEC JCDECAUX SA
FAGR FAGRON SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
NEX NEXANS SA
ERA ERAMET SA
ELIS ELIS SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
MELE MELEXIS NV
CSM CORBION NV
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
ALD ALD SA
MEDCL MEDINCELL SA
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
HGEA HGEARS AG
AZE AZELIS GROUP NV
IVG IVECO GROUP
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
LOCAL SOLOCAL GROUP
HBX HBX GROUP INTERNATIONAL PLC
- Ignacio Romero
FLUIDRA: 1H’25 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'25 vs. 2Q'24 Results Sales: € 663.0 M (+3.0% vs. +3.7% BS(e) and +3.1% consensus); EBITDA: € 183.0 M (+2.9% vs. +3.5% BS(e) and +3.5% consensus); Net Profit: € 88.0 M (n/a); 1H'25 vs. 1H'24 Results Sales: € 1.227 Bn (+4.8% vs. +5.2% BS(e) and +4.9% consensus); EBITDA: € 314.0 M (+6.2% vs. +6.5% BS(e) and +6.5% consensus); Net Profit: € 136.0 M (+21.4%);
- Luis de Toledo Heras
- Ignacio Romero
- Ignacio Romero
FLUIDRA: RDOS. 1S’25 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'25 vs 2T'24: Ventas: 663,0 M euros (+3,0% vs +3,7% BS(e) y +3,1% consenso); EBITDA: 183,0 M euros (+2,9% vs +3,5% BS(e) y +3,5% consenso); BDI: 88,0 M euros (n.a.) Rdos. 1S'25 vs 1S'24: Ventas: 1.227 M euros (+4,8% vs +5,2% BS(e) y +4,9% consenso); EBITDA: 314,0 M euros (+6,2% vs +6,5% BS(e) y +6,5% consenso); BDI: 136,0 M euros (+21,4%).
- Research Department
IBERIAN DAILY 31 JULY + 2Q'25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: ARCELOR MITTAL, ELECTRICITY SECTOR, FLUIDRA, MELIA, MERLIN PROPERTIES, NEINOR HOMES, REDEIA, VISCOFAN. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 2Q’25 results to be released over the coming days in Spain. Growth resisting for now European stock markets ended with slight gains in view of the signs of resistance in the 2Q’25 GDP and ahead of the Fed meeting, w...
- Research Department
INFORME DIARIO 31 JULIO + RDOS. ESPAÑA Y EUROPA 2T’25. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ARCELOR MITTAL, FLUIDRA, MELIA, MERLIN PROPERTIES, NEINOR HOMES, REDEIA, SECTOR ELÉCTRICO, VISCOFAN. EUROPA: AB INBEV, AIRBUS, BMW, ING GROEP, SANOFI, SAFRAN, SOCIETE GENERALE, VINCI. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 2T’25 que se publicarán en España y Europa en los próximos días. El crecimien...
DG VINCI SA
GLE SOCIETE GENERALE S.A. CLASS A
SAN SANOFI
SAF SAFRAN S.A.
AIR AIRBUS SE
VIS VISCOFAN S.A.
FDR FLUIDRA S.A.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ITKA ANHEUSER-BUSCH INBEV N.V. ADS
MEL MELIA HOTELS INTERNATIONAL S.A.
HOME NEINOR HOMES SA
MTL ARCELORMITTAL
INGA ING GROEP N.V.
RE21 RED ELECTRICA CORP. S.A.
- Adrien Frachette
NDX1 NORDEX SE
SCHP SECHE ENVIRONNEMENT
CVVTF COVESTRO AG
WCH WACKER CHEMIE AG
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
BFIT BASIC-FIT NV
GIVN GIVAUDAN SA
SBMO SBM OFFSHORE NV
LXS LANXESS AG
VIRP VIRBAC SA
FII LISI SA
SDF K+S AG
BAS BASF SE
SOLB SOLVAY SA
ELIS ELIS SA
SY1 SYMRISE AG
GLB GLANBIA PLC
FDR FLUIDRA S.A.
EVK EVONIK INDUSTRIES AG
ENG ENAGAS SA
ANDR ANDRITZ AG
BNR BRENNTAG SE
INX IMCD N.V.
MAU ETABLISSEMENTS MAUREL & PROM SA
RUI RUBIS SCA
SANT S&T AG
AKZA AKZO NOBEL N.V.
TOM2 TOMTOM NV
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
PLX PLUXEE NV
ARYN ARYZTA AG
- Adrien Frachette
- Christophe-Raphaël Ganet
- Emmanuel Matot
SCHP SECHE ENVIRONNEMENT
CVVTF COVESTRO AG
WCH WACKER CHEMIE AG
SOP SOPRA STERIA GROUP SA
PUM PUMA SE
ORA ORANGE SA
GIVN GIVAUDAN SA
SBMO SBM OFFSHORE NV
LXS LANXESS AG
TEP TELEPERFORMANCE SE
VIRP VIRBAC SA
FII LISI SA
EOAN E.ON SE
SDF K+S AG
BAS BASF SE
SOLB SOLVAY SA
ELIS ELIS SA
SY1 SYMRISE AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
FDR FLUIDRA S.A.
EVK EVONIK INDUSTRIES AG
ENG ENAGAS SA
ANDR ANDRITZ AG
BNR BRENNTAG SE
INX IMCD N.V.
RUI RUBIS SCA
SANT S&T AG
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Adrien Frachette
NDX1 NORDEX SE
SCHP SECHE ENVIRONNEMENT
CVVTF COVESTRO AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
GIVN GIVAUDAN SA
SBMO SBM OFFSHORE NV
ARYN ARYZTA AG
SZG SALZGITTER AG
LXS LANXESS AG
VIRP VIRBAC SA
FII LISI SA
VOE VOESTALPINE AG
SDF K+S AG
ACX ACERINOX SA
BAS BASF SE
SOLB SOLVAY SA
ERA ERAMET SA
ELIS ELIS SA
SY1 SYMRISE AG
GLB GLANBIA PLC
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
EVK EVONIK INDUSTRIES AG
ENG ENAGAS SA
ANDR ANDRITZ AG
BNR BRENNTAG SE
INX IMCD N.V.
RIO RIO TINTO PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
BHP BHP GROUP LTD
RUI RUBIS SCA
AMAG AMAG AUSTRIA METALL AG
SANT S&T AG
AKZA AKZO NOBEL N.V.
TOM2 TOMTOM NV
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
VUL VULCAN ENERGY RESOURCES
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
PLX PLUXEE NV
AAL ANGLO AMERICAN PLC
- Adrien Frachette
- Christophe-Raphaël Ganet
- Emmanuel Matot
SCHP SECHE ENVIRONNEMENT
CVVTF COVESTRO AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
GIVN GIVAUDAN SA
SBMO SBM OFFSHORE NV
SZG SALZGITTER AG
LXS LANXESS AG
TEP TELEPERFORMANCE SE
VIRP VIRBAC SA
FII LISI SA
VOE VOESTALPINE AG
EOAN E.ON SE
SDF K+S AG
ACX ACERINOX SA
BAS BASF SE
SOLB SOLVAY SA
ERA ERAMET SA
ELIS ELIS SA
SY1 SYMRISE AG
NDA AURUBIS AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
EVK EVONIK INDUSTRIES AG
ENG ENAGAS SA
ANDR ANDRITZ AG
BNR BRENNTAG SE
INX IMCD N.V.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
RUI RUBIS SCA
AMAG AMAG AUSTRIA METALL AG
SANT S&T AG
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
VUL VULCAN ENERGY RESOURCES
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
AAL ANGLO AMERICAN PLC
- Adrien Frachette
- Christophe-Raphaël Ganet
ODDO : Profiter du momentum des SMID, repondérer les défensives
La surperformance des Small&Midcaps au S1 reste marquée par un contexte de i/ momentum sans dynamique haussière (sauf peut-être en Italie ou en Espagne), alors que les devises impacteront T2&T3, ii/ géopolitique instable, iii/ fébrilité : les 2 plus grandes puissances économiques (Chine et USA) sont en phase de pivot et/ou présentent certaines fragilités, iv/ valorisations toujours attractives (décote de 30% par rapport aux large caps, et multiples sous leurs niveaux historiques). Nous sommes ra...
- Adrien Frachette
- Christophe-Raphaël Ganet
ODDO : Seizing SMID momentum, reweighting defensive profiles
The outperformance of small and mid caps in H1 was marked by i/ the absence of upward revision momentum (except perhaps in Italy and Spain), while forex effects are set to dent Q2 and Q3, ii/ geopolitical turmoil, iii/ a jittery market: the two biggest economic powers (China and the US) are in a period of transition and/or showing signs of weakness, iv/ attractive valuations (30% discount to large caps and multiples below historical levels). We are reasonably optimistic about small and mid caps ...
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