Eurofins responds to Muddy Waters allegations Picard : IPT communiqués et upgrade du rating par Moody’s à B2/stable Atos : le consortium Onepoint se retire des discussions, EPEI propose de les reprendre Vodafone : émission de 3 mds USD d’obligations, tenders sur certaines souches en USD/EUR>...
Notre conviction sur le potentiel de croissance LT et d’opportunités de l’IA générative est renforcée. Les secteurs 'enablers' (semiconducteurs, software et IT services) et fournisseurs d’infrastructures (utilities, métaux, biens d'équipements et immobilier) en seront les premiers bénéficiaires, conduisant à certains changements d’OC. Parmi les secteurs ‘utilisateurs’ de l’IA (média, santé, automobile, banque et assurance, services pétroliers, défense, aéronautique et compagnies aérie...
Our conviction on the long-term growth potential and opportunities of generative AI is renewed. The enabler sectors (semiconductors, software and IT services) and those that provide the infrastructure (utilities, metals, capital goods and real estate) will be the primary beneficiaries, leading us to make certain target price changes. Among AI ‘user’ sectors (media, healthcare, automotive, banking and insurance, oil services, defence, aerospace and airlines), the effects will doubtless...
>Persistently challenging momentum - Kantar published market share figures for France in value terms. Carrefour is still suffering market share losses, but to a lesser extent than in previous periods.The group lost -30bp in period 6, from mid-May to mid-June (after -40bp in period 5 and -50bp in period 4). In detail:Hypermarkets: -20bp (after -30bp in P5) to 9.9%Supermarkets: -10bp (after -10bp in P5) to 6.8%Convenience stores: momentum remai...
>Persistance d'une dynamique difficile - Kantar a publié ses parts de marché en France en valeur. Carrefour subit toujours des pertes de part de marché, mais dans une moindre mesure que les périodes précédentes.Le groupe perd -30 pb sur la période 6, de mi-mai à mi-juin (après -40 pb à la période 5 et -50 pb à la période P4). Dans le détail :Hypermarchés : -20 pb (après -30 pb à la P5) à 9.9%.Supermarchés : -10 pb (après -10 pb à la P5) à 6.8%.§rc...
Our conviction on the long-term growth potential and opportunities of generative AI is renewed. The enabler sectors (semiconductors, software and IT services) and those that provide the infrastructure (utilities, metals, capital goods and real estate) will be the primary beneficiaries, leading us to make certain target price changes. Among AI ‘user’ sectors (media, healthcare, automotive, banking and insurance, oil services, defence, aerospace and airlines), the effects will doub...
Notre conviction sur le potentiel de croissance LT et d’opportunités de l’IA générative est renforcée. Les secteurs 'enablers' (semiconducteurs, software et IT services) et fournisseurs d’infrastructures (utilities, métaux, biens d'équipements et immobilier) en seront les premiers bénéficiaires, conduisant à certains changements d’OC. Parmi les secteurs ‘utilisateurs’ de l’IA (média, santé, automobile, banque et assurance, services pétroliers, défense, aéronautique et compagnies ...
Grifols has been under great stress since the first attack from Gotham at the beginning of the year. Its share price has shed by -41% YTD vs. +9% for the IBEX 25 Index and its 2028 unsecured notes now trade at around 84% vs. 91% just before the release of Gotham’s initial report and a bottom price of 77% on 15 March. In total, the short seller disseminated four reports, criticizing inter-alia Grifols’ net leverage calculation (adjustments, minority interests…), related-party tran...
Grifols has been under great stress since the first attack from Gotham at the beginning of the year. Its share price has shed by -41% YTD vs. +9% for the IBEX 25 Index and its 2028 unsecured notes now trade at around 84% vs. 91% just before the release of Gotham’s initial report and a bottom price of 77% on 15 March. In total, the short seller disseminated four reports, criticizing inter-alia Grifols’ net leverage calculation (adjustments, minority interests…), related-party tran...
>France’s ministry of the economy takes a close look at franchise disputes in France and calls for € 200m fine against Carrefour - Press reports have made public the fact that the French ministry of the economy has sent a document (a 160-page report) to Carrefour and the Commercial Court asking Carrefour to review a large number of its clauses in convenience store franchise agreements and is demanding a fine of € 200m because of a lack of balance between Carrefour and...
>Neutral rating maintained with a higher target price of € 132 - Neutral rating maintained, with a higher target price of € 132. The half-day presentation of the group’s new strategy lends weight to our view that management will continue its focus on skin care and to expand the operating footprint. This should underpin investor confidence on the group’s level of resilience to generate EPS growth of 7-8% over the medium to long term. With a 2025e P/E of 30x which is cl...
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