reports
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Carole Braudeau
Credit Morning 05/16/2024
Altice designates certain subsidiaries as unrestricted (Bloomberg)Elior: good H1 23/24 results and confidence in targetsMoody's upgrades Monte's ratings by one notch to Ba2 senior and Ba3 Tier 2Avolta (ex-Dufry): solid first quarter, guidance confirmedMaxeda: after a difficult FY 2023 (leverage above 5x), the group is counting on its free cash flow generation in 2024 to deleverage before refinancing next year.>...
- Carole Braudeau
Morning Crédit 16/05/2024
Maxeda : après une année 2023 difficile (levier au-dessus de 5x), le groupe mise sur sa génération de free cash-flow en 2024 pour se désendetter avant son refinancement l’an prochainAltice désigne certaines filiales comme non restreintes (Bloomberg)Moody’s réhausse d’un cran les notes de Monte, à Ba2 en senior et à Ba3 en Tier 2Elior : bonne publication au S1 23/24 et confiance sur les objectifs fixésAvolta (ex-Dufry) : Très bon trimestre, guidances confirmées...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Olfa Taamallah
- Yan Derocles
easyJet : H1 release pretty much in line with consensus expectations
>H1 2023-24 release in mid-range of the guidance - easyJet has just released its detailed H1 2023-24 release with a headline loss before tax of £ 350m in the middle of the range in the trading update for a loss of £ 340-360m (VA consensus was expecting -£ 340m). This reflects a £ 61m improvement y-o-y driven by network growth, cost discipline and the continued expansion of easyJet holidays.Total revenue increased by 22% to £ 3,268m predominantly due to an increa...
- Olfa Taamallah
- Yan Derocles
easyJet : H1 release pretty much in line with consensus expectations
>H1 2023-24 release in mid-range of the guidance - easyJet has just released its detailed H1 2023-24 release with a headline loss before tax of £ 350m in the middle of the range in the trading update for a loss of £ 340-360m (VA consensus was expecting -£ 340m). This reflects a £ 61m improvement y-o-y driven by network growth, cost discipline and the continued expansion of easyJet holidays.Total revenue increased by 22% to £ 3,268m predominantly due to an increa...
Holding(s) in Company
easyJet plc (EZJ) Holding(s) in Company 15-May-2024 / 11:00 GMT/BST TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN GB00B7KR2P84 Issuer Name EASYJET PLC UK or Non-UK Issuer UK 2. Reason for Notification An acquisition or disposal of financial instruments 3. Details of person subject to the notification obligation Name Bank of America Corporation City of registered office (if applicable) Country of registered office (if applicable) US 4. Details of the shareholder Full name of shar...
Verbund AG: 4 directors
Four Directors at Verbund AG bought 5,399 shares at 71.794EUR. The significance rating of the trade was 63/100. 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 sh...
Director/PDMR Shareholding
easyJet plc (EZJ) Director/PDMR Shareholding 13-May-2024 / 14:00 GMT/BST easyJet plc (the “Company”) Director/PDMR Shareholding 13 May 2024 On 13 May 2024 the Company was notified by Equiniti Share Plan Trustees Limited (the "Trustee"), as the Trustee of the easyJet plc Share Incentive Plan (the "Plan"), that on 10 May 2024 it had purchased ordinary shares of 27 2/7 pence each in the Company on behalf of the persons discharging managerial responsibility set out in the table below. The Plan is an HM Revenue and Customs approved plan under which employees in the UK are...
Holding(s) in Company
easyJet plc (EZJ) Holding(s) in Company 13-May-2024 / 13:00 GMT/BST TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN GB00B7KR2P84 Issuer Name EASYJET PLC UK or Non-UK Issuer UK 2. Reason for Notification An acquisition or disposal of voting rights 3. Details of person subject to the notification obligation Name Bank of America Corporation City of registered office (if applicable) Country of registered office (if applicable) US 4. Details of the shareholder Full name of shareholder(...
Holding(s) in Company
easyJet plc (EZJ) Holding(s) in Company 09-May-2024 / 13:00 GMT/BST TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN GB00B7KR2P84 Issuer Name EASYJET PLC UK or Non-UK Issuer UK 2. Reason for Notification An acquisition or disposal of voting rights 3. Details of person subject to the notification obligation Name Bank of America Corporation City of registered office (if applicable) Country of registered office (if applicable) US 4. Details of the shareholder Full name of shareholder(...
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Damien Choplain
- Martial Descoutures
Argenx : Product ramp-up continues
>Q1 in line on sales, below on EBIT - Q1 sales grew by 83% y-o-y and 6% q-o-q to $ 398m (US $ 347m, Japan $ 18m and EMEA $ 31m), reflecting the strong medical need in myasthenia gravis, the quality of products (i.e. Vyvgart and Vyvgart Hytrulo), as well as the excellent execution of the commercial rollout. The product should remain on this growth trajectory to achieve peak sales estimated at $ 11bn (vs the consensus at $ 11bn) in 2035, driven by the recent launch of ...
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
argenx FIRST LOOK: 1Q24 results on track, all eyes set on CIDP
This morning argenx reported its 1Q24 update, highlighting $ 398m sales and its pipeline progress. Mgmt is fully focused on expanding its commercial footprint into CIDP (PDUFA: June 21). Meanwhile, AAV was scrapped from the pipeline and systemic sclerosis (SSC) added. We maintain our € 435 TP and Buy rating.
- Damien Choplain
- Martial Descoutures
Argenx : La montée en puissance des produits se poursuit
>T1 en ligne sur les ventes, en dessous sur l’EBIT - Les ventes T1 progressent de 83% y-o-y et de 6% q-o-q pour atteindre 398 M$ (US 347 M$, Japon 18 M$ et EMEA 31 M$), reflétant le fort besoin médical dans la Myasthénie Gravis, la qualité des produits (i.e. Vyvgart et Vyvgart Hytrulo), ainsi que l’excellente exécution du déploiement commercial. Le produit devrait rester sur cette trajectoire de croissance pour atteindre un peak sales estimé à 11 Md$ (vs css 11 Md$) ...
- Nicolas David
- Yan Derocles
Amadeus IT Group : Q1 performance heading in right direction pending C...
>Good Q1 performance despite adverse calendar effect - Bookings growth in Q1 (+2.8% y-o-y for bookings still 23% below Q1, stable relative to Q4) was impacted by the unfavourable positioning of the Easter vacation, for an impact of c. -1.5 pt by our calculations. This calendar effect, coupled with the loss of some local bookings in the US migrated to direct connect (stable impact vs Q4), had an impact of -5 pt on bookings growth in Q1. This factor was largely offset b...
- Nicolas David
- Yan Derocles
Amadeus IT Group : Une performance T1 qui va dans la bonne direction e...
>Bonne performance T1 malgré l’effet calendaire défavorable - La croissance des bookings au T1 (+2.8% y/y pour des bookings toujours 23% en dessous du T1, stable par rapport au T4) a été impactée par le positionnement défavorable des vacances de pâques, pour un impact de c. -1.5 pt selon nos calculs. Cet effet calendaire, couplé à la perte de certains bookings locaux aux USA migrés en direct connect (impact stable vs Q4), a un impact de -5 pt sur la croissance des boo...
- Louis Boujard
- CFA
- Philippe Ourpatian
Verbund : Positive points in the short term but uncertainties linger o...
>A publication in line with our forecasts - Yesterday morning, Verbund published Q1 2024 results in line with forecasts. EBITDA was € 883m (-9%) vs € 880m expected. Reported EBIT was also down to € 745m (-11.5%), in line with our estimate and attributable net profit was down to € 506m (-4%) vs € 513m forecast (ODDO BHF). The group experienced a far less favourable market price environment than last year with an average captured price on hydro of € 129.5/MWh (-31% y-o-...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.