ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/09/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/01/2025

Benelux Morning Notes

ASR: Pre earnings call - no surprises, Sol 2 market impact limited. Belgian telecoms: New Scarlet mobile offers unattractive. Staffing: French November volumes weaker; December outlook shows further weakening

VAT Group AG : Preliminary Q4 2024 orders below expectations, pointing...

VAT Group AG : Preliminary Q4 2024 orders below expectations, pointing...

ASR : Solvency rising to 194% end 2024, solid 2H24 result, well more t...

ODDO BHF Small & MIDCAP MORNING NEWS – 01/07/2025

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/07/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/01/2025

ODDO BHF Small & MIDCAP MORNING NEWS – 07/01/2025

ODDO : Towards a market almost entirely driven by AI in 2025, as in 20...

ODDO : Vers un marché tiré quasi exclusivement par l’IA en 2025 comme ...

Benelux Morning Notes

ASR: A large €1.6bn buyout to finish the year on a high. Cofinimmo: Yearly disposals target delivered, we are optimistic on the dividend. SBM Offshore: Liza Destiny to Exxon, as announced earlier

Benelux Morning Notes

D'Ieteren: Belgian Nov car registrations down 15.3%, VW down 28% on tough comps. Dutch insurance – maths on buyouts post Achmea Life JV with Sixth Street

Benelux Morning Notes

Ageas: Circling around Direct Line, Aviva edges ahead. D'Ieteren: TVH distribution footprint restructured in Belgium. Dutch insurance - Achmea Life JV with PE firm, aiming to take 20% of Dutch buyouts. Elia: FY24 guidance up. Prosus: 1H25 Preview. Renewi: Macquarie is back. Sif Group: First monopile rolls out of new factory

Vat Group Ag: 1 director

A director at Vat Group Ag bought 200 shares at 343.434CHF and the significance rating of the trade was 57/100. 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...

Benelux Morning Notes

Ageas: More bidders for ESURE UK ASR: Completion of KNAB sale, starting extra SBB D'Ieteren: Holding financing more costly, 2024 guidance (excluding financing) reassures Ebusco: Released from obligation to deliver 76 buses PostNL: 3Q24 below, FY24 outlook down, mail weak, parcels stronger; CEO steps down Sif Group: Preview - getting ready for 2025 Staffing: US temp volume weaker in October, Aug/Sep revised down, NFP jobs miss

ASR : Many options to use the material excess capital at an attractive...

We estimate that a.s.r.’s excess capital will rise materially to about € 1.45bn by end 2025, which is 16% of its market capitalisation. We understand that a.s.r. is not yet announcing material extra capital returns as there are still two potential material acquisitions Achmea Life and Allianz NL, which could increase the OCG/share by +20% and +10% respectively. We expect clarity on the Achmea Life case before mid-2025. We increase our target price to € 61.5 (from € 60). - >§ph...

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...

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...