The current valuation of the share continues to raise questions as it seems to completely overlook the transformation of the business model. The contribution of the Holiday Experiences division vs Markets & Airline is now more significant, and the strategic developments detailed recently appear relevant, execution risk notwithstanding. Despite the natural uncertainties associated with the cycle, we believe that leisure demand will remain buoyant in the medium term. Outperform rating confirmed, t...
La valorisation actuelle du titre nous interpelle toujours, et semble éluder totalement la transformation du business model. La contribution de la division Holiday Expériences vs Markets & Airline est désormais plus significative et les évolutions stratégiques détaillées récemment paraissent pertinentes malgré le risque d’exécution. En dépit des incertitudes naturelles liées au cycle, nous pensons que la demande loisir restera porteuse sur le moyen terme. Surperformance confirmée, OC relevé sign...
Carrefour: Saadé family acquires stake, Peninsula exits|Emeria: an equity fundraising to enable bond refinancing?|Advanz Q3 25 results: Adj. EBITDA drops yoy and net leverage increases further – but not surprising|grenke Q3 25 results: Good operational performance YTD, but loss rate and NPLs increase|Finnair: no surprises on the FY 2026-2029 targets at first sight|
Carrefour : entrée de la famille Saadé au capital et sortie de Peninsula|Emeria : une levée d’equity pour permettre le refinancement des obligations ?|Advanz Q3 25 results: Adj. EBITDA drops yoy and net leverage increases further – but not surprising|grenke Q3 25 results: Good operational performance YTD, but loss rate and NPLs increase|Finnair: no surprises on the FY 2026-2029 targets at first sight|
While the DAX year-to-date has clearly outperformed most of the large European and US indexes (except the IBEX), many corporates presenting at the 16th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, were still focused on the macroeconomic environment, geopolitical tensions and tariffs and the related impact on their sectors. Unsurprisingly, the clearly most positive sector was defence. For others, the picture was more mixed inside the sectors. Based on the feedb...
ODDO BHF and Commerzbank are jointly hosting the 16th edition of the Corporate Conference on 3 and 4 of September 2025 in Frankfurt am Main. This year, we are welcoming 85 German small, mid and large cap companies. Here are the first messages compiled by our analysts from day 2. We would highlight, notably, a positive tone from Bilfinger, Deutz, GEA, Indus, Jungheinrich, KION Group, Nordex, Stabilus, Thyssenkrupp, TUI and Vonovia Neutral tone from Continental, Dermapharm, DHL Group, E.ON, Frapor...
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