Cellnex : Evolution of coverage

As part of the rotation of our coverage, we are terminating the coverage with recommendation of Cellnex. Our previous credit opinion was Positive and our previous market recommendations were Buy on convertibles bonds and Neutral on straight bonds. We plan to initiate the coverage of new issuers soon. Issuer Previous credit opinion Previous market recommendation Date of the last report Current reco Cellnex Positive Buy on convertible bonds, Neutral on straight bonds 15/07/2024 No reco

Cellnex : Evolution de la couverture

Dans le cadre de la rotation du suivi de nos valeurs, nous arrêtons la couverture avec recommandation de Cellnex. Notre précédent avis crédit était Positif et nos précédentes recommandations de marché étaient Achat sur les obligations convertibles et Neutre sur les obligations sèches. Nous comptons prochainement initier la couverture de nouveaux émetteurs. Emetteur Précédent avis crédit Précédente reco marché Date de la dernière étude Reco actuelle Cellnex Positif Achat obligations convertibles...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/16/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/16/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 16/07/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 16/07/2025

Coffee, Croissants & Credit/ASML reports solid new order intake

Technology: ASML reports solid new order numbers, confirms FY25 outlook

ASML 2Q25 QT: Cautious tone on 2026 is justified.

ASML reported 2Q25 this morning. Please click below for our quick take on the print.

Benelux Morning Notes

Ahold Delhaize: Peer Albertsons 1Q25/26 results ASML: 2Q25 results; good update, focus on FY26 Barco: 1H25 results; margin uplift despite headwinds Belgian Telecoms: DIGI fixed internet launch in Wallonia Flow Traders: June global volume rises but volatility declines MoM NSI: Good operational results, cautious outlook Ontex: Sizeable profit warning calls for material consensus downgrade

ASML HOLDING NV: RDOS. 2T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'25 vs 2T'24: Ventas: 7.692 M euros (+23,2% vs +20,2% consenso); EBIT: 2.664 M euros (+45,3% vs +31,2% consenso); BDI: 2.290 M euros (+45,1% vs +29,5% consenso); Rdos. 1S'25 vs 1S'24: Ventas: 15.434 M euros (+33,8% vs +32,2% consenso); EBIT: 5.402 M euros (+67,5% vs +59,5% consenso); BDI: 4.645 M euros (+65,8% vs +57,0% consenso).

ASML : Better-than-expected bookings, though the debate on 2026 will c...

ASML : Better-than-expected bookings, though the debate on 2026 will c...

Morning Notes : ASMLF NA, BCNAF BB, GIMBb BB, OT7 BB, JDEPa NA

: ASMLF NA, BCNAF BB, GIMBb BB, OT7 BB, JDEPa NA

INFORME DIARIO 16 JULIO + RDOS. ESPAÑA Y EUROPA 2T’25. PREVIEWS (ANÁLI...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: TALGO. EUROPA: ASML. 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 mercado, preocupado por los tipos altos Las bolsas europeas terminaron en rojo tras los datos de inflación estadounidense. En el STOXX 600 lideraron las subidas Tecnologí...

Enagas : H1 2025 results preview: regulatory impact gradually winding ...

Memory: China XPU ban lifted. Samsung most exposed. All benefit

Nvidia announced it can resume shipping XPUs to China. We’ve prepared a one-slider summarising the implications for memory vendors.

Cellnex: Executing its strategy/Credit profile will improve with cash ...

Cellnex has successfully reduced its leverage through divestments and is working to meet its growth targets, as provided in its guidance. The company is aiming for a further leverage reduction to 5.0-6.0x net debt/EBITDA. We continue to think the notes look attractive compared to the notes of Telefonica.

Morning Notes : AVS NA, ASMLF NA, BSIB NA, SOLBb BB

: AVS NA, ASMLF NA, BSIB NA, SOLBb BB

Moore's law meets Schrodinger's cat Update on the semiconductor market

In this note we look back at developments within the Semi Industry, such as the shift to accelerated compute, the memory wall and memory developments. Single-thread performance slows due to physical limits marking the end of Moore's Law. But multi-thread performance and parallelism keep Moore's Law alive, shifting innovation toward bandwidth, accelerators, and advanced packaging. Furthermore, we provide an update on the Semi Market. Our analysis shows that End markets weakened not only in EUR bu...