reports
- Karl-Johan Bonnevier
Scandic Hotels (Buy, TP: SEK80.00) - Building a dividend case
After its strong share price performance (+82% LTM), the Q3 report, Q4 outlook and updated financial targets were not the short-term catalysts we were looking for to take the investment case to the next level. The high proposed DPS and buybacks are supportive, and we see unutilised ‘financial muscle’ for the future. We still like the group’s leading Nordic footprint, operating profile and FCF capacity, and reiterate our BUY and SEK80 target price.
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
- Fehmi Ben Naamane
Scandic Hotels : Q3 results undershot expectations, but announcements ...
>Q1 figures a shade above forecasts - Scandic Hotels this morning published a pretty weak set of Q3 results, below expectations. Group RevPAR rose by just 0.9% y-o-y in the quarter (versus our estimate of +1.8%, css Visible Alpha at +1.6%), with average prices stable y-o-y and occupancy rates up 0.4 pt (in line with management expectations). Group revenues, at SEK 6,182m, were down 2% y-o-y (ODDO BHFe at SEK 6,374m and css Visible Alpha at SEK 6,317m), hit by weak Rev...
- Fehmi Ben Naamane
Scandic Hotels : Résultats T3 en dessous des attentes, mais les annonc...
>Des chiffres T3, en dessous des attentes - Scandic Hotels publie ce matin des résultats T3 plutôt faibles, en dessous de attentes. Les RevPAR groupe ressortent en hausse de seulement 0.9% yoy sur le trimestre (contre notre estimation à +1.8%, css Visible Alpha à +1.6%), avec des prix moyens stables yoy et des taux d’occupation qui progressent de 0.4 pt (en ligne avec les anticipations du management). Les revenus groupe, à 6182 MSEK, sont en baisse de 2% yoy (ODDO BH...
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 27/09/2024
Bystronic est un groupe suisse spécialisé dans les machines de découpe laser et de pliage, avec un business model hybride entre vente d’équipements, services récurrents et logiciels. Alors que ses commandes pâtissent d’un momentum difficile depuis plusieurs trimestres, nous n’anticipons pas d’amélioration au S2 et la visibilité reste réduite pour 2025. En parallèle, le plan de restructuration initié cette année devrait surtout être visible à compter du S1 2025. Dans ce contexte, Bystr...
OSE OSE IMMUNOTHERAPEUTICS SA
WTB WHITBREAD PLC
CGM CEGEDIM SA
GBT GUERBET SA
TRI TRIGANO SA
BAMNB KONINKLIJKE BAM GROEP NV
MBWS MARIE BRIZARD WINE & SPIRITS SA
SHOT SCANDIC HOTELS GROUP
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
S92 SMA SOLAR TECHNOLOGY AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
S30 SOLUTIONS 30 SE
SOL SOLTEC POWER HOLDINGS
ENER GRUPO ECOENER S.A.
- Baptiste Salaville
- Charlotte Vaisse
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 09/23/2024
CF Alba, the March family holding company, invests in listed and unlisted companies where it identifies strong potential, regardless of the investment horizon. Since 1993, it has achieved a total annualized shareholder return of +11%, beating the EuroStoxx index by 3pp. The company currently trades at a c.50% discount to its NAV which is close to its historical maximum. We initiate coverage with an Outperform rating and a target price of € 68, representing a discount to its NAV of 35...
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
EL ESSILORLUXOTTICA SA
SQI SQLI SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ATE ALTEN SA
ELIS ELIS SA
01913 PRADA S.P.A.
SAVE SAVENCIA SA
MONC MONCLER SPA
SHOT SCANDIC HOTELS GROUP
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
GRE GRENERGY RENOVABLES
IHG INTERCONTINENTAL HOTELS GROUP PLC
- Baptiste Salaville
- Charlotte Vaisse
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 23/09/2024
CF Alba, the March family holding company, invests in listed and unlisted companies where it identifies strong potential, regardless of the investment horizon. Since 1993, it has achieved a total annualized shareholder return of +11%, beating the EuroStoxx index by 3pp. The company currently trades at a c.50% discount to its NAV which is close to its historical maximum. We initiate coverage with an Outperform rating and a target price of € 68, representing a discount to its NAV of 35...
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
EL ESSILORLUXOTTICA SA
SQI SQLI SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ATE ALTEN SA
ELIS ELIS SA
01913 PRADA S.P.A.
SAVE SAVENCIA SA
MONC MONCLER SPA
SHOT SCANDIC HOTELS GROUP
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
GRE GRENERGY RENOVABLES
IHG INTERCONTINENTAL HOTELS GROUP PLC
- Fehmi Ben Naamane
- Johanna Jourdain
ODDO : July/August: two high-flying months for European hotels
>Western Europe: RevPAR growth of ~15% y-o-y in July/August - Based on the RevPAR figures in western Europe for August (+17.3% y-o-y according to STR with price growth of +15.3%), growth over July/August stands at +15% on average. This very positive trend was driven very largely by prices, with occupancy rates up 1%. The performance, which is exceptional in the context, was underpinned by strong leisure demand in Europe but also, importantly, by France (RevPAR at 9.2%...
- Fehmi Ben Naamane
- Johanna Jourdain
ODDO : Juillet/août : deux mois d’été de haute volée pour l’hôtellerie...
>Europe de l’Ouest : RevPAR en croissance de ~15% yoy sur juillet/août - Avec les chiffres d’évolution des RevPAR en Europe de l’Ouest pour le mois d’août (+17.3% en yoy selon STR dont +15.3% de hausse de prix), la progression sur les mois de juillet/août ressort en moyenne à 15%. Cette évolution très positive est tirée exclusivement par les prix, les taux d’occupation progressant de 1%. Cette performance, exceptionnelle dans le contexte, s’explique par la forte deman...
- Douglas Lindahl
- Joachim Gunell
- Johan Skoglund
- Johannes Grunselius
- Jonatan Andersson
- Karl-Johan Bonnevier
- Martin Arnell
- Baptiste Salaville
- Fehmi Ben Naamane
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
ODDO BHF Small & MIDCAP MORNING NEWS - 23/07/2024
Oerlikon, leader in attractive niche markets with technology entry barriers, is about to enter the final chapter of its group transition into a Surface Solutions pure play via the planned separation of Polymer Processing Solutions (OPP) in the next 12-36 months. After the strong performance YTD, we are seeing no further significant upside from here for now. We are rating Oerlikon’s shares Neutral with a TP of CHF 5.2. - ...
DKSH DKSH HOLDING AG
WTB WHITBREAD PLC
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
BEN BENETEAU SA
WHA WERELDHAVE N.V.
SHA SCHAEFFLER AG
DLG DE'LONGHI S.P.A.
CIE CIE AUTOMOTIVE S.A.
SHOT SCANDIC HOTELS GROUP
NVG NAVIGATOR COMPANY SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
DSC1 DUTCH STAR C SHAR
VTSC VITESCO TECHNOLOGIES GRP AG
- Baptiste Salaville
- Fehmi Ben Naamane
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
ODDO BHF Small & MIDCAP MORNING NEWS - 07/23/2024
Oerlikon, leader in attractive niche markets with technology entry barriers, is about to enter the final chapter of its group transition into a Surface Solutions pure play via the planned separation of Polymer Processing Solutions (OPP) in the next 12-36 months. After the strong performance YTD, we are seeing no further significant upside from here for now. We are rating Oerlikon’s shares Neutral with a TP of CHF 5.2. - ...
DKSH DKSH HOLDING AG
WTB WHITBREAD PLC
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
BEN BENETEAU SA
WHA WERELDHAVE N.V.
SHA SCHAEFFLER AG
DLG DE'LONGHI S.P.A.
CIE CIE AUTOMOTIVE S.A.
SHOT SCANDIC HOTELS GROUP
NVG NAVIGATOR COMPANY SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
DSC1 DUTCH STAR C SHAR
VTSC VITESCO TECHNOLOGIES GRP AG
- Fehmi Ben Naamane
- Johanna Jourdain
ODDO : The summer is looking positive for the European hotel sector
>Western Europe: 7.6% RevPAR growth in June (+7.2% in Q2) - The European hotel sector continues to perform very well; in June, RevPAR growth came to +7.6% y-o-y for western Europe (according to STR figures), vs +7.5% in May and +6.6% in April, driven by both price hikes (+6.8% vs +6.7% in May and +5.3% in April) and slight growth in occupancy rates (at +0.6 points). As such, the cumulative change in RevPAR in the first 6 months of the year was +7.0% (+1.1 points for o...
- Fehmi Ben Naamane
- Johanna Jourdain
ODDO : L’été s’annonce positif pour l’hôtellerie européenne
>Europe de l’Ouest : croissance de 7.6% des RevPAR en juin (+7.2% sur le T2) - L’hôtellerie européenne continue de très bien performer ; en juin, la croissance des RevPAR ressort à +7.6% yoy pour l’Europe de l’Ouest (selon les chiffres STR), contre +7.5% en mai, et +6.6% en avril, portée à la fois par des hausses de prix (+6.8% contre +6.7% en mai et +5.3% en avril) et par une légère progression des taux d’occupation (TO à +0.6 pt). Ainsi, la variation cumulée des Rev...
- Karl-Johan Bonnevier
Scandic Hotels (Buy, TP: SEK80.00) - Solid demand into Q3 high season
Q2 was solid, benefiting from a solid Nordic hotel market and seeing good demand and bookings ahead of the Q3 high season; however, the in-line report translated into only minor forecast changes. With its strong financials, we see opportunities for growth initiatives and capital allocation. We expect a more eventful H2, with the likely upcoming convertible bond conversion to be offset by share buybacks, and the still-low valuation implying an attractive risk/reward. We reiterate our BUY and have...
- Anthony Dick
- Hela Zarrouk
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 07/17/2024
After a disappointing performance (down 21% since the IPO), we have decided to take our losses on Daimler Truck following its Q2 2024 results release, in which the company decided to write down the value of its Chinese joint venture by € 120m in a ‘persistently weak market environment’. - ...
- Anthony Dick
- Hela Zarrouk
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 17/07/2024
Après un parcours décevant (-21% depuis son entrée), nous décidons de prendre nos pertes sur Daimler Truck à l’occasion de la publication des résultats T2 où la société a décidé de passer une dépréciation de 120 M€ sur sa JV chinoise dans un « environnement de marché durablement faible » - ...
- Fehmi Ben Naamane
Scandic Hotels : No major surprises from the Q2 earnings: Underperform...
>Q2 earnings broadly in line with forecasts, impacts on FCF linked mainly to the capex increase - Scandic Hotels has reported this morning Q2 results broadly in line with forecasts. Group RevPAR was up 5.2% y-o-y over the quarter (a catch-up related to the timing of Easter, which penalised Q1 at -1.1%), driven by price increases (+3.4%) and occupancy rates showing slight growth at 1 point (in line with management’s forecasts). Group revenues at SEK 5,871m are up 3.1% ...
- Fehmi Ben Naamane
Scandic Hotels : Des résultats T2 sans grande surprise ; sous-performa...
>Des résultats T2 globalement en ligne avec les attentes, des impacts sur le FCF liés principalement à la hausse des Capex - Scandic Hotels publie ce matin des résultats T2, globalement en ligne avec les attentes. Les RevPAR groupe ressortent en hausse de 5.2% yoy sur le trimestre (soit un rattrapage lié au Timing de Pâques, qui a pénalisé le T1 à -1.1%), portés par des hausses de prix (+3.4%) et des taux d’occupation en croissance faible de 1 pt (en ligne avec les an...
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