Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of Deutsche Lufthansa Aktiengesellschaft and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 18 December 2024 in which we reassessed the appropriateness of the ra...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/12/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/12/2024

IAG : Improvement in profitability warrants further re-rating

IAG : Une amélioration de la rentabilité qui mérite la poursuite de re...

Air France-KLM : European airlines to fly higher in 2025

After a Q3 marked by lower profitability mainly from external factors and difficult conditions in certain regions, we expect European airlines to deliver a rather good Q4. This comes amid yield stabilization, better load factors, and continued good demand as stated by the different airlines managers. Looking into 2025, while new headwinds are at sight (i.e. higher taxes), profitability should improve thanks to continued good demand and cost saving initiatives launched to readdress the operating ...

Air France-KLM : European airlines to fly higher in 2025

Credit Morning 12/02/2024

ELO (Auchan): Decathlon is to pay € 1bn in dividends|Mahle reorganizes its structure and plans to introduce its Indian activities|Altarea monetizes several logistics assets|Bertrand Franchise : slower growth in Q3 24, impacted by a weaker-than-expected JO effect, in a more difficult economic environment in France|

Morning Crédit 02/12/2024

ELO (Auchan) : Decathlon va verser 1 md EUR de dividendes à ses actionnaires|Mahle réorganise sa structure et envisagerait d’introduire ses activités indiennes|Altarea monétise plusieurs actifs logistiques|Bertrand Franchise : tassement de la croissance au T3 24, impacté par un effet JO moins fort que prévu, dans un contexte économique plus difficile en France.|

Credit Morning 11/27/2024

Isabel Marant: conference call feedback / Material acquisition in Specialized Services: ZP Better Together / Air France-KLM seems to be targeting Air Europa once again / Update by the FSB of the list of GSIBs – Additional capital surcharge for Crédit Agricole Group.|

Morning Crédit 27/11/2024

Isabel Marant : feedback conference call / Material acquisition in Specialized Services: ZP Better Together / Air France-KLM seems to be targeting Air Europa once again / Update par le FSB de la liste des GSIBs – Surcharge supplémentaire pour Groupe Crédit Agricole.|

Vermilion Int'l Compass: Global Equity Strategy

Buy the Pullback in MSCI ACWI and S&P 500 Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&P 500 holding above their respective bases at $117 and 5650-5670. We have discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the S&P 500 (the U.S. remains our only country overweight) as an opportunity to add exposure, and that we see a high probability of significant upside going into year-end and the early part of 2025. This remain...

ODDO BHF Small & MIDCAP MORNING NEWS - Date1

We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...

ODDO BHF Small & MIDCAP MORNING NEWS - 11/14/2024

We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...

Air France-KLM : Inflection on unit costs pushed back

>Unit revenue still on a positive trend - With regards to unit revenue (RASK), the environment looks more positive than we initially anticipated, in terms of both passengers and cargo. On passengers, October saw a 2% improvement in the load factor combined with a slight increase in the yield and the fact that the booking load factor in Q4 came in higher than last year despite an increase in capacity (5% on medium haul and up 10% at Transavia) bodes well for RASK. The ...

Air France-KLM : L’inflexion sur les coûts unitaires est repoussée

>Une recette unitaire toujours bien orientée - Sur le front de la recette unitaire (RASK), l’environnement semble mieux orienté que nos anticipations initiales, sur le passage comme le cargo. Dans le passage, le mois d’octobre a connu une progression de son coefficient de remplissage de 2% combinée à une légère hausse du yield et le fait que le booking load factor du T4 ressorte supérieur à celui de l’année dernière en dépit d’une progression des capacités (5% sur le ...

Credit Morning 11/12/2024

SoftBank Group: significant pre-tax profit in H1 2024-25.>...

Morning Crédit 12/11/2024

SoftBank Group : résultat avant impôts significatif au S1 2024/25>...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2024

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Credit Morning 11/08/2024

Altarea: Q3 still weak, but positive messages for year-end Maxeda: Moody’s has downgraded the corporate rating to Caa1/negative>...