reports
- Baptiste Salaville
- Emira Sagaama
- Jerôme Bodin
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
NEX NEXANS SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
MAREL MAREL HF.
NDA AURUBIS AG
ALVIV VISIATIV SA
SLIGR SLIGRO FOOD GROUP N.V.
WLN WORLDLINE SA
ADYEN ADYEN NV
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
BAR BARCO NV
BLV BELIEVE SA
IVG IVECO GROUP
- Baptiste Salaville
- Emira Sagaama
- Jerôme Bodin
EDEN EDENRED SA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
NEX NEXANS SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
MAREL MAREL HF.
NDA AURUBIS AG
ALVIV VISIATIV SA
SLIGR SLIGRO FOOD GROUP N.V.
WLN WORLDLINE SA
ADYEN ADYEN NV
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
BAR BARCO NV
FAST FASTNED
BLV BELIEVE SA
IVG IVECO GROUP
- Baptiste Salaville
- Benoit Valleaux
- Bruno Cavalier
- Emira Sagaama
- Steven Gould
EDEN EDENRED SA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
- Baptiste Salaville
- Benoit Valleaux
- Bruno Cavalier
- Emira Sagaama
- Steven Gould
EDEN EDENRED SA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Nexi/Worldline preview: valuation still attractive but limited ...
>Likelihood of welcome surprises limited for this reporting season - target prices revised down to € 9.5 (vs € 10) for Nexi and € 18 (vs € 20) for Worldline - Ahead of the 2023 earnings publications, we have revised down our EPS forecasts by 2%/5% for Nexi and 5%/6% for Worldline for 2023 and 2024. We understand that household spending was disappointing over the festive period, which is likely to prompt the groups to adopt a cautious stance with regards to the announc...
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Preview Nexi/Worldline : valorisation toujours attractive mais ...
>Potentiel de bonnes surprises limité sur cette saison de publications – OC révisés en baisse à 9,5 € (vs 10 €) pour Nexi et 18 € (vs 20 €) pour Worldline - En amont des résultats 2023, nous révisons en baisse nos attentes de BPA de 2/5% pour Nexi et 5/6% pour Worldline sur 2023/2024. Nous comprenons que les dépenses des ménages ont été décevantes pendant la période de Noël, ce qui devrait pousser les deux groupes à adopter une position prudente au moment de l’annonce...
- Marc Hesselink
- CFA
- Thymen Rundberg
Prosus/SOTP update – target price lowered to €33/BUY
We update our SOTP valuation for Prosus following the solid 1H24 results and the correction in the Tencent (HKD292, Not Rated) share price (down 15% since July 2023). We lower our target price to €33 per share (from €36.7) on the back of a lower valuation for Tencent, partly compensated for by a higher valuation for the strongly-performing Classifieds portfolio. Prosus trades at a discount of 30-35% to its NAV. We believe this is excessive, especially as the company creates shareholder value by ...
- Baptiste Salaville
- Geoffroy Michalet
- Jean-Baptiste Rouphael
- Marc Lavaud
- Baptiste Salaville
- Geoffroy Michalet
- Jean-Baptiste Rouphael
- Marc Lavaud
- Jerôme Bodin
- Martin Marandon-Carlhian
Prosus NV : Poursuite de la remontée de la rentabilité, évolution du p...
>Le point mort sera atteint 6 mois plus tôt qu’attendu - Prosus a publié hier ses résultats semestriels qui sont ressortis à peu près en ligne avec les attentes. Le management a indiqué que le point mort devrait être atteint dès le S2 2025 (vs 2025) pour ses activités ecommerce. Ce qui est soutenu par une forte amélioration au niveau du Food Delivery et Classifieds et d’une réduction des coûts centraux. Rappelons que le groupe cède aussi progressivement certaines de s...
- Jerôme Bodin
- Martin Marandon-Carlhian
Prosus NV : Continued rise of profitability, evolution of asset portfo...
>Breakeven will be reached six months earlier than expected - Prosus published its interim results yesterday, which came out roughly in line with expectations. Management has indicated that the breakeven point should be reached as early as H2 2025 (vs 2025) for its e-commerce activities. This is underpinned by a marked improvement in food delivery and classifieds and a reduction in central costs. Bear in mind that the group is also gradually selling some of its loss-m...
- ING Helpdesk
Prosus Accelerates Profitability Target and Delivers on Objectives
AMSTERDAM--(BUSINESS WIRE)-- Prosus N.V. (Prosus) (AEX and JSE: PRX): Prosus is successfully delivering on its commitments. The fundamentals of its operating businesses are improving, driving proftable growth. The ongoing open-ended buyback continues to compound value over time and the removal of the cross-holding agreement has greatly simplified the Group’s structure. Lastly, with its strong balance sheet and through active portfolio management, the Group is well positioned to generate improved returns through smart and disciplined capital allocation, benefitting all its stakeholders. Headl...
- Joren Van Aken
Prosus - H1 24 results: Profitability coming closer
E-commerce portfolio revenue up 16% with trading losses coming down quicklyCompany pulls profitability target of H1-25 forward to H2-24SBB to remain in place as long a discount remains elevatedWe estimate today's NAV to be EUR 42.9 p/s implying a discount of 30%. This is in line with our target discount. Our TP moves to EUR 33 (vs. EUR 35 before). Hold reiterated. Our main worry is not about the portfolio but rather the unpredictability of the Chinese government whose decisions have a major...
Prosus Updates on Open-ended Share Repurchase Programme
AMSTERDAM--(BUSINESS WIRE)-- Prosus N.V. (Prosus) (AEX and JSE: PRX): To continue its value accretive open-ended share repurchase programme, this week Prosus will convert 96 million Tencent shares it owns from certificate form to digital form, through a process of dematerialisation. This represents approximately 1% of the issued share capital of Tencent. This is in line with the action taken in April 2023. On 27 June 2022, Prosus and Naspers announced the launch of an open-ended share repurchase programme of Prosus and Naspers shares. The programme, funded by the regular and orderly selling ...
- Ahmed Ben Salem
- Aurelien Sivignon
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/09/2023
Après une sous-performance de plus de 20% sur 12 mois par rapport au secteur, Geberit se traite désormais avec une légère décote vs ses multiples historiques (VE/EBIT 24e de 21.1x). Mais, le rebond des mises en chantier reste incertain en Europe, même si nous estimons que le momentum devrait progressivement s’améliorer dans les mois à venir, et que le groupe va retrouver peu à peu des bases de comparaison plus faciles. Opinion relevée à Neutre vs Sous-performance, OC relevé à 462 CHF....
PUB PUBLICIS GROUPE SA
CO CASINO GUICHARD-PERRACHON SA
CA CARREFOUR SA
NOVN NOVARTIS AG
AGS AGEAS SA/NV
ISP INTESA SANPAOLO S.P.A.
WPP WPP PLC
SESL SES-IMAGOTAG SA
UCG UNICREDIT S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
PRX PROSUS N.V. CLASS N
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Ahmed Ben Salem
- Aurelien Sivignon
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/20/2023
After underperforming the sector by more than 20% over the last 12 months, Geberit is now trading at a slight discount to its historical multiples (EV/EBIT 2024e of 21.1x). That said, the rebound in housing starts in Europe remains uncertain, even though momentum should gradually improve over the coming months, in our view, and the group will gradually return to less demanding comparative bases. Recommendation upgraded to Neutral vs Underperform, target price lifted to CHF 462. - ...
PUB PUBLICIS GROUPE SA
CO CASINO GUICHARD-PERRACHON SA
CA CARREFOUR SA
NOVN NOVARTIS AG
AGS AGEAS SA/NV
ISP INTESA SANPAOLO S.P.A.
WPP WPP PLC
SESL SES-IMAGOTAG SA
UCG UNICREDIT S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
PRX PROSUS N.V. CLASS N
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Jerôme Bodin
- Martin Marandon-Carlhian
Prosus NV : Update to our target price following the attribution of sh...
>A new target price of € 42 with no impact on the value of assets - We have updated our target price for Prosus following the attribution of new shares as part of the recent simplification operation (elimination of the cross-holding between Naspers and Prosus). Prosus is now solely 42.7%-owned by Naspers and no longer owns any Naspers’ shares (vs 49% previously). The number of shares has increased by 108% as part of this operation, although with no impact on the value...
- Jerôme Bodin
- Martin Marandon-Carlhian
Prosus NV : Mise à jour de notre objectif de cours suite à l’attributi...
>Un nouvel objectif de cours de 42 € sans impact sur la valeur des actifs - Nous mettons à jour notre objectif de cours sur Prosus suite à l’attribution des nouvelles actions dans le cadre de l’opération récente de simplification (suppression de la boucle d’auto-contrôle entre Naspers et Prosus). Prosus est dorénavant uniquement détenu à 42,7% par Naspers et ne détient plus d’actions Naspers (vs 49% précédemment). Le nombre d’actions s’est accru de 108% dans le cadre ...
Naspers and Prosus Announce Executive Leadership and Board Change
CAPE TOWN, South Africa--(BUSINESS WIRE)-- Prosus (AEX and JSE Share Code: PRX) and Naspers Limited (JSE: NPN) announced today that Bob van Dijk is stepping down as CEO and Board member of Naspers and Prosus after 10 successful years of leadership. Ervin Tu, presently Group Chief Investment Officer, was appointed Interim CEO. Bob will assist with this transition and will remain as a consultant to the Boards until 30 September 2024. Over his tenure, Bob has contributed meaningfully to the success and future of the Group. Bob has helped establish the Group as a leading global consumer internet...
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