reports
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/18/2024
As expected, US equities welcomed Donald Trump's victory, while European stock markets reacted negatively, also weighed down two days later by a further disappointment on China's stimulus plan. Our sector strategies and baskets of Trump stocks (long or short) have paid off, with a few exceptions that may provide investment opportunities, like Total Energies or Repsol. In Europe, we are maintaining our Underweight recommendation on the Basic Resources, Chemicals, Luxury Goods and Autom...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SREN SWISS RE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
BC8 BECHTLE AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
AGN AEGON N.V.
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/11/2024
Comme prévu, les actions américaines ont salué la victoire de Donald Trump tandis que les bourses européennes accusaient le coup, également lestées deux jours plus tard par une nouvelle déception sur le plan de relance chinois. Nos stratégies sectorielles et paniers de valeurs Trump (long ou short) ont fonctionné, avec quelques exceptions qui peuvent être des opportunités d’investissement, à l’instar de Total Energies ou Repsol. En Europe, nous conservons notre opinion Sous-pondérer s...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SREN SWISS RE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
BC8 BECHTLE AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
AGN AEGON N.V.
- Cor Kluis
Aegon : New SBB, higher OCG, more cash return clarity, sales was less,...
>Conclusion: New SBB, higher OCG, more cash return clarity, sales was less - It was positive that Aegon announced a new € 150m SBB which we expected, but not all in the market was expecting this we believe. And related to that it is good Aegon announced now to bring the cash at holding down from about est. € 1.66bn end 2024 to about € 1bn end 2026 giving up to € 0.9bn discretionary cash for e.g. new SBB’s over 2025-2026. The Q3 OCG capital generation was better than e...
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2024
Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong stock pe...
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Cor Kluis
Aegon : New SBB, Q3 OCG better, increased OCG target FY24, Q3 sales wa...
>Conclusion: New SBB, Q3 OCG better, higher OCG target, Q3 sales was less - It was positive that Aegon announced a new € 150m SBB which we expected, but not all in the market was expecting this we believe. And related to that it is good Aegon announced now to bring the cash at holding down from about est. € 1.7bn end 2024 to about € 1bn end 2026 giving more room for new SBB’s. The Q3 OCG capital generation was better than expected. The Solvency was marginally less. Th...
- Jason Kalamboussis
AEGON/Turning the page/BUY
AEGON is starting to move more firmly away from its restructuring and legacy books and looks set to embrace a path focusing more on growth, notably in the US, organically and also possibly externally through M&A. Increasing cash generation and fungibility results in Share Buybacks that we now expect to be €300m per annum, but with potential to increase should AEGON decide to lower its cash balance upper end need to €1bn. The ASR stake is finally increasing in value, while new CFO Duncan Russell ...
- Anthony Dick
- Emira Sagaama
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/10/2024
With the recall behind us we believe its time to look forward. Ignoring the noise from the recall over the last years, we believe Philips performance was good. Moreover the company’s positioning in IGT, Monitoring, Cardio Ultrasound and MRI has never been better. There is a credible self-help plan to lift Adj EBITA by 70% over the coming 5 years which should position margins and returns at industry average. The discount to the sector is no longer warranted. We upgrade to outperform. - ...
- Anthony Dick
- Emira Sagaama
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/15/2024
With the recall behind us we believe its time to look forward. Ignoring the noise from the recall over the last years, we believe Philips performance was good. Moreover the company’s positioning in IGT, Monitoring, Cardio Ultrasound and MRI has never been better. There is a credible self-help plan to lift Adj EBITA by 70% over the coming 5 years which should position margins and returns at industry average. The discount to the sector is no longer warranted. We upgrade to outperform. - ...
- Cor Kluis
Aegon : Q3 stable solvency and OCG, 14% FCF yield, a new positive SBB ...
>Conclusion: Q3 stable solvency and OCG, a new positive SBB possible - Aegon will present a Q3 trading update in which we expect a stable US RBC ratio and a stable UK Solvency ratio by end-Q3 vs end-Q2. The gross cash capital at holding is expected to be € 1.5bn by end-Q3 24, which is at the top end of their target € 0.5-1.5bn range. We expect qoq a stable OCG before holding/interest costs of € 287m in Q3 24. At the trading update it is possible that Aegon would annou...
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
SREN SWISS RE AG
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
HAL HAL TRUST
DTE DEUTSCHE TELEKOM AG
ITX INDUSTRIA DE DISENO TEXTIL S.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
AGN AEGON N.V.
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
SREN SWISS RE AG
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
HAL HAL TRUST
DTE DEUTSCHE TELEKOM AG
ITX INDUSTRIA DE DISENO TEXTIL S.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
AGN AEGON N.V.
- Cor Kluis
Aegon : 2Q24 OCG in line, Solvency marginally better, negative US mort...
>Conclusion: 2Q24 OCG in line, Solvency marginally better, negative US mortality - In 2Q24 the OCG capital generation was in line with expectations. End 1H24 the solvency was marginally better than expected in the US. The cash at holding was in line with expectations, and they have not yet announced the reduction of cash at holding target. We expect this to be announced at a later stage. In 1H24 they had negative mortality assumption charges under IFRS, which is posi...
- ING Helpdesk
- Cor Kluis
Aegon : OCG in line, S2 better, negative mortality experience / assump...
>Conclusion: 2Q24 OCG in line, Solvency marginally better, negative mortality experience/assumption changes, US sales somewhat light - The 2Q24 capital generation and cash at holding was in line with expectations and the US solvency was marginally better. However, in the US they did have some negative mortality experience in the operating result and negative mortality assumption updates in the below the line/other income. The US sales was somewhat light in 2Q24. Aegon...
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Konrad Zomer
- Konrad Zomer
- Cor Kluis
Aegon : Stable H1/Q2 results, might be reduction cash at holding targe...
>Conclusion: Stable H1/Q2 results, might be reduction cash at holding target - For end 2Q24 which we expect a marginal decline of the US RBC solvency and UK Solvency 2 ratio vs end- Q1 24. The gross cash capital at holding is expected to rise marginally to € 2.1bn by end-Q2 24 (€ 1.96bn end-Q1 24) as a result of the dividend upstreamings/income. We expect a stable underlying OCG in Q2 24 vs Q1 24. At the result day Aegon might announce a reduction of the cash at holdi...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.