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. - ...

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. - ...

Ericsson 3Q24: Networks recovering in US; near-record gross margins

Continental : Outlook still too uncertain to play a 2025 story

>Adjustments in the face of a more strained environment and one-offs - Following the pre-close call last week and in the run-up to Q3 2024 earnings release, we have adjusted our estimates for Continental, primarily to factor in : 1/ a more difficult LVP environment in H2 (negative), 2/ higher difficulties at ContiTech (negative), 3/ risk of higher provisions due to the BMW braking systems recall (negative), and 4/ exceptional items relating to Vitesco (positive). All ...

Continental : Des perspectives encore trop incertaines pour jouer une ...

>Ajustements face à un environnement plus tendu et des exceptionnels - A la suite du pre-close call la semaine dernière et à l’approche des résultats T3 2024, nous ajustons nos estimations sur Continental, essentiellement afin de tenir compte 1/ d’un environnement de production automobile plus difficile sur le S2 (négatif) ; 2/ des difficultés de ContiTech (négatif) ; 3/ des risques de provisions accrues face au rappel freinage BMW (négatif) ; 4/ des éléments exceptio...

Ericsson : Q3 2024 results above expectations thanks to AT&T contract ...

>Q3 2024 results above expectations, driven by Networks in North America and a new IPR licensing agreement, the rest of the business remains complicated - Q3 2024 revenues were SEK 61.8bn, slightly above Infront Data consensus at SEK 61.5bn, but down 1% organically, with all divisions (Networks, Cloud Software and Services) down 1%. A new 5G patent licensing agreement was signed in the quarter and IPR licensing revenues increased to SEK 3.5bn, part of which related ...

Ericsson : Q3 2024 results above expectations thanks to AT&T contract ...

>Q3 2024 results above expectations, driven by Networks in North America and a new IPR licensing agreement, the rest of the business remains complicated - Q3 2024 revenues were SEK 61.8bn, slightly above Infront Data consensus at SEK 61.5bn, but down 1% organically, with all divisions (Networks, Cloud Software and Services) down 1%. A new 5G patent licensing agreement was signed in the quarter and IPR licensing revenues increased to SEK 3.5bn, part of which related ...

Adj. EBITA +29% vs. cons, driven by North America

Teleperformance : Q3 set to confirm gradual improvement in growth

>Q3 revenue forecasts: we see pro forma growth of 3.8% - On 6 November after trading, Téléperformance is due to report Q3 revenues and will provide comments in a conference call. Key points to watch for, in our view: In Q2, pro forma growth accelerated vs Q1 (Q2 +2.4%; Q1 +0.9%) and for Q3 the group will benefit from more favourable comps. To recap, in Q1 2023, pro forma growth was +11%, then +6% in Q2, +4% in Q3 and +1% in Q4. In a roadshow with management we or...

Coloplast : Factor in slower growth at Interventional urology

>Ostomy care – Growth driven by the US - While Coloplast is the strong global market leader with a share of c. 44% in ostomy care, the US represents a growth opportunity with a share in the high teens. We expect that the mixture of success at GPO contracts, major hospital groups as well as its approaches to increase awareness among patients and nurses directly, will lead to a marked improvement in traction over the next years. We forecast double-digit growth, which wi...

Amundi : Hausse attendue du RN au T3 tirée par la progression des AuM

>Hausse des actifs sous gestion au T3 du fait des variations de marchés - Amundi publiera son RN du T3 2024 le 30 octobre prochain. Nous prévoyons un montant total d’actifs sous gestion de 2 197 Md€ à fin septembre dernier (en hausse de 1.9% par rapport à fin juin dernier et de 11.4% sur 12 mois). Notre prévision est légèrement supérieure au consensus, qui prévoit 2 187 Md€ à fin septembre dernier (+1.3%), compte tenu d’une prévision plus optimiste concernant l’impact...

DSM-Firmenich : Q3 24 preview (31 October)

>Positive momentum continuing into Q3 24 - We expect continued momentum in DSM-Firmenich’s performance on the back of improving market developments and self-help initiatives. Q3 24 is another quarter with improving comps, and DSM-Firmenich should have been able to post another sequential quarter of positive yoy top-line growth. Easing end-markets pressures, stabilising (if not improving) destocking and pricing trends and continued focus on self-help initiatives should...

Amundi : Expected increase in net income in Q3 driven by growth in AuM

>Increase in assets under management in Q3 due to market variations - Amundi is set to report its Q3 2024 net income on 30 October. We expect total assets under management of € 2,197bn at end-September (up by 1.9% vs the end of June and by 11.4% y-o-y). Our estimate is slightly above the consensus forecast of € 2,187bn at end-September (+1.3%), given our more upbeat estimate of the impact of market variations, whereas our net inflow estimate is a shade below the con...

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...

Ahold Delhaize N.V. : Run-of-the-mill third quarter expected

>Ahold Delhaize’s Q3 2024 results are due 6 November - Ahold Delhaize will report its Q3 2024 result on 6 November at 07:45, followed by a conference call at 10:00. The retailer is currently collecting estimates to prepare consensus forecasts. We spoke with the company recently (last week Friday).US – volume trends on track and significant one-off costs - We expect volume trends to improve, remaining on track for positive growth across all banners exc...

Téléperformance : Un T3 qui devrait confirmer l’amélioration progressi...

>Prévision de CA T3 : nous retenons une croissance pro forma de 3.8% - Le 6 novembre après clôture, le groupe Téléperformance publiera son chiffre d’affaires T3 et le commentera à l’occasion d’une conférence téléphonique. Pour notre part, nous retiendrons que : Au cours du T2, la croissance pro forma s’est accélérée par rapport au T1 (T2 +2.4% ; T1 +0.9%) et pour le T3, le groupe bénéficiera d’une base de comparaison plus favorable. Pour mémoire, au T1 2023, la c...

Credit Morning 10/09/2024

Advanz seeks to upsize TLB, Moody’s upgrade to B2/Stable>...

Morning Crédit 09/10/2024

Advanz seeks to upsize TLB, Moody’s upgrade to B2/Stable>...

5G in India: slightly positive sequential delta