ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/05/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2024

We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...

Capgemini : Satisfactory Q1 2024 revenue. FY 2024 guidance reiterated,...

>Growth at cc in line with expectations; bookings solid - Capgemini announced a satisfactory set of Q1 2024 revenue figures on Tuesday before trading, with growth at cc reaching -3.3%, +20bp higher than expected. North America was again penalised by a less favourable mix (-7.1% cc) whereas Europe remained more resilient with growth slowing only a little, as expected (-1.8% cc). The TMT and Financial Services sectors are still struggling as a result of limited spending...

INVEST SECURITIES - CAPGEMINI : Point bas atteint, des cieux plus favo...

Capgemini : CA T1 2024 satisfaisant. FY 24 guidance réitérée mais le h...

>Croissance à cc en ligne avec les attentes. Bookings solides - Capgemini a annoncé mardi avant Bourse un CA T1 2024 satisfaisant, avec une variation cc de -3.3%, +20 pb au-dessus des attentes. L’Amérique du Nord continue à être pénalisée par un mix moins favorable (-7.1% cc) alors que l’Europe continue à faire preuve d'une plus grande résilience, enregistrant un léger ralentissement de la croissance, comme prévu (-1.8% cc). Les secteurs TMT et services financiers so...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2024

BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2024

L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...

Capgemini : Q1 cc growth of -3.3%, in line with expectations. FY 2024 ...

>Q1 y-o-y cc growth of -3.3% in line with expectations. Decent bookings - Q1 2024 sales came to € 5,527m down -3.3% at cc. This figure is just in line with expectations in reported terms and +20bp above at cc (vs ODDO BHF: € 5,518m, down -3.6% y-o-y cc; Css: € 5,527m down -3.5% y-o-y cc). Organic growth came to -3.6%, +20bp above Css expectations (vs ODDO BHF: -4.0% y-o-y org and Css at -3.8% y-o-y org), a slowdown vs Q4 2023 (-0.9%). This implies q-o-q org. growth of...

Capgemini : Q1 cc growth of -3.3%, in line with expectations. FY 2024 ...

>Q1 y-o-y cc growth of -3.3% in line with expectations. Decent bookings - Q1 2024 sales came to € 5,527m down -3.3% at cc. This figure is just in line with expectations in reported terms and +20bp above at cc (vs ODDO BHF: € 5,518m, down -3.6% y-o-y cc; Css: € 5,527m down -3.5% y-o-y cc). Organic growth came to -3.6%, +20bp above Css expectations (vs ODDO BHF: -4.0% y-o-y org and Css at -3.8% y-o-y org), a slowdown vs Q4 2023 (-0.9%). This implies q-o-q org. growth of...

Randstad/Staffing cycle wisdom: be there early/BUY

Credit Morning 04/25/2024

Atos: weak Q1 2024 results, need for fresh funds has already increasedVerisure launches a new term loan; new bonds to followVerallia: Q1 2024 logically weak but the recovery in demand is confirmedAngloAmerican Plc: Takeover offer from BHP Group for the entire share capital>...

Morning Crédit 25/04/2024

Atos : faibles résultats au T1 2024, les besoins de nouveaux fonds a augmentéVerisure lance un nouveau term loan ; des nouvelles obligations suivrontVerallia : T1 2024 logiquement faible mais la reprise de la demande se confirmeAngloAmerican PLC : Offre de rachat sur la totalité du capital par BHP>...

ODDO BHF Small & MIDCAP MORNING NEWS - 04/25/2024

Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 25/04/2024

Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...

Fnac Darty : Q1 sales: slightly above our estimate but the climate rem...

>Satisfactory Q1 given the context, but no visibility on a rebound in volumes - Yesterday evening Fnac Darty reported Q1 sales slightly above our estimate. Sales came to € 1,793m, up 0.7% yoy of which -0.8% LFL, a slight sequential deceleration vs Q4 2023’s +0.7% of which -0.3% LFL. We had forecast € 1,780m and -1.4% LFL. The quarter was marked by an economic climate that remains under pressure. Online sales were flat vs preceding quarters (with likely market share ga...

Fnac Darty : CA T1 : légèrement au-dessus de nos attentes, mais un env...

>T1 correct pour le contexte, mais pas de visibilité sur une reprise des volumes - Fnac Darty a publié hier soir son CA T1 un peu au-dessus de nos attentes. Le CA ressort à 1 793 M€, en hausse de 0.7% yoy dont -0.8% en LFL, en légère décélération séquentielle par rapport au T4 2023 à +0.7% dont -0.3% en LFL. Nous attendions 1 780 M€ et -1.4%e en LFL. Le trimestre est marqué par un environnement économique encore sous pression. Les ventes en ligne sont stables avec le...