reports
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024
We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024
Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Hannover Re : Solid Q3 2024 technical profits; Outlook for 2025 NP in ...
>Q3 2024 technical profits were solid but EBIT stood below consensus estimate - Hannover Re reported solid technical profits for its segments in Q3 2024 which were broadly in line with consensus estimates. Group EBIT of € 791m came in below the € 841m consensus and our € 798m estimate, driven by a lower-than-expected investment income digesting value adjustments on real estate and PE exposures. Group net profit was helped by a € 120m positive tax one-off which propel...
EQS-News: Hannover Rück hebt Gewinnziel für 2024 an und erwartet für 2...
EQS-News: Hannover Rück SE / Schlagwort(e): 9-Monatszahlen Hannover Rück hebt Gewinnziel für 2024 an und erwartet für 2025 einen Nettokonzerngewinn von rund 2,4 Mrd. EUR 11.11.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Hannover Rück hebt Gewinnziel für 2024 an und erwartet für 2025 einen Nettokonzerngewinn von rund 2,4 Mrd. EUR Nettokonzerngewinn nach drei Quartalen steigt um 30,4 % auf 1,8 Mrd. EUR Rückversicherungsumsatz wächst währungskursbereinigt um 7,0 % auf 19,7 Mrd. EUR Großschäden in der Schaden-Rückvers...
EQS-News: Hannover Re raises profit target for 2024 and expects Group ...
EQS-News: Hannover Rück SE / Key word(s): 9 Month figures Hannover Re raises profit target for 2024 and expects Group net income of around EUR 2.4 billion for 2025 11.11.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Hannover Re raises profit target for 2024 and expects Group net income of around EUR 2.4 billion for 2025 Group net income after three quarters increases by 30.4% to EUR 1.8 billion Reinsurance revenue grows by 7.0% adjusted for exchange rate effects to EUR 19.7 billion Large losses in property and casualty re...
EQS-News: Führungswechsel bei der Hannover Rück: Jean-Jacques Henchoz ...
EQS-News: Hannover Rück SE / Schlagwort(e): Personalie Führungswechsel bei der Hannover Rück: Jean-Jacques Henchoz übergibt Vorstandsvorsitz am 1. April 2025 an Clemens Jungsthöfel 08.11.2024 / 10:43 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Führungswechsel bei der Hannover Rück: Jean-Jacques Henchoz übergibt Vorstandsvorsitz am 1. April 2025 an Clemens Jungsthöfel Jean-Jacques Henchoz verlängert auslaufenden Vertrag auf eigenen Wunsch nicht und scheidet zum 31. März 2025 aus dem Vorstand aus Finanzvorstand Clemens Jungsthöfel...
EQS-News: Change of leadership at Hannover Re: Chief Executive Officer...
EQS-News: Hannover Rück SE / Key word(s): Personnel Change of leadership at Hannover Re: Chief Executive Officer Jean-Jacques Henchoz hands over to Clemens Jungsthöfel on 1 April 2025 08.11.2024 / 10:43 CET/CEST The issuer is solely responsible for the content of this announcement. Change of leadership at Hannover Re: Chief Executive Officer Jean-Jacques Henchoz hands over to Clemens Jungsthöfel on 1 April 2025 Jean-Jacques Henchoz will not extend his expiring contract at his own request and will leave the Executive Board on 31 March 2025 Chief Financial Officer Clemens...
EQS-News: E+S Rück rechnet nach Unwetterschäden mit weiteren Verbesser...
EQS-News: Hannover Rück SE / Schlagwort(e): Sonstiges E+S Rück rechnet nach Unwetterschäden mit weiteren Verbesserungen der Preise und Konditionen in Deutschland 21.10.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. E+S Rück rechnet nach Unwetterschäden mit weiteren Verbesserungen der Preise und Konditionen in Deutschland Überschwemmungskatastrophen führen erneut zu signifikanten Belastungen Schadenaufwendungen in der Kraftfahrtversicherung nehmen weiter deutlich zu Mehr Kapazität nach hochwertigem Rückversicherung...
EQS-News: E+S Rück expects further improvements in prices as well as t...
EQS-News: Hannover Rück SE / Key word(s): Miscellaneous E+S Rück expects further improvements in prices as well as terms and conditions in Germany after losses caused by severe weather events 21.10.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. E+S Rück expects further improvements in prices as well as terms and conditions in Germany after losses caused by severe weather events Flood catastrophes cause further significant losses Claims expenditure in motor insurance continues to rise significantly Increased capacity sough...
- Charlotte Vaisse
- Christophe-Raphaël Ganet
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/18/2024
The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefer Acc...
VIE VEOLIA ENVIRONNEMENT SA
CA CARREFOUR SA
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
FGR EIFFAGE SA
ABB ABB LTD.
HNR1 HANNOVER RUECK SE
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
RACE FERRARI NV
VACN VAT GROUP AG
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Charlotte Vaisse
- Christophe-Raphaël Ganet
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/10/2024
La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissance 202...
VIE VEOLIA ENVIRONNEMENT SA
CA CARREFOUR SA
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
FGR EIFFAGE SA
ABB ABB LTD.
HNR1 HANNOVER RUECK SE
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
RACE FERRARI NV
VACN VAT GROUP AG
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Hannover Re : Positive takeaways from management dialogue
>P/C reinsurance pricing should be supportive going into 2025 renewals - Hannover Re held a management dialogue in London on Wednesday. One key point of discussion was the outlook for P/C reinsurance pricing going into 2025 renewals. Following a rather active nat cat season in H2 2024 YTD management expects broadly stable P/C reinsurance pricing and no softening of terms & conditions. Attachment points and thus higher retention levels for primary insurance companies s...
EQS-News: Hannover Re sees continued strong demand for high-quality r...
EQS-News: Hannover Rück SE / Key word(s): Miscellaneous Hannover Re sees continued strong demand for high-quality reinsurance protection 09.09.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Hannover Re sees continued strong demand for high-quality reinsurance protection Strong market demand for high-quality reinsurance protection Reinsurance prices and conditions have stabilised Terms and conditions continue to be attractive, particularly in non-proportional reinsurance Hannover Re well positioned for profitable growth...
EQS-News: Hannover Rück sieht weiterhin hohe Nachfrage nach hochwertig...
EQS-News: Hannover Rück SE / Schlagwort(e): Sonstiges Hannover Rück sieht weiterhin hohe Nachfrage nach hochwertigem Rückversicherungsschutz 09.09.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Hannover Rück sieht weiterhin hohe Nachfrage nach hochwertigem Rückversicherungsschutz Starke Marktnachfrage nach hochwertigem Rückversicherungsschutz Rückversicherungspreise und Konditionen haben sich stabilisiert Konditionen weiterhin attraktiv, insbesondere in der nicht-proportionalen Rückversicherung Hannover Rück gut p...
- Bruno Cavalier
- Jean Danjou
- Bruno Cavalier
- Jean Danjou
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
HNR1 HANNOVER RUECK SE
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Hannover Re : Q2 2024 points to healthy volume growth in P/C and sligh...
>Group net profit ahead of estimates - We have revisited our estimates following Hannover Re’s strong Q2 2024 results which came in ahead of estimates. Group net profit came to € 603m ahead of the € 533m consensus forecast and our € 551m estimate. Better-than-expected technical profits and higher-than-expected investment income contributed to the beat. The Solvency II ratio stood at a solid 276% ahead of the 270% consensus expectation. We have increased our net profit...
EQS-News: Hannover Rück beruft Brona Magee in den Vorstand als Nachfol...
EQS-News: Hannover Rück SE / Schlagwort(e): Personalie Hannover Rück beruft Brona Magee in den Vorstand als Nachfolgerin von Dr. Klaus Miller 12.08.2024 / 08:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Hannover Rück beruft Brona Magee in den Vorstand als Nachfolgerin von Dr. Klaus Miller Brona Magee tritt zum 1. Januar 2025 in den Vorstand der Hannover Rück ein Sie übernimmt von Dr. Klaus Miller, der in einer beratenden Rolle im Unternehmen bleibt Hannover, 12. August 2024: Der Aufsichtsrat der Hannover Rück SE hat Brona Mag...
EQS-News: Hannover Re appoints Brona Magee to succeed Klaus Miller on ...
EQS-News: Hannover Rück SE / Key word(s): Personnel Hannover Re appoints Brona Magee to succeed Klaus Miller on the Executive Board 12.08.2024 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. Hannover Re appoints Brona Magee to succeed Klaus Miller on the Executive Board Brona Magee to join the Executive Board of Hannover Re effective 1 January 2025 She will succeed Klaus Miller, who will remain with the company in an advisory role Hannover, 12 August 2024: The Supervisory Board of Hannover Rück SE has appointed Brona Magee (49) ...
EQS-News: Hannover Re reports higher revenue and earnings
EQS-News: Hannover Rück SE / Key word(s): Half Year Results Hannover Re reports higher revenue and earnings 12.08.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Hannover Re reports higher revenue and earnings Group net income increases by 21% to EUR 1.2 billion Reinsurance revenue grows by 5.2% to EUR 12.9 billion Large losses in property and casualty reinsurance within budget Result for life and health reinsurance in line with expectations Return on investment of 3.3% generated Return on equity reaches 22.3% Full-year...
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