reports
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Arancha Pineiro
- Christophe-Raphaël Ganet
- Pierre Tegner
PUIG : Q3 up 11.6% l-f-l: rebound in makeup and strong momentum in fra...
>Outperform rating maintained. Q3 numbers likely to be well received - Outperform rating maintained with the target price unchanged at € 26.1. We continue to believe that the stock merits a long-term rerating, given its superior growth potential and the gradual shift from fragrances to beauty products. In the very short term, the Q3 performance should be welcomed on two counts: (i) the group’s positioning in fragrances has shielded it from the slowdown in the beauty m...
- Christophe-Raphaël Ganet
- Pierre Tegner
PUIG : Q3 up 11.6% l-f-l: rebound in makeup and strong momentum in fra...
>Outperform rating maintained. Q3 numbers likely to be well received - Outperform rating maintained with the target price unchanged at € 26.1. We continue to believe that the stock merits a long-term rerating, given its superior growth potential and the gradual shift from fragrances to beauty products. In the very short term, the Q3 performance should be welcomed on two counts: (i) the group’s positioning in fragrances has shielded it from the slowdown in the beauty m...
- Arancha Pineiro
- Research Department
IBERIAN DAILY 30 OCTOBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SAB...
NEWS SUMMARY: AENA, ENCE, ENDESA, FERROVIAL, GREENING, INDRA, METROVACESA, PUIG BRANDS, REDEIA, UNICAJA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’24 results to be released over the coming days in Spain. Market moved by earnings releases European stock markets closed with slight drops, highly conditioned by the business results calendar and penalised by the new rise in...
- Christophe-Raphaël Ganet
- Pierre Tegner
PUIG : T3 à 11.6% en LfL : rebond du make-up et forte dynamique des pa...
>Opinion Surperformance maintenue. Un T3 24 qui devrait être bien accueilli - Surperformance maintenue avec un OC inchangé à 26.1 €. Nous continuons de penser que le titre mérite sur le long terme un rerating en raison de son potentiel de croissance supérieur et d’une mutation qui devrait être progressive du parfum vers la Beauté. A très court terme, la performance du T3 devrait être saluée à double titre. 1/ Le positionnement sur le parfum préserve le groupe du ralen...
- Research Department
INFORME DIARIO 30 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ENCE, ENDESA, FERROVIAL, GREENING, INDRA, METROVACESA, PUIG BRANDS, REDEIA, UNICAJA. EUROPA: BASF, KERING, SCHNEIDER ELECTRIC, VOLKSWAGEN. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. El mercado al son de los beneficios empresariales ...
- Christophe-Raphaël Ganet
- Pierre Tegner
PUIG : H1 results that seem in line with expectations overall but whic...
>Outperform rating maintained after a chaotic start - Outperform rating maintained with a target price adjusted to € 26.1. Despite a chaotic first results publication, which was largely punished by the market (-14% on Friday), PUIG retains its growth potential and also its re-rating potential based on a P/E 2025e now close to 20x. The organic growth of 8.2% in H1 points this way despite the undeniable disappointment in make-up that could have been partly avoided wit...
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/09/2024
At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
FORTUM FORTUM OYJ
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
EOAN E.ON SE
ELE ENDESA S.A.
ORSTED ORSTED
SAN SANOFI
VER VERBUND AG CLASS A
ENEL ENEL SPA
01913 PRADA S.P.A.
GAS NATURGY ENERGY GROUP S.A.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
IBE IBERDROLA SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VWS VESTAS WIND SYSTEMS
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
UN0 UNIPER SE
PUIG PUIG BRANDS
- Christophe-Raphaël Ganet
- Pierre Tegner
PUIG : Un S1 qui semble conforme aux attentes au global mais qui crée ...
>Surperformance maintenue après un début chaotique - Surperformance maintenue avec un OC ajusté à 26.1 €. Malgré une 1ère publication chaotique, laquelle a été largement sanctionnée (-14% vendredi), PUIG conserve son potentiel de croissance mais aussi de rerating suite à un PE 25e désormais proche de 20x. La croissance organique de 8.2% au S1 va dans ce sens malgré la déception indéniable du maquillage qui aurait pu être en partie évitée par une meilleure communicati...
- Arancha Pineiro
- Research Department
IBERIAN DAILY 06 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENCE, PUIG BRANDS. All eyes on the US job market European stock markets saw slight corrections, with the market dynamics remaining practically unchanged. Thus, the STOXX 600 saw significant dispersion, with Utilities and Real Estate being the best-performing sectors whereas Consumer Goods (the luxury segment remains highly punished by China) and Pharma posted the biggest drops. On the macro side, in the euro zone, retail sales rose in line with expectations. In France, E. Macron a...
- Research Department
INFORME DIARIO 06 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENCE. A la espera de nuevos datos del mercado laboral estadounidense Ligeras caídas en la bolsa Europa y sin grandes cambios en la dinámica del mercado. Mucha dispersión en el STOXX 600 donde los mejores sectores fueron Utilities e Inmobiliario mientras que B. Consumo (el lujo sigue muy castigada por China) y Farma terminaron con las mayores correcciones. Por el lado macro, en la Eurozona las ventas al por menor avanzaron en línea con lo previsto. ...
- Research Department
INFORME DIARIO 05 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, FCC, GRIFOLS, INDRA, SACYR. Se mantiene el castigo en Europa Las bolsas europeas sufrieron una nueva sesión de caídas, contagiadas por el mercado estadounidense y las dudas sobre el crecimiento. En el STOXX 600 sobresalieron las ganancias de Inmobiliario y Telecomunicaciones frente a Tecnología (contagiado por las caídas de NVIDIA) y B. Consumo (tras los débiles datos del manufacturero chino), que sufrieron las mayores pérdidas. Por el lado...
- Arancha Pineiro
PUIG BRANDS: UN VALOR PREMIUM (ANÁLISIS BANCO SABADELL)
Una compañía premium en un sector resiliente. Iniciamos cobertura con un P.O. de 28,7 euros/acc. COMPRAR Puig está posicionada en el sector de belleza premium con grandes perspectivas de crecimiento (c.+7% según Euromonitor) gracias a su catálogo de 17 Love Brands. Está presente en Fragancias y Moda (~72% ventas, Moda
- Research Department
INFORME DIARIO 10 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, BANKINTER, PUIG BRANDS, TELEFÓNICA. El empleo en EE.UU. sigue muy fuerte Semana positiva para las bolsas, marcada por la rebaja de los tipos en Europa, con el Ibex recuperando máximos de 2015 y unas rentabilidades soberanas que volvieron a repuntar sensiblemente tras el dato de empleo americano. Así, en el STOXX 600 los mejores sectores de la semana fueron Tecnología y Farma frente a las caídas de Energía y R. Básicos, Por el lado macro, en ...
- Christophe-Raphaël Ganet
- Pierre Tegner
PUIG : From fragrances to beauty
PUIG, one of the global leading beauty groups, is going public with a solid growth plan for its core fragrances business and an expansion of its footprint into two other attractive segments: make-up and skincare. Its objective to become a diversified pure player in prestige beauty should generate a profitable growth profile (CAGR 23/26e EBIT +9.7%) with strong organic and acquisition-driven expansion potential that has already proved its worth. We are initiating coverage of the s...
- Christophe-Raphaël Ganet
- Pierre Tegner
PUIG : Du parfum à la beauté
PUIG, un des leaders globaux de la Beauté, entre en Bourse en présentant un projet solide de déploiement de son core business dans les parfums et d’expansion de son empreinte sur d’autres segments attractifs: le maquillage et les soins de la peau. Son objectif de devenir un pure player diversifié du prestige beauty devrait nourrir un profil de croissance rentable (TMVA 23/26e EBIT +9,7%e) avec un potentiel élevé de croissance organique et de croissance externe qui a déjà fait ses...
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