reports
- Baptiste Salaville
- Jerôme Bodin
- Marc Lavaud
- Philippe Ourpatian
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/06/2024
Notre conviction sur le potentiel de croissance LT et d’opportunités de l’IA générative est renforcée. Les secteurs 'enablers' (semiconducteurs, software et IT services) et fournisseurs d’infrastructures (utilities, métaux, biens d'équipements et immobilier) en seront les premiers bénéficiaires, conduisant à certains changements d’OC. Parmi les secteurs ‘utilisateurs’ de l’IA (média, santé, automobile, banque et assurance, services pétroliers, défense, aéronautique et compagnies aérie...
SOP SOPRA STERIA GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ATO ATOS SE
RI PERNOD RICARD SA
ACN ACCENTURE PLC CLASS A
EN BOUYGUES SA
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
VIV VIVENDI SE
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
CCL CARNIVAL PLC
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Baptiste Salaville
- Jerôme Bodin
- Marc Lavaud
- Philippe Ourpatian
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/26/2024
Our conviction on the long-term growth potential and opportunities of generative AI is renewed. The enabler sectors (semiconductors, software and IT services) and those that provide the infrastructure (utilities, metals, capital goods and real estate) will be the primary beneficiaries, leading us to make certain target price changes. Among AI ‘user’ sectors (media, healthcare, automotive, banking and insurance, oil services, defence, aerospace and airlines), the effects will doubtless...
SOP SOPRA STERIA GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ATO ATOS SE
RI PERNOD RICARD SA
ACN ACCENTURE PLC CLASS A
EN BOUYGUES SA
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
VIV VIVENDI SE
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
CCL CARNIVAL PLC
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Jerôme Bodin
Vivendi : H1 preview: a dynamic Q2 for the main assets and confirmatio...
>Outperform rating with the outlook for the demerger - We are issuing an update on our H1 forecasts as well as the messages that could be delivered by the group at this earnings publication of 25 July. Firstly, we forecast a strong H1 driven by robust growth in the three main assets: Canal+ (2.9% organic in Q2), Havas (+1.8% in Q2) and Lagardère (+10%). Our full-year estimates are unchanged for EPS. We have merely updated our net debt forecast for 2023 under the effe...
- Jerôme Bodin
Vivendi : Preview S1 : un T2 dynamique sur les principaux actifs et co...
>Opinion Surperformance dans la perspective de la scission - Nous faisons un point sur nos attentes du S1 mais aussi sur les messages qui pourraient être délivrés par le groupe à l’occasion de cette publication de résultats du 25/07. Nous tablons tout d’abord sur un bon S1 tiré par une croissance solide des trois principaux actifs : Canal+ (2,9% en organique au T2), Havas (+1,8% au T2) et Lagardère (+10%). Nos estimations annuelles sont inchangées sur les BPA. Nous av...
Vivendi : Déclaration des transactions sur actions propres réalisées d...
PARIS--(BUSINESS WIRE)-- Regulatory News: Vivendi (Paris:VIV) : Nom de l'émetteur Code identifiant de l'émetteur (code LEI) Jour de la transaction Code identifiant de l'instrument financier Volume total journalier (en nombre de titres) Prix pondéré moyen journalier d'acquisition Code identifiant marché VIVENDI 969500FU4DRAEVJW7U54 6/17/2024 FR0000127771 478,254 9.5518 XPAR VIVENDI 969500FU4DRAEVJW7U54 6/17/2024 FR0000127771 220,910 9.5527 CEUX VIVENDI ...
Vivendi : Complément n°2 au descriptif, du 30 avril 2024, du programme...
PARIS--(BUSINESS WIRE)-- Regulatory News: Vivendi (Paris:VIV): Le présent complément n°2 est établi en application des dispositions des articles 241-1 et 241-2 du Règlement général de l’Autorité des marchés financiers. 1. Date de l’Assemblée générale ayant autorisé le programme de rachat d’actions et de mise en œuvre. L’autorisation d’achat par la société de ses propres actions a été donnée par l’Assemblée générale mixte du 29 avril 2024 (vingt-et-unième résolution). Elle est mise en œuvre sur délégation du Directoire des 29 avril, 30 mai et 17 juin 2024. 2. Nombre de titres et part ...
Umicore S.A.: 1 director
A director at Umicore S.A. bought 14,000 shares at 13.690EUR and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...
Vivendi s’engage à protéger et authentifier les contenus produits par ...
PARIS--(BUSINESS WIRE)-- Regulatory News: Vivendi (Paris:VIV) annonce avoir pris plusieurs initiatives destinées à protéger et valoriser les créations de ses différents métiers. L’objectif est de garantir une plus grande transparence et authenticité des contenus produits dans l’écosystème numérique et de certifier que ceux-ci ont été en tout ou partie produits par un être humain ou par l’intelligence artificielle. Cette démarche intervient alors que le Web 3.0, cette nouvelle génération d’un Internet décentralisé, plus indépendant et s’appuyant notamment sur la technologie blockchain, béné...
Vivendi : Déclaration des transactions sur actions propres réalisées d...
PARIS--(BUSINESS WIRE)-- Regulatory News: Vivendi (Paris:VIV) : Nom del'émetteur Code identifiant de l'émetteur (code LEI) Jour de la transaction Code identifiant de l'instrument financier Volume total journalier (en nombre de titres) Prix pondéré moyen journalier d'acquisition Code identifiant marché VIVENDI 969500FU4DRAEVJW7U54 6/10/2024 FR0000127771 422,968 9.7799 XPAR VIVENDI 969500FU4DRAEVJW7U54 6/11/2024 FR0000127771 442,198 9.7294 XPAR VIVENDI 969500FU4DRAEVJW7U54 ...
- Anthony Dick
- Bruno Cavalier
- Christophe-Raphaël Ganet
- Jean Danjou
- Marc Lavaud
ENGI ENGIE SA.
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
ARGX ARGEN-X SE
NOVO B NOVO NORDISK A/S
- Anthony Dick
- Bruno Cavalier
- Jean Danjou
- Marc Lavaud
ENGI ENGIE SA.
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
ARGX ARGEN-X SE
NOVO B NOVO NORDISK A/S
- Robert Jan Vos
Colruyt Group N.V. : Investors likely on the sidelines on market share...
>EBIT and net profit growth beat guidance for more than 50-60% growth - On a like-for-like basis (excluding one-off items), Colruyt reported EBIT growth of 67% and net profit growth of 78% in 2023/24. On both items growth was materially ahead of Colruyt’s guidance for growth in EBIT and net profit of at least 50-60%. The reported results were some 6% ahead of our forecasts, which we believe were ahead of consensus. The decline in Colruyt’s market share since H1 was st...
- Stijn Demeester
Umicore/Battery headwinds intensifying/HOLD
We lower our estimates and target price to reflect last week's substantial profit warning in Umicore's Battery Materials division. Given the current challenges in the EV supply chain as well as uncertainty on Umicore's strategy in Battery Materials, we stick to our HOLD and lower our target price from €19.00 to €16.00.
- Ahmed Ben Salem
- Ahmed Ben Salem
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore
One month after the surprising CEO change, Umicore issued a severe profit warning on the back of lower EV demand growth, which prompted us to lower our FY24 adjusted EBITDA forecast by about 15%. Umicore announced it will re-assess its mid to long term growth ambitions and we have already taken a more conservative approach with our FY30 CAM volume estimate now at 250 GWh, vs 300 GWh previously and the company's current official target of 400 GWh. Even with our lowered forecasts, vehicle electrif...
- Martijn Den Drijver
Umicore : More realism but still quite a bit of uncertainty remains
>Battery Material woes result in material lower 2024-2026 estimates - We have adjusted our 2024 estimates for E&ST, in line with the updated guidance for Battery Materials and we are now, for Umicore as a whole, at €768m, the lower end of the updated 2024 adj. EBITDA guidance of €760m to €800m. The faster than expected decline in volume from mid-nickel chemistry contracts and the slower ramp-up (or delays) of the high nickel chemistry contracts also impacts our 2025 a...
- Michiel Declercq
Colruyt Conference call feedback & model update
FY23/24 group sales increased 11.9% and +9.0% on a comparable base to € 10.84bn (kbcse: € 10.88bn), while the EBIT increased by 67.2% to € 470m, ahead of our estimated € 442m. However, Colruyt mentioned that competition and promo pressure increased since the start of 2024, while the difference between sales and cost price inflation has been narrowing. As a result, Colruyt now aims to match this year's result in FY24/25, or in line with our estimates. We therefore reiterate our Hold rating and € ...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 06/12/2024
The formation of alliances to Macron's left and right reduces his leeway and increases the risk of a cohabitation, a priori probably with a Prime Minister from the Rassemblement National (National Rally). Equity markets are more visibly affected by these developments. Reduce positions in French names linked to government intervention, the most heavily indebted sectors. We are adjusting our vision of sector risks flagged on Monday morning. The sectors most at risk are: banks, construct...
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