reports
- Julian Dobrovolschi
- Thomas Zlowodzki
- Julian Dobrovolschi
- Thomas Zlowodzki
- Julian Dobrovolschi
London Stock Exchange Group : Gearing up for stronger growth in D&A, f...
We have become increasingly constructive on LSEG’s investment case as the company is gearing up for stronger growth in the data business and underlying margin expansion. The risk profile is also improving, with capex set to normalise and with leverage at 1.5x at end-2025. LSEG has proven to be a very strong compounder, with 12.8% estimated adj.EPS CAGR in 2024-2027 and c.3% total shareholder return. We upgrade our recommendation to Outperform given the positive risk-reward, and lift our TP to £1...
- Aaron Brodjanac
- Baptiste Salaville
- Chaima Ferrandon
- Charlotte Vaisse
- Marc Lavaud
- Sven Edelfelt
- Thomas Zlowodzki
1COV COVESTRO AG
VIE VEOLIA ENVIRONNEMENT SA
PEO BANK POLSKA KASA OPIEKI SA
TKA THYSSENKRUPP AG
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
SLB.N SCHLUMBERGER NV
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SK SEB SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SSAB A SSAB AB CLASS A
FGR EIFFAGE SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
AGS AGEAS SA/NV
SZG SALZGITTER AG
BEI BEIERSDORF AG
VOE VOESTALPINE AG
EOAN E.ON SE
ACX ACERINOX SA
ENI ENI S.P.A.
GRF GRIFOLS S.A. CLASS A
GEBN GEBERIT AG
ERA ERAMET SA
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EDW EDP RENOVAVEIS SA
KGX KION GROUP AG
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
PRY PRYSMIAN S.P.A.
RACE FERRARI NV
TRE TECNICAS REUNIDAS SA
GRF.P GRIFOLS S.A. PREF CLASS B
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
PIRC PIRELLI & C. S.P.A.
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
AKZA AKZO NOBEL N.V.
CPR DAVIDE CAMPARI-MILANO N.V.
VK VALLOUREC SA
STLA STELLANTIS N.V.
TE TECHNIP ENERGIES NV
CTPNV CTP NV
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
SYENS SYENSQO
VIRI VIRIDIEN
- Aaron Brodjanac
- Baptiste Salaville
- Chaima Ferrandon
- Charlotte Vaisse
- Marc Lavaud
- Sven Edelfelt
- Thomas Zlowodzki
1COV COVESTRO AG
VIE VEOLIA ENVIRONNEMENT SA
PEO BANK POLSKA KASA OPIEKI SA
TKA THYSSENKRUPP AG
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
SLB.N SCHLUMBERGER NV
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SK SEB SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SSAB A SSAB AB CLASS A
FGR EIFFAGE SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
AGS AGEAS SA/NV
SZG SALZGITTER AG
BEI BEIERSDORF AG
VOE VOESTALPINE AG
EOAN E.ON SE
ACX ACERINOX SA
ENI ENI S.P.A.
GRF GRIFOLS S.A. CLASS A
GEBN GEBERIT AG
ERA ERAMET SA
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EDW EDP RENOVAVEIS SA
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
PRY PRYSMIAN S.P.A.
RACE FERRARI NV
TRE TECNICAS REUNIDAS SA
GRF.P GRIFOLS S.A. PREF CLASS B
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
PIRC PIRELLI & C. S.P.A.
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
AKZA AKZO NOBEL N.V.
CPR DAVIDE CAMPARI-MILANO N.V.
VK VALLOUREC SA
STLA STELLANTIS N.V.
TE TECHNIP ENERGIES NV
CTPNV CTP NV
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
SYENS SYENSQO
VIRI VIRIDIEN
- Julian Dobrovolschi
- MarketLine Department
Intercontinental Exchange, Inc. - Mergers & Acquisitions (M&A), Partne...
Summary Marketline's Intercontinental Exchange, Inc. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Intercontinental Exchange, Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships...
- Julian Dobrovolschi
- Julian Dobrovolschi
- Julian Dobrovolschi
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Julian Dobrovolschi
London Stock Exchange Group : Solid Q3 trading update, with a beat of ...
>Beat to css with organic revenue growth of 8.7%, lifted by capital markets - LSEG came out with a stronger-than-expected trading update, beating consensus expectations on organic revenue growth at c.c. by 80bps. Overall, group revenue was £ 2117m, vs consensus of £ 2101m, and grew 7.7% YoY. Excluding the well flagged FX headwinds, group revenue grew at 9.5% YoY which is well ahead of expectations. All divisions did well in the quarter, however Capital markets was th...
- Ahmed Ben Salem
- Charlotte Vaisse
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/08/2024
The long financial duration that Cellnex enjoys implies high sensitivity of the valuation to discount rates. After a long challenging two-year period, we now see a more favourable economic environment ahead. Factors such as the potential for interest rate cuts and inflation nearing Cellnex’s sweet spot, coupled with a strong organic performance and newly implemented strategic measures—particularly deleveraging and further efficiencies on both Opex and Capex—create a positive backdrop....
EQNR EQUINOR ASA
BVI BUREAU VERITAS SA
PUM PUMA SE
RCO REMY COINTREAU SA
TFI TELEVISION FRANCAISE 1 SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
ORSTED ORSTED
MMT METROPOLE TELEVISION SA
EVK EVONIK INDUSTRIES AG
VACN VAT GROUP AG
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Ahmed Ben Salem
- Charlotte Vaisse
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/10/2024
The long financial duration that Cellnex enjoys implies high sensitivity of the valuation to discount rates. After a long challenging two-year period, we now see a more favourable economic environment ahead. Factors such as the potential for interest rate cuts and inflation nearing Cellnex’s sweet spot, coupled with a strong organic performance and newly implemented strategic measures—particularly deleveraging and further efficiencies on both Opex and Capex—create a positive backdrop....
EQNR EQUINOR ASA
BVI BUREAU VERITAS SA
PUM PUMA SE
RCO REMY COINTREAU SA
TFI TELEVISION FRANCAISE 1 SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
ORSTED ORSTED
MMT METROPOLE TELEVISION SA
EVK EVONIK INDUSTRIES AG
VACN VAT GROUP AG
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Julian Dobrovolschi
London Stock Exchange Group : Preview Q3 24 results; revenue growth st...
>We forecast revenue growth of 7.3% at c.c., incl. small headwind from ENX clearing termination agreement - LSEG is set to report its Q3 2024 results on 24 October pre-market. Overall, we expect a good set of results, and forecast revenue of £ 2,115m (excl. recoveries) in the quarter, up 7.3% YoY at a c.c. basis, and an organic growth of 6.6% YoY (c.c.). In terms of mix, we expect the Data & Analytics segment to grow at 4.3% YoY (c.c.) to £ 1,005m, in-line with previ...
- Christophe Chaput
- Hela Zarrouk
- Christophe Chaput
- Hela Zarrouk
- Julian Dobrovolschi
London Stock Exchange Group : Model update post H1 2024 results
>Marginal changes to our 2024 estimates, we are broadly in-line with consensus - We fine tune our LSEG model post H1 2024 results. Given the beat to profitability driven by good cost management and 50bps FX tailwind effect, we lift our 2024 adjusted EBITDA margin by 50bps to 48.1%. This upward revision to profitability is however offset by slightly higher underlying D&A and net finance expenses. As a consequence, we shave our 2024 adjusted EPS by 30bps to £ 3.498. Our...
- Olfa Taamallah
- Yan Derocles
DHLN DHL GROUP
V1S ARKEMA
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
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