reports
- Bruno Cavalier
- Jerôme Bodin
CVVTF COVESTRO AG
WCH WACKER CHEMIE AG
CLN CLARIANT AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
LXS LANXESS AG
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SDF K+S AG
WIZZ WIZZ AIR HOLDINGS PLC
BAS BASF SE
ERA ERAMET SA
EZJ EASYJET PLC
SY1 SYMRISE AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
SAVE SAVENCIA SA
TUB TUBACEX S.A.
AIXA AIXTRON SE
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
ONTEX ONTEX GROUP N.V.
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TKWY JUST EAT TAKEAWAY.COM N.V.
NA9 NAGARRO
FPE3 FUCHS PETROLUB SE
AF AIR FRANCE - KLM
EXENS EXOSENS
ALHG LOUIS HACHETTE GROUP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Bruno Cavalier
- Jerôme Bodin
CVVTF COVESTRO AG
WCH WACKER CHEMIE AG
CLN CLARIANT AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
LXS LANXESS AG
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SDF K+S AG
WIZZ WIZZ AIR HOLDINGS PLC
BAS BASF SE
ERA ERAMET SA
EZJ EASYJET PLC
SY1 SYMRISE AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
SAVE SAVENCIA SA
TUB TUBACEX S.A.
AIXA AIXTRON SE
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
ONTEX ONTEX GROUP N.V.
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TKWY JUST EAT TAKEAWAY.COM N.V.
NA9 NAGARRO
FPE3 FUCHS PETROLUB SE
AF AIR FRANCE - KLM
EXENS EXOSENS
ALHG LOUIS HACHETTE GROUP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Jerôme Bodin
- Jerôme Bodin
- Ahmed Ben Salem
- Marc Lavaud
- Thomas Zlowodzki
- Youssef Besbes
UBI UBISOFT ENTERTAINMENT SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
GALP GALP ENERGIA SGPS SA CLASS B
OUT1V OUTOKUMPU OYJ
TFI TELEVISION FRANCAISE 1 SA
UTDI UNITED INTERNET AG
BLC BASTIDE LE CONFORT MEDICAL SA
LSS LECTRA SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
ROS ROSENBAUER INTERNATIONAL AG
NVG NAVIGATOR COMPANY SA
DKG DEUTSCHE KONSUM REIT-AG
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
UMI UMICORE
SANT S&T AG
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
ALHG LOUIS HACHETTE GROUP
- Ahmed Ben Salem
- Marc Lavaud
- Thomas Zlowodzki
- Youssef Besbes
UBI UBISOFT ENTERTAINMENT SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
GALP GALP ENERGIA SGPS SA CLASS B
OUT1V OUTOKUMPU OYJ
TFI TELEVISION FRANCAISE 1 SA
UTDI UNITED INTERNET AG
BLC BASTIDE LE CONFORT MEDICAL SA
LSS LECTRA SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
ROS ROSENBAUER INTERNATIONAL AG
NVG NAVIGATOR COMPANY SA
DKG DEUTSCHE KONSUM REIT-AG
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
UMI UMICORE
SANT S&T AG
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
ALHG LOUIS HACHETTE GROUP
- Jerôme Bodin
- Jerôme Bodin
- Youssef Besbes
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
SZG SALZGITTER AG
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
ATE ALTEN SA
VOE VOESTALPINE AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
ACX ACERINOX SA
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
COK CANCOM SE
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
NSI NSI N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
ALHG LOUIS HACHETTE GROUP
- Youssef Besbes
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
SZG SALZGITTER AG
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
ATE ALTEN SA
VOE VOESTALPINE AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
ACX ACERINOX SA
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
COK CANCOM SE
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
NSI NSI N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
ALHG LOUIS HACHETTE GROUP
- Jerôme Bodin
Louis Hachette Group : Taking a position on a strong discount, pending...
We are initiating coverage of Louis Hachette Group (LHG) with an Outperform recommendation and a target price of € 1.85, based on an NAV approach (after a discount of 30%). At the same time, we are ending our coverage of Lagardère which represents the bulk of LHG’s NAV. We expect a simplification of the capital structure between the two groups within the next two years. LHG offers the possibility of directly acquiring Lagardère shares at € 13 (vs a current share price of € 20).
- Jerôme Bodin
Louis Hachette Group : Se positionner sur une forte décote, en attenda...
Nous initions la couverture de Louis Hachette Group (LHG) avec une recommandation Surperformance et un objectif de cours de 1,85 €, obtenu par ANR (après décote de 30%). Nous arrêtons parallèlement la couverture de Lagardère qui représente l’essentiel de l’ANR de LHG. Nous tablons sur une simplification capitalistique entre les 2 groupes d’ici 2 ans. LHG offre la possibilité d’acquérir indirectement des titres Lagardère à 13 € (vs un cours actuel de ~20 €).
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