reports
- Jan Frederik Slijkerman
TMT hybrid yields still attractive/Buying opportunity on market softne...
In this report we evaluate spreads in the TMT hybrids space. Over the year, TMT hybrid notes have outperformed. Nevertheless, we still like this hybrid space as it offers a good yield. From a spread perspective, we continue to think the tightening potential over senior is more limited, although the small recent widening makes hybrids a bit more attractive.
- Stephane Beyazian
HEIA HEINEKEN NV
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
ABB ABB LTD.
SAND SANDVIK AB
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
RAND RANDSTAD NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASRNL ASR NEDERLAND NV
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
NOVO B NOVO NORDISK A/S
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 06/27/2024
As momentum has become less adverse than over the past five years, interest rates have started to fall and valuations have (historically low), this should have prodded small and mid cap companies back to their old outperformance. The European elections in France and the ensuing decision to dissolve the French National Assembly have changed risk perceptions and erased YTD gains. In our new ODDO BHF European mid cap list for H2 2024, France is underweighted with a mix of defensive and s...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
A1XA4J CARBIOS SA
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
OVH OVH GROUPE
EAPI EUROAPI
SCHOTT PHARMA AG
- Stephane Beyazian
HEIA HEINEKEN NV
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
ABB ABB LTD.
SAND SANDVIK AB
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
RAND RANDSTAD NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASRNL ASR NEDERLAND NV
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
NOVO B NOVO NORDISK A/S
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 27/06/2024
Le momentum devenu moins défavorable qu’au cours des 5 derniers exercices, l’amorce de baisse des taux, et les valorisations (historiquement basses) auraient dû aider les small&Midcaps à retrouver leur surperformance. Les Elections européennes suivies de la dissolution de l’Assemblée nationale en France ont changé la perception du risque et gommé les gains YTD. Notre nouvelle liste ODDO BHF European Midcaps pour le S2 2024 se trouve sous-pondérée sur la France et propose un mix entre ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
A1XA4J CARBIOS SA
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
OVH OVH GROUPE
EAPI EUROAPI
SCHOTT PHARMA AG
- Konrad Zomer
- Stephane Beyazian
ODDO : Ericsson downgrades its global traffic outlook
>Unprecedented revision of 25% - Ericsson yesterday published its annual Ericsson Mobility report, an industry benchmark for mobile network traffic forecasts. Traffic forecasts are crucial in terms of the investment outlook for the telecoms sector.What is surprising is that Ericsson cut its global mobile traffic forecast by close to 25% for 2029 (from 403 EB/m to 313 EB/m, or from 56 to 42 GB/m per smartphone user). Ericsson does not communicate much on this revi...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Konrad Zomer
- Stephane Beyazian
ODDO : Ericsson abaisse ses prévisions de trafic mondial
>Une révision inédite de 25% - Ericsson a publié hier son rapport annuel « Ericsson Mobility report», une référence de l’industrie pour les prévisions de trafic sur réseau mobile. Les prévisions de trafic sont déterminantes pour les prévisions d’investissements dans les télécoms.La surprise est qu’Ericsson coupe de près de 25% à la baisse ses prévisions de trafic mobile mondial pour 2029 (de 403 ExaBytes/mois à 313 EB/mois, soit de 56 à 42 GB/mois par utilisateur...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Research Department
INFORME DIARIO 26 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ENAGÁS, ROVI, SECTOR ELÉCTRICO, TELEFÓNICA, UNICAJA. EUROPA: VOLKSWAGEN. El Ibex resiste en los 11.100 puntos Volvió la cautela a los mercados tras las subidas del lunes y sin catalizadores macro relevantes en europa. Así, en el STOXX 600 Farma y Viajes&Ocio presentaron las mayores ganancias frente al peor comportamiento relativo de Industriales y Servicios Financieros. Por el lado macro, en España el PIB final del 1T’24 se revisó una décima ...
- Research Department
IBERIAN DAILY 26 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, ELECTRICITY SECTOR, ENAGÁS, ROVI, TELEFÓNICA, UNICAJA. The Ibex remains above 11,100 points Following Monday’s gains and in the absence of relevant macroeconomic drivers in Europe , caution prevailed in stock markets. Thus, in the STOXX 600 Pharma and Travel&Leisure were the best performers vs. the worse relative performance of Industrials and Financial Services. On the macro side, in Spain, the final 1Q’24 GDP was raised one tenth to 2.5% YoY. On the political front, in S...
- Research Department
IBERIAN DAILY 20 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKINTER. Corrections on stock markets European stock markets saw profit taking in a session with lower volume with the US holiday. In the STOXX 600, Basic Resources and Travel&Leisure, hit in 2024, were the best-performing sectors, whereas Real Estate and Technology posted the biggest drops. On the macro side, in the UK May’s inflation moderated in line with expectations to 2.0%, as well as the core data to 3.5% although the services component showed greater strength than expe...
- Research Department
INFORME DIARIO 20 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER. Sesión de caídas en mercados Toma de beneficios en el mercado europeo en una sesión de menor volumen con el festivo estadounidense. En el STOXX 600 las mayores subidas correspondieron a sectores castigados en el año, como R. Básicos y Viajes&Ocio mientras que Inmobiliario y Tecnología sufrieron las mayores ventas. Por el lado macro, en R. Unido la inflación de mayo se moderó en línea con lo esperado al 2,0% al igual que la subyacente hast...
- Research Department
IBERIAN DAILY 13 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: NATURGY, TELEFÓNICA. The Fed would only cut rates once in 2024 but up to four times in 2025 Gains resumed at both sides of the Atlantic, in Europe fuelled by the better US inflation data, with the Ibex returning to 11,200 points, the ES50 index consolidating above 5,000 points and the S&P hitting new record highs. In the STOXX 600, all sectors with the exception of Telecoms and Energy ended with gains, led by Real Estate and Technology. On the macro side, in the UK, industrial o...
- Research Department
INFORME DIARIO 13 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: NATURGY, TELEFÓNICA. La Fed sólo bajaría 1 vez en 2024 pero hasta 4 veces en 2025 Volvieron las ganancias a ambos lados del Atlántico, impulsadas en Europa tras el mejor dato de inflación en EE.UU., llevando al Ibex a recuperar los 11.200 puntos, al ES50 consolidar por encima de 5.000 y al S&P 500 a nuevos máximos históricos. En el STOXX 600 todos los sectores menos Telecos y Energía terminaron con ganancias, lideradas por Inmobiliario y Tecnologí...
- Research Department
IBERIAN DAILY 11 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ALMIRALL, CAIXABANK, CELLNEX, IAG, NATURGY, TELEFÓNICA. The Euro STOXX 50 at the 5,000-point support level European stock exchanges reacted with strong corrections to the lower probability of rate cuts and to the result of the European Parliament elections. In this regard, French companies (banks, infrastructure, toll road and renewable groups) saw the bigger drops after early Parliamentary elections were called on 30/06. In the STOXX 600, 16 out of 20 sectors ended in negative ...
- Research Department
INFORME DIARIO 11 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, CAIXABANK, CELLNEX, IAG, NATURGY, TELEFÓNICA. El Euro STOXX 50, en el soporte de los 5.000 puntos Las bolsas europeas reaccionaron con fuertes caídas a las menores probabilidades de recortes de tipos y al resultado de las elecciones al Parlamento Europeo. En este sentido, las compañías francesas (bancos, infraestructuras, autopistas y renovables) sufrieron las mayores pérdidas ante la convocatoria de elecciones parlamentarias anticipadas ...
- 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 ...
- Research Department
IBERIAN DAILY 10 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, BANKINTER, PUIG BRANDS, TELEFÓNICA. US employment data remains strong It was a positive week for stock exchanges, marked by the rate cut in Europe, with the Ibex returning to 2015 highs and with sovereign yield widening significantly after the US job data. Thus, in the STOXX 600, Technology and Pharma were the best performers vs. the corrections of Energy and Basic Resources. On the macro side, in the euro zone, the final 1Q’24 GDP confirmed the 0.4% YoY data, as expected....
- 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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