reports
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Buy the Pullback in MSCI ACWI and S&P 500 Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&P 500 holding above their respective bases at $117 and 5650-5670. We have discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the S&P 500 (the U.S. remains our only country overweight) as an opportunity to add exposure, and that we see a high probability of significant upside going into year-end and the early part of 2025. This remain...
Sanofi: Information concerning the total number of voting rights and s...
Sanofi: Information concerning the total number of voting rights and shares - October 2024 Information concerning the total number of voting rights and shares, provided pursuant to article L. 233-8 II of the Code de commerce (the French Commercial Code) and article 223-16 of the Règlement général de l’Autorité des Marchés Financiers (Regulation of the French stock market authority) Sanofia French société anonyme with a registered share capital of 2,537,214,304 €Registered office : 46, avenue de la Grande Armée - 75017 Paris - FranceRegistered at the Paris Commercial and Companie...
Sanofi: Informations relatives au nombre de droits de vote et d'action...
Sanofi: Informations relatives au nombre de droits de vote et d'actions - Octobre 2024 Informations relatives au nombre total de droits de vote et d’actions prévues par l’article L. 233-8 II du Code de commerce et l’article 223-16 du Règlement général de l’Autorité des Marchés Financiers SanofiSociété anonyme au capital de 2 537 214 304 €Siège social : 46, avenue de la Grande Armée - 75017 Paris395 030 844 R.C.S. Paris DateNombre d’actions composant le capital Nombre réel de droits de vote (déduction faite des actions auto-détenues)Nombre théorique de droits de vote (y compris actions auto...
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 11/20/2024
Efforts to revitalise the five brands that make up the Lanvin Group are under way and should pay off in the medium term. However, at this stage of development (critical mass not yet achieved for some brands, negative profitability and cash burn) and in a consumer environment that does not yet point to a rebound, we prefer to remain cautious on the share. We are initiating coverage with a Neutral rating, with a target price of $ 1.80, based on a DCF valuation. - ...
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 20/11/2024
Les efforts de redynamisation sont en cours pour les 5 marques qui constituent Lanvin Group et devraient porter leurs fruits à moyen terme. Toutefois, à ce stade de développement (taille critique encore non atteinte sur certaines marques, rentabilité négative et consommation de cash) et dans un environnement de consommation n’indiquant pas encore de rebond, nous préférons rester encore prudents sur le titre. Nous initions à Neutre, avec un OC à 1.8 $ résultant d’une valorisation par D...
- Andres Bolumburu
TALGO: 9M’24 RESULTS AND CHANGE OF T.P. TO UNDER REVISION (ANÁLISIS BA...
3Q'24 vs. 3Q'23 Results Sales: € 151.7 M (-16.5% vs. -2.9% consensus); EBITDA: € 16.8 M (-43.1% vs. -29.5% consensus); Net Profit: € -7.9 M (vs. € 6.9 M consensus); 9M'24 vs. 9M'23 Results Sales: € 497.8 M (+5.8% vs. +11.1% consensus); EBITDA: € 57.7 M (-10.5% vs. -4.3% consensus); Net Profit: € 6.7 M (vs. € 22 M consensus);
- Andres Bolumburu
TALGO: RDOS. 9MESES’24 Y CAMBIO DE P.O. A BAJO REVISIÓN (ANÁLISIS BANC...
Rdos. 3T'24 vs 3T'23: Ventas: 151,7 M euros (-16,5% vs -2,9% consenso); EBITDA: 16,8 M euros (-43,1% vs -29,5% consenso); BDI: -7,9 M euros (vs 6,9 M euros consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 497,8 M euros (+5,8% vs +11,1% consenso); EBITDA: 57,7 M euros (-10,5% vs -4,3% consenso); BDI: 6,7 M euros (vs 22 M euros consenso).
- Delphine Brault
- Quentin Borie
Talgo : Q3 2024 results well below expectations prompt the group to lo...
>Q3 2024: Revenues down 17% and EBITDA margin of 11.1% - Talgo yesterday evening reported Q3 2024 results well below expectations.Revenues came in at € 152m (the consensus at € 176m), down 17% on Q3 2023. Over 9M 2024, sales are still up 6%, with the acceleration of ongoing projects (DB, DSB). We believe that the sharp slowdown in Q3 is due to the failure to reach certain milestones on these two projects during the quarter.The EBITDA margin stood at 11.1% (c...
- Delphine Brault
- Quentin Borie
Talgo : Un T3 largement inférieur aux attentes conduit le groupe à rév...
>T3 2024 : CA en recul de ~17% et marge d’EBITDA de 11.1% - Talgo a publié hier soir des résultats T3 2024 largement inférieurs aux attentes.Le chiffre d’affaires atteint 152 M€ (css à 176 M€), en recul de près de 17% vs T3 2023. Sur 9M, le CA est toujours en hausse de 6% avec l’accélération de l’exécution des projets en cours (DB, DSB). Le fort ralentissement du T3 est, selon nous, expliqué par la non-atteinte de certains milestones sur ces deux projets lors du ...
- Research Department
IBERIAN DAILY 20 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAIXABANK, ENDESA, GRIFOLS, POSSIBLE TAX CHANGES, TALGO. Russia shakes markets The threat of using nuclear weapons by Russia after Ukraine used its long-range missiles on Russian territory led to corrections in European stock markets that eased throughout the session after the Foreign Minister S. Lavrov stressed that Russia does not wish nor expect a nuclear war. Thus, in the STOXX 600, Real Estate and Pharma were the only sectors ending with gains vs. Banks and Automobiles that ...
- Research Department
INFORME DIARIO 20 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, GRIFOLS, IMPUESTOS ESPAÑA, TALGO. EUROPA: NOKIA. Rusia agita los mercados La amenaza de uso de armas nucleares por parte de Rusia después de que Ucrania utilizase sus misiles de largo alcance sobre territorio ruso deparó una sesión de caídas en Europa, que fueron moderándose a lo largo de la sesión después de que el ministro de exteriores ruso S. Lavrov remarcase que el país no desea ni espera una guerra nuclear. Así, dentro del STOXX 600...
Kering: Monthly statement on the total number of shares and voting rig...
Kering: Monthly statement on the total number of shares and voting rights (November 2024) KeringSociété anonyme with a share capital of €493,683,112Head office: 40, rue de Sèvres – 75007 PARIS552 075 020 RCS PARIS November 19, 2024 Monthly statement on the total number of shares and voting rights(articles L.233-8 of the French Commercial Code and 223-16 of the General Regulation of the French Financial Markets Authority (AMF – Autorité des Marchés Financiers) Date Total number ofshares Total number of voting rights theoretical 1 exercisable 2 November 15, 2024 ...
Kering : Publication mensuelle du nombre d’actions composant le capita...
Kering : Publication mensuelle du nombre d’actions composant le capital et du nombre total de droits de vote (Novembre 2024) KeringSociété anonyme au capital de 493 683 112 €Siège social : 40, rue de Sèvres – 75007 PARIS552 075 020 RCS PARIS Le 19 novembre 2024 Publication mensuelle du nombre d’actions composant le capital et du nombre total de droits de vote(articles L. 233-8 du code de commerce et 223-16 du règlement général de l’AMF) Date d’arrêté desinformations Nombre total d’actionscomposant le capital Nombre total de droits de vote théoriques 1 exerç...
- Martial Descoutures
- Oussema Denguir
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
F3C SFC ENERGY AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
GREEN GREENYARD NV
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
VOS VOSSLOH AG
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
AELIS AELIS FARMA SA
NCH2 THYSSENKRUPP NUCERA AG & CO.
SPG SPRINGER NATURE AG & CO. KGAA
- Martial Descoutures
- Oussema Denguir
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
F3C SFC ENERGY AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
GREEN GREENYARD NV
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
VOS VOSSLOH AG
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
AELIS AELIS FARMA SA
NCH2 THYSSENKRUPP NUCERA AG & CO.
SPG SPRINGER NATURE AG & CO. KGAA
- Jean Danjou
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Jean Danjou
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Jean Danjou
ODDO : Swiss watch exports for October: overall negative growth confir...
>October exports down -2.2%, luxury subsegment up 1.7% - Overall exports showing a low single-digit decline for October (YTD score now at -2.6%) cannot be perceived as a real improvement, coming after a low double-digit fall in September (-12.1%) as the number of working days was higher y-o-y last month. The luxury category has remained a visible outperformer, up 1.7%, while the three other lower-end categories have continued to suffer markedly with y-o-y falls for Oc...
- Jean Danjou
ODDO : Swiss watch exports for October: overall negative growth confir...
>October exports down -2.2%, luxury subsegment up 1.7% - Overall exports showing a low single-digit decline for October (YTD score now at -2.6%) cannot be perceived as a real improvement, coming after a low double-digit fall in September (-12.1%) as the number of working days was higher y-o-y last month. The luxury category has remained a visible outperformer, up 1.7%, while the three other lower-end categories have continued to suffer markedly with y-o-y falls for Oc...
Kering appoints new CEOs at Saint Laurent and Balenciaga
Kering appoints new CEOs at Saint Laurent and Balenciaga PRESS RELEASE November 18, 2024 KERING APPOINTS NEW CEOS AT SAINT LAURENT AND BALENCIAGA Kering today announced the appointment of Cédric Charbit as CEO of Saint Laurent and Gianfranco Gianangeli as CEO of Balenciaga, effective January 2, 2025. Both will report to Francesca Bellettini, Kering Deputy CEO in charge of Brand Development, who from then on will be entirely dedicated to the development of all Kering Fashion, Leather Goods and Jewelry Houses. Cédric Charbit joined Kering in 2012 as Product Str...
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