reports
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
- Carole Braudeau
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
- Carole Braudeau
- Emna Ben Bdira
- Maxime Kogge
ArcelorMittal : Solid Q3 print in an unsupportive market
>Solid Q3 driven by resilient Europe and solid Brazil - ArcelorMittal released solid Q3 results with EBITDA of $ 1.58bn, down 15% QoQ and 26% y-o-y but 6% above consensus and 7% above ODDO BHF. The beat was mostly driven by resilient volumes and better costs (including raw mats) that offset lower shipments. By division, Brazil at $ 0.5bn was the sole higher vs Q2, thanks to better seasonality and good cost control. Despite a weaker environment, Europe at $0.4bn also ...
- Emna Ben Bdira
- Maxime Kogge
ArcelorMittal : Solid Q3 print in an unsupportive market
>Solid Q3 driven by resilient Europe and solid Brazil - ArcelorMittal released solid Q3 results with EBITDA of $ 1.58bn, down 15% QoQ and 26% y-o-y but 6% above consensus and 7% above ODDO BHF. The beat was mostly driven by resilient volumes and better costs (including raw mats) that offset lower shipments. By division, Brazil at $ 0.5bn was the sole higher vs Q2, thanks to better seasonality and good cost control. Despite a weaker environment, Europe at $0.4bn also ...
- ING Helpdesk
Benelux Morning Notes
Aalberts: Building already bottoming, industry tough. Air France-KLM: Nobody helps. Alfen: Covenant agreement, hikes output Smart Grid. AMG: Sweet for 2024F, sour for 2025F. ArcelorMittal: 3Q24 EBITDA beats by 6%, FCF solid. BAM: 3Q beats, on its way to reach FY guidance. CMB.TECH: 3Q and FY24 reasonable but then more challenges. D'Ieteren: EGM and dividend dates announced; Belron US peer Boyd disappointing 3Q24. GBL: Double-digit TSR expected over 2024-27F. KBC: 3Q better acro...
ArcelorMittal S.A.: ArcelorMittal reports third quarter 2024 results
ArcelorMittal S.A.: ArcelorMittal reports third quarter 2024 results Luxembourg, November 7, 2024 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company” or the "Group") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, today announced results1 for the three-month and nine-month periods ended September 30, 2024. 3Q 2024 key highlights: Safety focus: The Company-wide audit of safety by dss+ is now complete. It has provided the Group with a clear set of 6 recommendations which the Company is committed to implement....
ArcelorMittal announces the publication of its third quarter 2024 sell...
ArcelorMittal announces the publication of its third quarter 2024 sell-side analyst consensus figures ArcelorMittal (‘the Company’) today announces the publication of its third quarter 2024 sell-side analyst consensus figures. The consensus figures are based on analysts’ estimates recorded on an external web-based tool provided and managed by an independent company, Visible Alpha. To arrive at the consensus figures below, Visible Alpha has aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis....
- Bruno Cavalier
- Jean Danjou
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/14/2024
We are removing GSK from our European Large Caps Convictions List. The company is the only one of the six Big Pharma groups to have experienced a break in trend, which could act as a drag on future publications. Our analyst adjusted this morning his EPS estimates for 2024/2025/2026 by -0.6%, 2.0% and- 3.4% respectively, factoring in weaker growth for Arexvy and Shingrix, hence the lowering of his target price from 2,150p to 1,900p. - ...
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
ORA ORANGE SA
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
01913 PRADA S.P.A.
MOCORP METSO OUTOTEC OYJ
FDR FLUIDRA S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
AZN ASTRAZENECA PLC
ASML ASML HOLDING NV
EPI A EPIROC AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Bruno Cavalier
- Jean Danjou
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/10/2024
Nous sortons GSK de notre liste de valeurs recommandées Large Caps. La société est la seule des 6 big Pharma à connaître une rupture de tendance qui pourrait peser lors des prochaines publications. Notre analyste ajuste ce jour ses prévisions de BPA 24/25/26 de -0.6%/-2.0%/-3.4% intégrant une plus faible croissance pour Arexvy et Shingrix, ce qui conduit à une baisse de son objectif de cours de 2 150p à 1 900p. - ...
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
ORA ORANGE SA
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
01913 PRADA S.P.A.
MOCORP METSO OUTOTEC OYJ
FDR FLUIDRA S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
AZN ASTRAZENECA PLC
ASML ASML HOLDING NV
EPI A EPIROC AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Jean Danjou
- Thomas Zlowodzki
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TNG TRANSGENE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
NDA AURUBIS AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
JST JOST WERKE AG
- Emna Ben Bdira
- Maxime Kogge
ArcelorMittal : Calvert: a coveted asset literally for free but a deal...
>A deal agreed in the context of the larger Nippon-US Steel transaction - ArcelorMittal announced on Friday it had agreed to acquire Nippon Steel's 50% stake in Calvert, the Alabama-based re-roller, in case the Japanese steelmaker would proceed with its acquisition of US Steel. AM points out the deal was initiated by Nippon Steel to alleviate possible antitrust concerns in the US on US Steel, a deal announced in December for $ 14bn. ArcelorMittal will acquire the 50% ...
- Emna Ben Bdira
- Maxime Kogge
ArcelorMittal : Calvert, un actif précieux à des conditions imbattable...
>Acquisition réalisée dans le cadre de l’opération bien plus vaste Nippon/US Steel - ArcelorMittal (AM) a annoncé vendredi avoir convenu d'acquérir la participation de 50% de Nippon Steel dans Calvert, le producteur de produits plats basé en Alabama, dans le cas où l’aciériste japonais réussissait à réaliser l'acquisition d’US Steel. AM souligne que l'opération a été initiée par Nippon Steel pour réduire les risques antitrust autour d’US Steel, un deal annoncé en déce...
Nippon Steel agrees to sell its interest in Calvert to ArcelorMittal, ...
Nippon Steel agrees to sell its interest in Calvert to ArcelorMittal, at the request of NSC pursuant to its agreed acquisition of US Steel 11 October 2024, 08:30 CET ArcelorMittal (the “Company”, “Group”) announces it has entered into a definitive Equity Purchase Agreement (the “Agreement”) with Nippon Steel Corporation (“NSC”) pursuant to which ArcelorMittal will purchase NSC’s 50% equity interest in the AM/NS Calvert Joint Venture (the “Transaction”). The Transaction has been entered in to at the request of NSC to address regulatory concerns pursuant to its agreed acquisition of US Steel...
- Stijn Demeester
ArcelorMittal/Model update ahead of 3Q24/BUY
We update our model ahead of ArcelorMittal's 3Q24 results, leading to reductions in our Adj. EBITDA estimates of 2% in 2024F and 4% in 2025F and 2026F. We lower our target price from €32 to €31, at the same time reiterating our BUY recommendation on the back of attractive valuation relative to peers and a solid shareholder return framework.
ArcelorMittal announces recommendations from dss+ workplace safety aud...
ArcelorMittal announces recommendations from dss+ workplace safety audit 9 October 2024, 08:00 CET ArcelorMittal (the 'Company' or the 'Group') has today published the recommendations of the comprehensive dss+ workplace safety audit that was commissioned at the end of 2023, against the backdrop of a clear necessity to strengthen Group safety performance. The audit, which was ongoing for nine months across all geographies, functions and levels of the organization, had three main scopes: 1. Fatality prevention standards for the three main occupational risks leading to serious in...
- Baptiste Lebacq
- Maxime Kogge
ODDO : Favour Vallourec over ArcelorMittal with a view to a win-win ta...
We think that ArcelorMittal's arrival in Vallourec's capital validates the success of the financial restructuring undertaken in 2021 which has rendered Vallourec ripe for takeover by an industrial group. For ArcelorMittal, it is already ~4% accretive in terms of 2025-2026 EPS and, more importantly, a vector of synergies in the event of a full takeover with the potential for additional accretion of >10% and a possible re-rating. That said, the weak steel environment, while it full...
- Baptiste Lebacq
- Maxime Kogge
ODDO : Favoriser Vallourec sur ArcelorMittal en vue d’un rapprochement...
L’entrée d’ArcelorMittal au capital de Vallourec valide, selon nous, le succès de la restructuration financière de 2021 qui rend Vallourec investissable. Pour ArcelorMittal, elle est déjà relutive de ~4% sur les BPA 2025/26 et surtout porteuse de synergies dans le cas d’une prise de contrôle avec un potentiel de relution additionnelle > 10% et un possible rerating. Toutefois, l’environnement dégradé de l’acier, s’il confirme en creux l’intérêt d’un deal Vallourec, nous conduit au...
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
KNEBV KONE OYJ CLASS B
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
ALO ALSTOM SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
STM STMICROELECTRONICS NV
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
STLA STELLANTIS N.V.
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