Credit Morning 05/17/2024

Cellnex issues € 750m of 2029 notes to redeem bank debt. S&P cuts the rating of ams OSRAM to B/stable from BB-/negative. Clariane : launch of two capital increases totalling €328m, including one reserved for HLD Europe. >...

Morning Crédit 17/05/2024

Cellnex émet 750 m EUR d’obligations 01/2029 afin de rembourser de la dette bancaire. S&P dégrade le rating d’ams OSRAM de BB-/négative à B/stable. Clariane : lancement de deux augmentations de capital d’un montant total de 328 m EUR, dont une réservée à HLD Europe. >...

INVEST SECURITIES - GRIFOLS : Sur de bons et nouveaux rails - ACHAT, O...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024

With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...

Morning Crédit 15/05/2024

Air France-KLM : Nouvelle émission obligataire IGT : T1 2024 largement au-dessus des attentes, permettant un relèvement de la guidance >...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024

Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...

Grifols A : Q1 EBITDA a shade below, earnings significantly so. FY 202...

>Top line momentum deteriorated, partly explained by a tough Diagnostic comps. - Sales grew by +4% or +6% cc (vs +9% cc in Q4) to € 1.8bn, slightly below our numbers yet more aligned with the consensus. Biopharma posted +8% y-o-y growth or +9% cc (vs +10% cc in Q4) to € 1.5bn driven by a very solid trend on IG (+13%) and more specifically the SCIG (+62%cc explaining c.5% of IG sales) which were partly offset by a soft performance from Albumin (+7% cc) and Alpha1/other...

Fresenius SE & Co. KGaA: Key facts and statistics - 2023

A summary company profile, detailing Fresenius SE & Co. KGaA’s business operations and financial highlights.

Credit Morning 05/14/2024

Iliad prices € 150m and $ 200m taps on the new Iliad Holding 2031 bonds Grifols: S&P confirms the B corporate rating with a stable outlook (vs. B/cw negative) Delivery Hero: sale of foodpanda to Uber for $ 950m + capital increase of € 300m>...

Morning Crédit 14/05/2024

Iliad abonde les obligations Iliad Holding 2031 à hauteur de 150 m EUR et 200 m USD Grifols : S&P confirme le rating corporate B avec une perspective stable (vs. B/cw negative) Delivery Hero : cession de foodpanda à Uber pour 950 m USD + augmentation de capital réservée de 300 m USD>...

Food Retail: Navigating stormy waters of deflation and price war

As food deflation risks increasingly diverge from one market to another, we take a fresh look at local price war risks and at the sector earnings cycle. We remain puzzled by the YTD sector derating and underperformance while FY 2024-25 expected EPS growth is still strong. Many investors seem to be

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/08/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/05/2024

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Credit Morning 05/08/2024

Stada : Reportedly potential IPO in Q3 24Continental / Q1 24 results: Weak set of results subject to volume losses and labour inflationCrédit Logement published FY 2023 annual resultsBanco BPM published strong Q1 results>...

Morning Crédit 08/05/2024

Crédit Logement publie ses résultats annuels 2023Banco BPM publie de solides résultats trimestriels Continental / Q1 24 results: Weak set of results subject to volume losses and labour inflation Stada : Reportedly potential IPO in Q3 24>...

Fresenius SE & CO KGaA : Q1 review – Bottom line beat driven by Helios...

>Q1 review – Beat on adj. EBIT level - Q1 revenues of € 5,678m (-46.6% y-o-y, 0%/-2% vs ODDO BHF/consensus) were driven by 4%growth at constant currency and 5% organic growth. Group EBIT before special items reached€ 634m (+13.4% y-o-y, margin 11.2%), 9%/7% ahead of expectations. Adjusted EPS of € 0.70compared to our € 0.66 and consensus € 0.73.Kabi -Strong growth of Biopharma, solid IV business - Kabi's Q1 revenues of € 2,051m (+3.0%...

Credit Morning 05/07/2024

Monte has published a solid Q1 2024 results, above expectationsClariane has received a put option agreement for its HAD/SSIAD activities in FranceZalando: FY targets confirmed following a better-than-expected Q1, plans to buy back up to € 100m of convertible bonds due 2025Banco Sabadell rejects BBVA’s proposal>...

Morning Crédit 07/05/2024

Monte publie un T1 2024 solide, au-dessus des attentesZalando : objectifs confirmés à l’issue d’un T1 supérieur aux attentes, envisage des rachats d’obligations convertibles 2025 pour 100 m EUR maximumClariane a reçu une offre pour la cession de ses activités HAD/SSIAD en FranceBanco Sabadell rejette la proposition de fusion de BBVA>...

Credit Morning 05/03/2024

Moody's upgrades Crelan's SNP rating from Baa3 to Baa2>...

Morning Crédit 03/05/2024

Moody's upgrade la note des SNP de Crelan de Baa3 à Baa2>...