reports
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : Publication sans surprise mais des signes encourageants pointen...
>Peu de risques et 2 catalyseurs en vue - Les perspectives d’E.ON nous semble encourageantes. Compte tenu de la performance enregistrée sur 9M et malgré des effets de base difficiles, il semble acquis que le groupe sera en mesure d’atteindre ses objectifs annuels cette année ce qui éloigne les risques à court terme. Mais plus important, les développements attendus sur les prochains trimestres pourraient permettre d’augmenter le potentiel de revalorisation au-dessus de...
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : 9M 2024 publication had no surprises but encouraging signs taki...
>Few risks and two catalysts in line of sight - E.ON’s prospects look encouraging, in our view. Given the performance achieved over 9M 2024 and despite challenging comps, it seems certain that the group will be able to hit its annual targets year, which removes risks in the short term. But more importantly, the developments expected over the next few quarters could increase the stock’s re-rating potential above current market expectations with two potential catalysts ...
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2024
Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong stock pe...
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : A share buyback programme that comes at just the right time
>The US remains an attractive market for onshore - As expected, investors focused their attention on capital allocation with a particular emphasis on the share buyback plan as well as the consequences of the recent political developments on the North American market and on the German market. Regarding the political landscape in the US, RWE sees a certain risk to offshore pipelines but does not consider it significant at this stage (no asset impairments were booked in ...
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : A satisfactory set of 9M results. All guidance is confirmed
>The strong underlying trend is hidden by several one-offs over the period - E.ON released this morning 9M earnings that were in line with our forecasts and consensus expectations. The group posted a decrease in adjusted EBITDA of 14% to € 6,687m vs € 6,683m expected (ODDO BHF) and € 6,665m (consensus). Adjusted EBIT came in at € 4,366m (-23%) vs € 4,351m expected (ODDO BHF). Adj. net profit came at € 2,205m (-25%) vs € 2,217m expected on our side and € 2,196m by the ...
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : A satisfactory set of 9M results. All guidance is confirmed
>The strong underlying trend is hidden by several one-offs over the period - E.ON released this morning 9M earnings that were in line with our forecasts and consensus expectations. The group posted a decrease in adjusted EBITDA of 14% to € 6,687m vs € 6,683m expected (ODDO BHF) and € 6,665m (consensus). Adjusted EBIT came in at € 4,366m (-23%) vs € 4,351m expected (ODDO BHF). Adj. net profit came at € 2,205m (-25%) vs € 2,217m expected on our side and € 2,196m by the ...
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Un programme de rachat d’actions qui tombe à point nommé
>Les Etats-Unis restent un marché attractif pour l’Onshore - Comme prévu, l’attention des investisseurs s'est concentrée sur l'allocation de capital avec un accent particulier sur le projet de rachat d’actions ainsi que les conséquences des récentes évolutions politiques sur le marché nord-américain et sur le marché allemand. Pour le paysage politique aux USA, RWE perçoit un certain risque sur les pipelines offshore mais ne le considère pas comme important à ce stade ...
EQS-News: E.ON increases investments compared to previous year and rea...
EQS-News: E.ON SE / Key word(s): Quarter Results/9 Month figures E.ON increases investments compared to previous year and reaffirms outlook for 2024 14.11.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. E.ON increases investments compared to previous year and reaffirms outlook for 2024 E.ON on track: adjusted Group EBITDA of €6.7 billion and adjusted Group net income of €2.2 billion in line with expectations after nine months Investments in the energy transition up 20 percent year-over-year: E.ON invested €4.7 billion in the ...
EQS-News: E.ON steigert Investitionen gegenüber Vorjahr und bestätigt ...
EQS-News: E.ON SE / Schlagwort(e): Quartalsergebnis/9-Monatszahlen E.ON steigert Investitionen gegenüber Vorjahr und bestätigt Ausblick für das Geschäftsjahr 2024 14.11.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. E.ON steigert Investitionen gegenüber Vorjahr und bestätigt Ausblick für das Geschäftsjahr 2024 E.ON auf Kurs: Bereinigtes Konzern-EBITDA mit 6,7 Milliarden Euro und bereinigter Konzernüberschuss mit 2,2 Milliarden Euro nach neun Monaten weiterhin im Plan Investitionen in die Energiewende im Vergleich zum V...
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024
We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024
Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : New capital allocation decision should help a re-rating
>Result a shade above forecast enabling slight increase in 2024 guidance - RWE released this morning its 9M results that came a shade above our forecast. Adjusted EBITDA came in at € 3,956m vs € 3,914m expected (ODDO BHF) or € 3,879m (css). Adjusted EBIT was down 35.7% to € 2,456m vs € 2,414m expected (ODDO BHF and css). In the end, attributable net profit was € 1,602m (-52.6%) vs € 1,568m expected (ODDO BHF). As expected, offshore and onshore wind came in line with e...
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : New capital allocation decision should help a re-rating
>Result a shade above forecast enabling slight increase in 2024 guidance - RWE released this morning its 9M results that came a shade above our forecast. Adjusted EBITDA came in at € 3,956m vs € 3,914m expected (ODDO BHF) or € 3,879m (css). Adjusted EBIT was down 35.7% to € 2,456m vs € 2,414m expected (ODDO BHF and css). In the end, attributable net profit was € 1,602m (-52.6%) vs € 1,568m expected (ODDO BHF). As expected, offshore and onshore wind came in line with e...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2024
European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2024
Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...
- Oliver Metzger
Demant A/S : Q3 review – Factor in weakness in diagnostics
>Q3 review – slower organic growth - Demant’s Q3 revenues of DKK 5,401m (+0.0% y-o-y including, +4% y-o-y excluding communications) were driven by organic growth of 2% (vs ODDO BHF 1.9%, consensus 2.8%) and were 2%/0% vs ODDO BHF/consensus. Acquisitions contributed 200bp, while forex created a headwind of 100bp. No bottom line was reported on a quarterly basis.Hearing aids impacted by high base and competitive environment - Hearing aids sales of DKK ...
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