We are hosting our 28th ODDO BHF Forum in Lyon on 9 and 10 January 2025. In total, 211 companies will be presenting over the two days. In the following note, we provide some initial feedback from the companies on day 1. Out of the 104 feedbacks collected during the first day, 40 were clearly positive, 59 rather Neutral, and only 6 negative. Among the positive names, we would particularly highlight Accor, URW, Euronext, Bureau Veritas, Renke, ID Logistics, Roche Bobois, Ionos, Companie des Alpes...
>Solid revenue growth across all divisions… - ADP reported Q3 2024 revenues slightly ahead of both our estimates and the consensus: € 1,718m vs € 1,669m ODDO BHFe (i.e. 2.9% or € 49m above) and € 1,703m consensus estimate (i.e. 0.9% or € 15m above). The Paris platform results were just slightly ahead (€ 20m or 1.8% and € 6m or 0.5% above respectively), while the International platform showed a strong outperformance vs our estimates (+5.6% or € 31m above), mainly due t...
>Final closing of the merger announced under the original terms - Groupe ADP and GMR Infrastructure (GIL), co-shareholders with stakes of 49% and 51% respectively in the airport holding company GMR Airports Ltd (GAL), have just announced that all the steps and conditions precedent to the merger between GIL and GAL have just been completed, on the same terms as announced in March 2023. The ordinary shares of New GIL (GMR Infrastructure Ltd) are expected to commence tra...
>Strong results at TAV airports while the Paris platform shows no surprises - ADP reported H1 2024 results slightly ahead of both our estimates and those of the consensus: EBITDA € 943m vs € 912m ODDO BHFe and € 909m consensus estimate; i.e. 3.5% or 3.7% above respectively. The outperformance came mainly from the international platform (EBITDA € 25m or 11.5% above), as the Paris platform reported results in line with expectations (EBITDA € 701m vs € 694m ODDO BHFe; i...
>Good start of the year after a strong retail development - ADP reported Q1 2024 revenues ahead of both our estimates and the consensus: € 1,324m vs € 1,265m ODDO BHFe (i.e. 4.7% or € 59m above) and € 1,284m consensus estimate (i.e. 3.1% or € 40m above). The outperformance came from 1/ a strong increase in the retail spend per passenger, with Extime SPP reaching € 32.7 (+7.8% y-o-y), clearly ahead of the +3% we were expecting ; and 2/ a better-than-expected performan...
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Som...
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être l...
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