>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...
>Traffic growth continues in March, with International assets outperforming - ADP published its traffic figures for March yesterday, with total number of passengers at Paris reaching 8.0 million: +7.7% y-o-y or -8.1% vs 2019. Paris-CDG reported traffic growth of 6.6% y-o-y, reaching 90.5% of the 2019, a bit shy of our expectations. On the contrary, Paris-Orly reported traffic growth of +10.1% (-4.8% vs 2019), which was a positive after the weak data of previous month...
>High quality EBITDA despite being a touch below at Frankfurt - Fraport’s Q4 2023 results, once adjusted for one-offs, were slightly below our estimates, but mainly driven by a weaker performance at the real estate division and by slightly higher opex at the ground handling division: revenues at Frankfurt airport were € 583m vs € 590m estimated by ODDO BHF (€ 587m consensus), while EBITDA was 7% or € 11m below our numbers (-13% vs consensus). The positive note came f...
GALP, TotalEnergies and Shell have discovered vast oil deposits off the coast of Namibia. Oil services companies see this as a new Eldorado. FPSO-type solutions seem to be favoured, making SBM Offshore a key player, not forgetting subsea companies such as TechnipFMC. The whole sector could help local economic development... and/or have major negative impacts on local communities, biodiversity or the fight against corruption. Not to mention the carbon lock-in. We would therefore urge i...
GALP, TotalEnergies ou Shell ont découvert de colossaux gisements de pétrole au large des côtes namibiennes. Les sociétés de services y voient un nouvel eldorado. Les solutions de type FPSO semblent être privilégiées, mettant ainsi SBM Offshore en position d’acteur incontournable, sans oublier ceux liés au subsea comme TechnipFMC. Tout le secteur pourrait aider au développement économique local… et/ou avoir des impacts négatifs importants sur les communautés locales, la biodiversité o...
> Slight beat to our estimates in 2023, while no surprises on guidance - ADP reported FY 2023 results just slightly ahead of both our estimates and those of the consensus: EBITDA 3.3% or 1.8% above respectively. The main outperformance came from 1/ better opex management in Paris, leading to EBITDA at Paris platform +2.6% or € 39m above our estimates; and 2/ slightly better performance at the international platform (EBITDA € 24m or +6% above). Net profit, once adj...
The 27th ODDO BHF forum was held in the form of physical meetings (11-12 January) and digital meetings (15-16 January). It was attended by 325 companies (compared with 322 in 2023 and 314 in 2022): ~40% French, 30% German and 30% from the rest of the EU (except one from US). - Our 2024 Forum welcomed 910 investors (vs. 781 in 2023) 53% of whom were French (vs. 58% in 2023) working for 378 institutions in 20 countries. We organised the equivalent of 8,196 investor meetings (vs. 7,...
Notre 27ième Forum vient de se dérouler de manière présentielle (11-12 janvier), à Lyon, et en digital (les 15-16 janvier). Il a réuni 325 sociétés (vs 322 sociétés en 2023 et 314 en 2022), originaire à ~40% de France, à 30% d’Allemagne et les 30% restant venant du reste de l’Europe (sauf une société américaine). - L’édition 2024 de notre Forum a accueilli 910 investisseurs (781 en 2023) dont 53% français (vs 58% en 2023) travaillant pour 378 institutions de 20 pays. Nous avons ai...
A director at Fraport AG bought 1,406 shares at 53.313EUR and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
Aéroports de Paris SA: Information regarding the voting rights and shares as of 31 December 2023 January 4th, 2024 Aéroports de Paris SA Information regarding the voting rights and shares as of 31 December 2023Statement according to Article L. 233-8-II of the French Commercial Code and 223-16 of the General Regulations of the “Autorité des Marchés Financiers” ISIN: FR0010340141Ticker: ADPListing place: Euronext ParisMarket: Euronext Paris - Compartment A – SRD Date Total number of shares Total number of gross voting rights Total number of net voting rights1 31/12/2...
Aéroports de Paris SA : Information relative au nombre total de droits de vote et d'actions composant le capital social au 31 décembre 2023 Tremblay-en-France, le 4 janvier 2024 Aéroports de Paris SA Information relative au nombre total de droits de vote et d’actions composant le capital social au 31 décembre 2023Déclaration au titre de l'article L. 233-8 II du Code de Commerce et de l'article 223-16 du Règlement Général de l’Autorité des Marchés Financiers Code ISIN : FR0010340141Code mnémonique : ADPPlace de cotation : Euronext ParisMarché : Euronext Par...
Aéroports de Paris SA - Half-Year Liquidity Contract Statement as of 31 December 2023 FINANCIAL RELEASE Tremblay-en-France, le 4 January 2024 Aéroports de Paris SA Half-Year Liquidity Contract Statement as of 31 December 2023 Under the liquidity contract entrusted by Aéroports de Paris to Rothschild Martin Maurel, as of 31 December 2023, the following resources were included in the liquidity account: 0 title17,418,023€ As of 30 June 2023, the following assets were included in the liquidity account: 5 000 titles16,468,198€ During the second semest...
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