reports
- Julian Dobrovolschi
ENX EURONEXT NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
MUV2 MUNICH REINSURANCE COMPANY
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
01913 PRADA S.P.A.
MONC MONCLER SPA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
MRNA MODERNA INC.
- Carole Braudeau
- Carole Braudeau
- Julian Dobrovolschi
ENX EURONEXT NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
MUV2 MUNICH REINSURANCE COMPANY
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
01913 PRADA S.P.A.
MONC MONCLER SPA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
MRNA MODERNA INC.
- Martial Descoutures
- Oussema Denguir
Recordati : Operating performance holding up well despite the top-line...
>Rare diseases are a growth driver - Recordati reported on Friday during trading its figures for Q3 2024. Sales over the period are 2.8% below forecasts at € 557.4m (+9% y-o-y). We highlight: i/ growth momentum still driven by the rare diseases segment (+14.5% cc) for 9M, with business continuing to benefit from endocrinology (+36%) and oncology (+17%); ii/ growth in the SPC franchise is still robust at 9% (+6.5% cc), but more impacted than expected by the Cough&Cold ...
- Martial Descoutures
- Oussema Denguir
Recordati : Performance opérationnelle au rendez-vous malgré une topli...
>Les maladies rares en locomotive de la croissance - Recordati a publié vendredi en séance ses chiffres au titre du T3 2024. Les ventes sur la période ressortent 2.8% inférieures aux attentes à 557.4 M€ (+9% yoy). Nous soulignons i/ une dynamique de croissance toujours tirée par le segment des maladies rares (+14,5% tcc) sur les 9 premiers mois, l'activité continue de bénéficier de l'endocrinologie (+36%) et de l'oncologie (+17%), ii/ la croissance de la franchise SPC...
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Trung Nguyen
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Nexans, Recordati, TeamSystem, Stada, CMA CGM, Nexi, Vedanta Resources, Fedrigoni, Modulaire, TI Fluid Systems, Iceland Foods, United Group, Standard Profil, Selecta, Italmatch Chemicals
RECORDATI: CONTINUED DOUBLE-DIGIT GROWTH IN THE FIRST NINE MONTHS OF 2...
RECORDATI: CONTINUED DOUBLE-DIGIT GROWTH IN THE FIRST NINE MONTHS OF 2024 - REVENUE +12.0%, EBITDA(1) +11.8%, ADJUSTED NET INCOME(2) +9.5% Consolidated net revenue of € 1,743.1 million in the first nine months, +12.0% or +9.3% on a like-for-like basis(3) and at constant exchange rates (CER)EBITDA(1) of € 665.7 million, +11.8%, revenue margin of 38.2% Adjusted net income(2) of € 445.4 million, +9.5% Net income of € 338.4 million, +11.1% Free cash flow(4) at € 434.3 million, +€ 42.5 million vs prior yearNet debt(5) at € 1,317.3 million, just below 1.6x EBITDAFinancial targets for FY...
- Felix Fischer
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Recordati, Teva, Novelis, Bombardier, Selecta, Hapag-Lloyd, Italmatch Chemicals, Kem One, Cirsa, Nexans, ASK Chemicals, Borr Drilling, Encore Capital (formerly Cabot)
- Carole Braudeau
Credit Morning 10/07/2024
Elis has ended discussions with Vestis and UniFirst Ubisoft: Tencent and the Guillemot family are said to weigh various scenarios including a buyout (Bloomberg)ZF Friedrichshafen : short-term rating pressure from Moody’s Advanz Pharma : deep-pocket Ontario Teacher’s Pension Plan steps back from potential stake>...
UBI UBISOFT ENTERTAINMENT SA
BVI BUREAU VERITAS SA
CBK COMMERZBANK AG
GYC GRAND CITY PROPERTIES SA
ELIS ELIS SA
UCG UNICREDIT S.P.A.
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
AT1 AROUNDTOWN SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
NEXI NEXI S.P.A.
- Carole Braudeau
Morning Crédit 07/10/2024
Elis a mis fin aux discussions avec Vestis et UniFirst Ubisoft : Tencent et la famille Guillemot réfléchiraient à différents scénarios dont un rachat de la société (Bloomberg)ZF Friedrichshafen : short-term rating pressure from Moody’s Advanz Pharma : deep-pocket Ontario Teacher’s Pension Plan steps back from potential stake >...
UBI UBISOFT ENTERTAINMENT SA
BVI BUREAU VERITAS SA
CBK COMMERZBANK AG
GYC GRAND CITY PROPERTIES SA
ELIS ELIS SA
UCG UNICREDIT S.P.A.
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
AT1 AROUNDTOWN SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
NEXI NEXI S.P.A.
- Bruno Cavalier
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/07/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
UBI UBISOFT ENTERTAINMENT SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ALO ALSTOM SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Bruno Cavalier
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/10/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
UBI UBISOFT ENTERTAINMENT SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ALO ALSTOM SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Martial Descoutures
- Oussema Denguir
Recordati : Recordati further strengthens rare diseases franchise
>Acquisition of Enjaymo in cold agglutinin disease - Recordati on Friday announced a fresh acquisition for € 825m (+ up to € 250m in commercial milestones) with Enjaymo (sutimlimab), a monoclonal antobody developed by Sanofi in the treatment of cold agglutinin disease, a rare form of anaemia. The treatment, the only drug specifically approved in this indication, has generated sales of € 100m over the last 12 months (in the US, Europe and Japan).We see this a stra...
- Martial Descoutures
- Oussema Denguir
Recordati : Recordati renforce une nouvelle fois sa franchise maladies...
>Acquisition d’Enjaymo dans la maladie des agglutinines froides - Recordati a annoncé vendredi dernier une nouvelle acquisition pour 825 M€ (+ jusqu’à 250 M€ de milestones commerciaux) d’Enjaymo (sutimlimab), un anticorps monoclonal développé par Sanofi dans le traitement de la maladie des agglutinines froides, une forme d’anémie rare. Le traitement, seul produit approuvé spécifiquement dans cette indication, a généré environ 100 M€ sur les 12 derniers mois (aux Etats...
- Carole Braudeau
- Carole Braudeau
- Charlotte Vaisse
- Konrad Zomer
EDP EDP-ENERGIAS DE PORTUGAL SA
BN DANONE SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
LI KLEPIERRE SA
ORA ORANGE SA
RXL REXEL SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
OR L'OREAL SA
REE RED ELECTRICA CORP. SA
GRF GRIFOLS S.A. CLASS A
ISP INTESA SANPAOLO S.P.A.
FRE FRESENIUS SE & CO. KGAA
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
SOLB SOLVAY SA
BOL BOLLORE SA
01913 PRADA S.P.A.
AENA AENA SME SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
GRF.P GRIFOLS S.A. PREF CLASS B
RIO RIO TINTO PLC
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BHP BHP GROUP LTD
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
GSK GSK PLC
FER FERROVIAL SA
- Carole Braudeau
CO CASINO GUICHARD-PERRACHON SA
TEP TELEPERFORMANCE SE
KER KERING SA
ALTA ALTAREA SCA
GRF GRIFOLS S.A. CLASS A
ISP INTESA SANPAOLO S.P.A.
FRE FRESENIUS SE & CO. KGAA
KGX KION GROUP AG
ONTEX ONTEX GROUP N.V.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
CABK CAIXABANK SA
TKO TIKEHAU CAPITAL SCA
CGG CGG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
TEF TELEFONICA SA
CPR DAVIDE CAMPARI-MILANO N.V.
- Carole Braudeau
CO CASINO GUICHARD-PERRACHON SA
TEP TELEPERFORMANCE SE
KER KERING SA
ALTA ALTAREA SCA
GRF GRIFOLS S.A. CLASS A
ISP INTESA SANPAOLO S.P.A.
FRE FRESENIUS SE & CO. KGAA
KGX KION GROUP AG
ONTEX ONTEX GROUP N.V.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
CABK CAIXABANK SA
TKO TIKEHAU CAPITAL SCA
CGG CGG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
TEF TELEFONICA SA
CPR DAVIDE CAMPARI-MILANO N.V.
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