reports
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
Credit Morning 10/25/2024
Ontex: Q3 24 call notes: “Actively” looking at refinancing… but no further specificationOrano: announcement of a € 300m capital increase and suspension of activities in NigerArdagh: another significant PW in glassNexity: Q3 at last encouraging with positive signals and a new divestment announcedValeo revises its 2024 guidance and suspends its 2025 objectives in the face of an increasingly difficult environment>...
DG VINCI SA
SK SEB SA
NXI NEXITY SA CLASS A
SW SODEXO SA
MF WENDEL SE
MERY MERCIALYS SA
CGM CEGEDIM SA
FNAC FNAC DARTY SA
FR VALEO SE
BAYN BAYER AG
ONTEX ONTEX GROUP N.V.
WBD WEBUILD S.P.A.
HLAG HAPAG-LLOYD AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SPM SAIPEM S.P.A.
- Carole Braudeau
Morning Crédit 25/10/2024
Ontex : Q3 24 call notes: “Actively” looking at refinancing… but no further specificationOrano : annonce d’une augmentation de capital de 300 m EUR et de la suspension des activités au NigerArdagh : encore un PW significatif dans le verreNexity : un T3 enfin encourageant avec des signaux positifs et une nouvelle cession annoncéeValeo révise sa guidance 2024 et suspend ses objectifs 2025 face à un environnement de plus en plus difficile>...
DG VINCI SA
SK SEB SA
NXI NEXITY SA CLASS A
SW SODEXO SA
MF WENDEL SE
MERY MERCIALYS SA
CGM CEGEDIM SA
FNAC FNAC DARTY SA
FR VALEO SE
BAYN BAYER AG
ONTEX ONTEX GROUP N.V.
WBD WEBUILD S.P.A.
HLAG HAPAG-LLOYD AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SPM SAIPEM S.P.A.
- Mateo Salcedo
Webuild : Webuild: Back into the HY market. We recommend to Buy the ne...
Webuild priced its new EUR 2030 unsecured bond at 4.875% to maturity, which is above our fair price of 4.625% and providing a premium of c.0.4% against the 2029 bond. We believe that at such price investors are compensated by the cyclical nature of the construction segment, in addition to the high concentration in Italy and lower EBITDA margin vs peers due to its lack of exposure to the concession segment. As such, we start the coverage of the new bond with a Buy recommendation. ...
- Mateo Salcedo
Webuild : Webuild: Back into the HY market. We recommend to Buy the ne...
Webuild priced its new EUR 2030 unsecured bond at 4.875% to maturity, which is above our fair price of 4.625% and providing a premium of c.0.4% against the 2029 bond. We believe that at such price investors are compensated by the cyclical nature of the construction segment, in addition to the high concentration in Italy and lower EBITDA margin vs peers due to its lack of exposure to the concession segment. As such, we start the coverage of the new bond with a Buy recommendation. ...
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
Credit Morning 07/26/2024
Nexity tackles the crisis in H1 but liquidity is holding upArdagh Group: PW for the glass division, good performance but additional debt for AMPELO/Auchan: H1 results under pressure and increasing leverageCMA CGM reported an EBITDA down year-on-year by only -4% in Q2 24 thanks to the resilience of shipping and growth in its diversification activities. >...
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
ELIS ELIS SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Carole Braudeau
Morning Crédit 26/07/2024
ELO (Auchan) : Un S1 sous pression, augmentation du levierNexity acte la crise au S1 2024 mais la liquidité tient Ardagh Group : PW pour la division verre, belle performance mais dette additionnelle pour AMP CMA CGM a publié un EBITDA en baisse sur un an de seulement -4% au T2 24 grâce à la bonne résistance du transport maritime et à la croissance de ses activités de diversification.>...
- Chaima Ferrandon
- Sven Edelfelt
Webuild : A solid H1 2024
>H1 2024 adjusted EBITDA up 7.5% - WeBuild has reported adjusted sales growth of 19.7% to € 5.46bn in H1 2024 (vs € 4.56bn in H1 2023). The group benefited from dynamic activity in Italy (thanks to projects in the framework of the PNRR) and abroad, especially Australia.The adjusted EBITDA margin improved by 113bp to 7.5% thanks to a better sales offer, cost efficiency measures and the return to a positive contribution by Lane in the US (€ 7m vs -€ 3m in H1 2023)....
- Chaima Ferrandon
- Sven Edelfelt
Webuild : Un S1 2024 solide
>EBITDA ajusté S1 2024 en hausse à 7.5% - WeBuild a publié un chiffre d’affaires ajusté en hausse de 19.7% à 5 462 M€ au S1 2024 (vs 4 564 M€ au S1 2023). Le groupe a bénéficié d’une activité dynamique, en Italie (grâce aux projets dans le cadre du PNRR) et à l’étranger notamment Australie.La marge d’EBITDA ajustée ressort en amélioration de 113 pb à 7.5%, grâce à une meilleure proposition commerciale, des initiatives d’efficience de coûts et un retour à une con...
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