reports
- Jason Kalamboussis
Ageas/CMD: what to expect/BUY
Ageas will host its Capital Markets Day (CMD) next week, where it will announce targets for 2027. We anticipate a significant increase in remittances, boosting free cash flow (FCF) from c.€1.85bn to c.€2.1bn, and cumulative dividends from c.€2bn to c.€2.4bn. This should result in more consistent DPS growth of 7-8%, primarily driven by underlying dividend growth. Share buybacks may occur only if there are no mergers and acquisitions (M&A). EPS growth is expected to remain at 6-8%. Operating targe...
- Jean Danjou
ODDO : August watch exports surprisingly up, looks like a misleading s...
>August exports show a growth rebound mainly driven by luxury watches - Strange things can happen in August: watch exports are growing even faster than in July at +6.9% y-o-y versus +1.8% the month before (the year-to-date growth remains negative at -1.4%) but this is entirely driven by 14.9% growth in the luxury segment, mainly fuelled by watches incorporating precious metals, according to Fédération Horlogère. The other categories show a significant decline fo...
- Jean Danjou
ODDO : August watch exports surprisingly up, looks like a misleading s...
>August exports show a growth rebound mainly driven by luxury watches - Strange things can happen in August: watch exports are growing even faster than in July at +6.9% y-o-y versus +1.8% the month before (the year-to-date growth remains negative at -1.4%) but this is entirely driven by 14.9% growth in the luxury segment, mainly fuelled by watches incorporating precious metals, according to Fédération Horlogère. The other categories show a significant decline fo...
Teleperformance : Déclaration des transactions sur actions propres réa...
PARIS--(BUSINESS WIRE)-- Regulatory News: Teleperformance SE (Paris:TEP) a procédé à l’acquisition d’actions propres dans le cadre du programme de rachat d’actions annoncé le 2 août 2023, tel qu’autorisé par son Assemblée générale du 23 mai 2024. Ces acquisitions ont été effectuées dans le cadre de l’objectif d’annulation. Il est précisé que les informations détaillées par transaction peuvent être consultées sur le site internet de la société au lien suivant : - rubrique « Contrat de de liquidité et programmes de rachat d’actions ». Présentation agrégée par jour et par marché Nom de ...
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
ROG ROCHE HOLDING LTD
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RXL REXEL SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
CPR DAVIDE CAMPARI-MILANO N.V.
- Jean Danjou
ALFOC FOCUS HOME INTERACTIVE SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
- Jean Danjou
ALFOC FOCUS HOME INTERACTIVE SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
ROG ROCHE HOLDING LTD
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RXL REXEL SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
CPR DAVIDE CAMPARI-MILANO N.V.
- ING Helpdesk
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: fade to grey - We highlighted last week that taking into account a scenario where growth stalls over H2 2024 and remains below 5% next year would amount in our model for the luxury sector to a 10%/15% cut in estimates for 2025. This scenario looks more and more likely as each week passes. First, we have mounting evidence that the situation in mainland China has deteriorated in Q3 over Q2 with the last piece of evidence released over the weekend re...
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: fade to grey - We highlighted last week that taking into account a scenario where growth stalls over H2 2024 and remains below 5% next year would amount in our model for the luxury sector to a 10%/15% cut in estimates for 2025. This scenario looks more and more likely as each week passes. First, we have mounting evidence that the situation in mainland China has deteriorated in Q3 over Q2 with the last piece of evidence released over the weekend re...
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
ODDO : Down but not out
>The Constitutional Council validates the motorway tax - Yesterday, the Constitutional Council validated a tax on transport infrastructure deeming that this tax does not constitute "a breach of equality with other transport infrastructure operators", nor an "excessive burden with regard to their ability to pay".This tax is based on the share of revenue above € 120m for a rate set at 4.6% of revenue (not deductible from the result taxable for corporate income tax...
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
ODDO : Soufflé n’est pas joué
>Le Conseil Constitutionnel valide la taxe sur les autoroutes - Le Conseil Constitutionnel a validé hier la taxe sur les infrastructures de transport en estimant que cette taxe ne constituait pas « une rupture d'égalité avec les autres exploitants d'infrastructures de transport », ni une « charge excessive au regard de leurs facultés contributives ».Cette taxe est assise sur la fraction des revenus excédant 120 M€ pour un taux fixé à 4.6 % du CA (non déductible ...
- Arnaud Autier
- Marc Lavaud
- Pierre Tegner
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2024
Holcim Europe could ultimately be the most appealing equity story of the Holcim group’s spin-off project. We think that, for the group’s new management, the distribution of an exceptionally high dividend will be the favoured means for a rapid revaluation of Holcim Europe. We estimate it at CHF 2.0-2.2 for a dividend yield of 7-8% at the current price. We think that under the aegis of Miljan Gutovic, the new CEO, a significant refocusing of Holcim Europe’s assets will be implemented i...
- Arnaud Autier
- Marc Lavaud
- Pierre Tegner
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/09/2024
Holcim Europe pourrait finalement être « l’equity story » la plus attractive du projet de scission du groupe Holcim. Nous pensons que la distribution d’un dividende exceptionnellement élevé constituera, pour le nouveau management du groupe, le moyen privilégié pour une revalorisation rapide de Holcim Europe. Nous l’estimons entre 2.0 CHF et 2.2 CHF soit un dividende yield de 7/8% au cours actuel. Sous la houlette de Miljan Gutovic, le nouveau CEO, un recentrage important des actifs de...
- Cor Kluis
Ageas : View on CMD next week and possible future DLG case
>CMD next week likely to refine cap distribution, further still the DLG interest - Next Monday end of Day at Ageas CMD event we do not expect material changes for their ‘Impact27’ targets vs their current targets. However, given the uncertainty of the dividend upstreamings from China it would be best to link the dividends to the consolidated operations, and the SBB to the dividend upstreamings from China/NCP’s.CMD for presenting their updated next three y...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.