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Thijs Berkelder ... (+2)
  • Thijs Berkelder
  • Usama Tariq

ODDO BHF Small & MIDCAP MORNING NEWS - Date1

We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...

Thijs Berkelder ... (+2)
  • Thijs Berkelder
  • Usama Tariq

ODDO BHF Small & MIDCAP MORNING NEWS - 11/14/2024

We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...

Jean-François Granjon
  • Jean-François Granjon

Nexans : Feedback from the CMD – growth leverage still strong

>Strategy still based on electrification - The CMD organised by the management included the announcement of an attractive road map that confirms the continuation of growth and improvements in profitability with drivers including AI, data centres and innovation, which moreover was covered in a workshop alongside the presentation. This road map aims to continue the implementation of the HV backlog (PWR- Transmission) with a strong expected mix effect. Moreover, offshore...

Anne-Barbara Nicco
  • Anne-Barbara Nicco

Fnac Darty : Credit update following successful takeover bid for Unieu...

Fnac Darty has announced the success of its takeover bid for Italy's Unieuro. The deal is expected to strengthen the group's operating profile with limited financial impact. Shortly beforehand, the group also raised its 2024 current operating profit target, which should ultimately be slightly higher than the low point in 2023. In this new report, we review our recommendations in the light of current bond yields, the performance of the 2024 financial year which will soon draw to a...

Anne-Barbara Nicco
  • Anne-Barbara Nicco

Fnac Darty : Update sur le crédit après le succès de l’OPA sur Unieuro

Fnac Darty vient d’annoncer le succès de son offre d’achat sur le groupe italien Unieuro. L’opération devrait renforcer le profil opérationnel du groupe pour un impact financier limité. Peu de temps auparavant, le groupe avait, en outre, relevé son objectif de ROC 2024, qui devrait in fine être un peu supérieur au point bas de 2023. Dans cette nouvelle étude, nous passons en revue nos recommandations à la lumière des rendements obligataires actuels, des performances de l’exercice...

Jean-François Granjon
  • Jean-François Granjon

Nexans : Feedback CMD – Toujours un fort levier de croissance

>Une stratégie toujours axée sur l’Electrification - Le CMD organisé par le management permet d’afficher une feuille de route séduisante confirmant la poursuite de la croissance, de l’amélioration de la profitabilité avec des catalyseurs dont l’IA, les data centers et l’innovation qui par ailleurs, ont fait l’objet de workshop en marge de la présentation. Cette feuille de route vise la poursuite du déroulement de backlog HV (PWR- Transmission) avec un fort effet mix a...

Benoit Valleaux
  • Benoit Valleaux

Allianz : Excellent operating momentum in insurance businesses

>Very strong insurance revenue growth - Allianz reported its Q3 2024 earnings yesterday. Revenues came in at € 42.8bn, up 19.1% l-f-l (+17.3% reported) with revenues well ahead of expectations in life and health insurance at € 22.4bn (+30.6% l-f-l). Life new business volumes rose sharply (+35.4%), partly thanks to the marketing campaigns, with the new business margin slightly better than expected at 6.1% (vs 5.8%e). In P&C insurance, revenues increased by 9.5% l-f-l,...

Clement Genelot
  • Clement Genelot

Just Eat Takeaway: the end of an American adventure to forget, further...

We welcome the long-awaited disposal of Grubhub, even at price close to zero, as it improves the group's growth profile. However, this profile remains a couple of points lower than European peers and explains why JET continues to trade at such a discount vs. DHER and ROO despite showcasing broadly

Benoit Valleaux
  • Benoit Valleaux

Allianz : Très bonne dynamique opérationnelle dans les métiers d’assur...

>Très forte croissance des revenus d’assurance - Allianz a publié hier son RN du T3 2024. Les revenus ont été de 42.8 Md€, en hausse de 19.1% à données comparables (+17.3% en publié) avec des revenus très supérieurs aux attentes en assurance vie et santé à 22.4 Md€ (+30.6% à d.c.). Le volume d’affaires nouvelles vie a augmenté très fortement (+35.4%), en partie grâce à des campagnes commerciales, avec une marge sur affaires nouvelles légèrement meilleure que prévu à 6...

Felix Fischer ... (+4)
  • Felix Fischer
  • Haidje Rustau
  • Ian Wong
  • Tanvi Arora

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Nexans, Almaviva, Best Secret (Schustermann & Borenstein), PureGym, Telecom Italia, Vallourec, Nokia, Infopro Digital, Cirsa

Joan Sehim
  • Joan Sehim

La Française des Jeux : Focus Emission

La Française des Jeux (FDJ) commercialise pour la première fois 1.5 md EUR obligations (WNG), comprenant 500 m EUR à échéance 2030, 500 m EUR à échéance 2033 et 500 m EUR à échéance 2036. Elles seront utilisées pour refinancer une partie du prêt relais de 2.0 md EUR, tiré en octobre et lié à l’acquisition de l’opérateur de jeux en ligne Kindred. En parallèle, FDJ a obtenu un term loan de 400 m EUR à échéance 2029 et utilisera env. 100 m EUR de trésorerie pour compléter ce refinan...

Joan Sehim
  • Joan Sehim

La Française des Jeux : Issuance Focus

Française des Jeux (FDJ) markets for the first time € 1.5bn bonds (WNG), comprising € 500m maturing in 2030, € 500m maturing in 2033 and € 500m maturing in 2036. They will be used to refinance part of the € 2.0bn bridge loan drawn down in October in connection with the acquisition of online gaming operator Kindred. At the same time, FDJ obtained a € 400m term loan maturing in 2029 and will use around € 100m of cash to complete this refinancing. Post-acquisition, we estimate lever...

Carole Braudeau
  • Carole Braudeau

Credit Morning 11/13/2024

La Française des Jeux enters the bond marketNexans: Unveiling its 2025-28 objectives.>...

Martin Marandon-Carlhian ... (+3)
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024

We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...

Martin Marandon-Carlhian ... (+3)
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024

Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 13/11/2024

La Française des Jeux fait son entrée sur le marché obligataireNexans dévoile ses objectifs 2025-28.>...

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