reports
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/03/2024
In June, European equities were buffeted by the political risk in France and the downturn in business climate indicators (PMI), which erased the effect of the ECB's first, widely anticipated, rate cut and the continuing upward revision of the consensus. French indices and stocks - in particular small caps - were the ones that gave up the most ground. In sector terms, within the Stoxx 600, technology, healthcare and media were the only sectors to advance, while real estate, banks, basi...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/07/2024
En juin, les actions européennes ont pâti du risque politique français et du fléchissement des indicateurs de climat des affaires (PMI) qui ont effacé l’effet de la 1ère baisse des taux de la BCE, largement anticipée, et la poursuite de la révision à la hausse du consensus. Les indices et valeurs françaises – en particulier small caps - sont celles qui ont le plus reculé. En termes sectoriels, sur le Stoxx 600, la technologie, la santé et les médias ont été les seuls secteurs à progre...
- Jerôme Bodin
UMG : A solid Q2 with notably the release of Taylor Swift’s new album
>A solid quarter which could provide support for the equity story - We provide an update here on our Q2/H1 expectations for UMG. We are expecting solid organic growth (+8.4%) for recorded music, buoyed by the release of Taylor Swift's new album (April 19) and the continuing effect of price increases with, however, the end of the impact of Amazon and Apple. The recent price hike announced by Spotify in the US should create a relay from Q3 onwards and could be followed ...
- Jerôme Bodin
UMG : Un T2 solide avec notamment la sortie du nouvel album de Taylor ...
>Un nouveau trimestre solide qui pourrait soutenir l’equity story - Nous faisons un point sur nos attentes pour le T2 et le S1 d’UMG. Nous tablons sur une croissance organique solide (+8,4% pour la musique enregistrée portée par la sortie du nouvel album de Taylor Swift (19 avril) et la poursuite de l’effet des hausses de prix avec toutefois la fin de l’impact d’Amazon et Apple. La hausse récente de prix annoncée par Spotify aux USA devrait créer un relais à partir du...
- Research Department
IBERIAN DAILY 03 JULY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA, SANTANDER. Lagarde admits progress made in inflation European stock markets saw profit taking, where J. Powell’s still cautious comments from Sintra but more confident in the disinflation process moderated losses. In the STOXX 600 among the sectors that rose (8/20 sectors), Energy stood out (thanks to the good performance of Brent crude) vs. Banks, Insurance and Autos that were the worst performers, falling >-1.0%. On the macro side, in the euro zone June’s inflation m...
- Research Department
INFORME DIARIO 03 JULIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IBERDROLA, SANTANDER. EUROPA: SANOFI. Lagarde reconoce los progresos de la inflación Toma de beneficios en el mercado bursátil europeo donde los comentarios de J. Powell desde Sintra sonando todavía cauto, pero más confiado sobre el proceso de desinflación ayudaron a moderar las pérdidas. En el STOXX 600 entre los sectores que presentaron subidas (8/20 sectores) destacó Energía (gracias al buen desempeño del Brent) frente a Bancos, Seguros y Autos q...
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
Progress on share buyback programme
Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 3,177,015 shares during the week of 24 June 2024 up to and including 28 June 2024. The shares were repurchased at an average price of €15.85 for a total amount of €50,354,472.30. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share capital of ...
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
Dassault Systèmes and Mistral AI Partner to Offer Trusted, AI-Powered ...
PARIS--(BUSINESS WIRE)-- (Euronext Paris: FR0014003TT8, DSY.PA) and today announced their partnership to bring the full power of frontier AI to industries in a trusted environment. For more than 40 years, Dassault Systèmes has empowered people and businesses to provide sustainable innovations in the domains of manufacturing industries, life sciences and healthcare, and cities and territories. Entering the era of the Generative Economy, industry has to transition from product to experience and sustainability, leveraging virtual worlds to extend and improve the real world. The recent pro...
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
AKH AKER HORIZONS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- Delphine Brault
- Quentin Borie
Legrand : Preview T2 : de meilleurs volumes, grâce à la base de compar...
>T2 2024e : -0.1% de volumes, marge d’EBITA à 21.1% - Legrand devrait publier un T2 optiquement meilleur que le T1, tout particulièrement au niveau de la croissance du chiffre d’affaires. L’attention se portera à nouveau sur les volumes d’une part et sur la capacité qu’aura la marge à résister dans un contexte économique peu porteur. Pour le seul T2, nous anticipons une croissance organique du chiffre d’affaires à +0.4%, dont -0.1% de volumes et 0.5% d’impact sur...
- Delphine Brault
- Quentin Borie
Legrand : Q2 preview: better volumes, thanks to the base of comparison
>Q2 2024e: volumes -0.1%, EBITA margin at 21.1% - Legrand should report Q2 results that are optically better than those in Q1, particularly at the level of sales growth. Attention will likely focus once again on volumes and margin resilience in a lacklustre economic climate. For Q2, we expect organic sales growth of +0.4%, with -0.1% for volumes and an 0.5% impact from prices. This compares with disappointing figures in Q1 which was a low point in our view, with ...
- Stephane Beyazian
HEIA HEINEKEN NV
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
ABB ABB LTD.
SAND SANDVIK AB
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
RAND RANDSTAD NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASRNL ASR NEDERLAND NV
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
NOVO B NOVO NORDISK A/S
- Stephane Beyazian
HEIA HEINEKEN NV
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
ABB ABB LTD.
SAND SANDVIK AB
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
RAND RANDSTAD NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASRNL ASR NEDERLAND NV
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
NOVO B NOVO NORDISK A/S
- Farid Bitari
- Ghada Ben Sedrine
- Nicolas David
- Stephane Houri
ODDO : Generative AI: a genuine revolution, pending the next revolutio...
Our conviction on the long-term growth potential and opportunities of generative AI is renewed. The enabler sectors (semiconductors, software and IT services) and those that provide the infrastructure (utilities, metals, capital goods and real estate) will be the primary beneficiaries, leading us to make certain target price changes. Among AI ‘user’ sectors (media, healthcare, automotive, banking and insurance, oil services, defence, aerospace and airlines), the effects will doub...
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
REL RELX PLC
PUB PUBLICIS GROUPE SA
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
SOP SOPRA STERIA GROUP SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
NOKIA NOKIA OYJ
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
AUB AUBAY SA
MRK MERCK KGAA
ALTA ALTAREA SCA
ATE ALTEN SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ENEL ENEL SPA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
ICAD ICADE SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
PRY PRYSMIAN S.P.A.
IBE IBERDROLA SA
OREGE OREGE SA
SMHN SUESS MICROTEC AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
VACN VAT GROUP AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
RIO RIO TINTO PLC
SAP SAP SE
AZN ASTRAZENECA PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
REY REPLY S.P.A.
STM STMICROELECTRONICS NV
SHL SIEMENS HEALTHINEERS AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
ATCO A ATLAS COPCO AB
IOS IONOS GROUP SE
ARM ARM HOLDINGS PLC
UN0 UNIPER SE
- Farid Bitari
- Ghada Ben Sedrine
- Nicolas David
- Stephane Houri
ODDO : L’IA générative, une véritable révolution, en attendant la proc...
Notre conviction sur le potentiel de croissance LT et d’opportunités de l’IA générative est renforcée. Les secteurs 'enablers' (semiconducteurs, software et IT services) et fournisseurs d’infrastructures (utilities, métaux, biens d'équipements et immobilier) en seront les premiers bénéficiaires, conduisant à certains changements d’OC. Parmi les secteurs ‘utilisateurs’ de l’IA (média, santé, automobile, banque et assurance, services pétroliers, défense, aéronautique et compagnies ...
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
REL RELX PLC
PUB PUBLICIS GROUPE SA
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
SOP SOPRA STERIA GROUP SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
NOKIA NOKIA OYJ
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
AUB AUBAY SA
MRK MERCK KGAA
ALTA ALTAREA SCA
ATE ALTEN SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ENEL ENEL SPA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
ICAD ICADE SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
PRY PRYSMIAN S.P.A.
IBE IBERDROLA SA
OREGE OREGE SA
SMHN SUESS MICROTEC AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
VACN VAT GROUP AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
RIO RIO TINTO PLC
SAP SAP SE
AZN ASTRAZENECA PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
REY REPLY S.P.A.
STM STMICROELECTRONICS NV
SHL SIEMENS HEALTHINEERS AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
ATCO A ATLAS COPCO AB
IOS IONOS GROUP SE
ARM ARM HOLDINGS PLC
UN0 UNIPER SE
- Baptiste Salaville
- Gerardo Ibanez
- Jean-Baptiste Rouphael
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2024
Peu de secteurs polarisent autant que le luxe automobile sportif. A la pointe de l’innovation technologique et artistique pour les uns, il est le reflet d’inégalités excessives pour les autres. Nous estimons que le secteur a un rôle prépondérant à jouer sur l’atténuation du changement climatique, mais aussi l’économie circulaire ou la transition juste. Considérant les impacts, risques et opportunités matériels, nous plaçons Ferrari en Best-in-Class ESG, Porsche en Neutre ESG, et Aston...
SGO COMPAGNIE DE SAINT-GOBAIN SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
SW SODEXO SA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
MRK MERCK KGAA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
SAN SANOFI
AIR AIRBUS SE
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
PRX PROSUS N.V. CLASS N
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Baptiste Salaville
- Gerardo Ibanez
- Jean-Baptiste Rouphael
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2024
Few sectors are as polarising as luxury sports cars. At the cutting edge of technological and artistic innovation for some, they reflect excessive inequality for others. We believe the sector has a key role to play in climate change mitigation, as well as in the circular economy and just transition. Taking into account material impacts, risks and opportunities, we see Ferrari as ESG Best-in-Class, Porsche as ESG Neutral and Aston-Martin Lagonda as ESG Not Recommended. - ...
SGO COMPAGNIE DE SAINT-GOBAIN SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
SW SODEXO SA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
MRK MERCK KGAA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
SAN SANOFI
AIR AIRBUS SE
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
PRX PROSUS N.V. CLASS N
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
AGN AEGON N.V.
- Baptiste Salaville
- Gerardo Ibanez
- Jean-Baptiste Rouphael
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
TRI TRIGANO SA
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ERA ERAMET SA
ICAD ICADE SA
COFB COFINIMMO SA
DEZ DEUTZ AG
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
GVOLT GREENVOLT - ENERGIAS RENOVAVEIS S.A.
SHUR SHURGARD SELF STORAGE LIMITED
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