Delivery Hero : Feedback Crédit Forum du 8 et 9 janvier 2026

Notre 29ième Forum vient de se dérouler (8 et 9 janvier) à Lyon. Il a réuni 222 sociétés. L’édition 2026 de ce Forum a accueilli près de 500 investisseurs, travaillant pour environ 200 institutions de 13 pays. Nous avons ainsi organisé l’équivalent de 5 300 investors meetings. Ce document synthétise nos feed-back concernant les émetteurs obligataires présents.

Lagardere S.A.: 1 director

A director at Lagardere S.A. bought 239,973 shares at 24.100EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...

IHO / Schaeffler : Complexity has not reduced, but IHO’s relative valu...

1/ Automotive and industrial headwinds (even before Liberation Day), to be addressed by Schaeffler and Conti via self-help measures. The current developments are very dynamic and there is a great degree of uncertainty over the next 12-18 months and if finally a recession will be seen or not. 2/ Remaining rating risk and that the IHO PIK toggle notes become B+ at S&P. 3/ The IHO bonds lost attractiveness in the last months, following a recovery after the March 2025 sell-off. Schaeffler bonds were...

IHO / Schaeffler : Complexity has not reduced, but IHO’s relative valu...

1/ Automotive and industrial headwinds (even before Liberation Day), to be addressed by Schaeffler and Conti via self-help measures. The current developments are very dynamic and there is a great degree of uncertainty over the next 12-18 months and if finally a recession will be seen or not. 2/ Remaining rating risk and that the IHO PIK toggle notes become B+ at S&P. 3/ The IHO bonds lost attractiveness in the last months, following a recovery after the March 2025 sell-off. Schaeffler bonds were...

Credit Morning 06/09/2025

Bernard Arnault is reportedly preparing to exit Lagardère's share capital.|

Morning Crédit 09/06/2025

Bernard Arnault s'apprêterait à sortir définitivement du capital de Lagardère|

Morning Crédit 11/03/2025

Viridien launches its bond refinancing; positive rating actions taken by all agencies|

Lagardere : Discontinuation of our coverage of Lagardère

Lagardère : Arrêt de la couverture de Lagardère

IHO / Schaeffler : We adopt Buy recommendations on the new IHO PIK tog...

Our Credit Opinion on IHO and Schaeffler is Negative (vs. Stable) given the expected downgrades (Schaeffler would become a BB-range risk – at least temporary) and the weak automotive market. Other items which we need to follow up on include: - 1/ the Conti reorganisation and the planned automotive group spin-off, - 2/ competition with Asian peers and how market shares will be trending, - 3/ changing political framework and landscape (tariffs policy, outcome of US election, ICE ban), - 4/...

IHO / Schaeffler : We adopt Buy recommendations on the new IHO PIK tog...

Our Credit Opinion on IHO and Schaeffler is Negative (vs. Stable) given the expected downgrades (Schaeffler would become a BB-range risk – at least temporary) and the weak automotive market. Other items which we need to follow up on include: - 1/ the Conti reorganisation and the planned automotive group spin-off, - 2/ competition with Asian peers and how market shares will be trending, - 3/ changing political framework and landscape (tariffs policy, outcome of US election, ICE ban), - 4/...

ODDO BHF Small & MIDCAP MORNING NEWS - 10/18/2024

The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefer Acc...

ODDO BHF Small & MIDCAP MORNING NEWS - 18/10/2024

La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissance 202...

Lagardere : Q3 revenues contained no surprise with momentum still soli...

>Neutral rating reiterated - Lagardère reported on Thursday, 17 October, Q3 2024 revenues of € 2,417m compared with our forecast of € 2,400m. This performance is therefore in line with our expectations, but slightly below those we had for Publishing (mainly due to a more difficult educational business in France). Momentum remains very sound at Lagardère Travel Retail. The group did not hold a conference call. Our full-year estimates are unchanged following this publi...

Lagardère : Un CA T3 sans surprise avec une dynamique toujours très so...

>Opinion Neutre réitérée - Lagardère a publié jeudi son CA T3 2024 de 2 417 M€ alors que nous tablions sur 2 400 M€. La performance est donc en ligne mais un peu inférieure à notre attente pour Publishing (essentiellement liée à une activité plus difficile dans l’éduction en France). La dynamique reste très bonne chez Lagardère Travel Retail. Le groupe n’a pas tenu pas de conférence téléphonique. Nos attentes annuelles sont inchangées suite à cette publication. Nous ...

ODDO BHF Small & MIDCAP MORNING NEWS - 09/30/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 30/09/2024

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Schaeffler AG : Changes to Schaeffler AG Executive Board

>Preparing to close merger with Vitesco - Schaeffler has announced a couple of changes and new promotions in its Executive Board ahead of the merger with Vitesco, which becomes effective on 1 October: Mr. Thomas Stierle, who is currently CEO of the Electrification Solutions division at VTSC was appointed as CEO of the new E-Mobility division and a full member of the Executive Board of Schaeffler AG with effect from 1 October 2024. As previously communicated, Dr. Joche...