reports
- Baptiste Lebacq
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/09/2024
Falling inflation and weaker growth (in Europe) and – paradoxically – higher interest rates are driving an upturn in M&A in Europe. The sectors that are expected to be the most active are: healthcare, technology, industry, telecoms and utilities/renewables. We present the M&A outlook for all sectors of activity and identify 80 potentially active companies (predators, targets, buyers or sellers of assets). - ...
- Baptiste Lebacq
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/02/2024
La baisse de l’inflation et de la croissance (en Europe) et – paradoxalement – des taux d’intérêt plus hauts incitent à une reprise du M&A en Europe. Les secteurs qui devraient être les plus actifs sont : la Santé, la Technologie, l’Industrie, les Télécoms et les Utilities/Renouvelables. Nous présentons les perspectives M&A pour l’ensemble des secteurs d’activité et identifions 80 sociétés potentiellement actives (prédatrices, cibles, acquéreuses ou cédantes d’actifs). - ...
- Johanna Jourdain
Compass Group : 2023-24 off to a good start and confident tone on grow...
>Good Q1 2023-24 figures, ahead of expectations - Compass’ Q1 2023-24 trading update (October to December 2023), issued before trading yesterday, beat expectations. The group posted organic growth of 11.7% (consensus +9.9%e, ODDO BHF +10.5%e), driven by all regions including North America (+11.3%), Europe (+13%) and RoW (+11.8%). Compass noted a pleasant surprise on volumes, particularly in business & industry, ahead of its expectations thanks to trends on returning t...
- Johanna Jourdain
Compass Group : Bon démarrage 2024 et ton confiant sur la croissance
>Bonne publication T1 24, au-dessus des attentes - Compass a publié hier avant Bourse un trading update T1 24 (période octobre à décembre 2023) au-dessus des attentes. Ainsi, le groupe a enregistré une croissance organique de 11.7% (consensus à +9.9%e, ODDO BHF +10.5%e), tirée par l'ensemble des régions dont l’Amérique du Nord (+11.3%), l’Europe (+13%) et Reste du Monde (+11.8%). Compass note une bonne surprise sur les volumes, notamment en Business & Industry, au-des...
- MarketLine Department
Bartlett Mitchell Ltd - Strategy, SWOT and Corporate Finance Report
Summary Bartlett Mitchell Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Bartlett Mitchell Ltd (Bartlett), a subsidiary of Bartlett Mitchell Services Ltd, is an independent food catering company. It serves clients ranging from business and industry to governm...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/21/2023
TotalEnergies remains one of our Top Picks in the sector. The new 2024-2028 plan presented at end-September is ambitious. It is based on selective growth in upstream production (+2/3% per year) and significant development in renewables. Its lead in this domain is undeniable, and has enabled it to raise its profitability target for iPower, which will be a source of re-rating over time. This plan should facilitate cash returns to shareholders of >40% of CFFO, while the share's valuation...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
FORTUM FORTUM OYJ
CPG COMPASS GROUP PLC
ELE ENDESA S.A.
RWE RWE AG
BAYN BAYER AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
SOI SOITEC SA
GAS NATURGY ENERGY GROUP S.A.
IBE IBERDROLA SA
UN01 UNIPER SE
EVD CTS EVENTIM AG & CO. KGAA
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/11/2023
TotalEnergies reste un de nos top picks dans le secteur Pétrole. Le nouveau plan 2024/2028 présenté fin septembre est ambitieux. Il repose sur une croissance sélective de la production en Upstream (+2/3% par an) et un important développement dans les Renouvelables. Son avance dans ce domaine est indéniable et lui a permis de relever son objectif de rentabilité pour iPower, qui sera source de rerating à terme. Ce plan doit permettre un retour de cash aux actionnaires >40% du CFFO alors...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
FORTUM FORTUM OYJ
CPG COMPASS GROUP PLC
ELE ENDESA S.A.
RWE RWE AG
BAYN BAYER AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
SOI SOITEC SA
GAS NATURGY ENERGY GROUP S.A.
IBE IBERDROLA SA
UN01 UNIPER SE
EVD CTS EVENTIM AG & CO. KGAA
- Johanna Jourdain
Compass Group : Positive outlook for 2024 and more proactive tone on M...
>Good 2023 results, net new growth of 4.6% ahead of the historical trend - Before trading yesterday, Compass reported good 2023 results, in line with expectations. We particularly note an excellent level of net new business growth, at +4.6%, ahead of the historical level of 2-3%, underpinned by a still very high retention rate (96.5%) and a good level of new signatures. But these numbers did not sit well with the market (off -2% at the close), probably because the new...
- Johanna Jourdain
Compass Group : Perspectives positives pour 2024 et discours plus proa...
>Bons résultats 2023, net new growth de 4.6% au-dessus de l’historique - Compass a publié hier avant Bourse de bons résultats 2023, en ligne avec les attentes. Nous retenons en particulier un très bon niveau de net new business, à +4.6%, au-dessus du niveau historique de 2/3%, soutenu par un taux de rétention toujours très élevé (96.5%) et un bon niveau de nouvelles signatures. Néanmoins, cette publication a été sanctionnée (-2% en clôture), probablement en raison d’u...
- Bruno Cavalier
- Robert Jan Vos
- Salome Charamalet
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/20/2023
The market wants to see the glass as half full, with lower inflation ending the central bank tightening cycle and leading to an easing of yields. This complacency could last until the next meetings of the Fed (13 December) and the ECB (14 December). For those wishing to play this short-term sequence, we recommend continuing to overweight US equities, overweighting Growth vs Value, as well as Quality, remaining Market Weight on Cyclicals and Defensives, and adjusting the sector allocat...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
CPG COMPASS GROUP PLC
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
BAYN BAYER AG
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
- Bruno Cavalier
- Robert Jan Vos
- Salome Charamalet
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/11/2023
Saint-Gobain a fait le choix de se transformer pour ne pas mourir. Pour autant, le marché reste sceptique quant aux changements très substantiels survenus depuis l’ère Bazin. Le meilleur reste encore à venir. Rien de mieux qu’une année 2024 encore difficile pour convaincre de la solidité du nouveau modèle : les économies de coûts que nous estimons à 400 M€e devraient permettre de compenser une baisse de volume de ~3%. Nous restons convaincus que le rerating titre n’est qu’une question...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
CPG COMPASS GROUP PLC
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
BAYN BAYER AG
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
- Johanna Jourdain
Compass Group : In line FY 2022-23 results, encouraging FY 2023-24 out...
>FY 2022-23 results in line with expectations, stable retention rate at >96% - Compass released FY 2022-23 results that are in line with expectations. Sales came in at £ 31.3bn (+21.4% in reported, consensus £ 31.4bn) with organic growth of 18.8%, in line with the consensus at 18.5%, supported by a still very strong retention rate of 96.5% (vs 96.4% in FY 2022) and net new business of +4.6%, above the historical range of +2/3%. Underlying EBIT amounted to £ 2,122m for...
- Johanna Jourdain
Compass Group : In line FY 2022-23 results, encouraging FY 2023-24 out...
>FY 2022-23 results in line with expectations, stable retention rate at >96% - Compass released FY 2022-23 results that are in line with expectations. Sales came in at £ 31.3bn (+21.4% in reported, consensus £ 31.4bn) with organic growth of 18.8%, in line with the consensus at 18.5%, supported by a still very strong retention rate of 96.5% (vs 96.4% in FY 2022) and net new business of +4.6%, above the historical range of +2/3%. Underlying EBIT amounted to £ 2,122m for...
Compass Group: 1 director
A director at Compass Group bought 1,477 shares at 2,020p and the significance rating of the trade was 53/100. 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 clearly sho...
- MarketLine Department
CH&Co Group - Strategy, SWOT and Corporate Finance Report
Summary CH&Co Group - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights CH&Co Group (CH&Co) is an independent contract catering company. It offers catering services to legal, corporate and commercial, media, schools, government establishments, insurance, accountancy, ...
- Emmanuel Matot
BVI BUREAU VERITAS SA
DB1 DEUTSCHE BOERSE AG
BN DANONE SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
PUM PUMA SE
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
RCO REMY COINTREAU SA
GLE SOCIETE GENERALE S.A. CLASS A
CPG COMPASS GROUP PLC
EL ESSILORLUXOTTICA SA
ALO ALSTOM SA
ELE ENDESA S.A.
BAS BASF SE
RWE RWE AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
EDW EDP RENOVAVEIS SA
ENG ENAGAS SA
WLN WORLDLINE SA
UN01 UNIPER SE
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
GSK GSK PLC
- Emmanuel Matot
DB1 DEUTSCHE BOERSE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
PUM PUMA SE
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
RCO REMY COINTREAU SA
GLE SOCIETE GENERALE S.A. CLASS A
CPG COMPASS GROUP PLC
EL ESSILORLUXOTTICA SA
ALO ALSTOM SA
ELE ENDESA S.A.
BAS BASF SE
RWE RWE AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
EDW EDP RENOVAVEIS SA
ENG ENAGAS SA
WLN WORLDLINE SA
UN01 UNIPER SE
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
- Johanna Jourdain
Compass Group : Publication T3 23 en ligne et guidance FY 23 maintenue...
>Trading update T3 2023 en ligne avec les attentes, net new business toujours solide - Compass a publié hier avant Bourse un trading update en ligne avec les attentes. La croissance organique à 15% (consensus à 14.4%, ODDO BHF à +14.5%e) a été tirée par toutes les régions, dont l'Amérique du Nord (+14%, ODDO BHF 15%e), l'Europe (+17%, ODDO BHF 13%e) et le Reste du Monde (+20%, ODDO BHF 15%e). La croissance du net new business atteint +5%, soit un niveau qui reste nett...
- Johanna Jourdain
Compass Group : Q3 2022-23 figures in line and FY 2022-23 guidance mai...
>Q3 2022-23 trading update in line with expectations, net new business still solid - Compass’ trading update, issued before trading yesterday, was in line with expectations. Organic growth of 15% (consensus 14.4%, ODDO BHF +14.5%e) was driven by all regions, including North America (+14%, ODDO BHF 15%e), Europe (+17%, ODDO BHF 13%e) and RoW (+20%, ODDO BHF 15%e). Net new business growth came to +5%, still well ahead of the historical level of 3% and suggesting stabili...
- Jerôme Bodin
CON CONTINENTAL AKTIENGESELLSCHAFT
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
LI KLEPIERRE SA
FGR EIFFAGE SA
FORTUM FORTUM OYJ
GBF BILFINGER SE
CPG COMPASS GROUP PLC
VIV VIVENDI SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
HEI HEIDELBERGCEMENT AG
BAYN BAYER AG
VER VERBUND AG CLASS A
DTE DEUTSCHE TELEKOM AG
SIX2 SIXT SE
BC8 BECHTLE AG
TIT TELECOM ITALIA S.P.A.
COLO B COLOPLAST A/S CLASS B
INGA ING GROEP NV
HLAG HAPAG-LLOYD AG
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
VWS VESTAS WIND SYSTEMS
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