reports
- Michael B. Schäfer
ODDO : Glass half full – Volume recovery started after almost 2 years ...
As Spring approaches, we see industry-wide destocking coming to an end, emerging recovery trends in China gaining momentum and European spot energy cost relief rolling in, all helping to restore plant utilisation and earnings. We add more cyclicality to our preferred names, upgrading BASF to Outperform (Neutral). Momentum being regained in specialties chemicals distribution triggers our upgrade of IMCD to Outperform (Neutral). ‘From record to record’ remains our mantra at FUCHS. ...
1COV COVESTRO AG
AI AIR LIQUIDE SA
WCH WACKER CHEMIE AG
LXS LANXESS AG
SDF K+S AG
BAS BASF SE
SOLB SOLVAY SA
BAYN BAYER AG
SY1 SYMRISE AG
KWS KWS SAAT SE & CO KGAA
EVK EVONIK INDUSTRIES AG
BNR BRENNTAG SE
INX IMCD N.V.
2HRA H&R GMBH & CO KGAA
AKZA AKZO NOBEL N.V.
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
LIN LINDE PUBLIC LIMITED COMPANY
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
Lanxess AG: 2 directors
Two Directors at Lanxess AG bought 13,065 shares at between 24.857EUR and 24.948EUR. The significance rating of the trade was 70/100. 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 las...
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/14/2024
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
BFIT BASIC-FIT NV
PBB DEUTSCHE PFANDBRIEFBANK AG
IDL ID LOGISTICS GROUP
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
SAB BANCO DE SABADELL SA
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 14/03/2024
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
IDL ID LOGISTICS GROUP
INF INFOTEL SA
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Michael B. Schäfer
Lanxess : Q4 EBITDA pre in line, record OpFCF 23; 'moderately higher E...
>Q4 EBITDA pre of € 97m in line with consensus of € 95m, record OpFCF 23 - Group sales declined by 27% y-o-y to € 1,436m (consensus € 1,595m) including a volume decline of 12% y-o-y (Q3 23: -14% y-oy). EBITDA pre of € 97m was in line with the consensus of € 95m (ODDO BHF € 105m) and down 45% y-o-y, as the focus was on inventory management. It was also down seasonally q-o-q (Q3 23: € 119m). Advanced Intermediates saw € 24m vs € 30m in Q3 23 and Specialty Additives € 41...
- Benoit Valleaux
- Steven Gould
OSE OSE IMMUNOTHERAPEUTICS SA
MMB LAGARDERE SCA
LXS LANXESS AG
ITP INTERPARFUMS
ALTA ALTAREA SCA
TPE PVA TEPLA AG
G24 SCOUT24 AG
BCP BANCO COMERCIAL PORTUGUES S.A.
FAE FAES FARMA S.A.
GLB GLANBIA PLC
EDR EDREAMS ODIGEO SA
TWEKA TKH GROUP N.V. CERT
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
COFA COFACE SA
FTG111 FLATEXDEGIRO AG
TKWY JUST EAT TAKEAWAY.COM N.V.
MVC METROVACESA SA
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
GRE GRENERGY RENOVABLES
AG1 AUTO1 GROUP
ALLFG ALLFUNDS (UK) LTD
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
DEME DEME GROUP NV
- Benoit Valleaux
- Steven Gould
OSE OSE IMMUNOTHERAPEUTICS SA
MMB LAGARDERE SCA
LXS LANXESS AG
ITP INTERPARFUMS
ALTA ALTAREA SCA
TPE PVA TEPLA AG
G24 SCOUT24 AG
BCP BANCO COMERCIAL PORTUGUES S.A.
FAE FAES FARMA S.A.
GLB GLANBIA PLC
EDR EDREAMS ODIGEO SA
TWEKA TKH GROUP N.V. CERT
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
COFA COFACE SA
FTG111 FLATEXDEGIRO AG
TKWY JUST EAT TAKEAWAY.COM N.V.
MVC METROVACESA SA
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
GRE GRENERGY RENOVABLES
AG1 AUTO1 GROUP
ALLFG ALLFUNDS (UK) LTD
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
DEME DEME GROUP NV
- Michael B. Schäfer
Lanxess : € 413m goodwill impairment & low- to mid-3-digit € m writedo...
>€ 413m goodwill impairment on weaker demand in F&F and Polymer Additives, c. 22% of goodwill YE 2022 - FY 2023 accounts of Lanxess will show an impairment of € 413m, i.e. c. 22%, of the € 1.8bn goodwill reported YE 2022. Impairments are linked to Business Units Flavors & Fragrances and Polymer Additives, citing 'demand that has partly developed weaker than expected in the respective Business Units, especially for the years 2023 and 2024.'Low- to mid-3-di...
- Jean-Baptiste Rouphael
AMS AMS AG
ALCLA CLASQUIN SA
LXS LANXESS AG
CDA COMPAGNIE DES ALPES SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
VID VIDRALA SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
WAVE WAVESTONE SA
HDF HYDROGENE DE FRANCE
ARM ARM HOLDINGS PLC
- Jean-Baptiste Rouphael
AMS AMS AG
ALCLA CLASQUIN SA
LXS LANXESS AG
CDA COMPAGNIE DES ALPES SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
VID VIDRALA SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
WAVE WAVESTONE SA
HDF HYDROGENE DE FRANCE
ARM ARM HOLDINGS PLC
- Michael B. Schäfer
Lanxess : Meeting CEO/CFO: >€ 1bn EBITDA potential in 'normal' conditi...
>Management sees >€ 1bn EBITDA potential when back to 'normal' - We joined a sell-side meeting with CEO and CFO of Lanxess, reiterating earlier statements that poor global plant utilisation of around 55% (vs 70% in already challenging 2022) was one of the major headwinds in 2023, when Lanxess guides for EBITDA pre of € 500-550m (cons €530m).2024 outlook +180m EBITDA bridge items before any volume recovery reiterated, in line with current consensus: - ...
Moody's downgrades Lanxess to Baa3, outlook remains negative
Moody's Investors Service (Moody's) downgraded Lanxess AG's (Lanxess) long term issuer rating to Baa3 from Baa2 and the ratings of Lanxess' senior unsecured notes and the senior unsecured MTN program rating to Baa3 and (P)Baa3 from Baa2 and (P)Baa2 respectively. The outlook remains negative. RAT...
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 10/05/2023 Date Performance sin...
The IEA’s Net Zero Emissions (NZE) scenario has served as a basis for many stakeholders since 2021 (coalitions of investors, companies, SBTi, etc.). The NZE’s update was eagerly awaited, following the upheavals in the energy landscape caused notably by the Russian-Ukrainian war. Issued a few days ago, the update provides investors with some critical new insights into trends, perspectives and possibilities for decarbonising businesses. - ...
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 05/10/2023
Le style qualité est celui qui performe le mieux depuis la dernière réunion de la Fed et la remontée des taux concomitante à une aggravation des inquiétudes sur le cycle en Europe. Nous avons sélectionné au sein du Stoxx 600, dans notre univers de couverture, les 25 valeurs correspondant le mieux à ce style Qualité, avec une recommandation Surperformance et un potentiel de plus de 20% par rapport aux objectifs de cours des analystes de notre bureau d’études actions. - ...
- Michael B. Schäfer
Lanxess : Q3 preview – Only a limited q-o-q improvement; low end of FY...
>More of the same in Q3, expect EBITDA to regain only 19% q-o-q to € 127m - Lanxess is due to report Q3 results on 8 November, when we don’t expect much to cheer about as underlying markets hardly improved and high production cost inventories still weigh. Hence, the targeted € 50m one-time cost savings announced in summer may have contributed to a sequential improvement of EBITDA pre-exceptionals of +19% q-o-q to € 127m from a very weak and idle cost-driven Q2 of € 10...
Moody's changes outlook on Lanxess ratings to negative; affirms Baa2 L...
Moody's Investors Service (Moody's) has today changed Lanxess AG's (Lanxess or the company) outlook to negative from stable. All existing ratings have been affirmed: (1) long-term issuer rating at Baa2, (2) senior unsecured ratings at Baa2 and (3) senior unsecured programme rating at (P)Baa2. A f...
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