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Fehmi Ben Naamane
  • Fehmi Ben Naamane

ODDO BHF Small & MIDCAP MORNING NEWS - 06/02/2023

We upgrade our recommendation on Aalberts to Outperform from Neutral, with a new price target of € 59 (DCF/relative) versus € 40 previously (recession multiples based). We upgrade as a recession seems less likely, which was the key reason for our downgrade in Q3 2022. For 2023, we assume robust renovation markets in Building Technology, coupled with higher production efficiency, which should offset weakness in new build. For Industrial Technology, we expect continued strong growth in ...

Fehmi Ben Naamane
  • Fehmi Ben Naamane

ODDO BHF Small & MIDCAP MORNING NEWS - 02/06/2023

We upgrade our recommendation on Aalberts to Outperform from Neutral, with a new price target of € 59 (DCF/relative) versus € 40 previously (recession multiples based). We upgrade as a recession seems less likely, which was the key reason for our downgrade in Q3 2022. For 2023, we assume robust renovation markets in Building Technology, coupled with higher production efficiency, which should offset weakness in new build. For Industrial Technology, we expect continued strong growth in ...

Aurelien Sivignon
  • Aurelien Sivignon

SES - imagotag : Feedback from road show in London: growth trajectory ...

>Our Outperform rating maintained after road show with CFO - On Thursday and Friday we organised a roadshow in London with CFO Thierry Lemaître. We came away reassured about the 2023 growth trajectory and the order momentum. A likely Walmart deal, which is still the focus of many expectations, seems to be on track to be sealed in the next few months and could result in a more front-end loaded roll-out than initially anticipated in the 2027 plan. In the shorter term,...

Aurelien Sivignon
  • Aurelien Sivignon

SES - imagotag : Feedback roadshow à Londres : une trajectoire de croi...

>Nous réitérons notre opinion Surperformance après un roadshow CFO - Nous avons organisé jeudi et vendredi un roadshow à Londres avec Thierry Lemaître (CFO). Nous en ressortons rassurés sur la trajectoire de croissance 2023 ainsi que la dynamique de commandes. Le probable contrat avec Walmart, qui cristallise toujours beaucoup d’attentes, semble être toujours en bonne voie pour un aboutissement sur les prochains mois alors qu’il pourrait se traduire par un déploieme...

 PRESS RELEASE

Decision of the Conseil d’Etat on the appeal concerning the cancellati...

Decision of the Conseil d’Etat on the appeal concerning the cancellation of the allocation of 20TWh of electricity additional ARENH for 2022 Decision of the Conseil d’Etat on the appeal concerning the cancellation of the allocation of 20TWh of electricity additional ARENH for 2022 On Friday 3 February 2023, the Conseil d’Etat (the French administrative supreme court) rendered its decision in the context of the appeal for annulment filed by EDF on 9 August 2022 (1) against the Decree and Orders of 11, 12 and 25 March 2022, implementing the allocation of an additional volume of 20TWh of el...

 PRESS RELEASE

Décision du Conseil d’État sur le recours relatif à l’annulation de l’...

Décision du Conseil d’État sur le recours relatif à l’annulation de l’attribution de 20 TWh d’électricité supplémentaires pour 2022 au titre de l’ARENH Décision du Conseil d’État sur le recours relatif à l’annulation de l’attribution de 20 TWh d’électricité supplémentaires pour 2022 au titre de l’ARENH Le Conseil d’État a rendu le vendredi 3 février 2023 sa décision dans le cadre du recours en annulation déposé par EDF le 9 aout 2022 (1) à l’encontre du décret et des arrêtés datés du 11, 12 et 25 mars 2022, mettant en œuvre l’attribution d’un volume complémentaire de 20 TWh d’électricité v...

Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/02/2023

La saison de résultats à venir ne devrait pas amener de mauvaises surprises concernant la fin 2022 (cf. messages rassurants lors de nos conférences) mais l’incertitude sur 2023 (estimations EBIT révisées en baisse de 2% en moyenne), à la fois sur le plan macroéconomique et sectoriel (pricing, demande), pourrait encore peser. Face à cela, nous restons prudemment optimistes sur le secteur avec une hiérarchie claire entre les valeurs et néanmoins moins marquée entre les segments par rapp...

Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/02/2023

We do not expect any surprises on the end of 2022 from the forthcoming earnings season (cf. reassuring messages at our January conferences), but uncertainty on 2023 (EBIT estimates revised down by 2% on average), on both the macroeconomic and sector fronts (pricing, demand), could weigh in the near term. As a result, we remain cautiously optimistic on the sector with a clearly identified hierarchy between the stocks but less so between the different segments compared to 2022. Renault,...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

ASM International: US$100m investment in Korea. D'Ieteren: Belgian car registrations up 17.4% YoY, at 78% of pre-Covid. VW up 17.7% YoY. DWS: Delivering in a tough environment. Euronav: Strong 4Q and nice start to FY23. Flow Traders: Crypto and Capital, a 4Q22 preview. Shell plc: A touch better, 1Q23 share buyback should support. Sligro: Inflation hampers profitability

Louis Boujard ... (+3)
  • Louis Boujard
  • CFA
  • Philippe Ourpatian

Uniper : Preliminary results in line with our expectations. Publicatio...

>Preliminary results in line with forecasts - Yesterday, Uniper announced its preliminary results for 2022, which were in line with our forecasts (cf. our flash of 27 January “The good outlook for European power is not enough”). The main reason for this announcement is the downward revision to the amount of losses linked to the replacement of Russian gas, due to the fall in the price of gas at the end of the year. The real loss to end-December 2022 (€ 13.2bn) and pro...

Louis Boujard ... (+3)
  • Louis Boujard
  • CFA
  • Philippe Ourpatian

Uniper : Résultats préliminaires en ligne avec nos attentes. Publicati...

>Des résultats préliminaires conformes aux attentes - Uniper a annoncé hier ses résultats préliminaires pour l’exercice 2022, qui ressortent en ligne avec nos attentes (cf. notre Flash du 27/01/2023, intitulé « Les bonnes perspectives d’European power ne sont pas suffisantes »). La principale raison de cette annonce est la révision à la baisse du montant des pertes liées au remplacement du gaz russe, en raison de la baisse des prix du gaz à la fin de l'année. La pert...

 PRESS RELEASE

REPURCHASE OF SHARES

REPURCHASE OF SHARES REPURCHASE OF SHARES Amsterdam, the Netherlands - Flow Traders Ltd. (“Flow Traders”) (Euronext: FLOW) has repurchased 50,431 of its own shares in the period from 26 January 2023 up to and including 1 February 2023 at an average price of €23.41. This is in accordance with the share buyback program originally announced on 22 July 2022 and subsequently increased as per the announcement made on 27 October 2022. The consideration of this purchase was €1.2 million. The total number of shares purchased under this program to date is 1,137,890 shares at an average price of...

Research Department
  • Research Department

IBERIAN DAILY 01 FEBRUARY + 4Q’22 RESULTS. HIGHLIGHTS AND PREVIEWS (AN...

NEWS SUMMARY: BBVA, CAIXABANK, IBERDROLA, METROVACESA, REPSOL. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’22 results to be released over the coming days in Spain. Transition period ahead of the Fed meeting The European stock markets ended flat ahead of the Fed meeting, recovering after it was known that labour costs in the US slowed in 4Q’22. Thus, within the Euro STOX...

Louis Boujard ... (+3)
  • Louis Boujard
  • CFA
  • Philippe Ourpatian

Fortum : A change of focus is expected after the full-year earnings pu...

>Growth underpinned by the generation activities - Pending the publication of full year earnings on 2 March, we broadly confirm our estimates for Fortum for 2022 and the following years. Several minor adjustments have been made to the model: on the operating front, we note more favourable pricing conditions on the energy markets, prompting us to raise our performance forecasts for Q4 and therefore for full-year results by +8% to € 1,490m. As for the city solutions bus...

Louis Boujard ... (+3)
  • Louis Boujard
  • CFA
  • Philippe Ourpatian

Fortum : Changement de cap attendu après les résultats annuels

>Une croissance soutenue par les activités de génération - En attendant la publication des résultats annuels le 2 mars prochain, nous confirmons dans les grandes lignes nos estimations sur Fortum pour 2022 et les prochains exercices. Quelques ajustements mineurs ont été apportés au modèle : au niveau opérationnel nous reconnaissons des conditions de prix plus favorable sur les marché s de l’énergie qui nous ont amené à revoir en hausse nos estimations de performance s...

 PRESS RELEASE

JACQUET METALS SA : PROGRAMME DE RACHAT DE TITRES (Programme adopté pa...

SAINT-PRIEST, France--(BUSINESS WIRE)-- Regulatory News: JACQUET METALS (Paris:JCQ) : Émetteur : JACQUET METALS S.A. (LEI : 969500V8OL3NGL0GKZ37) Catégories de titres : actions ordinaires (ISIN : FR0000033904) Descriptif du programme mis en ligne sur le site Internet de l’Autorité des Marchés Financiers le 24 juin 2022 Achats réalisés au cours de la période : 1 Dates des transactions 2 Nombres de titres achetés (*) 3 Prix moyens unitaires pondérés des transactions (en €) 4 Montants des transactions (en €) 5 Objectif du Rachat 6 Marché 18/01/2023 21 612 17,9959 ...

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