reports
- Jean Danjou
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Jean Danjou
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Pierre Tegner
Nestle : Reassuring guidance for 2025 and Waters becoming a stand-alon...
>Announcements before starting the CMD - Just before starting the CMD (today and tomorrow), Nestlé made important announcements: 2024: they confirm guidance of around 2% with an operating margin around 17%.2025: they guide on an improvement in organic sales growth compared to 2024 and an underlying operating margin moderately lower than the 2024 guidance.Advertising and marketing investment to rise to 9% of sales by the end of 2025 to support growth. §...
- Pierre Tegner
Nestlé : Reassuring guidance for 2025 and Waters becoming a stand-alon...
>Announcements before starting the CMD - Just before starting the CMD (today and tomorrow), Nestlé made important announcements: 2024: they confirm guidance of around 2% with an operating margin around 17%.2025: they guide on an improvement in organic sales growth compared to 2024 and an underlying operating margin moderately lower than the 2024 guidance.Advertising and marketing investment to rise to 9% of sales by the end of 2025 to support growth. §...
Capital Markets Day: Nestlé presents plan to fuel and accelerate growt...
Capital Markets Day: Nestlé presents plan to fuel and accelerate growth [Ad hoc announcement pursuant to Art. 53 LR] This press release is also available in and Follow today's event live08:30 CET Full details on our ............. Vevey, November 19, 2024 Capital Markets Day: Nestlé presents plan to fuel and accelerate growth Clear plan to drive operational excellence, unlock the full potential of the portfolio and strengthen foundational capabilities.Investment in advertising and marketing to be stepped up to 9% of sales by the end of 2025 to support growth.Cost savings of at least...
Nestlé SA: 1 director
A director at Nestlé SA bought 300 shares at 84.616CHF 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 showin...
- Charlotte Vaisse
- Christophe-Raphaël Ganet
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 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...
VIE VEOLIA ENVIRONNEMENT SA
CA CARREFOUR SA
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
FGR EIFFAGE SA
ABB ABB LTD.
HNR1 HANNOVER RUECK SE
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
RACE FERRARI NV
VACN VAT GROUP AG
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Charlotte Vaisse
- Christophe-Raphaël Ganet
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 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...
VIE VEOLIA ENVIRONNEMENT SA
CA CARREFOUR SA
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
FGR EIFFAGE SA
ABB ABB LTD.
HNR1 HANNOVER RUECK SE
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
RACE FERRARI NV
VACN VAT GROUP AG
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Pierre Tegner
Nestle : Initial relief on cost of stimulus
>The worst seems to have been avoided - Outperform rating maintained with a target price of CHF 101. The positive reaction by the stock, which went during trading from -2% to nearly +3% - despite the downward revision in organic growth and operating margin forecasts for 2024 – stems, in our view, from two key factors; the end of the apparent suspense on the 2024 outlook and distancing of a scenario of a massive reset of margins to reposition the group on a qualitative...
- Pierre Tegner
Nestlé : Un 1er soulagement sur le coût de la relance
>Le pire semble écarté - Opinion Surperformance maintenue avec un OC de 101 CHF. La réaction positive du titre qui est passé en cours de séance de -2% à près de +3% - malgré la révision en baisse des attentes de croissance organique et de marge opérationnelle pour 2024 -provient, selon nous, de 2 principaux facteurs ; la fin d’un faux suspens sur les objectifs 2024 et l’éloignement d’un scénario de rebasage massif des marges pour repositionner le groupe sur une trajec...
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/17/2024
We measured the impact of the contribution from Michel Barnier’s exceptional tax on 88 stocks exposed to France. Some 17 of them would experience a (negative) impact on their EPS of more than 4% on average over 2024 and 2025: LDC (-8.3%), Synergie (-8%), Eiffage (-7.9%), ADP (-7.9%), Dassault Aviation (-7%), Crit (-6.9%), Derichebourg (-6.3%), Hermès (-5.6%), Safran (-5.6%), Bouygues (-5.6%), M6 (-5.2%), Thales (-5%), TF1 (-4.9%), Nexans (-4.9%), Vinci (-4.7%), Compagnie des Alpes (...
FP TOTAL SE
PUB PUBLICIS GROUPE SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
RI PERNOD RICARD SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
ABB ABB LTD.
KORI KORIAN SA
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
KER KERING SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
INPST INPOST S.A.
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/10/2024
Nous avons mesuré l’impact de la contribution exceptionnelle Barnier sur 88 valeurs exposées à la France. 17 d’entre elles auraient un impact (négatif) sur leurs BPA de plus de 4% en moyenne sur 2024 et 2025 : LDC (-8,3%), Synergie (-8%), Eiffage (-7,9%) ADP (-7,9%), Dassault Aviation (-7%), Crit (-6,9%), Derichebourg (-6,3%), Hermès (-5,6%), Safran (-5,6%), Bouygues (-5,6%), M6 (-5,2%), Thalès (-5%), TF1 (-4,9%), Nexans (-4,9%), Vinci (-4,7%), Compagnie des Alpes (-4,4%), FDJ (-4%). - ...
FP TOTAL SE
PUB PUBLICIS GROUPE SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
RI PERNOD RICARD SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
ABB ABB LTD.
KORI KORIAN SA
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
KER KERING SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
INPST INPOST S.A.
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Pierre Tegner
Nestle : Q3 > forecasts. Sales and profit warning for 2024. The CEO is...
>The new CEO is not wasting any time: Outperform rating maintained - Outperform maintained but with a target price of CHF 101. Our target price implies 2025e P/E of 19x and upside close to 20%. With a 2024e P/E that has fallen to 17x, we think that investors’ confidence has deteriorated far more than the profitable and resilient growth model on which Nestlé has built its status of quality stock. The priority given to organic growth under the new CEO Laurent Freixe (ar...
- Pierre Tegner
Nestlé : T3 < attentes. Sales et profit warning sur 2024. Le CEO ne pe...
>Un nouveau CEO qui ne perd pas de temps : Surperformance maintenue - Surperformance maintenue avec un OC de 101 CHF. Notre OC implique un PE 25e de 19x et un potentiel proche de 20%. Avec un PE 25e tombé à 17x, nous pensons que la confiance des investisseurs est bien plus abimée que le modèle de croissance rentable et résiliente sur lequel Nestlé a construit son statut de valeur de qualité. La priorité donnée à la croissance organique sous l’égide du nouveau CEO Laur...
Nestlé announces changes to its organization and its Executive Board
Nestlé announces changes to its organization and its Executive Board [Ad hoc announcement pursuant to Art. 53 LR] This press release is also available in and ............. Nestlé announces changes to its organization and its Executive Board The Nestlé Board of Directors has approved changes to the company’s organization, effective as of January 1, 2025. As a result, Nestlé is also announcing changes to its Executive Board. Zone Latin America (LATAM) and Zone North America (NA) will merge to form Zone Americas (AMS), which will be led by Steve Presley. He will relocate to Nes...
Nestlé reports nine-month sales for 2024
Nestlé reports nine-month sales for 2024 [Ad hoc announcement pursuant to Art. 53 LR] This press release is also available in and Follow today's event live 09:30 CEST Full details on our ............. Vevey, October 17, 2024 Nestlé reports nine-month sales for 2024 Organic growth was 2.0% for the first nine months, with positive real internal growth (RIG). RIG was 0.5%, in an environment of softening consumer demand and actions taken in the third quarter to reduce customer inventory.Pricing was 1.6%, reducing following unprecedented increases in the prior two years. Total rep...
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
STM STMICROELECTRONICS NV
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
STLA STELLANTIS N.V.
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
STM STMICROELECTRONICS NV
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
STLA STELLANTIS N.V.
- Pierre Tegner
Nestlé : Nous adoptons un scénario de transition dans l’attente de la ...
>Le redressement de la crédibilité reste envisageable à un horizon raisonnable - Surperformance maintenue mais avec un OC abaissé à 101 CHF (vs 113 CHF ante). Notre OC (DCF avec bêta volontairement remonté à 0.9) implique un PE 25e de 19x et un potentiel proche de 20%. Avec un PE 25e qui est tombé à 17x nous pensons que la confiance des investisseurs est bien plus abimée que le modèle de croissance rentable et résiliente sur lequel Nestlé a construit son statut de va...
- Pierre Tegner
Nestle : We are adopting a transition scenario pending a redefinition ...
>A recovery of credibility remains possible in a reasonable timeframe - Outperform maintained with a target price cut to CHF 101 (vs CHF 113 previously). Our target price (DCF with beta deliberately raised to 0.9) implies a 2025 PE of 19x and upside of close to 20%. With a 2025 PE that has fallen to 17x, we think investor confidence is far more damaged than the profitable and resilient growth model on which Nestlé built its quality stock status. The priority given to...
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