reports
Brenntag SE: 1 director
A director at Brenntag SE bought 500 shares at 78.000EUR and the significance rating of the trade was 54/100. 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 show...
- 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
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/07/2024
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
LHA DEUTSCHE LUFTHANSA AG
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/03/2024
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
LHA DEUTSCHE LUFTHANSA AG
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Fabian Semon
- Michael B. Schäfer
Brenntag : Q4 op. EBITA -5% vs consensus but record OpFCF of € 1.7bn; ...
>Op. EBITA turnaround in Q4, up 12% y-o-y adj. for FX to € 285m, -5% below cons of € 301m - Op. EBITA turned around in Q4 after three quarters of y-o-y decline to € 285m, 5% below consensus expectations of € 301m, showing a 12% FX-adjusted recovery fuelled by the two segments, Specialties (+4%) and Essentials (+10% FX adj. y-o-y). Op. EBITA was slightly down q-o-q compared to Q3 2023, which reported € 295m op. EBITA with stable Essentials and cost contingency measure...
- Jean-Baptiste Rouphael
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/05/2023
2024 promises its fair share of electoral, geopolitical and economic risks, but the most significant risk is that central bankers will be slow to cut interest rates. This could take us from a soft landing to a severe recession. In the short term, we are letting ourselves be carried along by the market's complacency, with a tactical bottom-fishing sector allocation targeting sectors that are cyclical and interest-rate-sensitive as a priority. In the medium term, we favour sectors that ...
INFINEON INFINEON TECHNOLOGIES AG
AMS AMS AG
ADP AEROPORTS DE PARIS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
BNR BRENNTAG SE
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
ATCO A ATLAS COPCO AB
ARM ARM HOLDINGS PLC
- Jean-Baptiste Rouphael
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/12/2023
L’année 2024 promet son lot de risques électoraux, géopolitiques et économiques, mais le plus important est celui d’un retard à l’allumage des banquiers centraux dans leurs baisses de taux. Ceci pourrait nous faire passer d’un « soft landing » à une récession sévère. A court terme, nous nous laissons porter par la complaisance du marché avec une allocation tactique sectorielle « bottom fishing » ciblant en priorité les secteurs cycliques et sensibles aux taux. A moyen terme, nous priv...
INFINEON INFINEON TECHNOLOGIES AG
AMS AMS AG
ADP AEROPORTS DE PARIS SA
WTB WHITBREAD PLC
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
BNR BRENNTAG SE
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
ATCO A ATLAS COPCO AB
ARM ARM HOLDINGS PLC
- Fabian Semon
- Michael B. Schäfer
Brenntag : CMD headlines: Raising mid-term EBITA growth ambition by 1p...
>Raised medium-term growth ambitions out to 2027, more upbeat on Essentials - Brenntag will host its CMD in London today. Management raised its growth ambitions out to 2027 (CAGR 2023-2027) to 7-9% organic EBITA growth p.a. (was 6-8% CAGR 2021-2026). We project 6.4% p.a. including (!) M&A effects to € 1,473m out to 2026, i.e. we are more cautious on an organic basis. The Vara consensus for 2025 looks for €1,414m, in line with our forecast of € 1,409m. Operating E...
- Bruno Cavalier
- Jean Danjou
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/04/2023
Uncertainty remains over the macroeconomic situation, which is the main driver of traffic growth in the short-term. Additionally, inflationary pressure on both opex and capex are likely to put pressure on tariffs, testing the leeway from the regulators. We have adopted what we currently consider to be a reasonably cautious stance on the three airports under our coverage and conclude that Aena offers the most attractive risk/reward profile, followed by Fraport, while regulatory uncerta...
AAL ANGLO AMERICAN PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
01913 PRADA S.P.A.
MONC MONCLER SPA
BNR BRENNTAG SE
CFR COMPAGNIE FINANCIERE RICHEMONT SA
STM STMICROELECTRONICS NV
- Bruno Cavalier
- Jean Danjou
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/12/2023
Uncertainty remains over the macroeconomic situation, which is the main driver of traffic growth in the short-term. Additionally, inflationary pressure on both opex and capex are likely to put pressure on tariffs, testing the leeway from the regulators. We have adopted what we currently consider to be a reasonably cautious stance on the three airports under our coverage and conclude that Aena offers the most attractive risk/reward profile, followed by Fraport, while regulatory uncerta...
AAL ANGLO AMERICAN PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
01913 PRADA S.P.A.
MONC MONCLER SPA
BNR BRENNTAG SE
CFR COMPAGNIE FINANCIERE RICHEMONT SA
STM STMICROELECTRONICS NV
- Fabian Semon
- Michael B. Schäfer
Brenntag : CMD preview – more details on ‘Specialties’ steering model;...
>Confirmation of mid-term targets expected - Brenntag will host its CMD on 5 December in London. We expect management to confirm mid-term targets outlined at last year’s CMD in November 2022, when the company for the first time presented dedicated mid-term targets for ‘Essentials’ and ‘Specialties’ segments out to 2026. This included also organic op. EBITA growth target CAGR 2021-2026 of 6-8% based on € 1,082m reported in 2021. We project 6.4% p.a. including (!) M&A ...
- Julian Dobrovolschi
AKE ARKEMA
CON CONTINENTAL AKTIENGESELLSCHAFT
LHN LAFARGEHOLCIM LTD.
LR LEGRAND SA
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
PROX PROXIMUS SA DE DROIT PUBLIC
MT ARCELORMITTAL SA
KPN ROYAL KPN NV
ORA ORANGE SA
CBK COMMERZBANK AG
NOVN NOVARTIS AG
FGR EIFFAGE SA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
MRK MERCK KGAA
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
AIR AIRBUS SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
COLO B COLOPLAST A/S CLASS B
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
HLAG HAPAG-LLOYD AG
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ADYEN ADYEN NV
NEXI NEXI S.P.A.
VWS VESTAS WIND SYSTEMS
AZE AZELIS GROUP NV
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
- Emira Sagaama
- Julian Dobrovolschi
AKE ARKEMA
CON CONTINENTAL AKTIENGESELLSCHAFT
LHN LAFARGEHOLCIM LTD.
LR LEGRAND SA
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
PROX PROXIMUS SA DE DROIT PUBLIC
MT ARCELORMITTAL SA
KPN ROYAL KPN NV
ORA ORANGE SA
CBK COMMERZBANK AG
NOVN NOVARTIS AG
FGR EIFFAGE SA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
MRK MERCK KGAA
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
AIR AIRBUS SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
COLO B COLOPLAST A/S CLASS B
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
HLAG HAPAG-LLOYD AG
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ADYEN ADYEN NV
NEXI NEXI S.P.A.
VWS VESTAS WIND SYSTEMS
AZE AZELIS GROUP NV
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
- Fabian Semon
- Michael B. Schäfer
Brenntag : Q3 op. EBITA 4% below css; strong OpFCF accumulates to 93% ...
>Q3 op. EBITA down 15% y-o-y adjusted for FX to € 303m, 4%/2% below cons/ODDO BHF (€ 314m/€ 309m) - Op. EBITA of € 303m came in slightly below expectations, reporting a 15% FX adj. decline fuelled by weaker Specialties and Essentials. Q3 op. EBITA is 4% below the consensus of € 314m and down 9% q-o-q sequentially compared to Q2 23, which reported € 332m op. EBITA and fuelled by weaker Specialties (-7% q-o-q) and by Essentials (op. EBITA down 12% q-o-q). Brenntag confi...
- Emna Ben Bdira
- Maxime Kogge
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/10/2023
Nous relevons notre recommandation sur BBVA à Surperformance dans l’optique d’une levée partielle de la décote sur les activités turques (valorisation jusqu’alors très faible) sur fond d’amélioration même graduelle de la situation macroéconomique du pays, et alors que le groupe présente de solides fondamentaux. Parallèlement, nous réhaussons nos estimations de RN sur la période 2023-25e de 4% en moyenne afin d’intégrer un biais un peu moins conservateur notamment sur les coûts et le C...
EDEN EDENRED SA
ADS ADIDAS AG
VOLV B VOLVO AB CLASS B
NOVN NOVARTIS AG
WTB WHITBREAD PLC
ABB ABB LTD.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SW SODEXO SA
KBC KBC GROUP N.V.
AMUN AMUNDI SA
UCB UCB S.A.
BNR BRENNTAG SE
RIO RIO TINTO PLC
AZN ASTRAZENECA PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
NEXI NEXI S.P.A.
WDP WAREHOUSES DE PAUW SCA
- Emna Ben Bdira
- Maxime Kogge
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/18/2023
We have upgraded our rating on BBVA to Outperform given the prospect of a partial easing of the discount on its Turkish operations (very marginally valued up to now), with the improvement, albeit very gradual, in the country’s macroeconomic situation in the short to medium term, and with BBVA presenting solid fundamentals. At the same time, we have upgraded our net income estimates for the 2023-2025e period by 4% on average to reflect our slightly less conservative stance on costs and...
EDEN EDENRED SA
ADS ADIDAS AG
VOLV B VOLVO AB CLASS B
NOVN NOVARTIS AG
WTB WHITBREAD PLC
ABB ABB LTD.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SW SODEXO SA
KBC KBC GROUP N.V.
AMUN AMUNDI SA
UCB UCB S.A.
BNR BRENNTAG SE
RIO RIO TINTO PLC
AZN ASTRAZENECA PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
NEXI NEXI S.P.A.
WDP WAREHOUSES DE PAUW SCA
- Fabian Semon
- Michael B. Schäfer
Brenntag : Preview Q3 – Q2 trends continuing, heading to low-end of FY...
>Expect Q2 trends to have continued in Q3, i.e. Essentials holding up better than Specialties against Q3 2022 - We expect upcoming Q3 results due 9 November to largely confirm trends seen in Q2 2023 when 15% y-o-y drop in Essentials to € 226m outpaced 35% y-o-y drop in Specialties op. EBITA to € 145m resulting in an overall group op. EBITA decline by 28% y-o-y to € 332m. We expect continuing slight sequential volume recovery trends already seen in Q2 to have continue...
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/14/2023
In this report, we analyse the Dutch fiber market that KPN dominates with a 65% market share. Rapid rollout progress, good returns, a rising activation rate, and a 30% drop in Capex all support both strong FCF growth and shareholder returns. The upcoming CMD (7/11) should, we believe, provide a number of new triggers. - ...
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/09/2023
EDP est le dernier énergéticien conventionnel à avoir sa filiale renouvelable, EDP Renovaveis, cotée séparément. Depuis longtemps, nous considérons, qu’une unification des structures permettrait de résoudre la problématique de l’arbitrage et de rééquilibrer les valorisations. Les récents mouvements stratégiques (OPA sur EDP Do Brasil, augmentation de capital de EDPR) nous amènent à l’anticiper à l’horizon 2025, par le biais d’une offre d’échange inversée en provenance d’EDP Renovaveis...
- Fabian Semon
- Michael B. Schäfer
Brenntag : Roadshow feedback - Q2 trends continuing including volume r...
>Current trading sees Q2 trends continuing, incl. slightly better volumes - We hosted a roadshow with Brenntag's CFO, confirming that trends seen in Q2 and expected for the remainder of the year continued heading into Q3. Sequential volume recovery continued at a slow pace. Specialties volumes in Q2 were stable q-o-q with price declines weighing on EBITA in Q2. In Essentials, sequential volume recovery with GP/unit gradually coming down progressed into Q3, as expecte...
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