reports
- ING Helpdesk
Benelux Morning Notes
ASR: Sale of KNAB to Austrian BAWAG for €510m opens up capital options. BE Semiconductor Industries: Peer K&S provides weak 1Q24 guidance. Corbion: Plus ça change, plus c'est la même chose. DWS: Solid. Euronav: Solid year-end ahead of transformation. Philips: Peer Healthineers reports 1Q24 update. Shell plc: Strong end to FY23
- ING Helpdesk
- ING Helpdesk
- ING Helpdesk
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : IEA report: the oil price will depend on the capacity of OPEC+ ...
>Upward revision to the demand base, level of growth confirmed - The IEA revised up its data for the 2020-2022 period and confirmed growth in demand of +3.2 Mb/d in 2022 (+5.6 Mb/d in 2021) and therefore anticipates demand this year of 100.6 Mb/d vs the 99.7 Mb/d announced in January (a comparison base of 0.8 Mb/d which notably affects China and Saudi Arabia) with demand that should exceed its pre-Covid level of 100.3 Mb/d. This demand is underpinned by the easing o...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Rapport AIE : le prix du pétrole dépendra de la capacité de l’O...
>Une base de la demande revue en hausse, niveau de croissance confirmé - L’AIE a revu ses bases de calcul sur la période de 2020/2022. Elle confirme une croissance de la demande de 3.2 Mb/j en 2022 (+5.6 Mb/j en 2021) à 100.6 Mb/j vs 99.7 Mb/j annoncés en janvier (un effet de base de 0.8 Mb/j qui touche notamment la Chine et l’Arabie Saoudite) soit au-dessus du niveau pré-COVID de 100.3 Mb/j. Cette demande est soutenue par l’assouplissement des restrictions de circu...
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
BMW BAYERISCHE MOTOREN WERKE AG
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
IPN IPSEN SA
EQNR EQUINOR ASA
EDF ELECTRICITE DE FRANCE SA
GALP GALP ENERGIA SGPS SA CLASS B
RDSA ROYAL DUTCH SHELL PLC CLASS A
ADS ADIDAS AG
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
F3C SFC ENERGY AG
GLE SOCIETE GENERALE S.A. CLASS A
AGN AEGON NV
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BAMNB KONINKLIJKE BAM GROEP NV
GN GN STORE NORD A/S
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
SMHN SUESS MICROTEC AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
ASML ASML HOLDING NV
BP. BP P.L.C.
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
- Ahmed Ben Salem
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RDSA ROYAL DUTCH SHELL PLC CLASS A
APAML APERAM SA
RXL REXEL SA
TFI TELEVISION FRANCAISE 1 SA
F3C SFC ENERGY AG
SCR SCOR SE
RHM RHEINMETALL AG
ENI ENI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BAMNB KONINKLIJKE BAM GROEP NV
REP REPSOL SA
SAVE SAVENCIA SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
UCG UNICREDIT S.P.A.
SMHN SUESS MICROTEC AG
ASML ASML HOLDING NV
BP. BP P.L.C.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
BMW BAYERISCHE MOTOREN WERKE AG
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
IPN IPSEN SA
EQNR EQUINOR ASA
EDF ELECTRICITE DE FRANCE SA
GALP GALP ENERGIA SGPS SA CLASS B
RDSA ROYAL DUTCH SHELL PLC CLASS A
ADS ADIDAS AG
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
F3C SFC ENERGY AG
GLE SOCIETE GENERALE S.A. CLASS A
AGN AEGON NV
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BAMNB KONINKLIJKE BAM GROEP NV
GN GN STORE NORD A/S
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
SMHN SUESS MICROTEC AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
ASML ASML HOLDING NV
BP. BP P.L.C.
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
- Ahmed Ben Salem
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RDSA ROYAL DUTCH SHELL PLC CLASS A
APAML APERAM SA
RXL REXEL SA
TFI TELEVISION FRANCAISE 1 SA
SCR SCOR SE
RHM RHEINMETALL AG
ENI ENI S.P.A.
REP REPSOL SA
SAVE SAVENCIA SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
SMHN SUESS MICROTEC AG
ASML ASML HOLDING NV
BP. BP P.L.C.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/04/2022
The market is characterised at the beginning of this year by a rotation towards value combined with a fall in the indices. We are tempted, reasonably enough, to justify this trend, by the prospect of monetary normalisation linked to the persistence of high inflation but also, which we tend to forget, macroeconomic growth well above its potential rate. This combination of monetary normalisation and growth is acting as a catalyst for powerful mean-reversion trends which we expect to la...
PUB PUBLICIS GROUPE SA
DG VINCI SA
RDSA ROYAL DUTCH SHELL PLC CLASS A
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ABB ABB LTD.
SBMO SBM OFFSHORE NV
EURN EURONAV NV
GLE SOCIETE GENERALE S.A. CLASS A
CPG COMPASS GROUP PLC
NOKIA NOKIA OYJ
ACX ACERINOX SA
SAN SANOFI
ENEL ENEL SPA
MAREL MAREL HF.
ROYAL VOPAK NV
ASSA B ASSA ABLOY AB CLASS B
LIGHT SIGNIFY NV
INGA ING GROEP NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
TOM2 TOMTOM NV
- Bruno Cavalier
- Stephane Houri
PUB PUBLICIS GROUPE SA
DG VINCI SA
RDSA ROYAL DUTCH SHELL PLC CLASS A
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ABB ABB LTD.
SBMO SBM OFFSHORE NV
EURN EURONAV NV
GLE SOCIETE GENERALE S.A. CLASS A
CPG COMPASS GROUP PLC
NOKIA NOKIA OYJ
ACX ACERINOX SA
SAN SANOFI
ENEL ENEL SPA
MAREL MAREL HF.
ROYAL VOPAK NV
ASSA B ASSA ABLOY AB CLASS B
LIGHT SIGNIFY NV
INGA ING GROEP NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
TOM2 TOMTOM NV
- Thijs Berkelder
Shell Plc : Attractive combination of cash returns & energy transition
>Feedback conference call: 1/3rd expenditures for Energy Transition - CEO Ben van Beurden and CFO Jessica Uhl were hosting Shell’s Q4 conference call with the slide below probably the key slide to look at for financial driven investors. On cash capex, Shell in 2022 aims to grow to the low-end of the $ 23-27bn guidance range (up from $ 20bn in 2021) with main focus on growing its Marketing (retail stations, lubricants) capex to c. $ 5-6bn from c. $ 3bn, and with Renewa...
- Jean-Baptiste Rouphael
- Marc Lavaud
- Stephane Houri
PUB PUBLICIS GROUPE SA
RDSA ROYAL DUTCH SHELL PLC CLASS A
KNEBV KONE OYJ CLASS B
ROG ROCHE HOLDING LTD
HO THALES SA
ABB ABB LTD.
EURN EURONAV NV
NOKIA NOKIA OYJ
NESN NESTLE S.A.
ORSTED ORSTED
MAREL MAREL HF.
RAA RATIONAL AG
SLIGR SLIGRO FOOD GROUP N.V.
MELE MELEXIS NV
INGA ING GROEP NV
RACE FERRARI NV
SAN BANCO SANTANDER S.A.
SHL SIEMENS HEALTHINEERS AG
ALFEN ALFEN NV
TMV TEAMVIEWER AG
DSY DASSAULT SYSTEMES SA
- Jean-Baptiste Rouphael
- Marc Lavaud
- Stephane Houri
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
RDSA ROYAL DUTCH SHELL PLC CLASS A
KNEBV KONE OYJ CLASS B
ROG ROCHE HOLDING LTD
HO THALES SA
ABB ABB LTD.
EURN EURONAV NV
NOKIA NOKIA OYJ
NESN NESTLE S.A.
ORSTED ORSTED
MAREL MAREL HF.
RAA RATIONAL AG
SLIGR SLIGRO FOOD GROUP N.V.
MELE MELEXIS NV
INGA ING GROEP NV
RACE FERRARI NV
SAN BANCO SANTANDER S.A.
SHL SIEMENS HEALTHINEERS AG
ALFEN ALFEN NV
TMV TEAMVIEWER AG
DSY DASSAULT SYSTEMES SA
- Thijs Berkelder
Shell Plc : Integrated Gas is back alive with stellar performance
>Q4 adjusted earnings $ 6.4bn vs. $ 5.2bn consensus - Earnings. Shell’s Q4 adjusted earnings have come in at $ 6,391m, well above the $ 5,224m Vara consensus estimate. Looking at the breakdown by segment it especially was Integrated Gas coming in at $ 4,052m (consensus $ 2,823m) which made the difference this quarter. But also Upstream was better than expected at $ 2,832m (consensus $ 2,565m), while Oil Products $ 555m (consensus $ 818m) and Chemicals minus $ 42m (con...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Price scenario and target prices raised in anticipation of a so...
Oil companies have posted better results with the price per barrel at $ 70/b than in 2011 at $ 111/b helping to increase cash returns and accelerate the re-rating. We have revised up our Brent scenario to $ 80/b for 2022 and $ 75/b for 2023-2025 leading to an average 30% increase in our EPS estimates for 2022-2023 and 10% for our target prices. TotalEnergies remains our Top Pick. We have upgraded our recommendations to Outperform for Repsol and BP and downgraded Galp to Underperf...
- Ahmed Ben Salem
- Oussema Ettaieb
- Thijs Berkelder
ODDO : Scenario de prix et OC revus en hausse en prévision d’un T4 sol...
Les compagnies énergétiques affichent de meilleurs résultats avec un baril à 70 $/b qu’en 2011 à 111 $/b permettant d’augmenter le retour de cash et d’accélérer le rerating. Nous relevons notre scenario de Brent à 80 $/b pour 2022 et 75 $/b pour 2023/2025 conduisant à une hausse de 30% en moyenne de nos estimations de BPA 2022/23 et de 10% nos OC. Total Energies reste notre top pick. Nous relevons Repsol à Surperformance et BP à Neutre mais abaissons GALP à Sous-performance. - §n...
Transaction in Own Shares
Transaction in Own Shares Transaction in Own Shares 28 January 2022 • • • • • • • • • • • • • • • • Shell plc (the ‘Company’) announces that on 28 January 2022 it purchased the following number of 'B' Shares for cancellation. Aggregated information on “B” shares purchased according to trading venues: Date of purchaseNumber of “B” shares purchasedHighest price paid(GBP)Lowest price paid(GBP)Volume weighted average price paid per share(GBP)Venue 28/01/2022136,55019.16618.78818.923LSE These share purchases form part of the Company's share buy-back arrangement previously ann...
- Benoit Valleaux
- Steven Gould
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