Vermilion Int'l Compass: Global Equity Strategy

Opportunity Within Europe and Japan Our bullish outlook on global equities (MSCI ACWI) remains intact. We view this pullback as a buying opportunity and we are watching for $116-$117 support to hold on ACWI-US; this is an important resistance-turned-support level dating back to July 2024. Europe and Japan are on the cusp of major breakouts above critical resistance levels of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX. Europe has been consolidating for nine months, while Japan has...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/11/2024

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/28/2024

Deutsche Borse : Diversified growth initiatives comfortably support gr...

Deutsche Boerse AG: 1 director

A director at Deutsche Boerse AG sold 99 shares at 213.000EUR and the significance rating of the trade was 51/100. 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...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2024

Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the anti-C...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2024

Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage accru de...

Deutsche Borse : Solid Q3 2024 results and strong outlook for organic ...

>Q3 2024 EBITDA of € 802m, up 17% y-o-y - Deutsche Börse reported a solid set of Q3 2024 results. Net revenues came in at € 1,404m, up 18% y-o-y (9% organic growth) and close to € 1,412m consensus estimate. Group EBITDA stood at € 802m, up 17% y-o-y (15% organic growth) and stood only slightly shy of the € 804m consensus estimate. Cash EPS came to € 2.61, up 10% y-o-y. Deutsche Börse refined its 2024 outlook to reflect the strong business momentum in the first 9 month...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/25/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/07/2024

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Deutsche Borse : H1 2024 EBITDA increased by 15% y-o-y and triggered g...

>Q2 2024 EBITDA came to € 848m, up by 16% y-o-y - Deutsche Börse reported a strong set of Q2 2024 results with EBITDA increasing by 16% y-o-y to € 848m (H1 2024 EBITDA came to € 1,723m, up 15% y-o-y), in line with our and the consensus estimates. Net attributable profit stood at € 499m, up 13% y-o-y (consensus € 477m) and benefitted from € 28m tax reimbursement which overcompensated the exceptional charges of € 15m linked to the dissolved takeover of the Nordics energ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/15/2024

We are lifting our target price for Vivendi from € 12.7 to € 15.9 in view of the group’s demerger that should be confirmed on 25 July. We now value the assets based on the future scope and mainly with no discount, except for Vivendi Remain (holding structure). Our 2025-26e EBITA forecasts are lifted by 4% related to Canal+. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/07/2024

Nous relevons notre objectif de cours sur Vivendi de 12,7 € à 15,9 € dans la perspective de la scission du groupe qui devrait être confirmée le 25/07. Nous valorisons désormais séparément les actifs sur la base des périmètres futurs et essentiellement sans décote, sauf pour Vivendi Remain (structure holding). Nos attentes d’EBITA 2025/26e sont par ailleurs relevées de 4% en lien avec Canal+. - ...

Deutsche Borse : EBITDA runs ahead of guidance based on healthy volume...

>H1 2024e EBITDA might cover 54% of FY 2024 guidance - We have updated and slightly increased our estimates for Deutsche Börse based on healthy volume trends and net interest income holding up better than initially expected. We forecast Q2 2024e EBITDA of € 848.1m, up by 15.7% y-o-y. Our H1 2024e EBITDA estimate of € 1,723.4m covers 54% of Deutsche Börse’s company guidance to reach FY 2024 EBITDA of > € 3.2bn. Thus, we believe a guidance upgrade seems likely at the H...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/04/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/24/2024

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Deutsche Borse : Strong start to the year with EBITDA growth ahead of ...

>Q1 2024 results ahead of expectations with EBITDA growth of 13.4% y-o-y - Deutsche Börse reported a strong start to the year. Slightly higher-than-expected net revenues and lower-than-expected costs led to an EBITDA growth of 13.4% y-o-y (compared to >10% targeted EBITDA growth for 2024). Reported EBITDA came in at € 875m which compares to € 842m consensus estimate and our € 849m estimate. Group deleveraging continued as Deutsche Börse fully redeemed outstanding co...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/09/2024

Falling inflation and weaker growth (in Europe) and – paradoxically – higher interest rates are driving an upturn in M&A in Europe. The sectors that are expected to be the most active are: healthcare, technology, industry, telecoms and utilities/renewables. We present the M&A outlook for all sectors of activity and identify 80 potentially active companies (predators, targets, buyers or sellers of assets). - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/02/2024

La baisse de l’inflation et de la croissance (en Europe) et – paradoxalement – des taux d’intérêt plus hauts incitent à une reprise du M&A en Europe. Les secteurs qui devraient être les plus actifs sont : la Santé, la Technologie, l’Industrie, les Télécoms et les Utilities/Renouvelables. Nous présentons les perspectives M&A pour l’ensemble des secteurs d’activité et identifions 80 sociétés potentiellement actives (prédatrices, cibles, acquéreuses ou cédantes d’actifs). - ...

Deutsche Borse : Deutsche Börse delivered a solid finish to the year

>Solid Q4 2023 results reported came in as expected - Deutsche Börse reported a solid finish to the year and reported Q4 2023 results broadly in line with expectations. Group revenues grew by 23% y-o-y (5% organic growth) to € 1,437m, slightly ahead of the € 1,430m consensus expectation. Reported EBITDA came to € 754m, up 23% y-o-y (13% organic growth) and compares to the € 758m consensus estimate. Bottom line, Deutsche Börse grew its cash EPS by 15% y-o-y to € 2.39 ...