reports
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
Life Sciences Conference 26.09.2024
This conference booklet is your guide to our Life Sciences Conference set to take place on Thursday, 26 September 2024 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or join pitch sessions with the following companies and their top management: Public: AUTOLUS | GALAPAGOS | HYLORIS | INVENTIVA | MAAT PHARMA | ONWARD MEDICAL | SEQUANA MEDICAL | UCB | ZEALAND PHARMA Private: CONFO TX | MRM HEALTH | PANTERA | SKYLINE DX
- Delphine Brault
- Quentin Borie
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/25/2024
Iberdrola is the strategic benchmark in the universe of integrated utilities. Since 2001, the group has pursued a resilient strategy of profitable growth (renewables and networks), geographic expansion and attractive shareholder returns (TSR average annual of 17.9%). But based on the strong share's performance and the low residual upside on our target price of € 15.30, we have lowered our rating to Neutral vs Outperform. - ...
- Thomas Vranken
UCB FIRST LOOK: Post-hoc analyses further confirm Bimzelx' PsO leaders...
UCB presents additional post-hoc analyses of its 4-year pooled data for Bimzelx in PsO. Bimzelx sustains high efficacy with 87.9% PASI90 and 72.4% PASI100 in year-1 responders after 4y. Furthermore, Bimzelx also showed >70% PASI90 and >40% PASI100 after nearly 4y in patients who did not respond to Humira, Cosentyx or Stelara. We see the consistent high PASI100 as differentiator for Bimzelx, setting the benchmark for future therapies. We reiterate our € 168 TP and Accumulate rating.
- Delphine Brault
- Quentin Borie
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/09/2024
Iberdrola est la référence stratégique dans le secteur des utilities intégrées. Depuis 2001, le groupe poursuit une stratégie résiliente de croissance rentable (renouvelable et réseaux), d’expansion géographique et de rémunération attractive des actionnaires (TSR annuel moyen 17.9%). Toutefois, la forte performance du titre et le faible potentiel résiduel à notre objectif de cours de 15.3 €, nous amènent à abaisser l’opinion à Neutre vs Surperformance. - ...
- Antoine Lebourgeois
Legrand - takeaways from Capital Markets Day
Legrand unveiled new financial targets for 2025-2030 at yesterday's CMD, modestly raising its medium-term growth guidance to a range of 6-10% (3-5% organic, 3-5% M&A) from the previous 5-10%. We view the organic growth target as conservative and have slightly revised our medium-term estimates t
- Pierre Tegner
Danone : Offer for Lifeway Foods: a deal that might reassure on M&A ri...
>Outperform rating maintained despite the return of M&A risk - Outperform rating maintained with a target price of € 71. We continue to see Danone as a multi-year re-rating story as and when the improvement in operational execution is confirmed quarter after quarter and the group establishes a dynamic of profitable, steady and resilient growth. The repositioning of the product ranges and brands (category management) implemented since the arrival of the new CEO has bee...
- Christophe Chaput
Groupe SEB : Revenues hold up well against tough base effects
>Company contact: 2024 targeted confirmed - During a contact with the group, we reviewed recent business trends and the prospects for the full year. Our main takeaways are: For 2024, the group reiterated its guidance, with organic growth expected to work out at around 5%, in line with our estimates. After revenue growth of 6.5% LfL in the first half of the year, we are anticipating around 3.8% LfL for H2, which remains a relatively strong performance. By reg...
- Delphine Brault
- Quentin Borie
Epiroc : Innovation capacities to confirm best-in-class status
>Best-in-class qualities rightly acknowledged by the market - Epiroc held a CMD yesterday in Las Vegas, at the MINExpo International fair, an event devoted to the mining industry and held every three years. Management provided an update on its positioning, its innovation capacities, the aftermarket, operating efficiency, and its corporate culture. The CMD was thus an opportunity for the group to highlight its best-in-class qualities, which are rightly acknowledged by ...
- Baptiste Lebacq
Tenaris : Confidence in its distribution model
>Underperform rating and target price (€ 14) unchanged - Following the CMD, we are leaving our EPS estimates unchanged and maintaining our Underperform rating on the stock. The group’s financial situation is solid, but a potential M&A move (with a fundamental transformative impact in our view) cannot be ruled out; this would impact on shareholder returns. Sector fundamentals remain robust (tubes are not limited to drilling but are also used in businesses such as O&G ...
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : A clear message on the long-term outlook even though visib...
>Target for revenue growth of >5% per annum for 2024-2030 - Yesterday before market open and during a strategy update, DHL unveiled its target for revenue growth of +50% in 2030 vs 2023 i.e. c.€ 120bn targeted for 2030, based on the assumption of a 2024-2030 CAGR of >5%. This target is based on initiatives for each division (quality of operations at the express activity, improvements to productivity at freight forwarding, operational leverage and technology support at...
- Pierre Tegner
Danone : Offre sur Lifeway Foods : une opération qui pourrait rassurer...
>Surperformance maintenue malgré le retour du risque M&A - Surperformance maintenue avec un OC de 71 €. Nous continuons de voir Danone comme une histoire de rerating pluriannuel à mesure que l’amélioration de l’exécution opérationnelle se confirme trimestre après trimestre et que le groupe rentre dans une dynamique de croissance rentable régulière et résiliente. Le repositionnement des gammes et des marques (category management) mis en place depuis l’arrivée du nouvea...
- Baptiste Lebacq
Tenaris : Confiance dans son modèle de distribution
>Recommandation Sous-performance et OC inchangé (14 €) - Post CMD, nous laissons notre séquence de BPA inchangée et nous réitérons notre recommandation Sous performance sur le titre. La situation financière est solide, une éventuelle opération de M&A (non transformante sur le fond selon nous) n’est pas à exclure ce qui pèserait sur le retour à l’actionnaire. Les fondamentaux du secteur restent solides (les tubes ne se limitent pas au forage mais à d’autres métiers co...
- Arnaud Autier
- Pierre Tegner
Remy Cointreau : Edrington's move to super-premium continues: a future...
>Outperform maintained with a target price unchanged at € 95 - We reiterate our Outperform rating on the stock with a target price unchanged at € 95. Whether the recovery of the spirits market is driven by China or the US, we think that investors who are looking to play this recovery will favour Rémy Cointreau, the player with the greatest exposure to these markets and with a valuation level that is currently at an all-time low (17x NTM PE).Despite the post-Covid...
- Damien Choplain
- Martial Descoutures
UCB : Positive phase III for DPZ
>First phase III study of DPZ shows positive results… - UCB and Biogen yesterday published the headline results from the phase III PHOENYCS GO study evaluating dapirolizumab pegol (DPZ) in people with moderate to severe systemic lupus erythematosus. DPZ, in addition to standard treatment, met its primary endpoint by demonstrating an improvement in disease activity (BICLA test score, a standard assessment in Lupus) after 48 weeks. In addition, clinical improvements wer...
- Delphine Brault
- Quentin Borie
Epiroc : Un concentré d’innovation pour confirmer son statut de best-i...
>Caractéristiques de best-in-class reconnues à juste titre par le marché - Epiroc a organisé un CMD hier à Las Vegas, au salon MINExpo International, un évènement dédié à l’industrie minière ayant lieu tous les 3 ans. Le management du groupe est revenu sur son positionnement, ses capacités d’innovation, l’aftermarket, l’efficacité opérationnelle et sa culture d’entreprise. Ce CMD a donc été l’occasion pour le groupe de mettre en avant ses qualités de best-in-class, de...
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : Message clair sur les perspectives long terme même si la v...
>Objectif de croissance du CA de >5% par an sur 2024/2030 - Lors d’un Strategy Update, DHL a dévoilé hier avant Bourse son objectif de croissance du CA, à +50% en 2030 vs 2023 soit c. 120 Md€ visé en 2030, qui repose sur une hypothèse de TMVA de >5% sur 2024/2030. Cet objectif s’appuie sur des initiatives pour chaque division (qualité des opérations chez Express, amélioration de la productivité chez Freight Forward, levier opérationnel et appui technologique chez Supp...
- Research Department
INFORME DIARIO 25 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: OHLA, SACYR, SANTANDER, TALGO. EUROPA: DHL, PROSUS, SAP. China anima a parte del mercado Los sectores cíclicos de Europa reaccionaron con fuertes subidas al anuncio de estímulos por parte de la Autoridad Monetaria china (PBoC). Así, en el STOXX 600 los mejores sectores fueron R. Básicos y B. Consumo (lujo) frente a Inmobiliario y S. Financieros que sufrieron las mayores caídas. Por el lado macro, en Alemania el IFO de septiembre descendió algo más d...
- Delphine Brault
- Quentin Borie
Legrand : CMD feedback: 2030 guidance factors in two-speed market
>Medium-term guidance in line with our expectations - At its CMD in London yesterday, Legrand detailed its strategic roadmap. This includes its guidance for 2030, with: i/ revenue growth excl. forex of 6-10% p.a., including 3-5% in organic terms (with 1% in pricing at most) and 3-5% through acquisitions (implying revenues of between € 12bn and € 15bn out to 2030), ii/ an adjusted EBIT margin of around 20% (with +30-50bp p.a. in organic terms and -30-50bp of dilution f...
- Christophe Chaput
Groupe SEB : Une activité qui reste résiliente en dépit des effets de ...
>Contact société : des objectifs 2024 réitérés - A l’occasion d’un contact avec le groupe, nous sommes revenus sur les tendances d’activité récentes et les perspectives pour l’ensemble de l’exercice. Nous retenons principalement : Pour l’exercice 2024, le groupe renouvelle ses guidances et notamment une croissance organique autour de +5% ce qui correspond à nos estimations. Après une progression de l’activité à ptcc de +6.5% sur la première partie de l’année, nou...
- Jean Danjou
Moncler : Accelerated slowdown in Asia, uncertain year-end, greater ca...
>Sharp slowdown in Chinese demand points towards a virtually flat Q3 for the Moncler brand - The group's messages come as no surprise given recent comments from other companies in the sector. The deterioration in consumer spending in China, a slowdown in purchases by Chinese tourists in Japan and trends in Europe impacted by less buoyant tourism this summer have led us to expect weaker growth in Q3 for DTC under the Moncler brand than that seen in Q2, at +8%. On the b...
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