reports
- Emna Ben Bdira
- Maxime Kogge
- Bruno Cavalier
- Emna Ben Bdira
- Maxime Kogge
- Emna Ben Bdira
- Maxime Kogge
AngloAmerican Plc : Q2 preview: performance to show further stability,...
>Q2 should confirm the positive Q1operational performance - Anglo is due to report Q2 production figures on 18 July and interim results on 25 July. After an encouraging Q1, we expect the operational recovery to continue with Q2 production broadly stable in most divisions and up sharply in platinum group metals (PGMs). In copper (37% of 2024e EBITDA), production is expected to be down 5% vs Q1: Quellaveco in Peru is expected to remain constrained by grades ahead of an ...
- Emna Ben Bdira
- Maxime Kogge
AngloAmerican Plc : Preview T2 : vers une performance opérationnelle d...
>Vers la confirmation au T2 de la bonne performance opérationnelle du T1 - Anglo publiera le 18 juillet sa production T2 puis ses résultats S1 le 25 juillet. Après un T1 encourageant, nous tablons sur la poursuite du redressement opérationnel avec une production T2 quasi-stable dans la plupart des divisions et en forte hausse dans les métaux du groupe platine (PGM). Dans le cuivre (37% EBITDA 2024e), la production est attendue en baisse de 5% vs T1 : Quellaveco au Pér...
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
Morning Crédit 26/06/2024
Eurofins responds to Muddy Waters allegations Picard : IPT communiqués et upgrade du rating par Moody’s à B2/stable Atos : le consortium Onepoint se retire des discussions, EPEI propose de les reprendre Vodafone : émission de 3 mds USD d’obligations, tenders sur certaines souches en USD/EUR>...
- Farid Bitari
- Ghada Ben Sedrine
- Nicolas David
- Stephane Houri
ODDO : Generative AI: a genuine revolution, pending the next revolutio...
Our conviction on the long-term growth potential and opportunities of generative AI is renewed. The enabler sectors (semiconductors, software and IT services) and those that provide the infrastructure (utilities, metals, capital goods and real estate) will be the primary beneficiaries, leading us to make certain target price changes. Among AI ‘user’ sectors (media, healthcare, automotive, banking and insurance, oil services, defence, aerospace and airlines), the effects will doub...
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
REL RELX PLC
PUB PUBLICIS GROUPE SA
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
SOP SOPRA STERIA GROUP SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
NOKIA NOKIA OYJ
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
AUB AUBAY SA
MRK MERCK KGAA
ALTA ALTAREA SCA
ATE ALTEN SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ENEL ENEL SPA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
ICAD ICADE SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
PRY PRYSMIAN S.P.A.
IBE IBERDROLA SA
OREGE OREGE SA
SMHN SUESS MICROTEC AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
VACN VAT GROUP AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
RIO RIO TINTO PLC
SAP SAP SE
AZN ASTRAZENECA PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
REY REPLY S.P.A.
STM STMICROELECTRONICS NV
SHL SIEMENS HEALTHINEERS AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
ATCO A ATLAS COPCO AB
IOS IONOS GROUP SE
ARM ARM HOLDINGS PLC
UN0 UNIPER SE
- Farid Bitari
- Ghada Ben Sedrine
- Nicolas David
- Stephane Houri
ODDO : L’IA générative, une véritable révolution, en attendant la proc...
Notre conviction sur le potentiel de croissance LT et d’opportunités de l’IA générative est renforcée. Les secteurs 'enablers' (semiconducteurs, software et IT services) et fournisseurs d’infrastructures (utilities, métaux, biens d'équipements et immobilier) en seront les premiers bénéficiaires, conduisant à certains changements d’OC. Parmi les secteurs ‘utilisateurs’ de l’IA (média, santé, automobile, banque et assurance, services pétroliers, défense, aéronautique et compagnies ...
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
REL RELX PLC
PUB PUBLICIS GROUPE SA
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
SOP SOPRA STERIA GROUP SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
NOKIA NOKIA OYJ
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
AUB AUBAY SA
MRK MERCK KGAA
ALTA ALTAREA SCA
ATE ALTEN SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ENEL ENEL SPA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
ICAD ICADE SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
PRY PRYSMIAN S.P.A.
IBE IBERDROLA SA
OREGE OREGE SA
SMHN SUESS MICROTEC AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
VACN VAT GROUP AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
RIO RIO TINTO PLC
SAP SAP SE
AZN ASTRAZENECA PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
REY REPLY S.P.A.
STM STMICROELECTRONICS NV
SHL SIEMENS HEALTHINEERS AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
ATCO A ATLAS COPCO AB
IOS IONOS GROUP SE
ARM ARM HOLDINGS PLC
UN0 UNIPER SE
- Carole Braudeau
- Carole Braudeau
- Emmanuel Matot
- Jean-Baptiste Rouphael
- Jeremy Garnier
- Marc Lavaud
- Nicolas Thorez
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/24/2024
Dutch real estate companies showed signs of cautious optimism at the recent Provada conference, with logistics and retail favoured. Healthcare shows some positive signs, with limited devaluations. The Dutch government's potential reduction of the Real Estate Transfer Tax and new REIT regime could benefit listed real estate companies active in the country. - ...
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ISP INTESA SANPAOLO S.P.A.
01913 PRADA S.P.A.
SOI SOITEC SA
ELI ELIA GROUP SA/NV
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
IBE IBERDROLA SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
BHP BHP GROUP LTD
ARGX ARGEN-X SE
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
- Carole Braudeau
- Carole Braudeau
- Bruno Cavalier
- Emmanuel Matot
- Jean-Baptiste Rouphael
- Jeremy Garnier
- Marc Lavaud
- Nicolas Thorez
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/06/2024
Dutch real estate companies showed signs of cautious optimism at the recent Provada conference, with logistics and retail favoured. Healthcare shows some positive signs, with limited devaluations. The Dutch government's potential reduction of the Real Estate Transfer Tax and new REIT regime could benefit listed real estate companies active in the country. - ...
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ISP INTESA SANPAOLO S.P.A.
01913 PRADA S.P.A.
SOI SOITEC SA
ELI ELIA GROUP SA/NV
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
IBE IBERDROLA SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
BHP BHP GROUP LTD
ARGX ARGEN-X SE
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
- Olfa Taamallah
- Yan Derocles
Lufthansa : Repercussions of strikes and uncertainties on Q4 offset th...
>The repercussions of strikes penalise Q2 more heavily than expected - At a sell-side breakfast, the CEO and interim CFO of Lufthansa emphasised that the first two months of Q2 had been far more heavily penalised than expected by the direct and indirect consequences of strikes (vs initial estimate of ‘at least € 100m’). We have therefore lowered our estimates to forecast adjusted EBIT of € 688m for Q2 alone (-37% vs Q2 2023) due to a decline in passenger unit revenue ...
- Olfa Taamallah
- Yan Derocles
Lufthansa : Répercussions des grèves et incertitudes sur le T4 compens...
>Les répercussions des grèves pénalisent plus fortement que prévu le T2 - Lors d’un déjeuner sell side, le CEO et le CFO intérimaire de Lufthansa ont souligné que les deux premiers mois du T2 avaient été beaucoup plus fortement pénalisé que prévu par les conséquences directes et indirectes des mouvements de grèves (vs estimation initiale de « minimum 100 M€ »). Nous avons par conséquent réduit nos estimations pour tabler sur un EBIT ajusté de 688 M€ sur le seul T2 (-3...
Casino Group: Agreement with Rocca and Auchan Retail France for the sa...
Casino Group: Agreement with Rocca and Auchan Retail France for the sale of Codim 2 Casino Group has signed an agreement with Rocca and Auchan Retail France for the sale of its subsidiary Codim 2 Paris, 22 June 2024 Casino Group announces today that it has signed a unilateral purchase agreement for the sale of Codim 2, which operates 4 hypermarkets, 9 supermarkets, 3 cash & carries and 2 drive-throughs in Corsica, with sales of 332 million euros excluding taxes in 2023. As part of the sale, Rocca Group has undertaken to take over all the stores, which will be operated under the Auchan...
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