reports
ABGSC Oil & Oil Services Research ... (+2)
- ABGSC Oil & Oil Services Research
- Njål Kleiven
Martin Huseby Karlsen
- Martin Huseby Karlsen
Muted 2025 growth expectations
Following Q1 earnings calls by some of the oil service companies, 2025 outlooks appear more challenging than previously. Baker Hughes expects international upstream spending to decline by mid- to high-single digits, while Halliburton sees its international revenues flat to slightly down. Furthermore, Weatherford expects 2025 international revenue to decline by low double- to mid-double digits. Precision Drilling flagged additional rig suspensions by Saudi Aramco, and SLB highlighted a slow start...
SOC
SUBSEA 7 S.A.
SDRL SEADRILL LTD
ARCHERO ARCHER
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BWO BW OFFSHORE LIMITED
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
OTL ODFJELL TECHNOLOGY LTD
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
DOFG DOF GROUP ASA
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
SDRL SEADRILL LTD
ARCHERO ARCHER
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BWO BW OFFSHORE LIMITED
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
OTL ODFJELL TECHNOLOGY LTD
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
DOFG DOF GROUP ASA
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
Martin Huseby Karlsen
- Martin Huseby Karlsen
ENI capex cut but maintains shareholder returns
Driven by macro headwinds and uncertainty around trade tariffs, ENI was the first large oil company to introduce capex cuts for 2025, contributing to a more challenging business environment for oil services. Over the past five years, we estimate ENI to have been the oil major with strongest offshore spending growth, and it has been considered active and opportunistic while others have been more conservative. Hence, we see its reduction as a soft datapoint for oil services. ENI has optimised its ...
SOC
SUBSEA 7 S.A.
SDRL SEADRILL LTD
ARCHERO ARCHER
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BWO BW OFFSHORE LIMITED
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
OTL ODFJELL TECHNOLOGY LTD
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
DOFG DOF GROUP ASA
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
SDRL SEADRILL LTD
ARCHERO ARCHER
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BWO BW OFFSHORE LIMITED
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
OTL ODFJELL TECHNOLOGY LTD
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
DOFG DOF GROUP ASA
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
ABGSC Oil & Oil Services Research ... (+2)
- ABGSC Oil & Oil Services Research
- Njål Kleiven
Jørgen Lian
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
EURN
EURONAV NV
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
Chaima Ferrandon ... (+3)
- Chaima Ferrandon
- Christian Arnold
- Sven Edelfelt
AKRBF
AKER BP ASA
LHN HOLCIM AG
FP TOTAL SE
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
DG VINCI SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
KPN ROYAL KPN NV
ORA ORANGE SA
VCT VICAT-CIMENTS VICAT SA
TKA TELEKOM AUSTRIA AG
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
SRT3 SARTORIUS AG PREF
AGS AGEAS SA/NV
UTDI UNITED INTERNET AG
OMV OMV AG
AMUN AMUNDI SA
GAMA GAMMA COMMUNICATIONS
RAND RANDSTAD NV
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
DIM SARTORIUS STEDIM BIOTECH SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
LHN HOLCIM AG
FP TOTAL SE
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
DG VINCI SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
KPN ROYAL KPN NV
ORA ORANGE SA
VCT VICAT-CIMENTS VICAT SA
TKA TELEKOM AUSTRIA AG
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
SRT3 SARTORIUS AG PREF
AGS AGEAS SA/NV
UTDI UNITED INTERNET AG
OMV OMV AG
AMUN AMUNDI SA
GAMA GAMMA COMMUNICATIONS
RAND RANDSTAD NV
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
DIM SARTORIUS STEDIM BIOTECH SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
Chaima Ferrandon ... (+3)
- Chaima Ferrandon
- Christian Arnold
- Sven Edelfelt
AKRBF
AKER BP ASA
LHN HOLCIM AG
FP TOTAL SE
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
VCT VICAT-CIMENTS VICAT SA
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
OMV OMV AG
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
WBD WEBUILD S.P.A.
ALBFR SIDETRADE SA
FLU FLUGHAFEN WIEN AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
SIK SIKA AG
VK VALLOUREC SA
BAR BARCO NV
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
LHN HOLCIM AG
FP TOTAL SE
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
VCT VICAT-CIMENTS VICAT SA
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
OMV OMV AG
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
WBD WEBUILD S.P.A.
ALBFR SIDETRADE SA
FLU FLUGHAFEN WIEN AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
SIK SIKA AG
VK VALLOUREC SA
BAR BARCO NV
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
Chaima Ferrandon ... (+3)
- Chaima Ferrandon
- Christian Arnold
- Sven Edelfelt
AKRBF
AKER BP ASA
LHN HOLCIM AG
FP TOTAL SE
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
VCT VICAT-CIMENTS VICAT SA
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
OMV OMV AG
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
WBD WEBUILD S.P.A.
ALBFR SIDETRADE SA
FLU FLUGHAFEN WIEN AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
SIK SIKA AG
VK VALLOUREC SA
BAR BARCO NV
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
LHN HOLCIM AG
FP TOTAL SE
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
VCT VICAT-CIMENTS VICAT SA
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
OMV OMV AG
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
WBD WEBUILD S.P.A.
ALBFR SIDETRADE SA
FLU FLUGHAFEN WIEN AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
SIK SIKA AG
VK VALLOUREC SA
BAR BARCO NV
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
Chaima Ferrandon ... (+3)
- Chaima Ferrandon
- Christian Arnold
- Sven Edelfelt
AKRBF
AKER BP ASA
LHN HOLCIM AG
FP TOTAL SE
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
DG VINCI SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
KPN ROYAL KPN NV
ORA ORANGE SA
VCT VICAT-CIMENTS VICAT SA
TKA TELEKOM AUSTRIA AG
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
SRT3 SARTORIUS AG PREF
AGS AGEAS SA/NV
UTDI UNITED INTERNET AG
OMV OMV AG
AMUN AMUNDI SA
GAMA GAMMA COMMUNICATIONS
RAND RANDSTAD NV
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
DIM SARTORIUS STEDIM BIOTECH SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
LHN HOLCIM AG
FP TOTAL SE
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
DG VINCI SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
KPN ROYAL KPN NV
ORA ORANGE SA
VCT VICAT-CIMENTS VICAT SA
TKA TELEKOM AUSTRIA AG
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
SRT3 SARTORIUS AG PREF
AGS AGEAS SA/NV
UTDI UNITED INTERNET AG
OMV OMV AG
AMUN AMUNDI SA
GAMA GAMMA COMMUNICATIONS
RAND RANDSTAD NV
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
DIM SARTORIUS STEDIM BIOTECH SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
Ahmed Ben Salem ... (+2)
- Ahmed Ben Salem
- Baptiste Lebacq
AKRBF
AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
OMV OMV AG
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
OMV OMV AG
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
Ahmed Ben Salem ... (+2)
- Ahmed Ben Salem
- Baptiste Lebacq
AKRBF
AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
OMV OMV AG
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
OMV OMV AG
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
Karl-Johan Bonnevier
- Karl-Johan Bonnevier
Scandic Hotels (Buy, TP: SEK115.00) - Strong ahead of high season
Q1 tends to be seasonally weak, with Scandic Hotels’ results broadly in line with our expectations, translating into minor upward forecast changes. With solid pre-bookings ahead of the high season, we see continued RevPAR growth of 4–5% for 2025e driving FCF, allowing growth initiatives and shareholder-friendly capital allocation. Our EV/EBITDA valuation target of 8x would better mirror the quality of the franchise, in our view, and we reiterate our BUY and SEK115 target price.
Christophe-Raphaël Ganet ... (+4)
- Christophe-Raphaël Ganet
- Jeremy Garnier
- Olfa Taamallah
- Yan Derocles
AKRBF
AKER BP ASA
IFX INFINEON TECHNOLOGIES AG
FP TOTAL SE
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
HO THALES SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
FGA FIGEAC AERO SA
MERY MERCIALYS SA
RHM RHEINMETALL AG
SZG SALZGITTER AG
GXI GERRESHEIMER AG
OMV OMV AG
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
AIR AIRBUS SE
ICAD ICADE SA
P2F PETROFAC LIMITED
REP REPSOL SA
BA. BAE SYSTEMS PLC
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOI SOITEC SA
SUN SULZER AG
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
MELE MELEXIS NV
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
CSM CORBION NV
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
VACN VAT GROUP AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
LDO LEONARDO SPA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
XFAB X-FAB SILICON FOUNDRIES SE
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
PWG PRODWAYS GROUP SA
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ALKAL KALRAY SA
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
AEDAS AEDAS HOMES SA
TOM2 TOMTOM NV
HAG HENSOLDT AG
VK VALLOUREC SA
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
AM DASSAULT AVIATION
WAGA WAGA ENERGY SA
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SPM SAIPEM S.P.A.
SHUR SHURGARD SELF STORAGE LIMITED
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
TEN TENARIS S.A.
EXENS EXOSENS
VIRI VIRIDIEN
AMS AMS-OSRAM AG
IFX INFINEON TECHNOLOGIES AG
FP TOTAL SE
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
HO THALES SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
FGA FIGEAC AERO SA
MERY MERCIALYS SA
RHM RHEINMETALL AG
SZG SALZGITTER AG
GXI GERRESHEIMER AG
OMV OMV AG
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
AIR AIRBUS SE
ICAD ICADE SA
P2F PETROFAC LIMITED
REP REPSOL SA
BA. BAE SYSTEMS PLC
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOI SOITEC SA
SUN SULZER AG
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
MELE MELEXIS NV
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
CSM CORBION NV
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
VACN VAT GROUP AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
LDO LEONARDO SPA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
XFAB X-FAB SILICON FOUNDRIES SE
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
PWG PRODWAYS GROUP SA
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ALKAL KALRAY SA
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
AEDAS AEDAS HOMES SA
TOM2 TOMTOM NV
HAG HENSOLDT AG
VK VALLOUREC SA
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
AM DASSAULT AVIATION
WAGA WAGA ENERGY SA
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SPM SAIPEM S.P.A.
SHUR SHURGARD SELF STORAGE LIMITED
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
TEN TENARIS S.A.
EXENS EXOSENS
VIRI VIRIDIEN
AMS AMS-OSRAM AG
Olfa Taamallah ... (+2)
- Olfa Taamallah
- Yan Derocles
AKRBF
AKER BP ASA
IFX INFINEON TECHNOLOGIES AG
FP TOTAL SE
PUB PUBLICIS GROUPE SA
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
HO THALES SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
FGA FIGEAC AERO SA
MERY MERCIALYS SA
RHM RHEINMETALL AG
BEI BEIERSDORF AG
OMV OMV AG
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
AIR AIRBUS SE
ICAD ICADE SA
P2F PETROFAC LIMITED
REP REPSOL SA
BA. BAE SYSTEMS PLC
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOI SOITEC SA
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
VACN VAT GROUP AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
LDO LEONARDO SPA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
XFAB X-FAB SILICON FOUNDRIES SE
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
ALKAL KALRAY SA
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
AEDAS AEDAS HOMES SA
HAG HENSOLDT AG
VK VALLOUREC SA
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
AM DASSAULT AVIATION
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SPM SAIPEM S.P.A.
SHUR SHURGARD SELF STORAGE LIMITED
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
TEN TENARIS S.A.
EXENS EXOSENS
VIRI VIRIDIEN
AMS AMS-OSRAM AG
IFX INFINEON TECHNOLOGIES AG
FP TOTAL SE
PUB PUBLICIS GROUPE SA
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
HO THALES SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
FGA FIGEAC AERO SA
MERY MERCIALYS SA
RHM RHEINMETALL AG
BEI BEIERSDORF AG
OMV OMV AG
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
AIR AIRBUS SE
ICAD ICADE SA
P2F PETROFAC LIMITED
REP REPSOL SA
BA. BAE SYSTEMS PLC
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOI SOITEC SA
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
VACN VAT GROUP AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
LDO LEONARDO SPA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
XFAB X-FAB SILICON FOUNDRIES SE
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
ALKAL KALRAY SA
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
AEDAS AEDAS HOMES SA
HAG HENSOLDT AG
VK VALLOUREC SA
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
AM DASSAULT AVIATION
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SPM SAIPEM S.P.A.
SHUR SHURGARD SELF STORAGE LIMITED
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
TEN TENARIS S.A.
EXENS EXOSENS
VIRI VIRIDIEN
AMS AMS-OSRAM AG
Christophe-Raphaël Ganet ... (+4)
- Christophe-Raphaël Ganet
- Jeremy Garnier
- Olfa Taamallah
- Yan Derocles
AKRBF
AKER BP ASA
IFX INFINEON TECHNOLOGIES AG
FP TOTAL SE
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
HO THALES SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
FGA FIGEAC AERO SA
MERY MERCIALYS SA
RHM RHEINMETALL AG
SZG SALZGITTER AG
GXI GERRESHEIMER AG
OMV OMV AG
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
AIR AIRBUS SE
ICAD ICADE SA
P2F PETROFAC LIMITED
REP REPSOL SA
BA. BAE SYSTEMS PLC
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOI SOITEC SA
SUN SULZER AG
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
MELE MELEXIS NV
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
CSM CORBION NV
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
VACN VAT GROUP AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
LDO LEONARDO SPA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
XFAB X-FAB SILICON FOUNDRIES SE
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
PWG PRODWAYS GROUP SA
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ALKAL KALRAY SA
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
AEDAS AEDAS HOMES SA
TOM2 TOMTOM NV
HAG HENSOLDT AG
VK VALLOUREC SA
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
AM DASSAULT AVIATION
WAGA WAGA ENERGY SA
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SPM SAIPEM S.P.A.
SHUR SHURGARD SELF STORAGE LIMITED
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
TEN TENARIS S.A.
EXENS EXOSENS
VIRI VIRIDIEN
AMS AMS-OSRAM AG
IFX INFINEON TECHNOLOGIES AG
FP TOTAL SE
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
HO THALES SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
FGA FIGEAC AERO SA
MERY MERCIALYS SA
RHM RHEINMETALL AG
SZG SALZGITTER AG
GXI GERRESHEIMER AG
OMV OMV AG
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
AIR AIRBUS SE
ICAD ICADE SA
P2F PETROFAC LIMITED
REP REPSOL SA
BA. BAE SYSTEMS PLC
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOI SOITEC SA
SUN SULZER AG
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
MELE MELEXIS NV
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
CSM CORBION NV
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
VACN VAT GROUP AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
LDO LEONARDO SPA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
XFAB X-FAB SILICON FOUNDRIES SE
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
PWG PRODWAYS GROUP SA
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ALKAL KALRAY SA
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
AEDAS AEDAS HOMES SA
TOM2 TOMTOM NV
HAG HENSOLDT AG
VK VALLOUREC SA
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
AM DASSAULT AVIATION
WAGA WAGA ENERGY SA
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SPM SAIPEM S.P.A.
SHUR SHURGARD SELF STORAGE LIMITED
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
TEN TENARIS S.A.
EXENS EXOSENS
VIRI VIRIDIEN
AMS AMS-OSRAM AG
Christophe-Raphaël Ganet ... (+4)
- Christophe-Raphaël Ganet
- Jeremy Garnier
- Olfa Taamallah
- Yan Derocles
AKRBF
AKER BP ASA
IFX INFINEON TECHNOLOGIES AG
FP TOTAL SE
PUB PUBLICIS GROUPE SA
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
HO THALES SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
FGA FIGEAC AERO SA
MERY MERCIALYS SA
RHM RHEINMETALL AG
BEI BEIERSDORF AG
OMV OMV AG
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
AIR AIRBUS SE
ICAD ICADE SA
P2F PETROFAC LIMITED
REP REPSOL SA
BA. BAE SYSTEMS PLC
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOI SOITEC SA
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
VACN VAT GROUP AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
LDO LEONARDO SPA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
XFAB X-FAB SILICON FOUNDRIES SE
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
ALKAL KALRAY SA
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
AEDAS AEDAS HOMES SA
HAG HENSOLDT AG
VK VALLOUREC SA
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
AM DASSAULT AVIATION
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SPM SAIPEM S.P.A.
SHUR SHURGARD SELF STORAGE LIMITED
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
TEN TENARIS S.A.
EXENS EXOSENS
VIRI VIRIDIEN
AMS AMS-OSRAM AG
IFX INFINEON TECHNOLOGIES AG
FP TOTAL SE
PUB PUBLICIS GROUPE SA
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
HO THALES SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
FGA FIGEAC AERO SA
MERY MERCIALYS SA
RHM RHEINMETALL AG
BEI BEIERSDORF AG
OMV OMV AG
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
AIR AIRBUS SE
ICAD ICADE SA
P2F PETROFAC LIMITED
REP REPSOL SA
BA. BAE SYSTEMS PLC
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOI SOITEC SA
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
VACN VAT GROUP AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
LDO LEONARDO SPA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
XFAB X-FAB SILICON FOUNDRIES SE
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
ALKAL KALRAY SA
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
AEDAS AEDAS HOMES SA
HAG HENSOLDT AG
VK VALLOUREC SA
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
AM DASSAULT AVIATION
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SPM SAIPEM S.P.A.
SHUR SHURGARD SELF STORAGE LIMITED
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
TEN TENARIS S.A.
EXENS EXOSENS
VIRI VIRIDIEN
AMS AMS-OSRAM AG
Fehmi Ben Naamane
- Fehmi Ben Naamane
Fehmi Ben Naamane
- Fehmi Ben Naamane
Ahmed Ben Salem ... (+2)
- Ahmed Ben Salem
- Baptiste Lebacq
ODDO : More cautious scenario amidst tensions on trade tariffs
The recent announcement of the application of trade tariffs by the Trump administration led to a sharp correction in oil prices amidst fears of an economic slowdown as a result of a full-blown trade war. We are adopting a more cautious scenario, with oil prices now expected to reach $ 67/b for 2025, $ 65/b for 2026 and $ 67/b in the longer term. Our 2025-2030 capex scenario has been lowered by 5% and our EPS expectations by 13% on average over 2025-2027, whilst our target prices have been lowere...
AKRBF
AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
OMV OMV AG
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
OMV OMV AG
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
Ahmed Ben Salem ... (+2)
- Ahmed Ben Salem
- Baptiste Lebacq
ODDO : Scenario plus prudent sur fond de tensions autour des droits de...
La récente annonce de mise en place de droits de douanes par l’administration Trump a entraîné une vive correction des cours du pétrole sur fond de crainte de ralentissement économique à la suite d’une véritable guerre commerciale. Nous adoptons un scenario plus prudent avec un baril désormais attendu respectivement à 67 $ sur2025, 65 $ 2026 et 67 $ sur le LT. Notre scénario de Capex 2025/30 a été abaissé de 5% et nos attentes de BPA de 13% en moyenne sur 2025/27 et nos OC de 10%. Nous privilégi...
AKRBF
AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
OMV OMV AG
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
OMV OMV AG
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
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