reports
- Anthony Dick
- Emira Sagaama
- Marc Lavaud
- Michael Foundoukidis
- Youssef Besbes
ODDO BHF Small & MIDCAP MORNING NEWS - 10/03/2024
DEME, the world’s leading offshore wind installation company and top 3 in the global dredging market, delivered a better than expected H1. Its share price, however, corrected by 15-20% as DEME’s outlook was weaker than expected. In this report, we explain there are three good reasons why DEME management is holding its cards at its chest: (1) US elections; (2) Gaza conflict, and (3) the still uncertain usage of its € 1.0-1.5bn war chest. Expecting DEME to not only use the war chest for...
- Anthony Dick
- Emira Sagaama
- Marc Lavaud
- Michael Foundoukidis
- Youssef Besbes
ODDO BHF Small & MIDCAP MORNING NEWS - 03/10/2024
DEME, the world’s leading offshore wind installation company and top 3 in the global dredging market, delivered a better than expected H1. Its share price, however, corrected by 15-20% as DEME’s outlook was weaker than expected. In this report, we explain there are three good reasons why DEME management is holding its cards at its chest: (1) US elections; (2) Gaza conflict, and (3) the still uncertain usage of its € 1.0-1.5bn war chest. Expecting DEME to not only use the war chest for...
- Roy Külter
- Steven Boumans
Lar España : Helios RE ups its bid for Lar España
>An improved offer - Yesterday, after market close, Helios RE, a consortium comprising Hines and Grupo Lar, announced an improved offer for Lar España. The offer price has been increased by €0.20 per share, representing a 2.5% enhancement to €8.30 per share.Additionally, Helios RE has secured an agreement with Castellana Properties, which is ultimately owned by Vukile Property, stipulating that Castellana Properties will tender its shares for cash once the accept...
- Julian Dobrovolschi
- Nicolas Thorez
Unifiedpost Group : Light at the end of the tunnel, upgrading to Outpe...
>Recent corporate developments boosting our conviction on the name - To reach a healthy financial position and achieve FCF break-even by 2025, we believe Unifiedpost must: 1) grow its higher-margin core digital services business at a low double-digit rate, 2) maintain tight cost control, and 3) pay off the expensive Francisco Partners debt in full. Following the recent divestment of non-core businesses, we think this is achievable and have become more bullish on the s...
- Research Department
INFORME DIARIO 03 0CTUBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR ESPAÑA, OHLA, ROVI. EUROPA: INFORME ANUAL EURO STOXX 50, SAP, TOTAL ENERGIES. A la espera de novedades en Oriente Medio Las bolsas europeas cerraron muy planas, ya que la depreciación del euro ayudó a capear la mayor prima por riesgo geopolítico. Con todo lo anterior, en el STOXX 600 Energía repitió como el mejor sector (gracias al avance del Brent) seguido por Tecnología mientras que Utilities y Viajes&Ocio terminaron con las mayores correccion...
- Anthony Dick
- Michael Foundoukidis
Valeo : Brain, a key strength for the future of Valeo
>A clearer understanding of a major business for Valeo’s future - Valeo this week organised a series of visits in Germany (R&D centre, plant) around its Brain division, which brings together the hardware and software operations relating to driving assistance and interior experience. This was an opportunity for management to provide a detailed update on the strategy and competitiveness of this business, which is Valeo’s fastest-growing (revenues and order intake) and, ...
- Research Department
IBERIAN DAILY 03 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: LAR ESPAÑA, OHLA, ROVI. Awaiting news from the Middle East European stock markets ended flat, as the depreciation of the euro contributed to offset the increasing premium for geopolitical risk. Thus, in the STOXX 600, Energy continued to be the best-performing sector (thanks to the rally of Brent crude), followed by Technology, whereas Utilities and Travel&Leisure ended with the biggest drops. On the macro side, in the euro zone, the 2Q’24 unemployment rate remained stable at 6.4%...
- Anthony Dick
- Michael Foundoukidis
Valeo : Brain, un atout clé pour le futur de Valeo
>Une meilleure compréhension d’une activité majeure pour le futur de Valeo - Valeo organisait cette semaine des visites en Allemagne (centre R&D, usine) autour de sa division Brain, qui regroupe les activités hardware et software autour de l’assistance à la conduite et l’expérience intérieure. Ce fut l’occasion pour le management de revenir en détail sur la stratégie et la compétitivité de cette activité, la plus dynamique de l’équipementier (CA et prises de commandes...
- Christophe Chaput
- Florent Laroche-Joubert
- Steven Boumans
ODDO : The recovery is only beginning and the best is yet to come
The rate cut carried out and yet to come (ECB: -125bp to -150bp to come by end-2025e) is a real driver for listed real estate and creates the conditions enabling it to outperform. In this context, we are lifting 23 target prices for the 42 stocks covered. Covivio, CTP, Merlin Properties, URW, Vonovia and Xior Student Housing are now our Top Picks. Aedifica (Outperform vs Neutral) should also benefit. Lastly, we are lowering Care Property to Neutral and SFL to Underperform. - >...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY 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
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Christophe Chaput
- Florent Laroche-Joubert
- Steven Boumans
ODDO : La reprise ne fait que commencer et le meilleur est à venir
La baisse de taux actée et à venir (BCE : -125 à 150 pb à venir d’ici fin 2025e) agit comme un véritable catalyseur pour l’immobilier côté et crée les conditions lui permettant de surperformer. Dans ce cadre, nous relevons 23 objectifs de cours sur 42 valeurs suivies. Covivio, CTP, Merlin Properties, URW, Vonovia et Xior Student Housing constituent désormais nos top picks. Aedifica (Surperformance vs Neutre) devrait également en bénéficier. Enfin, nous abaissons Care Property à N...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY 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
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Research Department
INFORME DIARIO 23 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR, ROVI. EUROPA: SECTOR BANCARIO, SEGUROS Y ENERGÍA ITALIA, UNICREDIT. A pesar de la Fed, semana plana en el STOXX La buena acogida a la decisión de bajar -50 p.b. tipos se vio compensada por los miedos a la demanda china. Con todo lo anterior, el STOXX 600 terminó cerrando con ligeras caídas, con Retail y Viajes&Ocio presentando las mayores subidas semanales mientras que defensivos como Alimentación y Farma acabaron con las mayores ventas. Por el...
- Research Department
IBERIAN DAILY 23 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: LAR ESPAÑA, ROVI. Flat week on the STOXX, despite the Fed The Fed’s well-received decision to cut interest rates by -50bps was offset by the fears surrounding Chinese demand. With this in mind, the STOXX 600 ended with slight losses, with Retail and Travel & Leisure posting the biggest weekly gains, whereas defensive sectors like Food and Pharma ended with the biggest losses. On the macro side, in the UK August’s retail sales were in line with expectations. In the euro zone, consu...
- Research Department
IBERIAN DAILY 19 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: LAR ESPAÑA, TELEFÓNICA. The Fed cut rates by 50bps in the end It was a transition session with slight corrections for European stock markets that put an end to the Ibex’s rally that led it to return to 2015 highs. Thus, in the STOXX 600 Automobiles and Energy were the only sector avoiding drops, which were led by Media, Food and Consumer Goods. On the macro side, in the euro zone, August’s final monthly inflation was cut by one tenth to 0.1% (with the YoY data unchanged at 2.2%). ...
- Research Department
INFORME DIARIO 19 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR ESPAÑA, TELEFÓNICA. EUROPA: BASF, DEUTSCHE TELEKOM, UNICREDIT. Finalmente la Fed se decanta por los 50 puntos de recorte Sesión de transición con leves caídas en las bolsas europeas, que cortó la racha alcista en el Ibex que le llevó a renovar máximos de 2015. Así, en el STOXX 600 tan sólo Autos y Energía esquivaron las caídas que estuvieron lideradas por Media, Alimentación y B. de Consumo. Por el lado macro, en la Eurozona la inflación mensual...
Publication of a transparency notification
Publication of a transparency notification Press release: Regulated Information Publication of a transparency notification(Article 14, first paragraph, of the Law of 2 May 2007 on the disclosure of major holdings) La Hulpe (Belgium), September 17 2024, 7.00 a.m. CET – Regulated Information – Unifiedpost Group SA (Euronext: UPG) (Unifiedpost or the Company) has received a transparency notification from NN Group N.V. dated 13 September 2024. This transparency notification indicates that as a result of the acquisition of shares on 12 September 2024 NN Group N.V. now (through subsidiaries...
Jefacture.com receives its official registration number for mandatory ...
Jefacture.com receives its official registration number for mandatory invoicing Unifiedpost has obtained its official registration number for Jefacture.com with the PDP (Partner Dematerialization Platform) in France. Jefacture.com is an e-invoicing platform developed by Unifiedpost for ECMA, which enables French chartered accountants to transition their clients ahead of mandatory e-invoicing legislation in 2026. Unifiedpost partnered via a joint venture (set up in 2022) with the Expert-Comptable Media Association (ECMA), the French organisation responsible for providing digital t...
- Anthony Dick
- Michael Foundoukidis
ODDO : Software Defined Vehicle (SDV): the next revolution
The growing importance of software, which will be further enhanced by SDV, could be even more disruptive to the automotive sector than electrification. In this report, we take a closer look at the main challenges and opportunities of this technological breakthrough, while on the stock market front, the current negative perception of traditional OEMs (discount at historic levels) seems to us to represent an upside risk, provided the latter make progress in terms of execution. Conv...
BMW BAYERISCHE MOTOREN WERKE AG
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Anthony Dick
- Michael Foundoukidis
ODDO : Software Defined Vehicle (SDV): la prochaine révolution
L’importance croissante du logiciel, amenée à se matérialiser encore davantage via le SDV, pourrait bouleverser le secteur automobile encore plus que ne le fait l’électrification. Nous revenons ici sur les principaux enjeux de cette rupture technologique alors que, sur le plan boursier, la perception actuelle négative autour des constructeurs traditionnels (décote à des niveaux historiques) nous semble créer un risque à la hausse, pour peu que ces derniers progressent sur l’exécu...
BMW BAYERISCHE MOTOREN WERKE AG
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Julian Dobrovolschi
- Nicolas Thorez
Unifiedpost Group : Growing core business 9% yoy and cleaning up the b...
>The 1H24 results. 9.1% growth in recurring digital service revenues. - Given all the changes in scope (divestments) its difficult to truly compare the continuing business with historical numbers. However according the company the continuing businesses grew nicely. Digital services revenue growth of 10,9% y/y of which 9.1% for the Recurring and 32% for the non-recurring businesses. Excluding all divestments (21 Grams, FitekIN and ONEA), digital services revenue growt...
Unifiedpost continues its strategic focus on growing core digital serv...
Unifiedpost continues its strategic focus on growing core digital services alongside portfolio rationalisation REGULATED INFORMATION Unifiedpost continues its strategic focus on growing core digital services alongside portfolio rationalisation La Hulpe, Belgium – August 27, 2024, 7:00 a.m. CET – [REGULATED INFORMATION] Unifiedpost Group SA (Euronext: UPG) (Unifiedpost), a leading provider of integrated business communications solutions, presents its results for H1 2024. Digital Services revenue reported solid growth of 12,8% y/y, excluding the divestments of 21 Grams, FitekIN and O...
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