reports
- Hilde Van Boxstael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Thomas Vranken
UCB FIRST LOOK: Bimzelx deepens responses in HS over two years
UCB announced the first 2-year follow-up data with Bimzelx in hidradenitis suppurativa (HS). The data appears largely favourable in our view, with deepening responses across the various HiSCR endpoints. We believe Bimzelx is set to become the new standard of care in HS (pending FDA approval), and reiterate our €168 TP and Accumulate rating.
- Olfa Taamallah
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/26/2024
‘Soft landing’... the term is in vogue and we think it aptly describes the current situation in the energy market. After a period of “excess profits”, the fundamentals are back in favour and prompt us to revise down our estimates for energy prices. - Alongside renewable energies, pockets of sustainable value creation are emerging for players capable of capitalising on the structural growth in volatility on the electricity markets but which are nonetheless trading at a discount In the U...
UBI UBISOFT ENTERTAINMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
SW SODEXO SA
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
GAMA GAMMA COMMUNICATIONS
FII LISI SA
NXT NEXT PLC
BAS BASF SE
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
HM B H&M HENNES & MAURITZ AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
SIE SIEMENS AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
FDJ LA FRANCAISE DES JEUX SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
- Olfa Taamallah
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/09/2024
“Soft landing”… le terme est à la mode et nous pensons qu’il caractérise bien la situation du marché de l’énergie aujourd’hui. Après une parenthèse de « surprofits », les fondamentaux reprennent leur droit et nous conduisent à réviser en baisse nos hypothèses de prix de l’énergie. A côté du renouvelable, des poches pérennes de création de valeur apparaissent pour les acteurs capables de profiter de la croissance structurelle de la volatilité des marchés électriques et qui souffrent ma...
UBI UBISOFT ENTERTAINMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
SW SODEXO SA
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
GAMA GAMMA COMMUNICATIONS
FII LISI SA
NXT NEXT PLC
BAS BASF SE
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
HM B H&M HENNES & MAURITZ AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
SIE SIEMENS AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
FDJ LA FRANCAISE DES JEUX SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
- Robert Jan Vos
Colruyt Group N.V. : A bit of sweet and sour from yesterday’s AGM
>FY 2024/25 guidance reiterated at yesterday’s AGM - Colruyt hosted its AGM yesterday afternoon. As usual, the food retailer provided comments on its outlook for the current fiscal year 2024/25.Some negative nuances provided concerning market share and margin - On a positive note, Colruyt reiterated its expectation to match last year’s result (operating profit of € 470m and net profit of € 368m) in 2024/25. Furthermore, Colruyt expects operating profi...
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Umicore Revising Battery Materials scenario: lower but no exit
Whilst awaiting the outcome of the ongoing strategy review for the Battery Materials business, we decided to take a more cautious approach and cut our FY30 CAM volume estimate from 250 GWh to 200 GWh, which compares to the previous company target of 400 GWh and the previous order book of 270 GWh. We do expect Umicore to continue to invest in Battery Materials, albeit at a much lowered pace, and see room for NMC outside of China on the back of sustainability, geopolitical and security of supply r...
- Michiel Declercq
Colruyt No surprises in the AGM outlook update
As usual, Colruyt's AGM included an update on the outlook. However, contrary to previous years, the outlook did not contain any major surprises, with the group reiterating its June 24 ambitions. This implies a stable operating and net profit compared to FY23/24 (excluding one-offs). However, Colruyt does expect the result to be slightly lower in 1H24/25. This was not communicated previously. We reiterate our Hold and € 40.0 TP.
- 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. - ...
- 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...
- Damien Choplain
- Martial Descoutures
UCB : Phase 3 positive pour DPZ
>La première phase III de DPZ ressort positive… - UCB et Biogen publiaient hier les résultats headlines de l'étude de Phase 3 PHOENYCS GO évaluant dapirolizumab pegol (DPZ) chez des personnes atteintes d'un lupus érythémateux systémique modéré à sévère. DPZ, en plus du traitement standard, a atteint son critère d'évaluation primaire en démontrant une amélioration de l'activité de la maladie (score test BICLA, évaluation standard dans le Lupus) après 48 semaines. De pl...
- ING Helpdesk
- Thomas Vranken
UCB FIRST LOOK: String of positive Ph3 readouts continues into SLE
UCB announced positive topline results for the first of two Phase 3 trials for anti-CD40L dapimap in systemic lupus erythematosus (SLE). SLE is a debilitating autoimmune disease, characterized by flares that could lead to organ damage. While we currently do not have topline data yet, dapimap is set to compete against GSK's Benlysta and AstraZeneca's Saphnelo and could eventually reach just below $ 1bn peak sales according to our preliminary analysis. We currently value dapimap at € 1.70 p.s., an...
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Thomas Vranken
UCB FDA's triple nod on Bimzelx
The FDA has extended its Bimzelx approval to include PsA, nr-axSpA and AS. The move follows earlier EU and Japan approvals, and widens the spectrum of Bimzelx addressable patients in the US. We anticipate € 3.8bn peak sales for Bimzelx, of which € 900m from PsA and € 450m from axSpA (nr-axSpA and AS). We raise our TP from € 161 to € 168 and move from Hold to Accumulate to anticipate additional commercial momentum.
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