reports
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/07/2024
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
LHA DEUTSCHE LUFTHANSA AG
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/03/2024
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
LHA DEUTSCHE LUFTHANSA AG
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Geoffroy Michalet
Eurazeo : Atterissage 2023 sans surprise, pas de guidance 2024 précise
>2023 sans surprise - Eurazeo a publié ce matin un ANR bilan/action de 109.6 € au titre de 2023, en hausse de 9% vs fin 2022 (100.6 €). Nous retenons une valorisation de l’AM pour compte de tiers de 1.6 Md€, soit 21.1 € par action, soit un ANR total de 130.7 €/action (vs 127.1€ fin 2022). Les AUM globaux se portent à 35 Md€, en hausse de 9% sur 12 mois. Les AUM pour compte de tiers, à hauteur de 24.2 Md€ sont en hausse de 12% sur 12 mois, sur une collecte de 3.5 ...
- Geoffroy Michalet
Eurazeo : Unsurprising 2023 landing, no precise 2024 guidance
>2023 unsurprising - Eurazeo this morning reported a balance sheet NAV per share of € 109.6 for 2023, up 9% on end-2022 (€ 100.6). We note a valuation for third-party AM of € 1.6bn, or € 21.1 per share, i.e. a total NAV of € 130.7 per share (vs € 127.1 at end-2022). Overall AuM came to € 35bn, up 9% over 12 months. AuM for third parties, at € 24.2bn, posted growth of 12% over 12 months, with inflows of € 3.5bn, including € 0.9m for private clients in a less favou...
- Joren Van Aken
Eurazeo - Slow FY23 but better times ahead
• AuM at EUR 35bn, up 9% YoY. Management fees at EUR 398m (+9%) with FRE at EUR 138m (+22%) and an improving FRE margin (34.8% vs. 31% FY22)• Proposed dividend of EUR 2.42 p/s, up 10%• Exits subdued in 2023 but at 23% uplift compared to last NAV• We estimate today's NAV at EUR 126.4 p/s, implying a still elevated discount of 39%. Our TP is slightly raised to EUR 97.0 (vs. EUR 93.0 before)- BUY maintained
Eurazeo: 1 director
A director at Eurazeo sold 1,957 shares at 79.350EUR and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing ...
- Baptiste Salaville
- Geoffroy Michalet
- Jean-Baptiste Rouphael
- Marc Lavaud
- Baptiste Salaville
- Geoffroy Michalet
- Jean-Baptiste Rouphael
- Marc Lavaud
- Geoffroy Michalet
Eurazeo : CMD: end of a certain hybrid model (big balance sheet + AM f...
>End of a hybrid model - The CMD acknowledges, in our view, the realization that, from a stock market perspective, hybrid models combining a very large balance sheet, with an asset management activity on behalf of third parties, are very poorly valued. The group is therefore acting accordingly, by choosing to shrink its balance sheet (which is generally subject to a discount, more or less significant depending on the period, but almost never to a premium). In contrast...
- Geoffroy Michalet
Eurazeo : CMD : la fin d’un certain modèle hybride (gros bilan + AM co...
>La fin d’un certain modèle hybride - Le CMD acte, selon nous, la prise de conscience que d’un point de vue boursier, les modèles hybrides combinant un très large bilan, couplé à une activité de gestion d’actifs pour compte de tiers, sont très mal valorisés. Le groupe agit donc en conséquence, en faisant le choix de réduire son bilan (qui est généralement frappé d’une décote, plus ou moins importante selon les périodes, mais quasiment jamais d’une prime). Il continue ...
- Joren Van Aken
Eurazeo - CMD 2023: Asset-light model and more buybacks
Eurazeo hosts its CMD today which mainly focuses on the transition of a hybrid model to a more asset-light, asset managerEUR 60bn AuM target by 2026-2028 is never mentioned. Unclear if that target is retractedNo acceleration in realization strategy. Main value creator should be double digit dividend growth and increased level of share buybacks. We remain skeptical of the ability of SBBs to structurally lower a discount and remain wary of the potential long-term impact on liquidityWe do not expec...
- Geoffroy Michalet
Eurazeo : Similar inflow target to last year (€ 3.0bn) for AM, balance...
>Resilient balance sheet but slow rotation - Eurazeo reported balance sheet NAV for Q3 of € 98.6 per share. In the previous quarterly reports, only the listed stakes were revalued (0% of NAV). The publication is therefore flat, logically, relative to NAV at end-H1 (€ 97.8) but it is also close to that for FY 2022 (€ 100.6).Where the equity stakes are concerned, the economic sales of the companies consolidated, at constant scope, remain on a positive trend with av...
- Baptiste Salaville
- Jean-Baptiste Rouphael
- Jerôme Bodin
- Marc Lavaud
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ENGI ENGIE SA.
DB1 DEUTSCHE BOERSE AG
ADS ADIDAS AG
G1A GEA GROUP AG
LI KLEPIERRE SA
KPN ROYAL KPN NV
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
BAYN BAYER AG
CAP CAPGEMINI SE
ENEL ENEL SPA
RTLL RTL GROUP S.A.
SIX2 SIXT SE
AMS AMADEUS IT GROUP SA CLASS A
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SHL SIEMENS HEALTHINEERS AG
DTG DAIMLER TRUCK
- Geoffroy Michalet
Eurazeo : Objectif de collecte similaire à l’année dernière (3.0 Md€) ...
>Bilan résilient mais rotation au ralenti - Au titre de son T3, Eurazeo publie un ANR de son bilan de 98.6 €. Rappelons que lors des publications trimestrielles, seules les participations cotées sont réévaluées (0% de l’ANR). La publication est donc logiquement stable par rapport à l’ANR de fin S1 (97.8 €) mais elle est aussi proche du FY 2022 (100.6 €).Du côté des participations, les CA économiques des sociétés consolidées, à périmètre constant, restent sur une ...
- Joren Van Aken
Eurazeo - Q3 Update: Pretty quiet quarter
AuM of EUR 33.5bn, pro-forma for sale of Rhone, or QoQ growth of ~2%Exits are down -66% YTD highlighting the frozen deal markets. Eurazeo expects a recovery in H1 2024Eurazeo has been trading at a discount to NAV of >50% for some time now driven by the new management, (too) ambitious AuM targets and the market's fear about the realisability of the NAV. We do not expect these fears to have been taken away by these resultsThe company will host its CMD on November 30TP remains at EUR 93 as wel...
- Jerôme Bodin
REL RELX PLC
FP TOTAL SE
AC ACCOR SA
AI AIR LIQUIDE SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
IPN IPSEN SA
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
CA CARREFOUR SA
BVI BUREAU VERITAS SA
SU SCHNEIDER ELECTRIC SE
KPN ROYAL KPN NV
PUM PUMA SE
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
ORA ORANGE SA
SK SEB SA
DEC JCDECAUX SA
NESN NESTLE S.A.
TEP TELEPERFORMANCE SE
RF EURAZEO SA
RAND RANDSTAD NV
SDF K+S AG
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
VER VERBUND AG CLASS A
UCB UCB S.A.
ENEL ENEL SPA
REP REPSOL SA
EDW EDP RENOVAVEIS SA
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
RIO RIO TINTO PLC
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
8TRA TRATON SE
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Jerôme Bodin
REL RELX PLC
FP TOTAL SE
AC ACCOR SA
AI AIR LIQUIDE SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
IPN IPSEN SA
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
CA CARREFOUR SA
BVI BUREAU VERITAS SA
SU SCHNEIDER ELECTRIC SE
KPN ROYAL KPN NV
PUM PUMA SE
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
ORA ORANGE SA
SK SEB SA
DEC JCDECAUX SA
NESN NESTLE S.A.
TEP TELEPERFORMANCE SE
RF EURAZEO SA
RAND RANDSTAD NV
SDF K+S AG
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
VER VERBUND AG CLASS A
UCB UCB S.A.
ENEL ENEL SPA
REP REPSOL SA
EDW EDP RENOVAVEIS SA
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
RIO RIO TINTO PLC
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
8TRA TRATON SE
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Geoffroy Michalet
Eurazeo : H1 2023 balance sheet NAV/share of € 103.3, average growth i...
>NAV per share of €103.3, up 15.4% over 12 months and up 2.7% in H1 - Eurazeo this morning published a net asset value per share of € 103.3 for H1 2023, up 2.7% compared to the end of 2022 (€ 100.6). The latest valuation of AM for third parties was € 2.1bn (end 2022), which is what we are focusing on for the time being, giving a total NAV of € 130.2/share. Total AUM amounted to € 35.2bn, up 3.5% over 12 months and 3.2% over the first half. Third-party AUM, at €...
- Geoffroy Michalet
Eurazeo : ANR bilan/action S1 2023 de 103.3 €, croissance moyenne des ...
>ANR bilan/action de 103.3 €, soit +15.4% sur 12 mois et +2.7% au S1 - Eurazeo a publié ce matin un ANR bilan/action de 103.3 € au titre de son S1 2023, en hausse de 2.7% vs fin 2022 (100.6 €). La dernière valorisation de l’AM pour compte de tiers était de 2.1 Md€ (fin 2022), ce sur quoi nous nous fixons pour le moment, soit un ANR total de 130.2 €/action. Les AUM globaux se portent à 35.2 Md€, en hausse de 3.5% sur 12 mois et 3.2% sur le semestre. Les AUM pour ...
- Joren Van Aken
Eurazeo - H1 2023: AuM slowing down and communication going backwards
H1 23 NAV came in at EUR 103.3 p/s, up 2.7% YTD (DPe EUR 112.8 p/s). The lower NAV is the result of the exclusion of valuation AM activity as communicated previouslyAuM amounted to EUR 35.2bn, up 3.2% YTD (FY22: EUR 34.1bn) and up 1.1% QoQ (Q1 23: EUR 34.8bn)Management fees at EUR 204m with FRE to EUR 68.5m (33.5% margin)Results did not blow us away. AM is clearly slowing and not communicating on NAV at all anymore. This feels like a step back instead of forward.Nonetheless, its discount to NAV ...
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