reports
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2024
Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong stock pe...
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Oliver Metzger
Merck KGaA : Turnaround for Process solutions – highly attractive entr...
>Life Sciences – the turnaround for Process solutions - While there is still some residual headwind related to destocking and the changing ordering pattern of customers, the 3.7% organic growth in Q3 was a clear positive surprise. The company highlighted that sales and order intake increased sequentially q-o-q. For the fourth quarter, additional sequential growth was indicated not only in absolute terms, but also as organic growth rate. We assume 5% organic growth for...
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Oliver Metzger
Merck KGaA : Q3 review – turnaround for Process solutions
>Q3 review – beat on EBITDA pre level, guidance confirmed - Merck’s Q3 revenues of € 5,266m (+1.8% y-o-y) were driven by organic growth of 3.8% and were 0%/-1% vs ODDO BHF/consensus. On the bottom line, the company reported EBITDA pre of € 1,618m (+11.9% y-o-y, margin 30.7%), 5% ahead of expectations. EPS pre reached € 2.30, in line with expectations. The 2024 guidance was confirmed with revenues in the range of € 20.7bn to € 22.1bn, trending towards the lower half of...
- Baptiste Lebacq
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
VOE VOESTALPINE AG
SAN SANOFI
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
JDEP JDE PEET'S NV
ALIV SDB AUTOLIV INC.
- Baptiste Lebacq
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
VOE VOESTALPINE AG
SAN SANOFI
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
ALIV SDB AUTOLIV INC.
- Oliver Metzger
Merck KGaA : CMD feedback – Turn to the better and de-risking
>Focus on lower capital intensity over the next years - Following some years of elevated capex projects, CFO Helene von Roeder indicated lower capital expenditure in absolute terms that support an improving cash conversion backed also by an improving sales mix. As a result, free cash flow is expected to improve. Regarding the allocation of capital for potential acquisitions, a substantial amount is allocated towards the Life Sciences segment. For Healthcare, a de-risk...
Moody's Ratings assigns Baa2 rating to Merck's new hybrid notes
Moody's Ratings (Moody's) has today assigned a Baa2 junior subordinated rating to the proposed €800 million fixed to reset rate notes due 2054 (the hybrid) issued by Merck KGaA (Merck or the company). The outlook is stable. Merck intends to use the proceeds of the new hybrid issuance, for general ...
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Oliver Metzger
Merck KGaA : Incorporating higher estimates for Healthcare and Electro...
>Second quarter with strong quarter for Healthcare and Electronics - Merck had already reported, on 26 July, preliminary Q2 results ahead of expectations with revenues of € 5,352m (+0.9% y-o-y). On the bottom line, the company reported EBITDA pre of € 1,509m (-2.9% y-o-y, margin 28.2%). EPS pre reached € 2.20. The company now expects revenues in the range of € 20.7bn to € 22.1bn (previously € 20.6bn to € 22.1bn), which compares to our new forecast of € 21.4bn. On EBIT...
- Olfa Taamallah
- Yan Derocles
DHL DHL GROUP
AKE ARKEMA
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
- Olfa Taamallah
- Yan Derocles
DHL DHL GROUP
AKE ARKEMA
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
- Oliver Metzger
Merck KGaA : Q2 review – Strong set of numbers, Process solutions move...
>Top and bottom-line results on group level already reported - Merck had already reported, on 26 July, preliminary Q2 results ahead of expectations with revenues of € 5,352m (+0.9% y-o-y). On the bottom line, the company reported EBITDA pre of € 1,509m (-2.9% y-o-y, margin 28.2%). EPS pre reached € 2.20. The company now expects revenues in the range of € 20.7bn to € 22.1bn (previously € 20.6bn to € 22.1bn) On EBITDA pre, Merck now sees a range of € 5.8bn to € 6.4bn (p...
- Bruno Cavalier
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/29/2024
Questions are mounting for the equity markets on multiple fronts: economic (turbulence or slowdown), monetary (how quickly will central banks cut rates) and geopolitical (France, US, Russia/Ukraine, China). For the rest of the summer, we are maintaining our positive bias on US vs European equities. On European equities, we are returning to a neutral stance between cyclicals and defensives, between value and growth styles, between large caps and small caps, and recommend increasing pos...
LHN HOLCIM AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
ENI ENI S.P.A.
CAP CAPGEMINI SE
01913 PRADA S.P.A.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
MAP MAPFRE SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RMV RIGHTMOVE PLC
8TRA TRATON SE
SHEL SHELL PLC
- Bruno Cavalier
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/07/2024
Les questions s’accumulent pour les marchés actions : sur les plans économique (trou d’air ou ralentissement ?), monétaire (à quel rythme les banques centrales vont-elles baisser les taux) et (géo)politique (France, Etats-Unis, Russie/Ukraine, Chine). Pour le reste de cet été, nous conservons notre biais positif sur les actions américaines vs européennes. Sur les actions européennes, nous revenons à la neutralité entre cycliques et défensives, entre les styles Value et Growth, entre L...
LHN HOLCIM AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
ENI ENI S.P.A.
CAP CAPGEMINI SE
01913 PRADA S.P.A.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
MAP MAPFRE SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RMV RIGHTMOVE PLC
8TRA TRATON SE
SHEL SHELL PLC
- Oliver Metzger
Merck KGaA : Q2 beat driven by Healthcare and Electronics
>Preliminary results driven by Healthcare and Electronics - Merck reported preliminary Q2 results with revenues of € 5,352m (+0.9% y-o-y), which were 1% ahead of our forecast and 2% ahead of consensus. While the company did not provide results on a segmental base, the better than expected performance was driven by the Healthcare and the Electronics division. The development of the Life Science division was described as within expectations. On the bottom line, the comp...
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