A director at Prosegur Compania De Securidad sold 43,602,149 shares at 1.630EUR and the significance rating of the trade was 70/100. 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...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
>Progressively recovering from Argentina’s devaluation - Group sales grew -5% y-o-y in Q1 (vs -8% in Q4 and +2% in Q3), reaching € 1.1bn, broadly in line with our estimate and the consensus. There was a material negative forex impact (-38pp vs -77pp in Q4 2023) with the group still posting very solid organic growth of +45% (vs +70% in Q4 and +42% in Q3). Reported sales for the cash division declined -1% y-o-y in Q1 (vs -20% in Q4 and -3% in Q3), with organic sales a...
With momentum around electrification less favourable of late, we have seen a major shift in perception, from doubtless overly rose-tinted optimism to what looks to be similarly excessive pessimism. While we have reduced our BEV assumptions, we nonetheless still anticipate growth in the next few years (including this year), well ahead of that of the automotive market as a whole. In the face of these changes, the players in the value chain (mines, semiconductors, auto) are differently p...
Le momentum autour de l’électrification, moins favorable dernièrement, a conduit à un changement profond de perception, passant d’un optimisme sans doute excessif à un pessimisme qui le semble tout autant. En effet, si nous avons revu en baisse nos hypothèses, nous visons néanmoins toujours une croissance dans les années à venir (y compris cette année), bien supérieure à celle du marché automobile dans son ensemble. Face à ces changements, tous les acteurs au sein de la chaîne de vale...
>Gubel’s partial takeover bid for Prosegur ends with a13.2% acceptance - The Spanish market watchdog (CNMV) has announced that the voluntary partial takeover bid launched by Gubel for a maximum of 81.8m Prosegur shares representing 15% of its share capital has been accepted for 72.1m shares, representing 13.2% of the share capital. The resulting free float of the company after the bid is 20.6% .We update our rating to Neutral - Inflation is playing a ...
>Soft sales momentum impacted by Argentina’s devaluation - Group sales decline -8% y-o-y in Q4 (vs +2% in Q3 and +7% in Q2), reaching € 942m, somewhat below our estimate (5%) and the consensus (6%). There was a material negative forex impact (-77pp vs -40pp in Q3 2023) with the group still posting a very solid organic growth of +70% (vs +42% in Q3 and +30%% in Q2). Reported sales for the cash division declined -20% y-o-y in Q4 (vs -3% in Q3 and +6% in Q2), with organ...
>The Argentinean peso devaluation will take a toll on Q4 results - The company is due to publish its Q4 2023 results on 29 February before the market opens. We expect total sales to decline by -4% y-o-y to € 987m (vs +2% in Q3 and +7% in Q2). This headline sales decline is mainly due to the FX impact from the Argentine peso devaluation in late December 2023 and its translation to the accounts with IAS 29 hyperinflation rules (EURARS@ 906 vs 370 in Q3 2023 vs 144 in ...
>CNMV approves Gubel’s partial voluntary takeover bid on Prosegur - The Spanish market watchdog (CNMV) has approved the partial voluntary takeover bid on the Prosegur shares submitted by Gubel (Prosegur’s main shareholder with a c.60% stake) on 12 December 2023. The partial offer is aimed at a maximum of 81.8m Prosegur shares (15% of its share capital). The price of the bid is € 1.83 per share and will be paid in cash. The acceptance period for the bid is 20 calendar ...
The negative results from the phase III (ADVANCE-SC) study evaluating efgartigimod SC in the treatment of primary immune thrombocytopenia or ITP has prompted us to remove Argenx from our ODDO BHF European Large Cap Convictions List this morning to limit the impact of this bad news which will no doubt weigh on the share price in the short term. Our analyst covering the stock has cut the target price from € 600m to € 550 but is sticking with an Outperform recommendation. - ...
Les résultats négatifs de l’étude de phase 3 (ADVANCE-SC) évaluant efgartigimod SC dans le traitement de la thrombopénie immunitaire primaire ou ITP nous conduisent à sortir ce matin ArgenX de notre liste de valeurs recommandées Larges Caps afin de limiter l’impact de cette mauvaise nouvelle qui ne manquera pas de peser sur les cours à court terme. Notre analyste baisse son OC de 600 € à 550 €, mais maintient sa recommandation Surperformance. - ...
>Argentina’s potential dollarization - Javier Milei, recently elected Argentina’s new president (the region including Uruguay and Paraguay accounts for c.30% of group’s EBIT) plans to replace the national currency by the US dollar. Prosegur’s management believes that the immediate short-term effect will be a monetary contraction which together with the austerity measures that the new government plans to implement will bring the economy into recession and fuel inflatio...
>Gubel offers € 1.83/sh for up to 15% of the capital - The company just announced, via a regulatory filing, that Gubel (family office of the Gut-Revoredo family controlling 59.9% of the shares and 61.5% of the voting rights) has launched a partial voluntary bid at € 1.83/share for up to 81.75m shares equivalent to 15% of the capital. Gubel intends to file the application for the authorisation of the bid in the next 15 to 30 days. Dividends distributed before the settl...
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