reports
- Jerôme Bodin
ODDO : Olympic Games and Euro 2024: a limited economic impact but an o...
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Som...
AC ACCOR SA
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
FRA FRAPORT AG
ADP AEROPORTS DE PARIS SA
BN DANONE SA
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
PUM PUMA SE
COV COVIVIO SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
ULVR UNILEVER PLC
RCO REMY COINTREAU SA
SW SODEXO SA
TFI TELEVISION FRANCAISE 1 SA
MMB LAGARDERE SCA
DEC JCDECAUX SA
NESN NESTLE S.A.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
GLO GL EVENTS SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
WPP WPP PLC
ICAD ICADE SA
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ABI ANHEUSER-BUSCH INBEV SA/NV
DUFN DUFRY AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
FDJ LA FRANCAISE DES JEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
AF AIR FRANCE - KLM
MFEA MEDIASET NV
- Jerôme Bodin
ODDO : Jeux Olympiques et Euro 2024 : un impact économique limité mais...
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être l...
AC ACCOR SA
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
FRA FRAPORT AG
ADP AEROPORTS DE PARIS SA
BN DANONE SA
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
PUM PUMA SE
COV COVIVIO SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
ULVR UNILEVER PLC
RCO REMY COINTREAU SA
SW SODEXO SA
TFI TELEVISION FRANCAISE 1 SA
MMB LAGARDERE SCA
DEC JCDECAUX SA
NESN NESTLE S.A.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
GLO GL EVENTS SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
WPP WPP PLC
ICAD ICADE SA
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ABI ANHEUSER-BUSCH INBEV SA/NV
DUFN DUFRY AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
FDJ LA FRANCAISE DES JEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
AF AIR FRANCE - KLM
MFEA MEDIASET NV
- Jacob Mekhael
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Fernand de Boer
AB InBev - Altria finally to reduce its stake
Altria announced to reduce its stake in AB InBev from approx. 10% to 8% through a secondary global offering. AB InBev will buy back some USD 200m or some 9% of the placement.We are pleased that Altria starts to take away the overhang. However, we would have preferred this at a later moment, allowing AB InBev to buy back a bigger part of the shares instead of 9%. In addition, Altria could return after the 180 days lock up. We maintain our Buy rating but given short term uncertainty we take AB...
- Chaima Ferrandon
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Michael Foundoukidis
- Sven Edelfelt
LHN LAFARGEHOLCIM LTD.
BMW BAYERISCHE MOTOREN WERKE AG
1COV COVESTRO AG
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
DGE DIAGEO PLC
RNO RENAULT SA
MTX MTU AERO ENGINES AG
FGR EIFFAGE SA
DAI DAIMLER AG
ADEN ADECCO GROUP AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ELE ENDESA S.A.
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
KGX KION GROUP AG
ASRNL ASR NEDERLAND NV
MONC MONCLER SPA
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
UN0 UNIPER SE
- Chaima Ferrandon
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Michael Foundoukidis
- Sven Edelfelt
LHN LAFARGEHOLCIM LTD.
BMW BAYERISCHE MOTOREN WERKE AG
1COV COVESTRO AG
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
DGE DIAGEO PLC
RNO RENAULT SA
MTX MTU AERO ENGINES AG
FGR EIFFAGE SA
DAI DAIMLER AG
ADEN ADECCO GROUP AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ELE ENDESA S.A.
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
KGX KION GROUP AG
ASRNL ASR NEDERLAND NV
MONC MONCLER SPA
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
UN0 UNIPER SE
- ING Helpdesk
Benelux Morning Notes
AB InBev: A Bit Light, Bud. Ackermans & van Haaren: Core units AM/Banks and DEME. Adecco: Beats by 17% on 4Q23 EBITA; outlook solid. Air France-KLM: Peak reached already? Allfunds Group PLC: MoreFunds. ASR: 2H23 squeezed between two CMDs, no surprises. Belgian telecoms: Digi to launch convergent offers in Belgium. CM.com: FY23 results, EBITDA positive in 2H23. Fugro: Strong? Excellent!. NN Group: FY23 better, modest 2025 targets, capital distribution strategy better. Recticel...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Robert Jan Vos
Anheuser-Busch InBev : Light Q4 2023 results; disappointing dividend; ...
>Results below forecasts on most operational lines; meagre dividend of € 0.82 - ABI’s volumes decreased 2.6% in Q4 2023, below our estimates and consensus. Most regions disappointed. Sales growth was 6.2% organically, in line with estimates. Organic EBITDA growth was 6.2% in Q4 2023, ahead of estimates. However, absolute EBITDA fell short 6-7%. North America and South America mainly disappointed. Underlying EBIT fell short 8-10%. Lower-than-expected finance costs and ...
- Wim Hoste
AB InBev FIRST LOOK: 4Q growth in line, FY24 guidance in line with mid...
4Q organic growth rates were close to our and consensus figures with actual figures slightly below forecasts given a bigger than expected impact from FX/hyperinflation accounting. FY24 guidance of 4-8% EBITDA growth is in line with the mid term growth ambition while we and CSS are respectively at +8% and +9% respectively. We still appreciate ABI for its leadership positions in the global beer market, high intrinsic profitability and LT growth prospects in its emerging markets businesses. Delever...
AB InBev publie les résultats de l’exercice et du quatrième trimestre ...
BRUXELLES--(BUSINESS WIRE)-- AB InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD): Ce communiqué de presse contient des éléments multimédias. Voir le communiqué complet ici : Tableau 14. Échéancier de remboursement des dettes au 31 décembre 2023 (milliards d’USD) (Graphic: Business Wire) Information réglementée et privilégiée1 « Notre entreprise a réalisé une nouvelle année de croissance rentable et constante, avec une hausse des produits de 7.8% et une hausse de l’EBITDA de 7.0%. Une solide génération de flux de trésorerie disponible nous a permis de progresser sur la voie de notre désend...
AB InBev Reports Full Year and Fourth Quarter 2023 Results
BRUSSELS--(BUSINESS WIRE)-- AB InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD): This press release features multimedia. View the full release here: Figure 14. Terms and debt repayment schedule as of 31 December 2023 (billion USD) (Graphic: Business Wire) Regulated and inside information1 “Our business delivered another year of consistent profitable growth with a revenue increase of 7.8% and EBITDA growth of 7.0%. Strong free cash flow generation enabled us to progress on our deleveraging, propose an increased dividend to our shareholders and execute on a 1 billion USD share buyback. Our ...
- Fernand de Boer
AB InBev - Bud Light and Argentina dominating results
Volumes and absolute EBITDA figures came in below expectations, organic growth figures exceeded. Bud Light and Argentina hyperinflation had a large impact on the results. Deleverage continued, but dividend proposal is below expectation. Outlook for EBITDA growth of 4-8% in 2024 is line and there is room to exceed. However, given slightly lower base we expect estimates to come down marginally. Buy and TP of EUR 68 maintained.
- Fernand de Boer
AB InBev - Challenging Q4, but a strong 2024 expected
Q4 results to be depressed by the Bud Light saga and Argentine peso devaluation. Nevertheless, we expect full year organic EBITDA growth of 6.5%, in line with the company's guidance. Given the ongoing deleverage we foresee dividend to be raised from EUR 0.75 to EUR 1.00 We reiterate our Buy rating as we are very optimistic on the earnings growth for 2024 and 2025 further deleveraging the company. However, as it is early in the year, with market condition still challenging and Bud Light stil...
- MarketLine Department
Waterloo Brewing Ltd - Company Profile and SWOT Analysis
Summary Waterloo Brewing Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Waterloo Brewing Ltd (Waterloo) is a provider of alcoholic beverages. The company produces, markets, and distributes canned, bottled and draft premium beer. The company also manufactures and distri...
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/01/2024
En ce début d’année 2024, nous privilégions les compagnies low-cost face aux majors. Nous estimons que la dynamique capacitaire restera plus favorable sur l’intra-européen que sur les routes long-courrier, ce qui permettra une évolution plus positive du pricing pour les LCC avec un levier opérationnel plus important. Nous dégradons par conséquent IAG en Neutre (vs Surperformance) avec un OC de 2 €, Lufthansa en Neutre (vs Surperformance) avec un OC de 8.5 € et finalement Air France-KL...
NOVN NOVARTIS AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
ADEN ADECCO GROUP AG
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
ORSTED ORSTED
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
STMN STRAUMANN HOLDING AG
GSK GSK PLC
NOVO B NOVO NORDISK A/S
AGN AEGON N.V.
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/23/2024
At the start of 2024, we are playing low-cost carriers over majors. We think that capacity momentum will remain more favourable on intra-European routes than on long-haul routes, which will lead to a more positive pricing trend for LCCs with greater operating leverage. We are therefore downgrading our recommendation on IAG to Neutral (from Outperform), with a target price of € 2, Lufthansa to Neutral (from Outperform), with a target price of € 8.5 and lastly, Air France-KLM to Underpe...
NOVN NOVARTIS AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
ADEN ADECCO GROUP AG
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
ORSTED ORSTED
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
STMN STRAUMANN HOLDING AG
GSK GSK PLC
NOVO B NOVO NORDISK A/S
AGN AEGON N.V.
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