reports
- Nicolas David
BVI BUREAU VERITAS SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
GRF GRIFOLS S.A. CLASS A
AIR AIRBUS SE
CAP CAPGEMINI SE
ENEL ENEL SPA
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NEM NEMETSCHEK SE
COK CANCOM SE
BC8 BECHTLE AG
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
AGN AEGON N.V.
- Nicolas David
BVI BUREAU VERITAS SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
GRF GRIFOLS S.A. CLASS A
AIR AIRBUS SE
CAP CAPGEMINI SE
ENEL ENEL SPA
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NEM NEMETSCHEK SE
COK CANCOM SE
BC8 BECHTLE AG
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
AGN AEGON N.V.
- Juan Ros-Padilla
Grifols B : Market watchdog sees relevant and significant deficiencies...
>Report finds deficiencies yet the company gets away with a light punishment - The Spanish market watchdog (CNMV) has finally issued its long-awaited report on Grifols’ unorthodox accounting methods. After reading it, we extract the following main conclusions: i) CNMV has found ‘relevant and significant deficiencies’ in the accounts, ii) besides pointing out the faults, the watchdog does not inquire further into what led the managers to proceed that way nor has any k...
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ANA ACCIONA SA
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Juan Ros-Padilla
Grifols B : Q4 2023 earnings below expectations. Breakeven FCF guidanc...
>Top line back to its usual cruising speed - Sales grew by +3% or +9% cc (vs +9% cc in Q3) reaching € 1.8bn, somewhat below our numbers yet more aligned with the consensus. Biopharma posted a +5% y-o-y growth or +10% cc (vs +14% cc in Q3) to € 1.5bn driven by: i/ solid plasma collection growth (+10% in FY 2023 vs +10% in 9M), ii/ IGg demand (higher Xembify demand in the US and robust IGg demand in Europe) and price upticks, iii/ AAT uptick in Q4 (+2% cc) but still im...
- Juan Ros-Padilla
Grifols B : A matter of trust
>Gotham’s report damage, regardless of its accuracy, will take some time to repair - The report, while vague and lacking new items, has put the spotlight on Grifols’ unorthodox way of conducting M&A involving structures with related parties. Us analysts were somewhat forgiving with this, given its (apparently) undemanding valuation, its purpose of amendment (new CEO, efficiency plan, asset disposals…) and the earnings momentum. The market has shown to be far less merc...
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/17/2024
We host our 27th ODDO BHF Forum in Lyon in 11th and 12th January 2024 and virtually 15th and 16th January 2024. In total, 335 companies will be presenting. In the following note, we provide some initial feedback of the company on the last day (day 4). - ...
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/01/2024
We host our 27th ODDO BHF Forum in Lyon in 11th and 12th January 2024 and virtually 15th and 16th January 2024. In total, 335 companies will be presenting. In the following note, we provide some initial feedback of the company on the last day (day 4). - ...
- Delphine Brault
- Quentin Borie
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/09/2024
Defensives are sharply outperforming cyclicals at the start of 2024. We think investors should start to gear portfolios towards our more cautious strategic allocation for 2024, while also taking account of the likely continuation of volatility on rates. Within defensives, we prefer utilities, telecoms, personal care & grocery stores and insurance. We think that the recent sell-off for technology offers an entry point, particularly in the semiconductors segment. We remain cautious on d...
- Delphine Brault
- Quentin Borie
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/01/2024
Les défensives surperforment nettement les cycliques en ce début d’année. Nous pensons qu’il faut commencer à orienter les portefeuilles vers notre allocation stratégique 2024, plus prudente, tout en intégrant la probable poursuite de la volatilité sur les taux. Au sein des défensives, nous privilégions Utilities, Telecoms, Personal Care & Grocery Stores et Assurances. Nous considérons que la baisse récente de la Technologie est un point d’entrée, notamment sur le segment des semicond...
- Juan Ros-Padilla
Grifols B : Our rating under review following Gotham’s report
>Gotham City Research has just issued a report on Grifols - The report says that the company has manipulated its reported debt and EBITDA to artificially reduce its leverage which it believes is closer to 10x-13x net debt/EBIDTA. While the report flags some known facts there a number of issues related to the relationship between Grifols and Scranton (Grifols family vehicle) that we would like to study and discuss with the company as this could alter our investment ca...
- Juan Ros-Padilla
Grifols B : Grifols delivers the SRAAS disposal right at the year-end
>Agreement with Haier to sell 20% of Shanghai Raas for $1.8bn - Grifols has reached a strategic alliance and share purchase agreement with Haier for the sale of a 20% equity stake in SRAAS in exchange for RMB 12.5bn (c.$ 1.8bn), while retaining a stake in SRAAS of 6.58%. The completion of the transaction is subject to customary regulatory approvals and the buyer's confirmatory due diligence. The current commercial strategic collaboration arrangements between Grifols ...
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
EDP EDP-ENERGIAS DE PORTUGAL SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
CBK COMMERZBANK AG
FORTUM FORTUM OYJ
SQ SQUARE INC. CLASS A
VNA VONOVIA SE
GRF GRIFOLS S.A. CLASS A
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
SOLB SOLVAY SA
VER VERBUND AG CLASS A
TW11 TENARIS S.A.
AUTO AUTO TRADER GROUP PLC
INGA ING GROEP NV
RACE FERRARI NV
GRF.P GRIFOLS S.A. PREF CLASS B
AZN ASTRAZENECA PLC
MRNA MODERNA INC.
SHUR SHURGARD SELF STORAGE LIMITED
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
EDP EDP-ENERGIAS DE PORTUGAL SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
CBK COMMERZBANK AG
FORTUM FORTUM OYJ
SQ SQUARE INC. CLASS A
VNA VONOVIA SE
GRF GRIFOLS S.A. CLASS A
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
SOLB SOLVAY SA
VER VERBUND AG CLASS A
TW11 TENARIS S.A.
AUTO AUTO TRADER GROUP PLC
INGA ING GROEP NV
RACE FERRARI NV
GRF.P GRIFOLS S.A. PREF CLASS B
AZN ASTRAZENECA PLC
MRNA MODERNA INC.
SHUR SHURGARD SELF STORAGE LIMITED
- Juan Ros-Padilla
Grifols B : Q3 EBITDA in line with our numbers. Guidance nuanced to th...
>Plasma collection grows at a high-single-digit pace while its unit cost keeps falling - Q3 group sales grew by +4% or +9% cc (vs +9% cc in Q2) reaching € 1.6bn, broadly in line with our numbers and the consensus. Biopharma posted a robust +8% y-o-y growth or +14% cc (vs +10% cc in Q2) to € 1.4bn driven by: i/ solid plasma collection growth (+10% in 9M vs +12% in H1), ii/ IGg demand (higher Xembify demand in the US and robust IGg demand in Europe/ROW) and price uptick...
- Baptiste Lebacq
- Emmanuel Matot
- Jerôme Bodin
- Marc Lavaud
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/10/2023
Sans direction depuis avril, les marchés européens sont récemment entrés dans une phase de bear market qui pourrait atteindre 5% supplémentaires d’ici fin 2023. Nous restons surpondérés sur les actions américaines vs européennes en raison de la résilience de l’économie US. En Europe, nous continuons de préférer les valeurs défensives peu endettées et leur adjoignons désormais celles du style Qualité. Nous ajustons notre allocation sectorielle tout en maintenant sa philosophie d’ensemb...
EDEN EDENRED SA
RNO RENAULT SA
LI KLEPIERRE SA
COV COVIVIO SA
FGR EIFFAGE SA
UHR SWATCH GROUP LTD. BEARER
RCO REMY COINTREAU SA
RXL REXEL SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
MRK MERCK KGAA
OR L'OREAL SA
GRF GRIFOLS S.A. CLASS A
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
BOL BOLLORE SA
BKT BANKINTER SA
GRF.P GRIFOLS S.A. PREF CLASS B
UMI UMICORE
SIK SIKA AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
FDJ LA FRANCAISE DES JEUX SA
STLA STELLANTIS N.V.
- Juan Ros-Padilla
Grifols B : Q3 preview: lower cost per litre start to surface driving ...
>Cheaper plasma sourcing starts surfacing in the P&L driving margins to expand both q-o-q and y-o-y - The company is due to publish its Q3 2023 results on 2 November before the market opens. We expect sales to improve +4% y-o-y to € 1.6bn which implies some sequential top-line momentum deterioration (vs +8% in Q2 and +23% in Q1) as the company faces quite a hard comp (+37% in Q3 2022). At the EBITDA level, we expect a much faster pace (+17%) as the lower plasma sourci...
- Baptiste Lebacq
- Emmanuel Matot
- Jerôme Bodin
- Marc Lavaud
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/20/2023
Without direction since April, European markets have recently entered a bear market phase that could extend by a further 5% out to the end of 2023. We remain overweight on US equities vs European equities due to the resilience of the US economy. We maintain our preference for defensive stocks with little debt, which we round out with a Quality positioning. We adjust our sector allocation whilst adhering to its overall philosophy: Short on debt & cyclicals, Long on attractive valuation...
EDEN EDENRED SA
RNO RENAULT SA
LI KLEPIERRE SA
COV COVIVIO SA
FGR EIFFAGE SA
UHR SWATCH GROUP LTD. BEARER
RCO REMY COINTREAU SA
RXL REXEL SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
MRK MERCK KGAA
OR L'OREAL SA
GRF GRIFOLS S.A. CLASS A
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
BOL BOLLORE SA
BKT BANKINTER SA
GRF.P GRIFOLS S.A. PREF CLASS B
UMI UMICORE
SIK SIKA AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
FDJ LA FRANCAISE DES JEUX SA
STLA STELLANTIS N.V.
- Jerôme Bodin
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
DBK DEUTSCHE BANK AG
ORA ORANGE SA
ULVR UNILEVER PLC
DAI DAIMLER AG
EN BOUYGUES SA
RXL REXEL SA
SCR SCOR SE
DEC JCDECAUX SA
VIV VIVENDI SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ITRK INTERTEK GROUP PLC
OR L'OREAL SA
KER KERING SA
EOAN E.ON SE
ENI ENI S.P.A.
GRF GRIFOLS S.A. CLASS A
SAN SANOFI
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
REP REPSOL SA
ANA ACCIONA SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
IBE IBERDROLA SA
WLN WORLDLINE SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
VACN VAT GROUP AG
GRF.P GRIFOLS S.A. PREF CLASS B
AZN ASTRAZENECA PLC
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
FER FERROVIAL SA
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