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Carole Braudeau
  • Carole Braudeau

Credit Morning 07/03/2025

Orano warns of bankruptcy of its subsidiary in Niger|Afflelou: S&P and Fitch maintain ratings and outlooks stable after dividend|Maxeda: excellent Q1 results, debt buybacks continue, no comment on the refinancing|Bouygues and Iliad are reportedly discussing a split of SFR (BFM Business)|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 03/07/2025

Orano alerte sur la faillite de sa filiale au Niger|Afflelou : S&P et Fitch maintiennent les ratings et outlooks stables après le dividende|Maxeda : très bons résultats T1, les rachats de dettes se poursuivent, pas de commentaires sur le refinancement|Bouygues et Iliad discuteraient d’un partage de SFR (BFM Business)|

Delphine Brault ... (+2)
  • Delphine Brault
  • Steven Boumans
Delphine Brault ... (+2)
  • Delphine Brault
  • Steven Boumans

Altarea: 1 director

A director at Altarea sold 64,904 shares at 99.940EUR and the significance rating of the trade was 100/100. 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 showin...

Carole Braudeau
  • Carole Braudeau

Credit Morning 06/17/2025

Les Mousquetaires: put option agreement with Colruyt to acquire 81 Colruyt stores in France|SoftBank Group seeks to raise up to $ 4.9bn through the sale of TMUS shares (Bloomberg) (Bloomberg)|Coty is looking for buyers (WDD)|United Group revamps its management|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 17/06/2025

Les Mousquetaires : promesse unilatérale d’achat de 81 magasins de Colruyt en France|SoftBank Group compte lever jusque 4,9 mds USD via la vente d’actions T-Mobile US (Bloomberg)|Coty chercherait à être cédé (WDD)|United Group renouvelle son management|

 PRESS RELEASE

SYNERGIE : AMF - Déclaration mensuelle des droits de vote au 31 mai 20...

SYNERGIE : AMF - Déclaration mensuelle des droits de vote au 31 mai 2025 Information Réglementée Nombre total de droits de vote et d’actions composant le capital social au 31 mai 2025 (Article L.233-8 II du Code de Commerceet les articles 221-1 et 223-16 du Règlement Général de l’AMF)             31 mai 2025Nombre total d’actions composant le capital24 362 000Nombre total de droits de vote exerçables39 626 136Nombre total de droits de vote, calculé sur la base de l’ensemble des actions composant le capital, y compris les actions privées de droits de vote*       41 127 688   *A...

Carole Braudeau
  • Carole Braudeau

Credit Morning 06/10/2025

Telefonica and MasOrange have reportedly held informal talks about a potential acquisition of Vodafone Espagne (Bloomberg)|Review of Swiss banking regulation – Impact on UBS and Swiss Banks’ AT1|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 10/06/2025

Telefonica et MasOrange aurait eu des discussions informelles sur une éventuelle acquisition de Vodafone Espagne (Bloomberg)|Suisse : révision de la réglementation bancaire – Impacts pour UBS et les AT1 des banques suisses|

Ahmed Ben Salem ... (+3)
  • Ahmed Ben Salem
  • Bruno Cavalier
  • Steven Boumans
FP TOTAL SE
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
SSAB A SSAB AB CLASS A
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
TNG TRANSGENE SA
MERY MERCIALYS SA
EVN EVN AG
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
KCO KLOECKNER & CO SE
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
JCQ JACQUET METALS SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
ERA ERAMET SA
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
TTS TRANSPORT TRADE SVCS
SHUR SHURGARD SELF STORAGE LIMITED
ATO ATOS SE
Ahmed Ben Salem ... (+3)
  • Ahmed Ben Salem
  • Bruno Cavalier
  • Steven Boumans
FP TOTAL SE
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
SSAB A SSAB AB CLASS A
NXI NEXITY SA CLASS A
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
KCO KLOECKNER & CO SE
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
JCQ JACQUET METALS SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
BAS BASF SE
SAN SANOFI
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
AZN ASTRAZENECA PLC
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
DSY DASSAULT SYSTEMES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
GSK GSK PLC
SHUR SHURGARD SELF STORAGE LIMITED
H2O HIDROELECTRICA S.A.
NOVO B NOVO NORDISK A/S
Carole Braudeau
  • Carole Braudeau

Credit Morning 05/28/2025

Tereos : -29% decline in EBITDA for 2024/25 and very cautious guidance for 2025/26, with leverage that could reach 5x.|IHO roadshow feedback: ContiTech monetisation could help IHO to de-lever… but earliest 2026|Emeria: Q1 2025 results reassuring despite ongoing liquidity concerns|Isabel Marant: despite a further improvement in the topline, EBITDA fell again in Q1|Tough 2025 results, withdrawal of 2026 targets, Q1 2026 revenue expected to drop by 20%, and new CFO|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 28/05/2025

Tereos : publication d’une baisse de -29% de l’EBITDA en 2024/25 et guidance très prudente pour 2025/26, avec un levier qui pourrait aller jusqu’à 5x.|IHO roadshow feedback: ContiTech monetisation could help IHO to de-lever… but earliest 2026|Emeria : un T1 2025 rassurant même si la liquidité reste critique|Isabel Marant : malgré une nouvelle amélioration de la topline, l’Ebitda est à nouveau en baisse au T1|Résultats 2025 difficiles, retrait des objectifs 2026, CA T1 2026 attendu en baisse org....

Joan Sehim
  • Joan Sehim

Altarea : Focus on margins and diversification

The property development sector remains disrupted by numerous headwinds, and we will have to wait until H2 2026 for a more pronounced recovery. That said, Altarea is ahead in the property cycle and should begin to benefit from the launch of its new programmes in 2025, with an initial positive impact on its margins. The group is also benefiting from the very strong performance of its cash-generating retail business and can count on the ramp-up of its new businesses in the long term. Existing liqu...

Joan Sehim
  • Joan Sehim

Altarea : Priorité aux marges et à la diversification

Le secteur de la promotion reste perturbé par de nombreux vents contraires et il faudra attendre le S2 2026 pour un redémarrage plus franc. Cela dit, Altarea est en avance dans le cycle immobilier et devrait commencer à profiter du lancement de ses nouveaux programmes en 2025, avec un effet positif sur ses marges dans un premier temps. Le groupe bénéficie aussi de la très bonne performance de son activité de commerce, génératrice de cash, et pourra compter sur la montée en puissance de ses nouve...

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