reports
Intercontinental International Reic: 1 director
A director at Intercontinental International Reic sold 2,850 shares at 6.806EUR and the significance rating of the trade was 51/100. 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...
- Jerôme Bodin
- Michael Foundoukidis
- Michael Foundoukidis
ODDO : WLTP fears look overblown for auto suppliers
>Exaggerated fears for auto suppliers - As concerns mount in the automotive sector with the broad-based shift-over to WLTP rules as of 1 September, this note details our view concerning Europe’s main auto suppliers. All in all, we think that: 1/ auto suppliers will be much less hard hit by the new standards than carmakers as the change primarily entails logistics and distribution issues; 2/ the impact, for auto suppliers, will largely stem from production deferrals be...
- Jerôme Bodin
- Michael Foundoukidis
- Michael Foundoukidis
ODDO : H1 2018 Preview: solid but still some uncertainties to overcome
>Our top picks are still PO, Continental and Michelin - Here are our first previews ahead of the interim reporting season. These earnings reports should confirm that the momentum improved in Q2 and reflect solid interim results (especially from the auto suppliers). So they should reassure the market and could provide further momentum for the stock-market rebound which has materialised in recent days (the segment has outperformed by 1.5% since the start of July), provi...
- Michael Foundoukidis
ODDO : Les craintes liées à la WLTP semblent exagérées pour les é...
>Des craintes exagérées pour les équipementiers - Alors que les craintes autour du passage généralisé au 1er septembre prochain à la règlementation WLTP en Europe se multiplient dans le secteur automobile, nous détaillons ici notre vue concernant les principaux équipementiers européens. En résumé, nous estimons que : 1/ ils seront nettement moins victimes de ce changement de normes que les constructeurs automobiles car il s’agit avant tout d’une problématique de logis...
- Michael Foundoukidis
ODDO : S1 2018: fondamentalement bon, mais des incertitudes encore à ...
>Nous maintenons nos préférences pour PO, Continental et Michelin - En amont des publications semestrielles, nous publions ici nos premiers previews. D’une manière générale, ces publications devraient confirmer l’amélioration du momentum au T2 et refléter des résultats semestriels solides (surtout côté équipementiers). Ainsi, elles devraient rassurer et pourraient renforcer le rebond boursier observé depuis plusieurs jours (surperformance du segment de 1,5% depuis déb...
- Antoine Boivin-Champeaux
- Johanna Jourdain
- Matthias Desmarais
- Michael Foundoukidis
- Yan Derocles
- Youssef Abdelaziz Balti
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
EO FAURECIA SA
DAI DAIMLER AG
SW SODEXO SA
TYRES NOKIAN RENKAAT OYJ
AM DASSAULT AVIATION SA
FFP FFP
INTERCO INTERCONTINENTAL INTERNATIONAL
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
NSAN NISSAN MOTOR CO. LTD. CEDEAR
BVDNV MARIE BRIZARD WINE & SPIRITS
- Antoine Boivin-Champeaux
- Johanna Jourdain
- Matthias Desmarais
- Michael Foundoukidis
- Yan Derocles
- Youssef Abdelaziz Balti
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
EO FAURECIA SA
DAI DAIMLER AG
SW SODEXO SA
TYRES NOKIAN RENKAAT OYJ
AM DASSAULT AVIATION SA
FFP FFP
INTERCO INTERCONTINENTAL INTERNATIONAL
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
NSAN NISSAN MOTOR CO. LTD. CEDEAR
BVDNV MARIE BRIZARD WINE & SPIRITS
- Youssef Abdelaziz Balti
ODDO : Top 5 car market in Europe: +2.1% in June, +1.1% YTD
>Top 5 car market in Europe: +2.1% in June, +1.1% YTD - In June, new car registrations in the Top 5 Europe market (more than 70% of EU+EFTA volumes) rose +2.1%, i.e. +1.1% YTD. Growth was driven by France (+9.2%), Spain (+8.0%), Germany (+4.2%). The UK and Italy were down (-3.5% and -7.3%, respectively).In June 2018, in the UK and Spain, the month of June had one fewer trading days than in June 2017Â (status quo on the other markets).? Â Â For 2018, we are fore...
- Youssef Abdelaziz Balti
ODDO : Marché VP Top 5 Europe : +2.1% en juin, +1.1% YTD
>Marché VP Top 5 Europe : +2.1% en juin, +1.1% YTD - En juin, les immatriculations sur le Top 5 Europe (> 70% des volumes EU+EFTA) ont augmenté de 2.1%, soit de +1.1% YTD. La croissance est tirée par la France (+9.2%), l’Espagne (+8.0%), l’Allemagne (+4.2%). Le UK et l’Italie reculent respectivement de -3.5% et -7.3%.En juin 2018, Au UK et en Espagne, le mois de juin a compté un jour ouvré de moins qu’en 2017 (statu quo sur les autres marchés).Pour 2018, no...
- Michael Foundoukidis
Continental : An attractive story, even beyond the strategic review
>Fundamentals-based conviction - Following our change of equity analyst, we pick up our Buy rating with a €250 target based on a SOP. Continental offers substantial potential on the fundamental level with it now looking cheap (EV/EBITDA 18e of 6.3x, PE 18e 11.9x) faced with expected earnings growth (EPS up 10% per year over the next 3 years). However, in the near term, investors are likely to focus on talks on the group’s structure which are likely to bear fruit in th...
- Michael Foundoukidis
Continental : Une histoire attractive, au-delà de la revue stratégiq...
>Une conviction avant tout fondamentale - Suite au changement d’analyste nous reprenons notre recommandation Achat avec un objectif de cours de 250 € basé sur une SOP. Continental offre, selon nous, un potentiel important sur le plan fondamental alors que sa valorisation est redevenue attractive (VE/EBITDA 18e de 6.3x, PE 18e 11.9x) face à la croissance attendue des résultats (BPA en hausse de 10% par an sur les 3 prochaines années). A court terme, les investisseurs d...
- Jean-Christophe Dourret
- Jean-Christophe Dourret
- Delphine Brault
- Jerôme Bodin
- Youssef Abdelaziz Balti
- Delphine Brault
- Jerôme Bodin
- Youssef Abdelaziz Balti
- Youssef Abdelaziz Balti
ODDO : Car market in Germany: +4.2% in June, +2.9% YTD
>Car market in Germany: +4.2% in June, +2.9% YTD - New car registrations: +4.2% in June to 341.3k units, i.e. +2.9% YTD;The number of working days was stable in June at 21 while there was one fewer in in H1 (124 days vs. 125 days in H1 2017);Diesel’s share of the market was 32.1% in H1 2018 (smaller than in 2017);For 2018 we expect sales to fall by around 2%.Mass-players in June: solid performances from VW and Renault, an increase at PSA an...
- Youssef Abdelaziz Balti
ODDO : Car market in Italy: -7.3% in June, -1.5% YTD
>Car market in Italy: -7.3% in June, -1.5% YTD - New car registrations were down -7.3% in June to 174.7k units, i.e. -1.5% YTD.June 2017 had the same number of working days as June 2017. H1 2018 was marked by one fewer working day (125 days vs 126 days over five months).The share of diesel in June stood at 52.6% (vs 58.2% in June 2017).ANFIA forecasts market growth in 2018 in line with that of 2017, i.e. between 7% and 9%.For the time being, we for...
- Youssef Abdelaziz Balti
ODDO : Marché VP Allemand : +4.2% en juin, +2.9% YTD
>Marché VP Allemand : +4.2% en juin, +2.9% YTD - Immatriculations VP : +4.2% en juin à 341.3 k-unités soit +2.9% YTD ;Le nombre de jours ouvrés est stable sur juin, en baisse de 1 jour sur S1 (21j /juin et 124j vs 125j /S1) ;La part du diesel sur S1 2018 s’élève à 32.1% (en baisse de 20% par rapport à 2017) ;Pour 2018, nous tablons sur une baisse des ventes de l’ordre de 2%.Mass-players /juin : bonne performance de VW et Renault, hausse de ...
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