reports
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/10/2024
Comme Astérix dans l’album éponyme, Barnier a un chaudron à remplir. Deux mesures pour y parvenir ont « fuité » ces derniers jours dans la presse : rabotage du CIR (Crédit d’impôt Recherche) et hausse « exceptionnelle » de l’impôt des sociétés sur les grands groupes. Nous avons mesuré la sensibilité des 90 et 80 sociétés les plus concernées dans notre univers de couverture à ces deux mesures. 20 sociétés ont un CIR > 5% de leur EBIT et 22 sociétés verraient leurs BPA baisser de plus d...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/01/2024
Like Astérix in the album of the same name, Michel Barnier has a cauldron to fill. Two measures to manage this have “leaked” in the press in the last few days: a reduction in the CIR research tax credit and an exceptional tax increase on large companies. We measured the sensitivity to these two measures of the 90 and 80 companies most concerned in our coverage universe. 20 companies have a CIR >5% of their EBIT and 22 companies would see their EPS fall by more than 5% due to the addit...
- Eya Drira
- Geoffroy Michalet
SGS : Guidance confirmed, but transition to be watched- Target price c...
>No surprises during the call…but a more cautious tone - Yesterday SGS held a call with analysts ahead of the publication of its Q3 sales on Friday 25 October, before market open. During this meeting, we noted a message that was in line with the previous communication, which at the same time emphasised a number of key points that are likely to affect the performance in H2. The I&E (33% of sales) and NR (24% of sales) divisions continue to perform well and should post...
- Eya Drira
- Geoffroy Michalet
SGS : Guidance confirmée, mais une transition à surveiller - OC abaiss...
>Un call sans surprise …mais une communication plus prudente - SGS a tenu hier un call avec les analystes en amont de la publication de son CA T3 le vendredi 25 octobre, avant Bourse. Lors de cette réunion, nous a avons retenu un message cohérent avec la précédente communication, tout en mettant l’accent sur quelques points clés qui devraient influencer la performance au S2. Les divisions I&E (33% du CA) et NR (24% du CA) continuent de bien performer, et devraient a...
- Andreas Riemann
Adidas : Q3 2024 results due 29 Oct – Fast and profitable growth
>Some 13% underlying growth and 9% EBIT margin - adidas will report its Q3 2024 results on 29 October. We forecast sales to increase 10% y-o-y excluding FX to € 6.5bn. This reflects some 13% growth in the underlying business and a Yeezy effect of -3%. We assume a 2% contribution from Yeezy this year compared to 5% last year. Yes, 13% underlying growth in Q3 would be below the level of 16% seen in Q2 which benefited from the UEFA EURO 2024, Copa and early deliveries. ...
- Damien Choplain
- Martial Descoutures
Roche Holding : The streamlining of the development strategy is taking...
>Development focused on 5 therapeutic areas and 11 diseases - At its Pharma Day yesterday, Roche presented its new strategy which is now focused on 1/ five therapeutic areas (cardiovascular/metabolic, oncology/haematology, neurology, immunology and ophthalmology) representing 80% of future pharma industry growth and 2/ eleven pathologies (including breast cancer, haemophilia, multiple sclerosis, obesity, etc.) in which Roche believes it has the capacity to bring to th...
- Andreas Riemann
Zalando : Q3 due 5 November – Accelerating momentum and increased prof...
>Colder weather in September, 6% GMV growth and 190bp margin increase - Zalando will report Q3 2024 results on 5 November. We forecast GMV and sales to increase 6% y-o-y. This reflects a good start to Q3, and we also expect September to be a strong month given 1/ positive data from Textilwirtschaft (at least 3 weeks with double-digit growth in German offline apparel) and H&M (11% sales growth excluding FX for September expected) as well as 2/ easy comparatives. Adjust...
- Damien Choplain
- Martial Descoutures
Roche Holding : La rationalisation de la stratégie de développement pr...
>Développement focalisé sur 5 aires thérapeutiques et 11 pathologies - Lors de son Pharma Day tenu hier, Roche a présenté sa nouvelle stratégie désormais focalisée sur 1/cinq aires thérapeutiques (cardiovasculaire/métabolique, oncologie/hématologie, neurologie, immunologie et ophtalmologie) représentant 80% de la croissance future de l’industrie pharma et 2/ onze pathologies (dont cancer du sein, hémophilie, sclérose en plaques, obésité, etc.) dans lesquelles Roche pe...
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #41
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the endless reshuffling of European purchasing alliances among food retai
- Anthony Dick
- Marc Lavaud
- Michael Foundoukidis
- Anthony Dick
- Marc Lavaud
- Michael Foundoukidis
- Andreas Riemann
Adidas : Field Trip feedback – On track for fast growth and 10% EBIT m...
>Impressed by Bjørn Gulden’s focus on products and his positive mindset - On Tuesday we organised a field trip to adidas headquarters. This visit included a meeting with CEO Bjørn Gulden, a product tour, and a visit of the innovation lab. Major takeaways from this event are: 1/ Brand momentum remains strong. 2/ Terrace footwear does not experience a slowdown and take down versions might offer an opportunity for growth going forward. 3/ adidas has successfully started...
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
ROG ROCHE HOLDING LTD
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RXL REXEL SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
CPR DAVIDE CAMPARI-MILANO N.V.
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
ROG ROCHE HOLDING LTD
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RXL REXEL SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
CPR DAVIDE CAMPARI-MILANO N.V.
- Damien Choplain
- Martial Descoutures
Roche Holding : Feedback from EASD call
>Differentiated clinical profiles of CT-388 and CT-996 not validated at this stage - At last week's EASD, Roche presented new phase I clinical data for its two lead compounds in obesity, including the following:CT-388 (GIP/GLP-1; weekly injection): data at 24 weeks showed a weight reduction of 18.9% at the highest dose, making CT-388 one of the most potent products currently in development. For example, weight loss was 17.5% for Lilly's retatrutide at 24 weeks ...
- Damien Choplain
- Martial Descoutures
Roche Holding : Feedback call EASD
>Profils cliniques différenciés de CT-388 et CT-996 non validés à ce stade - Dans le cadre du congrès de l’EASD qui s’est tenu la semaine dernière, Roche a présenté de nouvelles données cliniques de phase 1 pour ses deux actifs phares dans l’obésité, dont nous retenons les points suivants :CT-388 (GIP/GLP-1 ; injection hebdomadaire) : les données à 24 semaines montrent une réduction de poids de 18.9% à la dose la plus forte ce qui positionne CT-388 parmi les pr...
- Martin Marandon-Carlhian
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/12/2024
We have upgraded our target price from € 43.4 to € 45.3 which factors in the growth strategy out to 2027 (EBITDA +5% to 6% p.a.) whereas the share price implies decrease of 0.65% p.a. The strategic GreenUp plan is based on three booster businesses that should see a gradual acceleration and will involve asset rotation. An accretive re-profiling in terms of EPS, and with no repercussions for the leverage limit, could also show through with minority buyouts for the regulated water operat...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
CBK COMMERZBANK AG
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ZAL ZALANDO SE
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Martin Marandon-Carlhian
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/09/2024
Nous relevons notre objectif de cours de 43.4 € à 45.3 € qui intègre la stratégie de croissance à 2027 (EBITDA +5% à 6%/an) alors que le cours de Bourse sous-tend une baisse de 0.65%/an. Le plan stratégique GreenUp repose sur trois métiers Boosters qui doivent connaitre une accélération graduelle et impliquer des rotations d’actifs. Un reprofilage relutif en termes de BPA, et sans conséquence sur la limite de levier, pourrait aussi intervenir par le biais de rachats de minoritaires de...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
CBK COMMERZBANK AG
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ZAL ZALANDO SE
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Andreas Riemann
Zalando : Road show feedback – focus on recovery of growth and B2B
>GMV growth to accelerate in H2 2024 - Yesterday, we were on a road show with Zalando in Dublin. From the presentation we take away: 1/ The B2B segment should outgrow B2C. 2/ The target in 2024 is to return to growth. In line with that Zalando expects a sequential improvement of GMV growth. 3/ AI is used to provide better and faster advice to consumers and lower return rates. However, it is still early days. Overall, statements are in line with previous ones made. Thu...
- Oliver Metzger
- Sinan Doganli
ODDO : First feedback – DAY 1
We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - >Adidas (+) – On trackAixtron (=) – No short-term inflection, but high confidence in long-term prospectsAllgeier (+) – Is confident it can achieve 15% EBITDA margin by the end of 2025 ams OSRAM (=) – Some cautiousness on auto/industrial, still co...
FME FRESENIUS MEDICAL CARE AG
CEC CECONOMY AG
AMS AMS AG
ADS ADIDAS AG
CBK COMMERZBANK AG
EVT EVOTEC SE
GBF BILFINGER SE
BOSS HUGO BOSS AG
SDF K+S AG
TPE PVA TEPLA AG
ZAL ZALANDO SE
BAS BASF SE
AIXA AIXTRON SE
BC8 BECHTLE AG
SAX STROEER SE & CO. KGAA
LEG LEG IMMOBILIEN AG
WAF SILTRONIC AG
BNR BRENNTAG SE
SMHN SUESS MICROTEC AG
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
AEIN ALLGEIER HOLDING AG
IOS IONOS GROUP SE
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.