reports
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/03/2024
L’année 2024 sera marquée par l’élection présidentielle américaine et l’annonce des rabais pour les 10 médicaments dont les prix sont dorénavant négociés directement par Medicare dans le cadre de l’IRA. Nous tablons sur une croissance des BPA 24e de 8% et relevons nos OC de 1% en moyenne. Nous privilégions GSK (Surperformance) qui allie valorisation attractive, croissance et newsflow. Nous maintenons notre recommandation Surperformance sur Sanofi qui devrait bénéficier d’un catalyseur...
RNO RENAULT SA
ADS ADIDAS AG
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
ZAL ZALANDO SE
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
SAN SANOFI
SOLB SOLVAY SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AZN ASTRAZENECA PLC
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/13/2024
2024 is set to be marked by the US presidential election and the announcement of rebates for the 10 drugs for which prices are now negotiated directly through Medicare under the IRA. We forecast EPS 24e growth of 8% and lift our target prices by 1% on average. We prefer GSK (Outperform) which combines an attractive valuation, growth and clinical newsflow. We maintain our Outperform rating on Sanofi which should benefit from a transformative clinical catalyst in H1. We lower our rating...
RNO RENAULT SA
ADS ADIDAS AG
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
ZAL ZALANDO SE
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
SAN SANOFI
SOLB SOLVAY SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AZN ASTRAZENECA PLC
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : Good set of results and very encouraging guidance
>2023 was a very good year - E.ON this morning released a good set of results for 2023 and a very strong message for the 2024-2028 outlook. In 2023 EBITDA was up 16% to € 9,370m vs € 8,794m expected, boosted by the performance in the energy networks and customer solutions divisions. EBIT was up 23% to € 6,387m vs € 5,946m expected. Adjusted net income came in at € 3,068m (+12%) vs € 2,879m expected, giving EPS of € 1.18 vs € 1.10 expected. All the divisions contribute...
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : Good set of results and very encouraging guidance
>2023 was a very good year - E.ON this morning released a good set of results for 2023 and a very strong message for the 2024-2028 outlook. In 2023 EBITDA was up 16% to € 9,370m vs € 8,794m expected, boosted by the performance in the energy networks and customer solutions divisions. EBIT was up 23% to € 6,387m vs € 5,946m expected. Adjusted net income came in at € 3,068m (+12%) vs € 2,879m expected, giving EPS of € 1.18 vs € 1.10 expected. All the divisions contribute...
EQS-News: E.ON announces additional billions of investments in the ene...
EQS-News: E.ON SE / Key word(s): Annual Report E.ON announces additional billions of investments in the energy transition 13.03.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. E.ON announces additional billions of investments in the energy transition E.ON increases planned investments across Europe from €33 billion to €42 billion for the years 2024 to 2028, focusing on energy networks and energy infrastructure solutions The company continues its successful growth path and surpasses forecast for the financial ye...
EQS-News: E.ON kündigt zusätzliche Milliardeninvestitionen in Energiew...
EQS-News: E.ON SE / Schlagwort(e): Jahresbericht E.ON kündigt zusätzliche Milliardeninvestitionen in Energiewende an 13.03.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. E.ON kündigt zusätzliche Milliardeninvestitionen in Energiewende an E.ON erhöht europaweit geplante Investitionen von 33 auf 42 Milliarden Euro für die Jahre 2024 bis 2028 – Fokus auf Energienetze und Energieinfrastrukturlösungen Unternehmen setzt erfolgreichen Wachstumskurs fort und übertrifft Prognosen für das Geschäftsjahr 2023: berein...
E. On SE: 1 director
A director at E. On SE bought 16,450 shares at 12.187EUR and the significance rating of the trade was 70/100. 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 show...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/02/2024
Sodexo boasts a defensive profile and significant potential for operational improvement, with progress increasingly visible since Sophie Bellon’s arrival as CEO. These factors are set to endure, narrowing the gap with Compass, and its transformation into a catering pure player following Pluxee’s spin-off in early 2024 should facilitate the group’s rerating. Outperform rating reiterated and a target price € 98 following Pluxee’s spin-off (combined Sodexo + Pluxee target price of € 12...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/02/2024
Sodexo bénéficie d’un profil défensif et d’un fort potentiel d’amélioration opérationnelle, avec des progrès de plus en plus visibles depuis l’arrivée de Sophie Bellon comme CEO. Ceux-ci devraient se poursuivre, réduisant l’écart avec Compass, et sa transformation en un pure player, à la suite du spin-off de Pluxee début 2024, devrait faciliter son rerating boursier. Surperformance réitérée et OC à 98 € à la suite du spin-off de Pluxee (OC combinés Sodexo + Pluxee à 129 € vs OC de 118...
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : Preliminary results pending the earnings release on 13 March
>Results beat forecasts - E.ON published its preliminary results yesterday after market close. They came in above forecasts and the group's guidance. Only the key performance indicators were published. The main trends were the following: group EBITDA was € 9.4bn beating the guidance for € 8.6-8.8bn and our estimate of € 8.8bn. Attributable net profit was € 3.1bn vs guidance for € 2.7-2.9bn and our estimate of € 2.9bn. EPS was € 1.18 vs guidance for € 1.03-1.11 and our...
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : Des résultats préliminaires pour patienter jusqu’au 13 mars
>Des résultats supérieurs aux attentes - E.ON a publié ses résultats préliminaires après la clôture. Ils sont ressortis supérieurs aux attentes et à la guidance du groupe. Seuls les indicateurs de performance principaux ont été publiés. Les principales tendances sont les suivantes : l’EBITDA groupe s’est établit à 9.4 Md€ supérieur à la guidance 8.6-8.8 Md€ et à nos estimations 8.8 Md€. Le RNpg ressort à 3.1 Md€ contre une guidance 2.7-2.9 Md€ et notre estimation 2.9 ...
- Olfa Taamallah
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/19/2024
We initiate coverage on Elia Group with an Underperform recommendation and see short-term downside in the stock of 8-9%. Although the company is perfectly positioned to benefit from the required massive upgrades in European electricity grids, its government regulated returns (RoE to remain around 7.5%) in our view are too low to defend its premium valuation, especially in light of the funding requirements for its € 30+bn capex plan. We also have our doubts on the shareholder structure...
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
SSAB A SSAB AB CLASS A
HAL HAL TRUST
EOAN E.ON SE
ENI ENI S.P.A.
BAS BASF SE
CAP CAPGEMINI SE
REP REPSOL SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
AM DASSAULT AVIATION
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Olfa Taamallah
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/01/2024
We initiate coverage on Elia Group with an Underperform recommendation and see short-term downside in the stock of 8-9%. Although the company is perfectly positioned to benefit from the required massive upgrades in European electricity grids, its government regulated returns (RoE to remain around 7.5%) in our view are too low to defend its premium valuation, especially in light of the funding requirements for its € 30+bn capex plan. We also have our doubts on the shareholder structure...
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
SSAB A SSAB AB CLASS A
HAL HAL TRUST
EOAN E.ON SE
ENI ENI S.P.A.
BAS BASF SE
CAP CAPGEMINI SE
REP REPSOL SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
AM DASSAULT AVIATION
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : Regulator launches major consultation
>The basis for new regulation (from 2028) - At a time when observers are wondering about the final elements still to be determined for the fourth regulatory period, the Bundesnetzagentur (the German regulator) announced yesterday at a press conference its intention to develop the regulatory framework after the end of the current period. Electricity distribution activities entered the fourth regulatory period this year, for a period of five years, and although certain ...
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : Le régulateur lance une grande consultation
>Les bases d’une nouvelle régulation (à partir de 2028) - Alors que les observateurs s’interrogent sur les derniers éléments qui restent à déterminer pour la 4ème période régulatoire, la Bundesnetzagentur (le régulateur allemand) a rendu public hier, à l’occasion d’une conférence de presse, son intention de faire évoluer le cadre régulatoire après la fin de la période actuelle. En effet les activités de distribution d’électricité sont entrées cette année dans la quatr...
- Julian Dobrovolschi
V1S ARKEMA
CON CONTINENTAL AKTIENGESELLSCHAFT
LHN LAFARGEHOLCIM LTD.
LR LEGRAND SA
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
PROX PROXIMUS SA DE DROIT PUBLIC
MT ARCELORMITTAL SA
KPN ROYAL KPN NV
ORA ORANGE SA
CBK COMMERZBANK AG
NOVN NOVARTIS AG
FGR EIFFAGE SA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
MRK MERCK KGAA
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
AIR AIRBUS SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
COLO B COLOPLAST A/S CLASS B
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
HLAG HAPAG-LLOYD AG
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ADYEN ADYEN NV
NEXI NEXI S.P.A.
VWS VESTAS WIND SYSTEMS
AZE AZELIS GROUP NV
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
- Emira Sagaama
- Julian Dobrovolschi
V1S ARKEMA
CON CONTINENTAL AKTIENGESELLSCHAFT
LHN LAFARGEHOLCIM LTD.
LR LEGRAND SA
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
PROX PROXIMUS SA DE DROIT PUBLIC
MT ARCELORMITTAL SA
KPN ROYAL KPN NV
ORA ORANGE SA
CBK COMMERZBANK AG
NOVN NOVARTIS AG
FGR EIFFAGE SA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
MRK MERCK KGAA
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
AIR AIRBUS SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
COLO B COLOPLAST A/S CLASS B
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
HLAG HAPAG-LLOYD AG
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ADYEN ADYEN NV
NEXI NEXI S.P.A.
VWS VESTAS WIND SYSTEMS
AZE AZELIS GROUP NV
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
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.