reports
AMS AMS AG
SZG SALZGITTER AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WOLF SOCIETE LDC SOCIETE ANONYME
ALKAL KALRAY SA
JEN JENOPTIK AG
UPG UNIFIEDPOST GROUP
ARM ARM HOLDINGS PLC
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/05/2024
Professional activities are a support factor for organic growth and the sales mix should boost profitability. The regularity and strength of FCF coupled with a sound balance sheet (ND/EBITDA 1.6x) are additional advantages for expanding through acquisitions. We are reiterating our Outperform opinion and our target price of € 140. - ...
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
FDR FLUIDRA S.A.
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
AMS AMS AG
SZG SALZGITTER AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WOLF SOCIETE LDC SOCIETE ANONYME
ALKAL KALRAY SA
JEN JENOPTIK AG
UPG UNIFIEDPOST GROUP
ARM ARM HOLDINGS PLC
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/07/2024
Les activités professionnelles constituent un facteur de soutien à la croissance organique et un mix favorable à la hausse de la profitabilité. La régularité et l’importance du FCF couplées à une situation bilancielle déjà saine (DN/EBITDA 1.6x) sont des atouts supplémentaires pour se renforcer par acquisition. Nous réitérons notre opinion Surperformance et OC à 140 € - ...
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
FDR FLUIDRA S.A.
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Sales in May 2024 > forecasts, driven by memory, we still prefe...
>Worldwide sales in May 2024 > forecasts, up 18.3% y-o-y vs +15.8% in April - Worldwide semiconductor sales in May 2024 were published by the WSTS (World Semiconductor Trade Statistics) the usual one-month lag. On a three-month moving average, they were $ 48.7bn, above our forecast of $ 47.3bn, revealing a sequential increase of 4.9% and a fresh improvement in annual growth to +18.3%, after 15.8% in April. Strong growth continues in memory, better in aut...
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Ventes de mai 2024 > aux attentes tirées par la mémoire, nous m...
>Ventes mondiales de mai 2024 > aux attentes à 18.3% yoy vs +15.8% en avril - Les ventes mondiales de semiconducteurs de mai 2024 ont été publiées par WSTS (World Semiconductor Trade Statistics), avec (comme toujours) un mois de décalage. En donnée lissées (moyenne de 3 mois), elles ressortent à 48,7 Md$, supérieures à notre prévision à 47.3 Md$, Il s’agit d’une hausse en séquentiel de 4,9% et d’une nouvelle amélioration de la croissance annuelle à +18.3%, après 15.8%...
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Research Department
IBERIAN DAILY 04 JULY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, OHLA, TALGO. Weak data out of the US European stock markets rallied in view of the signs of a weaker macro situation in the US, sparking hope that the Fed will begin to relax its monetary policy soon. In the STOXX 600, the best-performing sectors were Basic Materials and Real Estate, whereas Pharma was the only sector with losses, and Energy ended practically flat. On the macro side, in the euro zone June’s final services PMI was raised slightly thanks to the better numb...
- Research Department
INFORME DIARIO 04 JULIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, OHLA, TALGO. Datos débiles desde EE.UU. Rebote en las bolsas europeas ante las señales de mayor debilidad macro en EE.UU. que dan esperanzas a que la Fed comience antes la relajación monetaria. En el STOXX 600 los mejores sectores fueron R. Básicos e Inmobiliario mientras que Farma fue el único sector con caídas y Energía terminó prácticamente plano. Por el lado macro, en la Eurozona el PMI final de servicios de junio se revisó ligeramente...
- Research Department
IBERIAN DAILY 03 JULY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA, SANTANDER. Lagarde admits progress made in inflation European stock markets saw profit taking, where J. Powell’s still cautious comments from Sintra but more confident in the disinflation process moderated losses. In the STOXX 600 among the sectors that rose (8/20 sectors), Energy stood out (thanks to the good performance of Brent crude) vs. Banks, Insurance and Autos that were the worst performers, falling >-1.0%. On the macro side, in the euro zone June’s inflation m...
- Research Department
INFORME DIARIO 03 JULIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IBERDROLA, SANTANDER. EUROPA: SANOFI. Lagarde reconoce los progresos de la inflación Toma de beneficios en el mercado bursátil europeo donde los comentarios de J. Powell desde Sintra sonando todavía cauto, pero más confiado sobre el proceso de desinflación ayudaron a moderar las pérdidas. En el STOXX 600 entre los sectores que presentaron subidas (8/20 sectores) destacó Energía (gracias al buen desempeño del Brent) frente a Bancos, Seguros y Autos q...
- Jan Frederik Slijkerman
A-rated TMT credit has appeal/Market softness creates buying opportuni...
In this report we evaluate the single-A TMT space. We argue that the notes of Wolters Kluwer and Relx look attractive. We prefer to avoid the notes of Proximus until we get further clarity about competitive dynamics in Belgium, following the expected entry of Digi. ASML and SAP, where spreads have widened a little since April 2024, could appeal to some investors. In this note we provide a summary of our general findings, followed by company descriptions.
- Jan Frederik Slijkerman
TMT Picks & Pans/July 2024 update
In this note we again highlight what we identify as attractive opportunities in the TMT credit space. Our picks and pans for TMT are largely unchanged since our update of 9 February, although the first half of 2024 has been quite eventful - especially for SES, but also for Equinix. SES has announced an agreement to acquire Intelsat, while Equinix has faced allegations of misreporting. Despite the upgrade to IG and some tightening of its notes YTD, we continue to like Cellnex. The combination of ...
- Emna Ben Bdira
- Maxime Kogge
- Bruno Cavalier
- Emna Ben Bdira
- Maxime Kogge
- Louis Boujard
- CFA
- Philippe Ourpatian
Iberdrola : Webinar on networks, the keys to the group's success
>Outperform rating and € 14.40 target price maintained - The webinar organised by the group and dedicated to the network activities with the focus on the planning and supply of equipment and services, confirms our positive view on the stock, its strategic vision and capacity to achieve its targets. We maintain our Outperform rating and target price of € 14.4, based on the average between a DCF (€ 16.0) factoring in the targets of the 2026 strategic plan, a sum-of-the-...
- Louis Boujard
- CFA
- Philippe Ourpatian
Iberdrola : Webinar sur les réseaux, les clés de la réussite du groupe
>Opinion Surperformance et OC 14.40€ maintenus - Le webinar organisé par le groupe et dédié aux activités de réseau à travers le prisme de la planification et de l’approvisionnement en équipements et services confirme notre opinion positive sur le groupe, ses visions stratégiques et sa capacité à atteindre ses objectifs. Nous maintenons notre opinion Surperformance et notre objectif de cours de 14.4 €, issu d’une moyenne entre un DCF (16.0 €) intégrant les objectifs d...
- Jan Frederik Slijkerman
TMT hybrid yields still attractive/Buying opportunity on market softne...
In this report we evaluate spreads in the TMT hybrids space. Over the year, TMT hybrid notes have outperformed. Nevertheless, we still like this hybrid space as it offers a good yield. From a spread perspective, we continue to think the tightening potential over senior is more limited, although the small recent widening makes hybrids a bit more attractive.
- Stephane Beyazian
HEIA HEINEKEN NV
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
ABB ABB LTD.
SAND SANDVIK AB
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
RAND RANDSTAD NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASRNL ASR NEDERLAND NV
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
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
NOVO B NOVO NORDISK A/S
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 06/27/2024
As momentum has become less adverse than over the past five years, interest rates have started to fall and valuations have (historically low), this should have prodded small and mid cap companies back to their old outperformance. The European elections in France and the ensuing decision to dissolve the French National Assembly have changed risk perceptions and erased YTD gains. In our new ODDO BHF European mid cap list for H2 2024, France is underweighted with a mix of defensive and s...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
A1XA4J CARBIOS SA
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.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
OVH OVH GROUPE
EAPI EUROAPI
SCHOTT PHARMA AG
- Stephane Beyazian
HEIA HEINEKEN NV
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
ABB ABB LTD.
SAND SANDVIK AB
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
RAND RANDSTAD NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASRNL ASR NEDERLAND NV
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
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
NOVO B NOVO NORDISK A/S
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