reports
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/09/2024
La prochaine acquisition de Campari pourrait être en Inde et intervenir rapidement, selon nous. Rapidement d’abord pour que le groupe puisse pleinement profiter du dynamisme de ce marché. Rapidement ensuite pour se prémunir du ralentissement actuel des liqueurs et apéritifs (L&A) en Europe, segment dont il est historiquement très dépendant. Malgré l’intérêt stratégique du marché indien, une telle opération de M&A pourrait se révéler risquée en s’ajoutant aux multiples défis opérationn...
DGE DIAGEO PLC
MTX MTU AERO ENGINES AG
RI PERNOD RICARD SA
HO THALES SA
RCO REMY COINTREAU SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
PHIA KONINKLIJKE PHILIPS N.V.
FII LISI SA
ISP INTESA SANPAOLO S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
BOL BOLLORE SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
SKF B SKF AB CLASS B
LDO LEONARDO SPA
HAG HENSOLDT AG
CPR DAVIDE CAMPARI-MILANO N.V.
AERO MONTANA AEROSPACE AG
UMG UNIVERSAL MUSIC GROUP NV
AM DASSAULT AVIATION
DTG DAIMLER TRUCK
LAT LATECOERE
R3NK RENK GROUP AG
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/18/2024
Campari’s next acquisition might be in India and could materialise quickly, in our view. Speed is of the essence: first so that the group can take full advantage of the dynamic growth of this market; and second to guard against the current slowdown in liqueurs and aperitifs (L&A) in Europe, a segment on which it has historically been very reliant. Despite the strategic value that the Indian market offers, such an M&A deal could prove risky by adding to the multiple operational challen...
DGE DIAGEO PLC
MTX MTU AERO ENGINES AG
RI PERNOD RICARD SA
HO THALES SA
RCO REMY COINTREAU SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
PHIA KONINKLIJKE PHILIPS N.V.
FII LISI SA
ISP INTESA SANPAOLO S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
BOL BOLLORE SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
SKF B SKF AB CLASS B
LDO LEONARDO SPA
HAG HENSOLDT AG
CPR DAVIDE CAMPARI-MILANO N.V.
AERO MONTANA AEROSPACE AG
UMG UNIVERSAL MUSIC GROUP NV
AM DASSAULT AVIATION
DTG DAIMLER TRUCK
LAT LATECOERE
R3NK RENK GROUP AG
- Olfa Taamallah
- Yan Derocles
MTX MTU AERO ENGINES AG
HO THALES SA
CEN GROUPE CRIT SA
ALCLA CLASQUIN SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
FII LISI SA
ALCAR CARMAT SA
SAF SAFRAN S.A.
AIR AIRBUS SE
BA. BAE SYSTEMS PLC
DLG DE'LONGHI S.P.A.
LDO LEONARDO SPA
RUI RUBIS SCA
ALCUR ARCURE SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
LAT LATECOERE
R3NK RENK GROUP AG
- Olfa Taamallah
- Yan Derocles
ODDO : Rumeurs de cessez-le-feu en Ukraine: attention au sociétés expo...
>Des rumeurs de cessez-le-feu en Ukraine qui se multiplient - Un article de Bloomberg a ravivé hier les rumeurs de discussions pouvant amener à une fin négociée du conflit en Ukraine. Sans citer de sources, les journalistes rapportaient que certains alliés commençaient à discuter de la manière dont le conflit pouvait se terminer et que la période entre les élections présidentielles américaines et l’investiture (entre novembre et janvier) pourrait offrir une fenêtre d’...
- Olfa Taamallah
- Yan Derocles
ODDO : Rumours of a ceasefire in Ukraine: watch out for groups exposed...
>Rumours of a ceasefire in Ukraine are multiplying - An article in Bloomberg yesterday revived rumours of talks aimed at negotiating an end to the conflict in Ukraine. Without citing any sources, journalists report that certain allies were beginning to discuss the manner in which the conflict could be brought to an end and that the period between the US presidential elections and investiture (between November and January) could offer a window of opportunity. Last Sund...
- Rafael Bonardell
IAG: NUEVAS OPCIONES DE M&A (ANÁLISIS BANCO SABADELL)
Nuevas opciones de M&A. Ajustamos P.O. hasta 3,00 euros/acc. SOBREPONDERAR Tras no salir adelante la compra de Air Europa (AE) en el corto plazo está TAP Portugal, a la que IAG ya ha guiñado el ojo. Creemos que tiene sentido estratégico principalmente por su posicionamiento en LatAm (cuota de mercado c. 7%; con menores solapamientos vs AE) y porque ahonda en la concentración del sector y además se generan sinergias (entre 250-600 M euros BS(e)). El éxito de la operación dependerá de las condicio...
- Research Department
IBERIAN DAILY 16 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, IAG, NATURGY. Stock markets rallied last week Stock markets ended with gains on both sides of the Atlantic last week, recovering part of the latest corrections and trying to return to the highs hit thanks to cyclical and growth sectors. The Ibex35 led gains last week, hitting new annual highs above 11,500 points. Thus, in the STOXX 600 most sectors closed with gains, led by Technology and Retail, with Autos and Consumer Goods being the only sectors ending in negative terr...
- Research Department
INFORME DIARIO 16 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, IAG, NATURGY. EUROPA: ENI. Semana de rebote en las bolsas Las bolsas europeas terminaron la semana pasada con avances a ambos lados del Atlántico, recuperando parte de las últimas caídas y buscando volver a su zona de máximos de la mano de los cíclicos y el growth. El Ibex 35 lideró las subidas de la semana, marcando nuevos máximos anuales por encima de los 11.500 puntos. Así, en el STOXX 600 mayoría de ganancias en los sectores, lideradas ...
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Benoit Valleaux
- Steven Gould
AXA AXA
IFX INFINEON TECHNOLOGIES AG
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
AAL ANGLO AMERICAN PLC
MTX MTU AERO ENGINES AG
UTDI UNITED INTERNET AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
RWE RWE AG
IBE IBERDROLA SA
REY REPLY S.P.A.
LIN LINDE PUBLIC LIMITED COMPANY
- Benoit Valleaux
- Steven Gould
AXA AXA
IFX INFINEON TECHNOLOGIES AG
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
AAL ANGLO AMERICAN PLC
MTX MTU AERO ENGINES AG
UTDI UNITED INTERNET AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
RWE RWE AG
IBE IBERDROLA SA
REY REPLY S.P.A.
LIN LINDE PUBLIC LIMITED COMPANY
- Olfa Taamallah
- Yan Derocles
IAG : Confidence in demand contrasts with competitors' views
>Transatlantic routes and return of corporates will underpin direction of RASK - Following airline warnings about prices and demand, IAG's Q2 results publication was clearly a relief. The company posted a good performance across all its networks (RASK up 2% on transatlantic routes, with ASK up 6.1%; up 1% in Europe, with capacity up 5.8%; down 2.3% on domestic routes, with capacity up 5.4%; down 4. 7% in Latin America & Caribbean despite a 17.2% increase in capacity,...
- Olfa Taamallah
- Yan Derocles
IAG : Une confiance sur la demande qui tranche avec la vision des conc...
>Le transatlantique et le retour des corporates soutiendront l’orientation du RASK - Suite aux warnings des compagnies aériennes sur le prix et la demande, la publication du T2 chez IAG a été clairement un soulagement. En effet, la compagnie a affiché une bonne performance sur l’ensemble de ses réseaux (RASK à +2% sur le transatlantique pour des ASK en hausse de 6.1%, +1% en Europe pour des capacités en hausse de 5.8%, -2.3% sur le domestique pour des capacités en ha...
- Rafael Bonardell
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/02/2024
The Stoxx 600 gained just 1.1% in July after shedding 1.3% in June, driven by the SMI (+2.5%) and the Footsie 100 (+2.7%). With business sentiment indicators continuing to weaken, defensive stocks outperformed cyclicals in July, and many healthcare stocks were among the best performers of the Stoxx 600. Long-term interest rates have fallen sharply (probably too much), but this has not benefited tech and luxury goods stocks, penalised by their disappointing results publications. - ...
AXA AXA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
BNP BNP PARIBAS SA CLASS A
GLE SOCIETE GENERALE S.A. CLASS A
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ITRK INTERTEK GROUP PLC
VOW3 VOLKSWAGEN AG PREF
INX IMCD N.V.
INGA ING GROEP NV
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
PIRC PIRELLI & C. S.P.A.
MRNA MODERNA INC.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Carole Braudeau
Credit Morning 08/02/2024
In addition to its strong interim results, AXA announced the sale of AXA IM to BNP Paribas and the acquisition of Italian insurer NobisForvia : S&P lowers outlook to Negative on BB ratingZF Friedrichshafen: Disillusioning H1 24 earnings release, revises down revenue guidance and later narrows marginELO (Auchan): S&P has downgraded the group's rating to BB with a negative outlookFlos B&B Italia: reassuring Q2 results and good prospects for H2>...
- Carole Braudeau
Morning Crédit 02/08/2024
Flos B&B Italia : une publication rassurante au T2 et un S2 qui s’annonce bienEn plus de solides résultats semestriels, AXA annonce la cession d’AXA IM à BNP et l’acquisition d’un assureur italien, Nobis.ELO (Auchan) : S&P a dégradé le rating à BB/négatifForvia : S&P abaisse sa perspective à Négative sur la notation BBZF Friedrichshafen : Disillusioning H1 24 earnings release, revises down revenue guidance and later narrows margin>...
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