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Baptiste Salaville ... (+4)
  • 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...

Baptiste Salaville ... (+4)
  • 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...

Benoit Valleaux ... (+5)
  • Benoit Valleaux
  • Roland Pfaender
  • MBA
  • CFA
  • CCRA

Generali : Operating trends still favourable

>Continuing profitable growth - Generali reported its 2023 results yesterday. Premiums rose by 5.6% on l-f-l to € 82.5bn (+8.1% for Q4), just beating expectations, with premiums up 12.0% on l-f-l in P&C insurance (+13.6% for Q4) amid continuing price increases, and by 2.0% in life insurance (+5.1% in Q4). In life insurance, the group chalked up sizeable net inflows on unit linked contracts and in personal protection and net outflows in traditional life and savings ins...

Benoit Valleaux ... (+5)
  • Benoit Valleaux
  • Roland Pfaender
  • MBA
  • CFA
  • CCRA

Generali : Les tendances opérationnelles restent favorables

>Poursuite de la croissance rentable - Generali a publié hier son RN 2023. Les primes ont augmenté de 5.6% à données comparables à 82.5 Md€ (+8.1% sur le seul T4), légèrement supérieures aux attentes, avec des primes en hausse de 12.0% à d.c. en assurance dommages (+13.6% sur le seul T4) dans un contexte de poursuite des hausses tarifaires, et de 2.0% en assurance vie (+5.1% sur le seul T4). En assurance vie, le groupe enregistre une collecte nette importante sur les ...

Carole Braudeau
  • Carole Braudeau

Credit Morning 03/12/2024

S&P downgrades ELO to BB+/stableThyssenkrupp Elevator successfully places € 3.7bn term loan>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 12/03/2024

S&P a dégradé le rating d’ELO à BB+/stableThyssenkrupp Elevator place avec succès 3.7 mds EUR de term loan>...

Benoit Valleaux ... (+5)
  • Benoit Valleaux
  • Roland Pfaender
  • MBA
  • CFA
  • CCRA

Generali : 2023 operating profit should be solid despite natural catas...

>Operating profit up over full-year 2023 - Generali is due to report its 2023 results on 12 March, under IFRS 17. We expect a 4.6% increase in premiums to € 81,508m (vs € 77,890m in 2022 under IFRS 17), a shade below the consensus (€ 81,978m), with strong growth in P&C (+10.0%), benefiting from price rises, and more moderate growth expected in life insurance (+1.5%). We expect operating profit of € 6,801m (+6.7% vs 2022), slightly below the consensus (€ 6,826m, +7.1%)...

Benoit Valleaux ... (+5)
  • Benoit Valleaux
  • Roland Pfaender
  • MBA
  • CFA
  • CCRA

Generali : Le RO 2023 devrait être solide malgré les catastrophes natu...

>RO attendu en hausse en année pleine 2023 - Generali publiera le 12 mars prochain son RN 2023, selon la nouvelle norme comptable IFRS 17. Nous prévoyons une hausse de 4.6% des primes à 81 508 M€ (vs 77 890 M€ en 2022 en IFRS 17), légèrement inférieures au consensus (81 978 M€) avec notamment, une forte croissance en assurance dommages (+10.0%), bénéficiant des hausses des prix, et une hausse plus modérée attendue en assurance vie (+1.5%). Nous attendons un RO de 6 80...

Benoit Valleaux ... (+5)
  • Benoit Valleaux
  • Roland Pfaender
  • MBA
  • CFA
  • CCRA

Generali : La journée investisseurs a confirmé les tendances favorable...

>L’activité prévoyance, santé & accident est très rentable - Generali a tenu mardi une journée investisseurs, qui lui a permis de revenir sur son activité prévoyance, santé & accident, mais également sur les 2 acquisitions annoncées l’année dernière et de faire un point sur sa situation en termes de liquidités, capital et IFRS 17. L’activité prévoyance, santé & accident représente ~ 22% des primes totales du groupe (en 2022), soit 18.3 Md€ de primes, dont 7.2 Md€ en p...

Benoit Valleaux ... (+5)
  • Benoit Valleaux
  • Roland Pfaender
  • MBA
  • CFA
  • CCRA

Generali : Investor day confirms favourable trends for the group

>Protection, health and accident business is very profitable - Generali’s investor day, held on Tuesday, was an opportunity to provide an update on its protection, health and accident (PH&A) business, but also on the two acquisitions announced recently, as well as on the situation in terms of liquidity, capital and IFRS 17. The PH&A business accounts for about 22% of its total premiums (2022), or € 18.3bn, with € 7.2bn in pure protection, € 6.1bn in health insurance a...

MarketLine Department
  • MarketLine Department

Vienna Insurance Group AG - Mergers & Acquisitions (M&A), Partnerships...

Summary Marketline's Vienna Insurance Group AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Vienna Insurance Group AG - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances...

Carole Braudeau
  • Carole Braudeau

Credit Morning 01/30/2024

THOM is launching an offering of € 850m senior secured notes>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 30/01/2024

THOM prépare une émission de 850 m EUR>...

Carole Braudeau
  • Carole Braudeau

Credit Morning 01/11/2024

WPP is reportedly considering options for its stake in Kantar (Bloomberg)>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 11/01/2024

WPP étudierait des options pour sa participation dans Kantar (Bloomberg)>...

Bruno Cavalier ... (+3)
  • Bruno Cavalier
  • Robert Jan Vos
  • Salome Charamalet

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/20/2023

The market wants to see the glass as half full, with lower inflation ending the central bank tightening cycle and leading to an easing of yields. This complacency could last until the next meetings of the Fed (13 December) and the ECB (14 December). For those wishing to play this short-term sequence, we recommend continuing to overweight US equities, overweighting Growth vs Value, as well as Quality, remaining Market Weight on Cyclicals and Defensives, and adjusting the sector allocat...

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