reports
- 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
- Carole Braudeau
- Carole Braudeau
- Clement Genelot
Zalando: Stronger confidence pushes us to upper end of FY EBIT guidanc...
Post-Q2, we view the strong Q2 exit rate as a reassuring signal, making the much-needed H2 growth acceleration more credible and pushing our FY EBIT estimates to the upper half of the guidance range. PT raised from EUR35 to EUR36 following a 5% EBIT / 8% EPS increase. Buy reiterated as the 2028 pla
- Carole Braudeau
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Carole Braudeau
- Clement Genelot
Zalando: Reassuring Q2 as B2C returns to growth
Q2 proved reassuring with B2C GMV back to growth (o/w 300k customers acquisition), B2B still up DD and EBIT exceeding consensus expectations. Consensus may still be aligned with reiterated FY 2024 guidance, but investors have tended to be more cautious following offline peers' publications, and we
- Andreas Riemann
Zalando : Q2 results – return to growth and profits slightly above, ou...
>Some 3% growth in GMV and sales, operating margin up 80bp - Zalando today released Q2 2024 results. In Q2, GMV was up 3% y-o-y to € 3,842m (consensus: € 3,829m, ODDO BHFe: € 3,841m) and sales also increased 3% to € 2,643m (consensus: € 2,610m, ODDO BHFe: € 2,623m), i.e. both were in line with consensus expectations. B2C revenue was up 3% (sports category was mentioned as a driver) while B2B revenue increased 10% supported by a growing fulfilment business. Adjusted ...
EQS-News: Zalando Sees Strong Sports Growth, Expands Quality Assortmen...
EQS-News: Zalando SE / Key word(s): Quarter Results/Half Year Results Zalando Sees Strong Sports Growth, Expands Quality Assortment, Invests in AI-powered Inspiration and Records Double-Digit B2B Growth to Deliver Higher Profitability and Accelerating Sales in Q2 06.08.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Zalando Sees Strong Sports Growth, Expands Quality Assortment, Invests in AI-powered Inspiration and Records Double-Digit B2B Growth to Deliver Higher Profitability and Accelerating Sales in Q2 Second-quarter gross...
EQS-News: Zalando steigert Profitabilität und beschleunigt Umsatzwachs...
EQS-News: Zalando SE / Schlagwort(e): Quartalsergebnis/Halbjahresergebnis Zalando steigert Profitabilität und beschleunigt Umsatzwachstum im zweiten Quartal dank starker Nachfrage im Sportbereich, Ausbau von qualitativ hochwertigem Sortiment, Investitionen in KI-gestützte I 06.08.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Zalando steigert Profitabilität und beschleunigt Umsatzwachstum im zweiten Quartal dank starker Nachfrage im Sportbereich, Ausbau von qualitativ hochwertigem Sortiment, Investitionen in KI-gestützte...
- Cedric Rossi
Fashion: will plans to impose duties on cheap goods disrupt Shein and ...
The very competitive prices offered by Shein and Temu stem from their ability to take advantage of tax loopholes allowing parcels to be shipped without having to pay duties and taxes as long as they are under a certain value. As the EU Commission is moving to scrap the EU's EUR150 import tax loopho
- Ahmed Ben Salem
- Marc Lavaud
- Thijs Berkelder
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/04/2024
Sartorius is set to outperform the underlying biopharmaceutical market based on higher exposure to novel biologics and its focus on single-use components. Destocking is likely to end soon but the changing ordering pattern could distort order intake as KPI and organic growth should recover faster. In our view, the expected cut to its FY 2024 guidance is already largely reflected in the share price. Based on the expected turnaround, we have upgraded to Outperform with a new target price...
DETNOR AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
RI PERNOD RICARD SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
ADEN ADECCO GROUP AG
PGS PGS ASA
ZAL ZALANDO SE
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
EVK EVONIK INDUSTRIES AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
- Ahmed Ben Salem
- Marc Lavaud
- Thijs Berkelder
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/07/2024
Sartorius is set to outperform the underlying biopharmaceutical market based on higher exposure to novel biologics and its focus on single-use components. Destocking is likely to end soon but the changing ordering pattern could distort order intake as KPI and organic growth should recover faster. In our view, the expected cut to its FY 2024 guidance is already largely reflected in the share price. Based on the expected turnaround, we have upgraded to Outperform with a new target price...
DETNOR AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
RI PERNOD RICARD SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
ADEN ADECCO GROUP AG
PGS PGS ASA
ZAL ZALANDO SE
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
EVK EVONIK INDUSTRIES AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
- Andreas Riemann
Zalando : Q2 due 6 August – Return to growth and further margin progre...
>GMV growth of 3% and 70bp operating margin increase - Zalando will report Q2 2024 results on 6 August. We forecast GMV and sales to increase 3% y-o-y. This reflects a good start to Q2. Moreover, we do not think that H&M data for June (sales down 6% y-o-y) is a direct read-across to Zalando as we think Zalando has a better inventory position. Adjusted EBIT should come in at € 166m, which implies a margin of 6.3% (up 70bp y-o-y). While the gross margin should be up 4...
- Carole Braudeau
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