reports
Leonardo introduces ECOS-E multimode Radio Base Station, a significant...
GREENSBORO, N.C.--(BUSINESS WIRE)-- Leonardo, the leading global Aerospace, Defence and Security company, presents to North American market the ECOS-E DTA7000 multimode Radio Base Station, a cutting-edge advancement in communication technology. Designed to meet the evolving needs of modern communication systems, the ECOS-E sets a new standard for versatility, reliability, and performance and is poised to redefine the way organizations communicate and collaborate in the digital age. The solution is on display in Leonardo’s stand #1115 at IWCE 2024, the leading conference for critical communic...
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ANA ACCIONA SA
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Olfa Taamallah
- Yan Derocles
Leonardo : FY 23 in line – movement on Hensoldt JV and in space
>Q4 2023 in line with expectations and impressive commercial momentum - Leonardo’s Q4 2023 figures were broadly in line with expectations. EBITA came to € 645m, (ODDO BHF: € 644m, css: € 643m), +8%, for sales of € 5.022bn, giving a margin improvement of 34bp to 12.8%. In detail, DE&S (with a margin of 15.5% vs 15%e) and particularly the European component - MBDA and cybersecurity – offset a slightly weaker than expected Q4 in helicopters (margin of 11.3% vs 11.9%e wit...
- Olfa Taamallah
- Yan Derocles
Leonardo : FY 23 en ligne – Ca bouge avec Hensoldt et dans l’espace
>T4 2023 en ligne avec les attentes et belle dynamique commerciale - Leonardo a publié un T4 2023 globalement en ligne avec les attentes. L’EBITA ressort à 645 M€, (ODDO BHF : 644 M€, Css : 643 M€), +8%, pour un CA de 5 022 M€ faisant ainsi progresser la marge de 34 pb à 12.8%. Dans le détail, DE&S (avec une marge de 15.5% vs. 15%e) et tout particulièrement la composante européenne -MBDA et cyber sécurité- compense un T4 un peu plus faible qu’attendu dans les hélicopt...
- Bruno Cavalier
- Jerôme Bodin
ROG ROCHE HOLDING LTD
SSAB A SSAB AB CLASS A
ABB ABB LTD.
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
SAN SANOFI
SOLB SOLVAY SA
HM B H&M HENNES & MAURITZ AB CLASS B
ASRNL ASR NEDERLAND NV
SKF B SKF AB CLASS B
INGA ING GROEP NV
LDO LEONARDO SPA
SHL SIEMENS HEALTHINEERS AG
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
- Bruno Cavalier
- Jerôme Bodin
ROG ROCHE HOLDING LTD
SSAB A SSAB AB CLASS A
ABB ABB LTD.
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
SAN SANOFI
SOLB SOLVAY SA
HM B H&M HENNES & MAURITZ AB CLASS B
ASRNL ASR NEDERLAND NV
SKF B SKF AB CLASS B
INGA ING GROEP NV
LDO LEONARDO SPA
SHL SIEMENS HEALTHINEERS AG
SHEL SHELL PLC
- Olfa Taamallah
- Yan Derocles
Leonardo : Neutral vs Outperform - Taking a break
>Neutral vs Outperform but target price raised to € 17.5 - We prefer to take a break and lower our rating from Outperform to Neutral with a new target price of € 17.5, derived from an average between a DCF and SOTP for 2025. With an 85% rise in 2023, the stock posted the best performance in the defence sector in Europe, outperforming its peers by 54%, while the consensus lowered its estimates over the last 12 months. The re-rating is thus significant as the stock is n...
- Olfa Taamallah
- Yan Derocles
Leonardo : Neutre vs Surperformance – Le temps d’une pause
>Neutre vs Surperformance mais OC relevé à 17.5 € - Nous préférons prendre une pause et abaisser notre recommandation de Surperformance à Neutre avec un nouvel objectif de cours de 17.5 € dérivé d’une moyenne entre un DCF et une SOTP 2025. Avec une appréciation de 85% en 2023, le titre a réalisé la meilleure performance du secteur défense en Europe, surperformant ses pairs de 54%, alors même que le consensus a réduit ses estimations sur les 12 derniers mois. Le rerat...
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/10/2023
The Q3 earnings season, which has seen stocks that have disappointed expectations take a severe pounding, has thus far resulted in only a modest downward revision to the consensus. EPS for 2023 are now expected to be down -1.1% vs 2022, with of course significant divergences between sectors. However, it is the fall in interest rates since the end of September that has driven stock market performances the most, with technology and consumer products & services (including luxury goods) r...
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
PROX PROXIMUS SA DE DROIT PUBLIC
MT ARCELORMITTAL SA
SU SCHNEIDER ELECTRIC SE
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
GN GN STORE NORD A/S
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
BC8 BECHTLE AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
HLAG HAPAG-LLOYD AG
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/11/2023
La saison des résultats du T3, qui a vu se succéder de vives sanctions pour les titres qui décevaient les attentes, n’a pourtant jusqu’à présent occasionné qu’une modeste révision baissière du consensus. Les BPA 2023 sont désormais attendus en baisse de 1,1% vs 2022, avec bien entendu des divergences sectorielles importantes. C’est toutefois la baisse des taux, intervenue depuis fin septembre, qui a davantage drivé les performances boursières, à l’instar de la Technology et des Consum...
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
PROX PROXIMUS SA DE DROIT PUBLIC
MT ARCELORMITTAL SA
SU SCHNEIDER ELECTRIC SE
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
GN GN STORE NORD A/S
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
BC8 BECHTLE AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
HLAG HAPAG-LLOYD AG
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Olfa Taamallah
- Yan Derocles
Leonardo : After 6 months at the helm, Roberto Cingolani attempts to m...
>Robust order intake in Q3 – EBITA in line – Further progress in reducing the seasonality of FCF - The cause for satisfaction in Q3 lies in the order intake which reached € 4.6bn, well ahead of consensus expectations at € 3.9bn, and what is more with no major orders, giving a book-to-bill of 1.36x. The performance is particularly robust in defence electronics (B/B of 1.6x) with just a single notable order to supply radars to the Italian air force. FOCF burn was also l...
- Olfa Taamallah
- Yan Derocles
Leonardo : Après 6 mois à la barre, R. Cingolani tente de faire bouger...
>Solides prises de commande au T3 – EBITA en ligne – Nouvelle progression dans la réduction de la saisonnalité du FCF - La satisfaction du T3 se trouve dans les prises de commandes qui atteignent 4.6 Md€, largement au-delà des attentes du consensus de 3.9 Md€, qui plus est sans commande majeure, soit un book-to-bill de 1.36x. La performance est particulièrement solide chez Defence Electronics (B/B de 1.6x) avec une seule commande notable pour la fourniture de radars p...
Leonardo S.p.A.: 1 director
A director at Leonardo S.p.A. bought 5,000 shares at 13.540EUR and the significance rating of the trade was 57/100. 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 clearl...
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Olfa Taamallah
- Usama Tariq
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 10/10/2023
Last week we held our third ODDO BHF Iberian Forum, the third since the announcement of our partnership with BBVA. The event was fully virtual and took place on 4 and 5 October. With 62 Iberian issuers, close to 180 institutional investors and more than 700 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 47 feedback documents, with 6 target price revisions (o/w 4 downgrades). The main subjects of debate were, on the one han...
MTX MTU AERO ENGINES AG
HO THALES SA
EURN EURONAV NV
TFI TELEVISION FRANCAISE 1 SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
VIRP VIRBAC SA
FII LISI SA
BOLS LUCAS BOLS NV
SAF SAFRAN S.A.
AIR AIRBUS SE
LAT LATECOERE SA
SHA SCHAEFFLER AG
BA. BAE SYSTEMS PLC
AIXA AIXTRON SE
ARCAD ARCADIS NV
OHB OHB AG
LDO LEONARDO SPA
MDM MAISONS DU MONDE SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
AM DASSAULT AVIATION
VTSC VITESCO TECHNOLOGIES GRP AG
EAPI EUROAPI
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/10/2023
Malgré une période de profits exceptionnels depuis 2 ans, RWE a connu une performance boursière atone (hors dividendes). Pourtant la période qui s’ouvre et les besoins d’investissements massifs sont typiquement le cocktail idéal pour la création de valeur de long terme. Le titre est passé d’une prime de 30% vs indice à une décote de 17% avec une accélération depuis septembre et les déboires de l’éolien offshore aux US. Nous estimons que les niveaux actuels sont propices à un retour su...
RR. ROLLS-ROYCE HOLDINGS PLC
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
VIV VIVENDI SE
FII LISI SA
SAF SAFRAN S.A.
AIR AIRBUS SE
SY1 SYMRISE AG
LAT LATECOERE SA
BA. BAE SYSTEMS PLC
OHB OHB AG
LDO LEONARDO SPA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/10/2023
Despite a period of exceptional profits over the past two years, RWE’s share price performance has been flat (excluding dividends). But massive investment needs over the coming years are typically the ideal cocktail for long-term value creation. The stock’s 30% premium to the index has morphed into a 17% discount, with the downward trend accelerating since September following setbacks to US offshore wind. We think this is a good time to return to the stock at current valuation levels....
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
VIV VIVENDI SE
FII LISI SA
SAF SAFRAN S.A.
AIR AIRBUS SE
SY1 SYMRISE AG
LAT LATECOERE SA
BA. BAE SYSTEMS PLC
OHB OHB AG
LDO LEONARDO SPA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Olfa Taamallah
- Usama Tariq
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 10/10/2023
Last week we held our third ODDO BHF Iberian Forum, the third since the announcement of our partnership with BBVA. The event was fully virtual and took place on 4 and 5 October. With 62 Iberian issuers, close to 180 institutional investors and more than 700 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 47 feedback documents, with 6 target price revisions (o/w 4 downgrades). The main subjects of debate were, on the one han...
MTX MTU AERO ENGINES AG
HO THALES SA
EURN EURONAV NV
TFI TELEVISION FRANCAISE 1 SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
VIRP VIRBAC SA
FII LISI SA
BOLS LUCAS BOLS NV
SAF SAFRAN S.A.
AIR AIRBUS SE
LAT LATECOERE SA
SHA SCHAEFFLER AG
BA. BAE SYSTEMS PLC
AIXA AIXTRON SE
ARCAD ARCADIS NV
OHB OHB AG
LDO LEONARDO SPA
MDM MAISONS DU MONDE SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
AM DASSAULT AVIATION
VTSC VITESCO TECHNOLOGIES GRP AG
EAPI EUROAPI
- Olfa Taamallah
- Yan Derocles
ODDO : Q3 preview engine makers - preference for Safran maintained vs ...
>Aftermarket momentum still positive for engine manufacturers but greater upside for Safran - At Safran, Q3 will have benefited from the increase in spare parts prices (at 01/08) and early buying that will in our view push civil aftermarket sales growth to 33% in USD (vs 35% in Q2 and 38.1% in Q1 and 23.7% for Visible Alpha), i.e. sequential growth that we estimate at around 14%. At MTU, we estimate growth at 20% (including early buying ahead of the price increases t...
- Olfa Taamallah
- Yan Derocles
ODDO : Preview T3 motoristes - Préférence maintenue pour Safran vs MTU
>Une dynamique après-vente toujours positive pour les motoristes mais un upside plus important coté Safran - Chez Safran, le T3 aura bénéficié de l’augmentation des tarifs de pièces détachées (au 01/08) et d’achats par anticipation qui pousseront, selon nous, la croissance de l’après-vente civile à 33% en USD (vs. 35% au T2 et 38.1% au T1 et 23.7% pour Visible Alpha), soit une croissance séquentielle que nous estimons à c14%. Chez MTU, nous modélisons cette croissanc...
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