reports
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/10/2024
Le lock-up de Wendel sur ses titres BVI expire le 6 octobre. Une cession d’actions BVI serait bénéfique à tous, selon nous : i/ pour BVI (Surperformance, OC 33 €), il augmenterait le flottant et la liquidité pour se rapprocher du CAC 40 (2025e) ; ii/ pour Wendel (Surperformance, OC relevé à 110 € vs 100 €), il lui donnerait les moyens de ses ambitions (AM pour tiers, mais aussi investissement direct et soutien M&A au portefeuille) et iii/ pour Wendel-Participations, il permettrait d’e...
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/04/2024
Wendel's lock-up period for BVI expires on October 6th. As we see it, disposing a block of BVI shares would be a win-win deal. i/ For BVI (Outperform, TP € 33), it would increase the free float and push liquidity closer to the CAC 40 (2025 est.); ii/ for Wendel (Outperform, TP raised to € 110 vs € 100), it would give it the means to meet its ambitions (third-party AM platform, direct investment, and M&A support to its portfolio) and iii/ for Wendel-Participations, it would enable it t...
- Nicolas David
SAP : SAP should prove resilient again but less flamboyant in Q3
>Set for a less flamboyant Q3 than H1 due to the macroeconomy… - SAP is set to report its Q3 2024 results on 21 October after the close of trading. As in previous quarters, the group should be resilient in the face of macroeconomic headwinds as its clients are obliged to carry out the transition towards S/4 Hana in anticipation of the deadline for the end of ECC support (without additional costs) at end-2027. Nevertheless, macroeconomic trends are likely to have an im...
- Nicolas David
SAP : SAP devrait à nouveau se montrer résilient mais moins flamboyant...
>Vers un Q3 moins flamboyant que le S1 en raison de la macro… - SAP publiera ses résultats T3 2024 le 21 octobre après bourse. A l’image des précédents trimestres, le groupe devrait se montrer résilient face aux vents contraires macroéconomiques, notamment car ses clients sont contraints de mener leur transition vers S/4 Hana en anticipation de la deadline de fin de support d’ECC (sans surcoût) fin 2027. Néanmoins, la macro a tout de même un impact sur les revenus dis...
- Research Department
INFORME DIARIO 03 0CTUBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR ESPAÑA, OHLA, ROVI. EUROPA: INFORME ANUAL EURO STOXX 50, SAP, TOTAL ENERGIES. A la espera de novedades en Oriente Medio Las bolsas europeas cerraron muy planas, ya que la depreciación del euro ayudó a capear la mayor prima por riesgo geopolítico. Con todo lo anterior, en el STOXX 600 Energía repitió como el mejor sector (gracias al avance del Brent) seguido por Tecnología mientras que Utilities y Viajes&Ocio terminaron con las mayores correccion...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Research Department
INFORME DIARIO 25 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: OHLA, SACYR, SANTANDER, TALGO. EUROPA: DHL, PROSUS, SAP. China anima a parte del mercado Los sectores cíclicos de Europa reaccionaron con fuertes subidas al anuncio de estímulos por parte de la Autoridad Monetaria china (PBoC). Así, en el STOXX 600 los mejores sectores fueron R. Básicos y B. Consumo (lujo) frente a Inmobiliario y S. Financieros que sufrieron las mayores caídas. Por el lado macro, en Alemania el IFO de septiembre descendió algo más d...
- Baptiste Salaville
- Chaima Ferrandon
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
- Sven Edelfelt
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
FGR EIFFAGE SA
RAND RANDSTAD NV
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
VACN VAT GROUP AG
SAP SAP SE
AKZA AKZO NOBEL N.V.
JDEP JDE PEET'S NV
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Baptiste Salaville
- Chaima Ferrandon
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
- Sven Edelfelt
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
FGR EIFFAGE SA
RAND RANDSTAD NV
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
VACN VAT GROUP AG
SAP SAP SE
AKZA AKZO NOBEL N.V.
JDEP JDE PEET'S NV
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Nicolas David
SAP : Strong Q2 earnings at almost all levels but no FY 2024 guidance ...
>Q2 revenue in line but strong and reassuring CCB in the current context - SAP released its Q2 2024 earnings yesterday evening. Sales were just in line, at € 8.29bn up 9.8% cc (VA cons.: € 8.26bn up 9.7% cc) with Cloud & software growth of 10.4% cc marginally below expectations (10.7% cc) offset by better growth at the services activity. Cloud growth was roughly in line at 25.2% cc (VA cons.: 25.4%), still penalised by the weak performance from transactional revenues,...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Alfonso Mariategui
SAP: RDOS. 2T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'24 vs 2T'23: Ventas: 8.288 M euros (+9,7% vs +9,2% consenso); EBIT: 1.940 M euros (+33,2% vs +24,2% consenso) BDI: 1.278 M euros (+59,9% vs +54,2% consenso); Rdos. 1S'24 vs 1S'23: Ventas: 16.329 M euros (+8,9% vs +8,6% consenso); EBIT: 3.473 M euros (+25,0% vs +20,3% consenso); BDI: 2.223 M euros (+33,4% vs +30,6% consenso).
- Nicolas David
SAP : Strong Q2 earnings at almost all levels but no FY 2024 guidance ...
>Q2 revenue in line but strong and reassuring CCB in the current context - SAP released its Q2 2024 earnings yesterday evening. Sales were just in line, at € 8.29bn up 9.8% cc (VA cons.: € 8.26bn up 9.7% cc) with Cloud & software growth of 10.4% cc marginally below expectations (10.7% cc) offset by better growth at the services activity. Cloud growth was roughly in line at 25.2% cc (VA cons.: 25.4%), still penalised by the weak performance from transactional revenues,...
- Research Department
INFORME DIARIO 23 JULIO + RDOS. ESPAÑA Y EUROPA 2T’24. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENAGÁS, GRIFOLS. EUROPA: ENI, SAP. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 2T’24 que se publicarán en España y Europa en los próximos días. Pendientes de la campaña de Rdos. y EE.UU. Después de la peor semana desde abril del S&P 500, la semana empezó con ganancias a ambos lados del Atlántico y pe...
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/07/2024
A l’occasion du flash sectoriel sur les compagnies aériennes publié ce matin par nos analystes sectoriels, nous sortons Ryanair de notre liste de valeurs recommandées Large Caps. L’opinion passe de Surperformance à Neutre et l’objectif de cours est abaissé de 26 € à 20 €. - ...
LHA DEUTSCHE LUFTHANSA AG
PUB PUBLICIS GROUPE SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
VOLV B VOLVO AB CLASS B
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
VACN VAT GROUP AG
SAP SAP SE
BHP BHP GROUP LTD
ASML ASML HOLDING NV
NEXI NEXI S.P.A.
AF AIR FRANCE - KLM
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/18/2024
The French equity market will only be able to erase the discount (50bp increase in risk premium) triggered by the dissolution of the National Assembly once the budget has been approved next autumn. In the meantime, a technocratic government or an Ensemble + LR government could provide some slight respite, but other options (partial alliance of the NFP with Ensemble) are also possible, and less favourable for French equities. The parliamentary session that opens today could clarify the...
LHA DEUTSCHE LUFTHANSA AG
PUB PUBLICIS GROUPE SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
VOLV B VOLVO AB CLASS B
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
VACN VAT GROUP AG
SAP SAP SE
BHP BHP GROUP LTD
ASML ASML HOLDING NV
NEXI NEXI S.P.A.
AF AIR FRANCE - KLM
- Nicolas David
SAP : Towards a solid Q2 and a possible upward revision to FY 2024 gui...
>Towards a solid Q2 but watch out for any signs of caution from clients - SAP is due to publish Q2 2024 results on 22 July after market close. The group is expected to post another solid performance on the topline, thanks to the momentum linked to the transition of the installed base to S/4 Hana Cloud, and this whilst price increases limit the decline in Support revenue on the on-premise base. As such, we forecast Q2 revenue of € 8.22bn, up 9.4% cc. The difference wit...
- Nicolas David
SAP : Vers un T2 solide et un possible relèvement de guidance topline ...
>Vers un T2 solide mais attention aux éventuels signes de prudence des clients - SAP publiera ses résultats T2 2024 le 22 juillet après Bourse. Le groupe devrait afficher une nouvelle solide performance en termes de topline, grâce au momentum lié à la transition de sa base installée vers S/4 Hana Cloud, et ce, alors que les hausse de prix limitent la baisse des revenus de Support sur la base on-premise. Ainsi, nous attendons un CA T2 de 8.22 Md€, en croissance de 9.4%...
- 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.
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