reports
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 11/20/2024
Efforts to revitalise the five brands that make up the Lanvin Group are under way and should pay off in the medium term. However, at this stage of development (critical mass not yet achieved for some brands, negative profitability and cash burn) and in a consumer environment that does not yet point to a rebound, we prefer to remain cautious on the share. We are initiating coverage with a Neutral rating, with a target price of $ 1.80, based on a DCF valuation. - ...
- Damien Choplain
- Martial Descoutures
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 20/11/2024
Les efforts de redynamisation sont en cours pour les 5 marques qui constituent Lanvin Group et devraient porter leurs fruits à moyen terme. Toutefois, à ce stade de développement (taille critique encore non atteinte sur certaines marques, rentabilité négative et consommation de cash) et dans un environnement de consommation n’indiquant pas encore de rebond, nous préférons rester encore prudents sur le titre. Nous initions à Neutre, avec un OC à 1.8 $ résultant d’une valorisation par D...
- Damien Choplain
- Martial Descoutures
RHM RHEINMETALL AG
BLND BRITISH LAND COMPANY PLC
GRF GRIFOLS S.A. CLASS A
ELE ENDESA S.A.
ISP INTESA SANPAOLO S.P.A.
TLX TALANX AG
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
GRF.P GRIFOLS S.A. PREF CLASS B
ARGX ARGEN-X SE
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Benoit Valleaux
- Steven Gould
ODDO : ABI data (November 2024): trends confirmed
>Update on the macroeconomic and banking situation in Italy - The latest data from the Italian Banking Association (ABI), covering October 2024 confirms the recent trend, with an overall situation confirming its relative resilience in view of the recent indications (GDP, industrial production, confidence climate, etc.) and given uncertainties on the short to medium term. Lending activity confirmed signs of an improvement YTD (notably with regard to households) – ...
- Benoit Valleaux
- Steven Gould
ODDO : Statistiques ABI (Nov 2024) : tendances confirmées
>Point sur la situation macroéconomique & bancaire en Italie - Les dernières données de l’Association Bancaire Italienne (ABI), couvrant octobre 2024, confirment la tendance récente, avec une situation globale confirmant sa relative résilience au regard des indicateurs récents (PIB, production industrielle, climat de confiance…) et compte tenu des incertitudes à CMT. L’activité de crédit confirme les signes d’amélioration YTD (notamment auprès des ménages) – elle...
- Carole Braudeau
- Carole Braudeau
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #47
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week we look at the impact of Donald Trump's election. Happy reading!
- Stephane Beyazian
Vodafone : Better FCF in H1 2025 but record low in Germany
>H1 2025 EBITDA in line with expectations - Q2 2025 group sales were up 4.6% y-o-y to € 9,240m, above expectations (consensus € 9,071m, ODDO BHF € 9,226m), and still helped by hyperinflation in Turkey (sales +89% y-o-y). H1 2025 EBITDAaL was up 2.5% y-o-y to € 2,730m. The targets for 2025 were confirmed (as expected): Vodafone is targeting adjusted pro forma EBITDAaL of € 11bn and adjusted FCF of at least € 2.4bn (consensus: € 2.47bn). These pro forma targets are...
- Christophe-Raphaël Ganet
- Marc Lavaud
- Martin Marandon-Carlhian
- Stephane Houri
- Stephane Beyazian
Vodafone : Better FCF in H1 2025 but record low in Germany
>H1 2025 EBITDA in line with expectations - Q2 2025 group sales were up 4.6% y-o-y to € 9,240m, above expectations (consensus € 9,071m, ODDO BHF € 9,226m), and still helped by hyperinflation in Turkey (sales +89% y-o-y). H1 2025 EBITDAaL was up 2.5% y-o-y to € 2,730m. The targets for 2025 were confirmed (as expected): Vodafone is targeting adjusted pro forma EBITDAaL of € 11bn and adjusted FCF of at least € 2.4bn (consensus: € 2.47bn). These pro forma targets are...
- Carole Braudeau
- Carole Braudeau
- Chris Hoare
Vodacom (Buy, TP: ZAR150, +50%) Q2 25: Soft vs. expectations
Vodacom has reported a soft set of Q2 results relative to expectations. However, trends remained solid, especially top line which continued to grow close to double digit growth. This is encouraging and we continue to think that the tide is turning in SA (please see HERE for more details), but it seems the turn will take longer than we hoped.
- Clement Genelot
Zalando: On track, constant execution needed to continue rerating
Post-FY guidance upgrade and the full Q3 release, we still believe in Zalando's ability to further accelerate growth in 2025 and have notched up our estimates and our PT from EUR36 to EUR37. We no longer see Zalando as an e-commerce growth story, but more as a business model optimisation/show-me st
Unicredit S.p.A.: 1 director
A director at Unicredit S.p.A. bought 3,600 shares at 40.005EUR and the significance rating of the trade was 64/100. 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 clear...
Market Update - Bull SA issues preferred share to the French State to ...
Market Update - Bull SA issues preferred share to the French State to protect national interests in relation to sovereign sensitive activities carried out by Atos Press Release Market update Bull SA issues preferred share to the French State to protect national interests in relation to sovereign sensitive activities carried out by Atos Paris, France – November 8, 2024 – Further to the agreement announced on June 26, 2024 between Atos SE (“Atos”), Bull SA and the French State, Atos announces that Bull SA has issued today a preferred share (action de préférence) for the benefit of the Fren...
Point de Marché - Emission par Bull SA d’une action de préférence au p...
Point de Marché - Emission par Bull SA d’une action de préférence au profit de l’Etat français dans le cadre des droits de protection accordés à l’Etat français sur les activités souveraines et sensibles Communiqué de presse Point de marché Emission par Bull SA d’une action de préférence au profit de l’Etat français dans le cadre des droits de protection accordés à l’Etat français sur les activités souveraines et sensibles Paris, France – 8 Novembre 2024 – Dans le prolongement de la convention conclue entre Atos SE (« Atos »), Bull SA et l’Etat français le 26 juin 2024, Atos annonce que ...
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
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