reports
- Carole Braudeau
- Carole Braudeau
- Jean Danjou
ZURN ZURICH INSURANCE GROUP LTD
MC LVMH MOET HENNESSY LOUIS VUITTON SE
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
MUV2 MUNICH REINSURANCE COMPANY
SCR SCOR SE
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Jean Danjou
ZURN ZURICH INSURANCE GROUP LTD
MC LVMH MOET HENNESSY LOUIS VUITTON SE
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
MUV2 MUNICH REINSURANCE COMPANY
SCR SCOR SE
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Jean Danjou
ODDO : Monday review – luxury sector
>Facts, outlook and perception - Facts: we now have a complete picture of Q1 top line trends. The perfect symmetry in trends, between the two heavyweights dominating soft luxury on the one hand (LVMH Fashion & Leather) and hard luxury on the other (Richemont Jewellery Maisons), was once again confirmed with Jewellery Maisons growing as anticipated +3% y-o-y at cc close to the +2% growth reported for F&L. The symmetry goes a long way: growth versus 2019 ended up at 113...
- Jean Danjou
ODDO : Monday review – luxury sector
>Facts, outlook and perception - Facts: we now have a complete picture of Q1 top line trends. The perfect symmetry in trends, between the two heavyweights dominating soft luxury on the one hand (LVMH Fashion & Leather) and hard luxury on the other (Richemont Jewellery Maisons), was once again confirmed with Jewellery Maisons growing as anticipated +3% y-o-y at cc close to the +2% growth reported for F&L. The symmetry goes a long way: growth versus 2019 ended up at 113...
- Michael B. Schäfer
ODDO BHF Small & MIDCAP MORNING NEWS - 05/17/2024
Growth momentum remains solid, and the publication of Q1 sales bodes well for the future (12.5% organic growth, including 27% for Aerospace). Margins are set to pick up in 2024 (by an estimated 110bp), with the underlying operating profit expected to jump 33%. With good visibility for Aerospace, medium-term potential for Automotive and profitable growth for Medical, we estimate the potential for margin improvement at no less than 500bp in the medium term. We are raising our underlying...
DBG DERICHEBOURG SA
ALCAR CARMAT SA
TPE PVA TEPLA AG
NEX NEXANS SA
ERG ERG S.P.A.
WIE WIENERBERGER AG
GREEN GREENYARD NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
NVG NAVIGATOR COMPANY SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SIFG SIF HOLDING NV
TMV TEAMVIEWER AG
VK VALLOUREC SA
FPE3 FUCHS PETROLUB SE
- Michael B. Schäfer
ODDO BHF Small & MIDCAP MORNING NEWS - 17/05/2024
La dynamique de croissance reste solide et la publication du CA T1 est de bon augure (croissance organique de 12.5% dont 27% pour l’Aerospace). 2024 devrait voir un redressement des marges (+110 pb estimés) pour un ROC attendu en hausse de 33%. A l’appui d’une bonne visibilité pour l’aéronautique, d’un potentiel MT pour l’automobile et d’une croissance profitable pour le Médical, nous estimons le potentiel d’amélioration des marges à au moins 500 pb à MT. Nous relevons nos estimations...
DBG DERICHEBOURG SA
ALCAR CARMAT SA
TPE PVA TEPLA AG
NEX NEXANS SA
ERG ERG S.P.A.
WIE WIENERBERGER AG
GREEN GREENYARD NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
NVG NAVIGATOR COMPANY SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SIFG SIF HOLDING NV
TMV TEAMVIEWER AG
VK VALLOUREC SA
FPE3 FUCHS PETROLUB SE
- Jean-François Granjon
Derichebourg : Lacklustre year
>Interim results hit by cyberattack and macroeconomic situation - Ahead of the publication of the interim results scheduled for 29 May (after market close), we would like to provide an update on management's recent warning that the first half of the year was under pressure. At the AGM held at end-January, management said it was not in a position, as it regularly does, to provide guidance for Q1. This was due to the cyberattack suffered in November 2023. This caused ad...
- Jean-François Granjon
Derichebourg : Un exercice en demi-teinte
>Des résultats semestriels affectés par la cyberattaque et le contexte macro - Préalablement à la publication des résultats semestriels prévue le 29 mai (après clôture), nous effectuons un update alors que le management avait communiqué récemment sur un semestre sous pression. Lors de l’AG tenue fin janvier, le management avait déjà précisé qu’il n’était pas en mesure, comme il le fait régulièrement, de fournir des indications sur le T1. Cela s’expliquait par la cyber...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Fehmi Ben Naamane
Hapag-Lloyd : Better volumes and tight control of costs. Neutral recom...
>Improved profitability thanks to tight control of costs - Hapag-Lloyd's Q1 2024 results publication, despite reflecting a sharp fall compared with the figures for a year ago (a 23% drop in freight rates notably), brought its share of pleasant surprises, mainly better-than-expected profitability, with EBITDA at € 868m, well above expectations (+22% compared with the css collected by the company). Despite volume growth of 7% -driven by strong demand, particularly in th...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Fehmi Ben Naamane
Hapag-Lloyd : Meilleurs volumes et maitrise des coûts. Neutre maintenu...
>Une profitabilité améliorée grâce à la maitrise des coûts - La publication T1 de Hapag-Lloyd, malgré une forte décrue par rapport aux chiffres d’il y a un an (notamment une baisse des taux de fret de 23%), aura apporté son lot de bonnes surprises, principalement une meilleure profitabilité, par rapport aux anticipations, avec un EBITDA à 868 M€ soit un niveau largement au-dessus des attentes (+22% par rapport au css collecté par la société). Ainsi, malgré la croissan...
Groupe Casino: AVAILABILITY OF INFORMATION RELATED TO THE ORDINARY AND...
Groupe Casino: AVAILABILITY OF INFORMATION RELATED TO THE ORDINARY AND EXTRAORDINARY ANNUAL GENERAL MEETING OF 11 JUNE 2024 CASINO, GUICHARD-PERRACHONA French société anonyme (joint-stock company) with share capital of €375,740,444.29Registered office: 1, Cours Antoine Guichard42000 Saint-Etienne, FranceRegistered with the Saint-Etienne Trade and Companies Registry Availability of information relatedto the Ordinary and Extraordinary Annual General Meetingof 11 June 2024 CASINO, GUICHARD-PERRACHON’s shareholders are invited to participate in the Ordinary and Extraordi...
Groupe Casino : MODALITÉS DE MISE À DISPOSITION DES INFORMATIONS RELAT...
Groupe Casino : MODALITÉS DE MISE À DISPOSITION DES INFORMATIONS RELATIVES À L’ASSEMBLÉE GÉNÉRALE ORDINAIRE ET EXTRAORDINAIRE DU 11 JUIN 2024 CASINO, GUICHARD-PERRACHONSociété anonyme au capital de 375 740 444,29 €Siège social : 1, Cours Antoine Guichard42000 Saint-Etienne554 501 171 R.C.S. Saint-Etienne Modalités de mise à disposition des informations relativesà l’Assemblée générale ordinaire et extraordinairedu 11 Juin 2024 L’Assemblée générale ordinaire et extraordinaire des actionnaires de la société CASINO, GUICHARD-PERRACHON se réunira le mardi 11 juin 2024...
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Carole Braudeau
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Fehmi Ben Naamane
Hapag-Lloyd : Q1 publication significantly above forecasts
>Q1 results well above forecasts - Hapag-Lloyd has just published Q1 results that came in well above expectations. Group revenues were down 24% y-o-y to € 4,260m (Visible Alpha consensus at € 4,171m and our estimate of € 4,185m), with negative price effects of 32% (i.e. a decline that was not as steep as expected, due to the situation in the Red Sea which has reduced a share of capacity) and volumes up 6.8% y-o-y. Group EBITDA was € 868m and naturally down sharply y-o...
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