Q1 reporting continues

This week, Castellum and Balder reported Q1 results, Wihlborgs announced a new lease, and SBB corrected 2023 profits and dissolved Unobo. Norges Bank has signalled interest rates might stay higher for longer. K2A has halted preference dividend payments. The weighted-average implied EBITDA yields on the stocks we cover are 4.69% for 2024e and 4.97% for 2025e.

Credit Morning 05/03/2024

Moody's upgrades Crelan's SNP rating from Baa3 to Baa2>...

Morning Crédit 03/05/2024

Moody's upgrade la note des SNP de Crelan de Baa3 à Baa2>...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/05/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2024

We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...

Lufthansa : CASK needs to be visibly back under control for a re-ratin...

>CASK back under control by the very end of the year … but with a much bigger degree of confidence - While the comments on unit cost trends (CASK) excluding fuel were more cautious than we expected on Q2 (due to a weaker uptick in capacity to the tune of c200bp and very likely additional costs to prepare for the summer season), the level expected for FY 2024 is broadly in line with our post-strike estimate (6.55 vs a target of 6.5). This control is likely to be more ...

Dynamic Top Pick List Update May 2024 : Adding Fugro, Removing Arcadis

In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fu...

Lufthansa : La reprise en main du CASK doit être visible pour enclench...

>Une reprise en main du CASK en toute fin d’exercice… mais avec une plus forte dose de confiance - Si les commentaires sur l’évolution des coûts unitaires (CASK) hors carburant étaient plus prudents que ce que nous anticipions sur le T2 (en raison d’un rebond des capacités moins fort à hauteur de c200 pb et certainement des surcoûts de préparation de la saison estivale), le niveau attendu sur FY 24 ressort globalement en ligne avec notre estimation post grève (6.55 v...

ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2024

BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 30/04/2024 Date Performance dep...

L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...

Credit Morning 04/30/2024

Iliad Holding plans to issue new bonds to fund the investment in Tele2 and a tender on Iliad Holding 2026 notesIsabel Marant: well preserved liquidity but further deep fall in the wholesale order bookVerisure markets new bonds with two special covenants linked to a potential IPOBUT/Mobilux: new bond offering with the inclusion of Conforama into the scope>...

Morning Crédit 30/04/2024

Isabel Marant : liquidité supérieure aux attentes mais nouvelle chute du carnet de commandesBUT/Mobilux : Nouvelle émission obligataire avec intégration de Conforama dans le périmètreIliad Holding compte émettre des de nouvelles obligations pour financer l’investissement dans Tele2 et un tender sur la souche Iliad Holding 2026Verisure commercialise des nouvelles obligations avec deux covenants spéciaux liés à une potentielle IPO>...

INVEST SECURITIES - TME PHARMA :Quel crédit accorder à ce nouveau plan...

Vopak : Corporate action will bring valuation more in-line with peers ...

>Feedback Vopak conference call: performance key is portfolio restructuring - Early in the morning before the AGM on April 26, CEO Dick Richelle and CFO Michiel Gilsing hosted the 24Q1 analyst call with only four analysts present. Main analyst focus in the call was on getting more grip on the drivers which made Vopak deliver a better then expected Q1 performance.Proportional EBITDA up 10% y-o-y to € 298m. Excluding the contributions from its 2023 divestments (imp...

Credit Morning 04/29/2024

Atos: the French State wants to acquire the group’s sovereign business, cash needs are bossted to € 1.1bn (vs € 0.6bn)Picard: talks between Moez Zouari and Lion Capital reportedly resumeDeutsche Bank announces an unexpected legal provision of € 1.3bn for Q2>...

ODDO BHF Small & MIDCAP MORNING NEWS - 04/29/2024

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Morning Crédit 29/04/2024

Atos : l’Etat souhaite acquérir les activités souveraines du groupe, les besoins de liquidités sont revus à 1,1 md EUR (vs. 0,6 md EUR)Picard : les discussions entre Moez Zouari et Lion Capital auraient reprisDeutsche Bank annonce une provision légale inattendue de 1.3 md EUR pour le T2>...

ODDO BHF Small & MIDCAP MORNING NEWS - 29/04/2024

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Atos : Negative update of the parameters of the financial restructurin...

>Update of the parameters of the financial restructuring framework - Atos just released this morning a press release presenting the updated parameter of its restructuring framework. The main changes are the following:i/ € 1.1bn of cash needed to fund the business over the 2024-2025 period compared with € 600m previously. Funds to be provided in the form of debt and/or equity by existing stakeholders or third-party investors;ii/ gross debt reduction of € 3.2b...

Atos : Negative update of the parameters of the financial restructurin...

>Update of the parameters of the financial restructuring framework - Atos just released this morning a press release presenting the updated parameter of its restructuring framework. The main changes are the following:i/ € 1.1bn of cash needed to fund the business over the 2024-2025 period compared with € 600m previously. Funds to be provided in the form of debt and/or equity by existing stakeholders or third-party investors;ii/ gross debt reduction of € 3.2b...