reports
- Carole Braudeau
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>...
- Carole Braudeau
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>...
- Maxime Dubreil
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Thomas Vranken
UCB Model update: UCB's five growth drivers into the next decade
UCB is entering a next stage of growth as it turns the page on the loss of exclusivity of several of its mature assets. The new chapter will focus strongly on five growth drivers: Bimzelx, Rystiggo, Zilbrysq, Fintepla and Evenity. Jointly, these assets could deliver significant topline growth and margin improvements in the coming years. We have conducted an extensive update of our model to incorporate these new dynamics. Our DCF-based valuation points to a fair value of € 143 per share (previous...
- Thomas Vranken
UCB Bimzelx launch tracker
Our Bimzelx launch tracker tool keeps an eye on the ongoing commercialization of Bimzelx in the US by looking at total prescriptions (TRx). Our latest figure for week 22 points to 898 TRx, down 2% versus last week's result, and up 11% on a 4-week rolling basis. Altogether, we see a smooth ramp-up for Bimzelx in its first months since launch.
- Carole Braudeau
- Martin Marandon-Carlhian
- Stephane Houri
ATO ATOS SE
BFIT BASIC-FIT NV
LPE LAURENT-PERRIER SA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
SHA SCHAEFFLER AG
FAE FAES FARMA S.A.
AIXA AIXTRON SE
WAF SILTRONIC AG
GCO GRUPO CATALANA OCCIDENTE S.A.
CSM CORBION NV
COFA COFACE SA
CASH PROSEGUR CASH SA
ALFEN ALFEN NV
FUR FUGRO NV
- Carole Braudeau
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>...
- Martin Marandon-Carlhian
- Stephane Houri
ATO ATOS SE
BFIT BASIC-FIT NV
LPE LAURENT-PERRIER SA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
SHA SCHAEFFLER AG
FAE FAES FARMA S.A.
AIXA AIXTRON SE
WAF SILTRONIC AG
GCO GRUPO CATALANA OCCIDENTE S.A.
CSM CORBION NV
COFA COFACE SA
CASH PROSEGUR CASH SA
ALFEN ALFEN NV
FUR FUGRO NV
- Nicolas David
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...
- Nicolas David
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...
Market update - April 29
Market update - April 29 Non-binding letter of intent received from the French state to acquire 100% of the Advanced Computing, Mission-Critical Systems and Cybersecurity Products activities of Atos SE’s BDS (Big Data & Security) business Indicative enterprise valuation between €700 million and €1 billionDue diligence phase to start shortly in view of the issuance of a confirmatory non-binding offer by early June 2024 Revision of the parameters of the financial restructuring framework presented on April 9, 2024, to reflect current market conditions and business trends €1.1 billion of ca...
Point de marché 29 avril 2024
Point de marché 29 avril 2024 Lettre d’intention non engageante reçue de l’Etat français pour l’acquisition de 100% des activités d’Advanced Computing, de Mission-Critical Systems et de Cybersecurity Products de la division BDS (Big Data & Cybersécurité) d’Atos SE : Valeur d’entreprise indicative comprise entre 700 millions et 1 milliard d’eurosDémarrage rapide d’une phase de due diligence visant l’émission d’une offre confirmatoire non engageante d’ici à début juin 2024 Révision des paramètres du cadre de restructuration financière présentés le 9 avril 2024 afin de refléter les conditio...
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1100.00) - Company consensus added
We are slightly below consensus on Q1e LCY sales growth (we forecast 19.4%, consensus 21.4%) and LCY operating profit growth (we forecast 16.8%, consensus 19.5%), due to lower expected Wegovy sales. However, we believe the Ozempic US prescription trend will prompt management to raise the 2024 guidance to LCY sales growth of 20–28% (18–26%) and LCY operating profit growth of 23–31% (21–29%). We reiterate our BUY and DKK1,100 target price.
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Carole Braudeau
LHN LAFARGEHOLCIM LTD.
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
ATO ATOS SE
BFIT BASIC-FIT NV
SK SEB SA
NXI NEXITY SA CLASS A
MF WENDEL SE
KORI KORIAN SA
CGM CEGEDIM SA
GRF GRIFOLS S.A. CLASS A
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
DIC DIC ASSET AG
CLNX CELLNEX TELECOM S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Carole Braudeau
LHN LAFARGEHOLCIM LTD.
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
ATO ATOS SE
BFIT BASIC-FIT NV
SK SEB SA
NXI NEXITY SA CLASS A
MF WENDEL SE
KORI KORIAN SA
CGM CEGEDIM SA
GRF GRIFOLS S.A. CLASS A
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
DIC DIC ASSET AG
CLNX CELLNEX TELECOM S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
- Florent Laroche-Joubert
Unibail-Rodamco-Westfield : Positive momentum in both operations and d...
>Momentum in shopping centres remains brisk in Q1 - URW yesterday evening reported Q1 2024 revenues of € 942.8m, up +3.7% y-o-y at current scope and +10.5% at constant scope mainly reflecting still positive operating momentum in shopping centres as well as the first positive effects from the Olympic Games in Paris in the convention and exhibition (“C&E”): division:Tenant sales up + 5.5% y-o-y in Q1 2024: tenant sales remained positive with +5.8% y-o-y in continen...
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