reports
ABGSC Capital Goods Research ... (+4)
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
KNEBV
KONE OYJ CLASS B
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
Jeremy Garnier ... (+3)
- Jeremy Garnier
- Marc Lavaud
- Youssef Besbes
TKA
THYSSENKRUPP AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
SZG SALZGITTER AG
KBC KBC GROUP N.V.
MTU MANITOU BF SA
LSS LECTRA SA
CDA COMPAGNIE DES ALPES SA
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ALO ALSTOM SA
ISP INTESA SANPAOLO S.P.A.
ORSTED ORSTED
AIR AIRBUS SE
ERA ERAMET SA
DEZ DEUTZ AG
TUB TUBACEX S.A.
NDA AURUBIS AG
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
RIO RIO TINTO PLC
LDO LEONARDO SPA
BHP BHP GROUP LTD
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
FAST FASTNED
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
PLNW PLANISWARE
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
SZG SALZGITTER AG
KBC KBC GROUP N.V.
MTU MANITOU BF SA
LSS LECTRA SA
CDA COMPAGNIE DES ALPES SA
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ALO ALSTOM SA
ISP INTESA SANPAOLO S.P.A.
ORSTED ORSTED
AIR AIRBUS SE
ERA ERAMET SA
DEZ DEUTZ AG
TUB TUBACEX S.A.
NDA AURUBIS AG
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
RIO RIO TINTO PLC
LDO LEONARDO SPA
BHP BHP GROUP LTD
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
FAST FASTNED
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
PLNW PLANISWARE
Fehmi Ben Naamane ... (+4)
- Fehmi Ben Naamane
- Jeremy Garnier
- Marc Lavaud
- Youssef Besbes
AC
ACCOR SA
TKA THYSSENKRUPP AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
WTB WHITBREAD PLC
IDL ID LOGISTICS GROUP
SZG SALZGITTER AG
MTU MANITOU BF SA
LSS LECTRA SA
CDA COMPAGNIE DES ALPES SA
VOE VOESTALPINE AG
ACX ACERINOX SA
AIR AIRBUS SE
ERA ERAMET SA
DEZ DEUTZ AG
TUB TUBACEX S.A.
NDA AURUBIS AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SHOT SCANDIC HOTELS GROUP
ALBFR SIDETRADE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
RIO RIO TINTO PLC
LDO LEONARDO SPA
SAE SHOP APOTHEKE EUROPE NV
BHP BHP GROUP LTD
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
IHG INTERCONTINENTAL HOTELS GROUP PLC
FAST FASTNED
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLNW PLANISWARE
SHA SCHAEFFLER AG
TKA THYSSENKRUPP AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
WTB WHITBREAD PLC
IDL ID LOGISTICS GROUP
SZG SALZGITTER AG
MTU MANITOU BF SA
LSS LECTRA SA
CDA COMPAGNIE DES ALPES SA
VOE VOESTALPINE AG
ACX ACERINOX SA
AIR AIRBUS SE
ERA ERAMET SA
DEZ DEUTZ AG
TUB TUBACEX S.A.
NDA AURUBIS AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SHOT SCANDIC HOTELS GROUP
ALBFR SIDETRADE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
RIO RIO TINTO PLC
LDO LEONARDO SPA
SAE SHOP APOTHEKE EUROPE NV
BHP BHP GROUP LTD
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
IHG INTERCONTINENTAL HOTELS GROUP PLC
FAST FASTNED
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLNW PLANISWARE
SHA SCHAEFFLER AG
Jeremy Garnier ... (+3)
- Jeremy Garnier
- Marc Lavaud
- Youssef Besbes
TKA
THYSSENKRUPP AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
SZG SALZGITTER AG
KBC KBC GROUP N.V.
MTU MANITOU BF SA
LSS LECTRA SA
CDA COMPAGNIE DES ALPES SA
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ALO ALSTOM SA
ISP INTESA SANPAOLO S.P.A.
ORSTED ORSTED
AIR AIRBUS SE
ERA ERAMET SA
DEZ DEUTZ AG
TUB TUBACEX S.A.
NDA AURUBIS AG
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
RIO RIO TINTO PLC
LDO LEONARDO SPA
BHP BHP GROUP LTD
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
FAST FASTNED
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
PLNW PLANISWARE
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
SZG SALZGITTER AG
KBC KBC GROUP N.V.
MTU MANITOU BF SA
LSS LECTRA SA
CDA COMPAGNIE DES ALPES SA
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ALO ALSTOM SA
ISP INTESA SANPAOLO S.P.A.
ORSTED ORSTED
AIR AIRBUS SE
ERA ERAMET SA
DEZ DEUTZ AG
TUB TUBACEX S.A.
NDA AURUBIS AG
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
RIO RIO TINTO PLC
LDO LEONARDO SPA
BHP BHP GROUP LTD
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
FAST FASTNED
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
PLNW PLANISWARE
Fehmi Ben Naamane ... (+4)
- Fehmi Ben Naamane
- Jeremy Garnier
- Marc Lavaud
- Youssef Besbes
AC
ACCOR SA
TKA THYSSENKRUPP AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
WTB WHITBREAD PLC
IDL ID LOGISTICS GROUP
SZG SALZGITTER AG
MTU MANITOU BF SA
LSS LECTRA SA
CDA COMPAGNIE DES ALPES SA
VOE VOESTALPINE AG
ACX ACERINOX SA
AIR AIRBUS SE
ERA ERAMET SA
DEZ DEUTZ AG
TUB TUBACEX S.A.
NDA AURUBIS AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SHOT SCANDIC HOTELS GROUP
ALBFR SIDETRADE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
RIO RIO TINTO PLC
LDO LEONARDO SPA
SAE SHOP APOTHEKE EUROPE NV
BHP BHP GROUP LTD
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
IHG INTERCONTINENTAL HOTELS GROUP PLC
FAST FASTNED
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLNW PLANISWARE
TKA THYSSENKRUPP AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
WTB WHITBREAD PLC
IDL ID LOGISTICS GROUP
SZG SALZGITTER AG
MTU MANITOU BF SA
LSS LECTRA SA
CDA COMPAGNIE DES ALPES SA
VOE VOESTALPINE AG
ACX ACERINOX SA
AIR AIRBUS SE
ERA ERAMET SA
DEZ DEUTZ AG
TUB TUBACEX S.A.
NDA AURUBIS AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SHOT SCANDIC HOTELS GROUP
ALBFR SIDETRADE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
RIO RIO TINTO PLC
LDO LEONARDO SPA
SAE SHOP APOTHEKE EUROPE NV
BHP BHP GROUP LTD
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
IHG INTERCONTINENTAL HOTELS GROUP PLC
FAST FASTNED
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLNW PLANISWARE
Maxime Kogge
- Maxime Kogge
Maxime Kogge
- Maxime Kogge
Johannes Grunselius
- Johannes Grunselius
SSAB (Hold, TP: SEK51.00) - Still caught in headwinds
We have cut our 2024–2025e earnings again, mainly due to a more cautious view on steel prices and volumes in general and US plate prices in particular. While we remain confident in the longer-term outlook for earnings and transformational investments, we are concerned about the recent negative steel price trend, in particular for US plate, will spill over to Q1 and possibly also Q2. We reiterate our HOLD, but after cutting our 2025e EBITDA by 14% and with an increased earnings risk, we have lowe...
Douglas Lindahl
- Douglas Lindahl
SKF (Buy, TP: SEK270.00) - Bidding farewell to a sluggish 2024
We estimate Q4 sales of SEK23,044m, organic growth of c-5% YOY and adj. EBIT of SEK2,581m (c1% below consensus). We expect 2025 guidance for a low-single-digit organic sales increase (YOY), and have broadly maintained our 2024–2026e adj. EBIT (mainly FX). We reiterate our BUY and have raised our target price to SEK270 (256) on updated peer valuation.
Delphine Brault ... (+2)
- Delphine Brault
- Quentin Borie
LRC
LEGRAND
ALFOC FOCUS HOME INTERACTIVE SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
POM PLASTIC OMNIUM SE
VIRP VIRBAC SA
ALLAN LANSON-BCC
ALO ALSTOM SA
MBB MBB INDUSTRIES SE
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
COFB COFINIMMO SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
ARG ARGAN SA
CSM CORBION NV
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
FAST FASTNED
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
ALFOC FOCUS HOME INTERACTIVE SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
POM PLASTIC OMNIUM SE
VIRP VIRBAC SA
ALLAN LANSON-BCC
ALO ALSTOM SA
MBB MBB INDUSTRIES SE
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
COFB COFINIMMO SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
ARG ARGAN SA
CSM CORBION NV
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
FAST FASTNED
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
Delphine Brault ... (+2)
- Delphine Brault
- Quentin Borie
LRC
LEGRAND
ALFOC FOCUS HOME INTERACTIVE SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
POM PLASTIC OMNIUM SE
VIRP VIRBAC SA
ALLAN LANSON-BCC
ALO ALSTOM SA
MBB MBB INDUSTRIES SE
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
COFB COFINIMMO SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
ARG ARGAN SA
CSM CORBION NV
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
FAST FASTNED
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
ALFOC FOCUS HOME INTERACTIVE SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
POM PLASTIC OMNIUM SE
VIRP VIRBAC SA
ALLAN LANSON-BCC
ALO ALSTOM SA
MBB MBB INDUSTRIES SE
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
COFB COFINIMMO SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
ARG ARGAN SA
CSM CORBION NV
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
FAST FASTNED
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
Delphine Brault ... (+2)
- Delphine Brault
- Quentin Borie
LRC
LEGRAND
CA CARREFOUR SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
WTB WHITBREAD PLC
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ZAL ZALANDO SE
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
RIO RIO TINTO PLC
AZN ASTRAZENECA PLC
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
CA CARREFOUR SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
WTB WHITBREAD PLC
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ZAL ZALANDO SE
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
RIO RIO TINTO PLC
AZN ASTRAZENECA PLC
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
Ahmed Ben Salem
- Ahmed Ben Salem
LRC
LEGRAND
FP TOTAL SE
CA CARREFOUR SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
WTB WHITBREAD PLC
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ZAL ZALANDO SE
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
RIO RIO TINTO PLC
AZN ASTRAZENECA PLC
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
FP TOTAL SE
CA CARREFOUR SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
WTB WHITBREAD PLC
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ZAL ZALANDO SE
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
RIO RIO TINTO PLC
AZN ASTRAZENECA PLC
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
Delphine Brault ... (+2)
- Delphine Brault
- Quentin Borie
ODDO : 2025: set to potentially be a better year than 2024
2025 is in our view likely to see sales continue to grow (5% estimated vs 1.5% in 2024e) and margins continue to improve (53bp vs 14bp in 2024e), with the possible exception of a few companies (optimised margins or tariff risk). While some themes are likely to endure (US exposure, green capex, data centres, etc.), others will emerge (construction, discrete automation) or accelerate (semiconductors) over the year. In this context, our Top Picks are Alstom, Assa Abloy, Siemens and SKF. And we upgr...
LRC
LEGRAND
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
Delphine Brault ... (+2)
- Delphine Brault
- Quentin Borie
ODDO : 2025 : potentiellement un meilleur cru que 2024
L’année 2025 verra, selon nous, une poursuite de la croissance du CA (5% estimé vs 1.5% en 2024e) et de l’amélioration de la marge (53 pb vs 14 pb en 2024e), à l’exception possible de quelques sociétés (marge optimisée ou risque lié aux hausses des droits de douane). Si quelques thématiques devraient rester inchangées (exposition USA, Green Capex, datacenters, etc), d’autres émergeront (construction, discrete automation) ou accélèreront (semiconducteurs) au cours de l’année. Dans ce contexte, no...
LRC
LEGRAND
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KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
Christophe-Raphaël Ganet ... (+3)
- Christophe-Raphaël Ganet
- Oliver Metzger
- Stephane Houri
AC
ACCOR SA
TKA THYSSENKRUPP AG
ALESK ESKER SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
G1A GEA GROUP AG
APAML APERAM SA
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SSAB A SSAB AB CLASS A
TNG TRANSGENE SA
SZG SALZGITTER AG
LXS LANXESS AG
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
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NDA AURUBIS AG
FTON FEINTOOL INTERNATIONAL HOLDING AG
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BHP BHP GROUP LTD
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ALESK ESKER SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
G1A GEA GROUP AG
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SZG SALZGITTER AG
LXS LANXESS AG
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
KCO KLOECKNER & CO SE
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
NOEJ NORMA GROUP SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
NDA AURUBIS AG
FTON FEINTOOL INTERNATIONAL HOLDING AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
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SIE SIEMENS AG
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JST JOST WERKE AG
ALCUR ARCURE SA
HAG HENSOLDT AG
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
Oliver Metzger ... (+2)
- Oliver Metzger
- Stephane Houri
AC
ACCOR SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
G1A GEA GROUP AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
LXS LANXESS AG
GXI GERRESHEIMER AG
KCO KLOECKNER & CO SE
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
NOEJ NORMA GROUP SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
NDA AURUBIS AG
FTON FEINTOOL INTERNATIONAL HOLDING AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
BNR BRENNTAG SE
NN NN GROUP N.V.
CLNX CELLNEX TELECOM S.A.
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RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
DUE DURR AG
JST JOST WERKE AG
HAG HENSOLDT AG
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
G1A GEA GROUP AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
LXS LANXESS AG
GXI GERRESHEIMER AG
KCO KLOECKNER & CO SE
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
NOEJ NORMA GROUP SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
NDA AURUBIS AG
FTON FEINTOOL INTERNATIONAL HOLDING AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
BNR BRENNTAG SE
NN NN GROUP N.V.
CLNX CELLNEX TELECOM S.A.
JUN3 JUNGHEINRICH AG PREF
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
DUE DURR AG
JST JOST WERKE AG
HAG HENSOLDT AG
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
Christophe-Raphaël Ganet ... (+3)
- Christophe-Raphaël Ganet
- Oliver Metzger
- Stephane Houri
AC
ACCOR SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
G1A GEA GROUP AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
TNG TRANSGENE SA
SZG SALZGITTER AG
LXS LANXESS AG
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
KCO KLOECKNER & CO SE
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
NOEJ NORMA GROUP SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
NDA AURUBIS AG
FTON FEINTOOL INTERNATIONAL HOLDING AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
MCPHY MCPHY ENERGY SA
BNR BRENNTAG SE
JUN3 JUNGHEINRICH AG PREF
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DUE DURR AG
JST JOST WERKE AG
ALCUR ARCURE SA
HAG HENSOLDT AG
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
G1A GEA GROUP AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
TNG TRANSGENE SA
SZG SALZGITTER AG
LXS LANXESS AG
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
KCO KLOECKNER & CO SE
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
NOEJ NORMA GROUP SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
NDA AURUBIS AG
FTON FEINTOOL INTERNATIONAL HOLDING AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
MCPHY MCPHY ENERGY SA
BNR BRENNTAG SE
JUN3 JUNGHEINRICH AG PREF
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DUE DURR AG
JST JOST WERKE AG
ALCUR ARCURE SA
HAG HENSOLDT AG
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
Oliver Metzger ... (+2)
- Oliver Metzger
- Stephane Houri
AC
ACCOR SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
G1A GEA GROUP AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
LXS LANXESS AG
GXI GERRESHEIMER AG
KCO KLOECKNER & CO SE
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
NOEJ NORMA GROUP SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
NDA AURUBIS AG
FTON FEINTOOL INTERNATIONAL HOLDING AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
BNR BRENNTAG SE
NN NN GROUP N.V.
CLNX CELLNEX TELECOM S.A.
JUN3 JUNGHEINRICH AG PREF
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
DUE DURR AG
JST JOST WERKE AG
HAG HENSOLDT AG
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
G1A GEA GROUP AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
LXS LANXESS AG
GXI GERRESHEIMER AG
KCO KLOECKNER & CO SE
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
NOEJ NORMA GROUP SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
NDA AURUBIS AG
FTON FEINTOOL INTERNATIONAL HOLDING AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
BNR BRENNTAG SE
NN NN GROUP N.V.
CLNX CELLNEX TELECOM S.A.
JUN3 JUNGHEINRICH AG PREF
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
DUE DURR AG
JST JOST WERKE AG
HAG HENSOLDT AG
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
Maxime Kogge
- Maxime Kogge
TKA
THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
NDA AURUBIS AG
FTON FEINTOOL INTERNATIONAL HOLDING AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
NDA AURUBIS AG
FTON FEINTOOL INTERNATIONAL HOLDING AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
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