reports
- Anthony Dick
- Marc Lavaud
- Martin Marandon-Carlhian
- Maxime Kogge
- Michael Foundoukidis
ODDO : Véhicules électriques : d’un excès à l’autre ?
Le momentum autour de l’électrification, moins favorable dernièrement, a conduit à un changement profond de perception, passant d’un optimisme sans doute excessif à un pessimisme qui le semble tout autant. En effet, si nous avons revu en baisse nos hypothèses, nous visons néanmoins toujours une croissance dans les années à venir (y compris cette année), bien supérieure à celle du marché automobile dans son ensemble. Face à ces changements, tous les acteurs au sein de la chaîne de...
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
SHA SCHAEFFLER AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
CIE CIE AUTOMOTIVE S.A.
MELE MELEXIS NV
LIVS AUTOLIV INC. SDR
RIO RIO TINTO PLC
XFAB X-FAB SILICON FOUNDRIES SE
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Anthony Dick
- Marc Lavaud
- Martin Marandon-Carlhian
- Maxime Kogge
- Michael Foundoukidis
ODDO : Electric vehicles: from one extreme to another?
With momentum around electrification less favourable of late, we have seen a major shift in perception, from doubtless overly rose-tinted optimism to what looks to be similarly excessive pessimism. While we have reduced our BEV assumptions, we nonetheless still anticipate growth in the next few years (including this year), well ahead of that of the automotive market as a whole. In the face of these changes, the players in the value chain (mines, semiconductors, auto) are differen...
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
SHA SCHAEFFLER AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
CIE CIE AUTOMOTIVE S.A.
MELE MELEXIS NV
LIVS AUTOLIV INC. SDR
RIO RIO TINTO PLC
XFAB X-FAB SILICON FOUNDRIES SE
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/07/2024
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
LHA DEUTSCHE LUFTHANSA AG
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/03/2024
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
LHA DEUTSCHE LUFTHANSA AG
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Anthony Dick
- Michael Foundoukidis
Pirelli : A well-executed strategy but now priced-in
>Robust Q4 release and still favourable outlook for 2024-2025 - Pirelli yesterday reported Q4 2023 results slightly ahead of expectations (+5% on adjusted EBIT and adjusted FCF) and announced targets for 2024-2025 in line with the consensus, thus confirming its ability to maintain a high level of performance this year and going forward. The new strategic plan for 2024-2025 presented yesterday is based, as expected, on a heightened focus on the premium positioning whic...
- Anthony Dick
- Michael Foundoukidis
Pirelli : Une stratégie toujours bien exécutée mais bien valorisée
>Publication T4 solide et perspectives 2024-2025 toujours favorables - Pirelli a publié, hier, des résultats T4 2023 légèrement supérieurs aux attentes (+5% sur l’ajusté et sur le FCF ajusté) et communiqué des objectifs 2024/2025 en ligne avec le consensus, confirmant la capacité du pneumaticien à maintenir une performance élevée cette année et au-delà. Le nouveau plan stratégique 2024-2025, présenté hier, s’appuie comme attendu sur un focus encore accru sur le positi...
Pirelli & C. Spa: 1 director
A director at Pirelli & C. Spa bought 28,000,000 shares at 5.196EUR and the significance rating of the trade was 73/100. 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 c...
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/10/2023
The Q3 earnings season, which has seen stocks that have disappointed expectations take a severe pounding, has thus far resulted in only a modest downward revision to the consensus. EPS for 2023 are now expected to be down -1.1% vs 2022, with of course significant divergences between sectors. However, it is the fall in interest rates since the end of September that has driven stock market performances the most, with technology and consumer products & services (including luxury goods) r...
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
PROX PROXIMUS SA DE DROIT PUBLIC
MT ARCELORMITTAL SA
SU SCHNEIDER ELECTRIC SE
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
GN GN STORE NORD A/S
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
BC8 BECHTLE AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
HLAG HAPAG-LLOYD AG
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/11/2023
La saison des résultats du T3, qui a vu se succéder de vives sanctions pour les titres qui décevaient les attentes, n’a pourtant jusqu’à présent occasionné qu’une modeste révision baissière du consensus. Les BPA 2023 sont désormais attendus en baisse de 1,1% vs 2022, avec bien entendu des divergences sectorielles importantes. C’est toutefois la baisse des taux, intervenue depuis fin septembre, qui a davantage drivé les performances boursières, à l’instar de la Technology et des Consum...
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
PROX PROXIMUS SA DE DROIT PUBLIC
MT ARCELORMITTAL SA
SU SCHNEIDER ELECTRIC SE
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
GN GN STORE NORD A/S
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
BC8 BECHTLE AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
HLAG HAPAG-LLOYD AG
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Anthony Dick
- Michael Foundoukidis
Pirelli : Another solid quarter
>Q3 a shade better than expected despite volumes, few revisions in sight - Pirelli’s Q3 2023 earnings came in slightly above expectations (+2% on EBIT, +17% on FCF) and were again marked by very robust price-mix momentum (+6.8%) which more than offset the fall in volumes (-4.6%) and other headwinds (mainly inflation and FX). Otherwise, the 2023 outlook was as expected broadly confirmed (guidance narrowed towards the upper end of the range for EBIT and FCF) despite the...
- Anthony Dick
- Michael Foundoukidis
Pirelli : Un trimestre à nouveau solide
>Un T3 légèrement meilleur qu’attendu malgré les volumes, peu de révisions en vue - Les résultats T3 2023 de Pirelli sont ressortis légèrement meilleurs qu’attendu (+2% sur l’EBIT, +17% sur le FCF), à nouveau marqués par une dynamique prix/mix très solide (+6.8%) plus que compensant la baisse des volumes (-4.6%) et les autres vents contraires (inflation et devises essentiellement). Au-delà, les perspectives 2023 ont, comme attendu, été globalement confirmées (resserré...
- Jerôme Bodin
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
DBK DEUTSCHE BANK AG
ORA ORANGE SA
ULVR UNILEVER PLC
DAI DAIMLER AG
EN BOUYGUES SA
RXL REXEL SA
SCR SCOR SE
DEC JCDECAUX SA
VIV VIVENDI SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ITRK INTERTEK GROUP PLC
OR L'OREAL SA
KER KERING SA
EOAN E.ON SE
ENI ENI S.P.A.
GRF GRIFOLS S.A. CLASS A
SAN SANOFI
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
REP REPSOL SA
ANA ACCIONA SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
IBE IBERDROLA SA
WLN WORLDLINE SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
VACN VAT GROUP AG
GRF.P GRIFOLS S.A. PREF CLASS B
AZN ASTRAZENECA PLC
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
FER FERROVIAL SA
- Jerôme Bodin
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
DBK DEUTSCHE BANK AG
ORA ORANGE SA
ULVR UNILEVER PLC
DAI DAIMLER AG
EN BOUYGUES SA
RXL REXEL SA
SCR SCOR SE
DEC JCDECAUX SA
VIV VIVENDI SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ITRK INTERTEK GROUP PLC
OR L'OREAL SA
KER KERING SA
EOAN E.ON SE
ENI ENI S.P.A.
GRF GRIFOLS S.A. CLASS A
SAN SANOFI
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
REP REPSOL SA
ANA ACCIONA SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
IBE IBERDROLA SA
WLN WORLDLINE SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
VACN VAT GROUP AG
GRF.P GRIFOLS S.A. PREF CLASS B
AZN ASTRAZENECA PLC
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
FER FERROVIAL SA
- Anthony Dick
- Michael Foundoukidis
Pirelli : Un bon T2, légèrement meilleur qu’attendu et à nouveau porté...
>Un bon T2 2023 malgré la baisse des volumes, peu de révisions à attendre - Les résultats T2 2023 de Pirelli sont ressortis meilleurs qu’attendu (+4% sur l’EBIT), à nouveau marqués par une dynamique prix/mix très solide (+10.2%) plus que compensant la baisse des volumes (-1.1%) et les autres vents contraires (inflation et devises essentiellement). Au-delà, les perspectives 2023 ont, comme attendu, été globalement confirmées malgré la vision plus prudente sur les volum...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/21/2023
We are now taking our profits on ASML and Intercontinental Hotels, which are exiting our Large Caps list. They are replaced by Infineon and Accor in their respective sectors (technology and travel & leisure). Since its creation in January 2023, our list posts a performance of 9.2% in terms of total return, i.e. an outperformance of 3.2% vs the Stoxx 600 (dividends included). - ...
- Baptiste Salaville
- Jerôme Bodin
- Nicolas David
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/06/2023
Nous prenons aujourd’hui nos profits sur ASML et Intercontinental Hotels, qui sortent de notre liste Large Caps. Infineon et Accor les remplacent dans leurs secteurs respectifs (Technologie et Voyages & loisirs). Depuis sa création en janvier 2023, notre liste affiche une performance de 9,2% en total return, i.e. une surperformance de 3,2% vs le Stoxx 600 (dividendes inclus). - ...
- Anthony Dick
- Michael Foundoukidis
Pirelli : Probable departure of the future CEO, the last straw for the...
>Future CEO poised to leave, according to Bloomberg - Yesterday, Bloomberg published a report indicating that Giorgio Bruno, currently deputy-CEO and chosen to become CEO after the planned departure of Marco Tronchetti Provera, is leaving the group to pursue other entrepreneurial projects. According to the article, the official announcement should be made this week but the group has issued no denial for the time being.Relations with the majority sharehold...
- Anthony Dick
- Michael Foundoukidis
Pirelli : Le probable départ du futur CEO, la goutte d’eau sur le plan...
>Le futur CEO sur le départ, selon Bloomberg - Bloomberg a publié, hier, un article indiquant que Giorgio Bruno, actuellement CEO adjoint et choisi l’an dernier pour devenir CEO cette année après le départ programmé de Marco Tronchetti Provera, quittait la société pour poursuivre des projets entrepreneuriaux. L’annonce officielle devrait, selon l’article, être faite cette semaine mais le groupe n’a pas publié de démenti à ce stade.Les relations avec l’act...
- Bruno Cavalier
- Jerôme Bodin
HNR1 HANNOVER RUECK SE
DEC JCDECAUX SA
G ASSICURAZIONI GENERALI S.P.A.
VER VERBUND AG CLASS A
ORP ORPEA SA
01913 PRADA S.P.A.
SIX2 SIXT SE
ANA ACCIONA SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
FER FERROVIAL S.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
AZE AZELIS GROUP NV
SGSN SGS SA
- Jerôme Bodin
HNR1 HANNOVER RUECK SE
DEC JCDECAUX SA
G ASSICURAZIONI GENERALI S.P.A.
VER VERBUND AG CLASS A
ORP ORPEA SA
01913 PRADA S.P.A.
SIX2 SIXT SE
ANA ACCIONA SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
FER FERROVIAL S.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
AZE AZELIS GROUP NV
SGSN SGS SA
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