reports
- Farid Bitari
- Ghada Ben Sedrine
- Nicolas David
- Stephane Houri
ODDO : Generative AI: a genuine revolution, pending the next revolutio...
Our conviction on the long-term growth potential and opportunities of generative AI is renewed. The enabler sectors (semiconductors, software and IT services) and those that provide the infrastructure (utilities, metals, capital goods and real estate) will be the primary beneficiaries, leading us to make certain target price changes. Among AI ‘user’ sectors (media, healthcare, automotive, banking and insurance, oil services, defence, aerospace and airlines), the effects will doub...
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
REL RELX PLC
PUB PUBLICIS GROUPE SA
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
SOP SOPRA STERIA GROUP SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
NOKIA NOKIA OYJ
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
AUB AUBAY SA
MRK MERCK KGAA
ALTA ALTAREA SCA
ATE ALTEN SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ENEL ENEL SPA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
ICAD ICADE SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
PRY PRYSMIAN S.P.A.
IBE IBERDROLA SA
OREGE OREGE SA
SMHN SUESS MICROTEC AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
VACN VAT GROUP AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
RIO RIO TINTO PLC
SAP SAP SE
AZN ASTRAZENECA PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
REY REPLY S.P.A.
STM STMICROELECTRONICS NV
SHL SIEMENS HEALTHINEERS AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
ATCO A ATLAS COPCO AB
IOS IONOS GROUP SE
ARM ARM HOLDINGS PLC
UN0 UNIPER SE
- Farid Bitari
- Ghada Ben Sedrine
- Nicolas David
- Stephane Houri
ODDO : L’IA générative, une véritable révolution, en attendant la proc...
Notre conviction sur le potentiel de croissance LT et d’opportunités de l’IA générative est renforcée. Les secteurs 'enablers' (semiconducteurs, software et IT services) et fournisseurs d’infrastructures (utilities, métaux, biens d'équipements et immobilier) en seront les premiers bénéficiaires, conduisant à certains changements d’OC. Parmi les secteurs ‘utilisateurs’ de l’IA (média, santé, automobile, banque et assurance, services pétroliers, défense, aéronautique et compagnies ...
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
REL RELX PLC
PUB PUBLICIS GROUPE SA
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
SOP SOPRA STERIA GROUP SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
NOKIA NOKIA OYJ
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
AUB AUBAY SA
MRK MERCK KGAA
ALTA ALTAREA SCA
ATE ALTEN SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ENEL ENEL SPA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
ICAD ICADE SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
PRY PRYSMIAN S.P.A.
IBE IBERDROLA SA
OREGE OREGE SA
SMHN SUESS MICROTEC AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
VACN VAT GROUP AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
RIO RIO TINTO PLC
SAP SAP SE
AZN ASTRAZENECA PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
REY REPLY S.P.A.
STM STMICROELECTRONICS NV
SHL SIEMENS HEALTHINEERS AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
ATCO A ATLAS COPCO AB
IOS IONOS GROUP SE
ARM ARM HOLDINGS PLC
UN0 UNIPER SE
- Team Pharma
ODDO : ASCO 2024 expert access feedback
>Four types of treatment stand out - On Monday, we had the pleasure of hosting Dr Stéphane Champiat, oncologist at Gustave Roussy hospital (Paris), for our Expert Access on the ASCO 2024 with a focus on early-stage developments in solid tumours. His presentation confirmed that immunotherapy and chemotherapy remain the therapeutic backbone of cancer treatment, and also highlighted four promising treatments: T-cell engagers, cell therapies, immune checkpoint inhibitors...
- Team Pharma
ODDO : Feedback Expert Access ASCO 2024
>Quatre modalités de traitement ressortent du lot - Nous avons eu le plaisir d’accueillir lundi le Dr. Stéphane Champiat, médecin oncologue au sein de l’hôpital Gustave Roussy (Paris) dans le cadre de notre « Expert Access » sur l’ASCO 2024 avec un focus sur les développement early stage dans les tumeurs solides. Son intervention a permis de confirmer que l’immunothérapie et la chimiothérapie restaient le « backbone » thérapeutique dans la prise en charge des cancers...
- Research Team ACF
Regenerative Healthcare - Stem Cells & ALS Thematic 10062024
Regenerative medicine remains an extremely exciting area of healthcare with vast investment potential. In spite of the usual setbacks in valuation and strategy, the sub-sector has pivoted and the market remains innovative and attracts investment capital. Rather than replace entire tissues, which is a complex activity, we believe the immediate future for stem cells is more likely to be in the successful stimulation of the bodies on repair mechanisms. Within regenerative medicine we believe there ...
NOVN NOVARTIS AG
CG3 CELGENE CORPORATION
QURE UNIQURE NV
MRK MERCK & CO. INC.
JNJ JOHNSON & JOHNSON
GILD GILEAD SCIENCES INC.
CYTK CYTOKINETICS INCORPORATED
BMY BRISTOL-MYERS SQUIBB COMPANY
BIIB BIOGEN INC.
BCLI BRAINSTORM CELL THERAPEUTICS
SAN SANOFI
4523 EISAI CO. LTD.
IONS IONIS PHARMACEUTICALS INC.
WVE WAVE LIFE SCIENCES
PFE PFIZER INC.
ABBV ABBVIE INC.
AMRX AMNEAL PHARMACEUTICALS INC. CLASS A
TEVA TEVA PHARMACEUTICAL INDUSTRIES LIMITED
NOVO NOVO NORDISK A/S-B
- Dominic Rose
- Naresh Chouhan
Thematic Research - Quantifying The Impact From Part D Reform
In 2025, Big Pharma will be exposed to further US drug pricing reform as a result of the IRA act. This is the final big change to play out and we calculate there is the potential for a mid-single digit EBIT impact for some companies, but there is material heterogeneity in terms of the magnitude of the impact. There is also the potential for upside for Novo & LLY. However, given the significant complexity in the reimburse-ment changes & in computing the current sales in Medicare Part D, we are re...
- Team Pharma
ODDO : AstraZeneca lives up to expectations at ASCO 2024
>Spotlight on AstraZeneca over the weekend at ASCO 2024 - The ASCO 2024 meeting began last Friday 31 May and will end tomorrow. This morning, we are issuing a recap on the three main results presented by AZN over the weekend.DESTINY-Breast06 should enable the group to gain one line of treatment indication, with Enhertu in advanced hormone positive (ER+ and/or PR+) but HER2 negative (low HER2) breast cancer. These phase III results show a significant clinical redu...
- Team Pharma
ODDO : AstraZeneca répond aux attentes lors de l’ASCO 2024
>AstraZeneca était à l’honneur durant le week-end de l’ASCO 2024 - Le congrès de l’ASCO 2024 a débuté ce vendredi 31 mai pour se terminer demain. Nous revenons notamment ce matin sur les 3 principaux résultats présentés par AZN durant ce week-end :DESTINY-Breast06 devrait permettre d’avancer d’une ligne de traitement l’indication Enhertu dans le cancer du sein avancé hormonopositif (ER+ et/ou PR+) mais HER2 négatif (faible taux de HER2). Ces résultats de phase 3 ...
- Damien Choplain
ODDO : ASCO 2024 set to confirm already well-established positions
>AstraZeneca on the podium twice with ADRIATIC and LAURA - The ASCO 2024 Congress (31 May to 4 June 24) is set to strengthen already well-established positions with AstraZeneca poised to shine again with the presentation in plenary session (i.e. the most prestigious) of two abstracts out of the five selected. In view of the programme, we do not anticipate any breaking news. This year’s event will be an opportunity, among other things, to provide an update on noteworth...
- Damien Choplain
ODDO : Un ASCO 2024 en confirmation de positions déjà bien établies
>AstraZeneca sur le podium deux fois avec ADRIATIC et LAURA - Le congrès de l’ASCO 2024 (31 mai-4 juin 24) devrait renforcer des positions déjà bien établies avec notamment AstraZeneca qui brillera à nouveau avec la présentation en session plénière (i.e. la plus prestigieuse) de deux abstracts sur les cinq sélectionnés. A la vue du programme, nous ne nous attendons pas à de « Breaking News ». Cette édition sera entre autres l’occasion de revenir sur les avancées notab...
Novartis AG: 2 directors
A director at Novartis AG sold 2,500 shares at 101.925USD and the significance rating of the trade was 68/100. 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 clearly sho...
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2024
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Some med...
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2024
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être les pr...
- Damien Choplain
- Martial Descoutures
Novartis : Excellent Q1 results that justify an increase in the full-y...
>Q1 beats expectations for the top line (+4%) and bottom line (+7%) - Q1 came in ahead of expectations for sales (+4% vs consensus) and core EPS (+7% vs consensus). Sales grew 11% at CER (10% reported), driven by all the flagship products: Entresto (growth of 34%, +15% vs consensus), Cosentyx (23%, 10% vs cons.), Kisqali (51%, -2% vs cons.) and Kesimpta (66%, 0% vs cons.). Note that Pluvicto (47%, -3% vs cons.) once again undershot expectations and our estimates slig...
- Damien Choplain
- Martial Descoutures
Novartis : Excellent T1 justifiant un relèvement de guidance FY
>T1 au-dessus des attentes sur la topline (+4%) et la bottom line (+7%) - Le T1 ressort au-dessus des attentes au niveau des ventes (+4% vs Css) et du core BPA (+7% vs Css). Les ventes progressent de 11% tcc (10% en publié) tirées par tous les produits phares : Entresto (34%, +15% vs Css), Cosentyx (23%, 10% vs Css), Kisqali (51%, -2% vs Css) et Kesimpta (66%, 0% vs Css). Notons que Pluvicto (47%, -3% vs Css) ressort une nouvelle fois légèrement en dessous des attente...
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/11/2024
Waga Energy offers an innovative start-up profile in the utilities sector: i/ disruptive technology in biogas treatment, ii/ established competitive advantages, iii/ positioning on a market with strong potential (>20,000 landfills) and iv/ a robust business model based on recurring revenues. At its CMD in February 2024, the company reconfirmed its ambitions for 2026 set out at the IPO (contracts for 4 TWh and recurring revenues of € 200m). The financing secured in Q1 2024 (€ 112m base...
- Martin Marandon-Carlhian
- Stephane Houri
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 11/04/2024
Waga Energy propose un profil de start-up innovante dans le secteur des utilities : i/ une technologie disruptive pour le traitement du biogaz, ii/ des avantages compétitifs établis, iii/ un positionnement sur un marché à fort potentiel (>20 000 décharges) et iv/ un modèle robuste de revenus récurrents. La société a reconfirmé lors du CMD en février 2024 ses ambitions à horizon 2026 annoncées au moment de son IPO (signature de 4 TWh et CA récurrent de 200 M€). Fort des financements ob...
- Martin Marandon-Carlhian
- Stephane Houri
- Team Pharma
ODDO : Q1 2024 will not set the tone for the year
>Renewed interest in the sector on the stock market since the start of the year - After a challenging end to the year for the pharma sector in 2023, it has picked up since the start of the year (our coverage +15% vs Stoxx 600 +7%). Novo Nordisk continues to be the driver (+26% in Q1) aided by the re-rating of GSK (+18%). Novartis has also contributed, albeit to a lesser extent, with a gain of 3% in Q1. Sanofi, AstraZeneca and Roche bring up the rear, with gains of 1% ...
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