reports
- Christophe-Raphaël Ganet
- Jeremy Garnier
- Olfa Taamallah
- Yan Derocles
INFINEON INFINEON TECHNOLOGIES AG
FP TOTAL SE
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
HO THALES SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
FGA FIGEAC AERO SA
MERY MERCIALYS SA
RHM RHEINMETALL AG
SZG SALZGITTER AG
GXI GERRESHEIMER AG
OMV OMV AG
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
AIR AIRBUS SE
ICAD ICADE SA
P2F PETROFAC LIMITED
REP REPSOL SA
BA. BAE SYSTEMS PLC
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOI SOITEC SA
SUN SULZER AG
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
MELE MELEXIS NV
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
CSM CORBION NV
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
VACN VAT GROUP AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
LDO LEONARDO SPA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
XFAB X-FAB SILICON FOUNDRIES SE
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
PWG PRODWAYS GROUP SA
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ALKAL KALRAY SA
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
AEDAS AEDAS HOMES SA
TOM2 TOMTOM NV
HAG HENSOLDT AG
VK VALLOUREC SA
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
AM DASSAULT AVIATION
WAGA WAGA ENERGY SA
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SPM SAIPEM S.P.A.
SHUR SHURGARD SELF STORAGE LIMITED
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
TEN TENARIS S.A.
EXENS EXOSENS
VIRI VIRIDIEN
AMS AMS-OSRAM AG
- Christophe-Raphaël Ganet
- Jeremy Garnier
- Olfa Taamallah
- Yan Derocles
INFINEON INFINEON TECHNOLOGIES AG
FP TOTAL SE
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
HO THALES SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
FGA FIGEAC AERO SA
MERY MERCIALYS SA
RHM RHEINMETALL AG
SZG SALZGITTER AG
GXI GERRESHEIMER AG
OMV OMV AG
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
AIR AIRBUS SE
ICAD ICADE SA
P2F PETROFAC LIMITED
REP REPSOL SA
BA. BAE SYSTEMS PLC
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOI SOITEC SA
SUN SULZER AG
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
MELE MELEXIS NV
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
CSM CORBION NV
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
VACN VAT GROUP AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
LDO LEONARDO SPA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
XFAB X-FAB SILICON FOUNDRIES SE
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
PWG PRODWAYS GROUP SA
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ALKAL KALRAY SA
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
AEDAS AEDAS HOMES SA
TOM2 TOMTOM NV
HAG HENSOLDT AG
VK VALLOUREC SA
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
AM DASSAULT AVIATION
WAGA WAGA ENERGY SA
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SPM SAIPEM S.P.A.
SHUR SHURGARD SELF STORAGE LIMITED
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
TEN TENARIS S.A.
EXENS EXOSENS
VIRI VIRIDIEN
AMS AMS-OSRAM AG
- Aurelien Sivignon
- Aurelien Sivignon
- Maissa Keskes
- Stephane Houri
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
INF INFOTEL SA
SZG SALZGITTER AG
LXS LANXESS AG
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
VLS VALNEVA SE
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
TPE PVA TEPLA AG
ERA ERAMET SA
01913 PRADA S.P.A.
SAVE SAVENCIA SA
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
SEM SEMPERIT HOLDING AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
AMAG AMAG AUSTRIA METALL AG
BSGR B&S GROUP S.A.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BAR BARCO NV
- Aurelien Sivignon
- Aurelien Sivignon
- Maissa Keskes
- Stephane Houri
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
INF INFOTEL SA
SZG SALZGITTER AG
LXS LANXESS AG
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
VLS VALNEVA SE
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
TPE PVA TEPLA AG
ERA ERAMET SA
01913 PRADA S.P.A.
SAVE SAVENCIA SA
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
SEM SEMPERIT HOLDING AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
AMAG AMAG AUSTRIA METALL AG
BSGR B&S GROUP S.A.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BAR BARCO NV
- Baptiste Lebacq
- Klaus Ringel
- Thomas Zlowodzki
TKA THYSSENKRUPP AG
CRI CHARGEURS SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
DKSH DKSH HOLDING AG
SSAB A SSAB AB CLASS A
TFI TELEVISION FRANCAISE 1 SA
MERY MERCIALYS SA
SZG SALZGITTER AG
LSS LECTRA SA
VOE VOESTALPINE AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
XIL XILAM ANIMATION SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
ALFEN ALFEN NV
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
FLOW FLOW TRADERS LTD
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
- Baptiste Lebacq
- Klaus Ringel
- Thomas Zlowodzki
TKA THYSSENKRUPP AG
CRI CHARGEURS SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
DKSH DKSH HOLDING AG
SSAB A SSAB AB CLASS A
TFI TELEVISION FRANCAISE 1 SA
MERY MERCIALYS SA
SZG SALZGITTER AG
LSS LECTRA SA
VOE VOESTALPINE AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
XIL XILAM ANIMATION SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
ALFEN ALFEN NV
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
FLOW FLOW TRADERS LTD
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
- Aurelien Sivignon
- Aurelien Sivignon
- Ghada Ben Sedrine
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 22/10/2024
Nous initions la couverture de Vontobel avec une recommandation Surperformance et un objectif de cours de 65 CHF. Le groupe présente un potentiel de croissance à moyen long terme de l’activité (renforcé par l’acquisition d’une participation dans Ancala) et d’amélioration de sa rentabilité. (croissance annuelle moyenne du RN de 15%e entre 2023 et 2027) qui ne nous semble pas pleinement intégré par le consensus à ce stade (estimation ODDO BHF 1%-5% > au css. La valorisation actuelle du ...
- Ghada Ben Sedrine
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 10/22/2024
We are initiating coverage of Vontobel with an Outperform recommendation and a target price of CHF 65. The group presents medium- to long-term growth potential in terms of its activity (strengthened by the acquisition of a stake in Ancala) and improvement to its profitability (an average annual increase in net income of 15% between 2023 and 2027) which does not appear to be fully factored in by the consensus for the time being (ODDO BHF estimate some 1-5% above the consensus). Therefo...
- Aurelien Sivignon
Prodways Group : Slightly better momentum but still far from a turning...
>Slight return to growth in Q3 (especially thanks to Avenao...) - Prodways Group published yesterday evening Q3 2024 sales down 22% y-o-y to € 14.8m (vs € 14m est.). On a like-for-like basis, sales nevertheless increased by 4% y-o-y, marking a slight inflection compared to previous quarters. Note that the group stopped its Solidscape activity at the beginning of 2024 (3D printers for jewelry), while the reclassification of Prodways as an agent for its DS integrator...
- Aurelien Sivignon
Prodways Group : Un momentum un peu meilleur mais encore loin d’une in...
>Léger retour à la croissance sur T3 (surtout grâce à Avenao…) - Prodways Group a publié hier soir un CA T3 2024 en retrait de 22% y-o-y à 14.8 M€ (vs 14 M€e). A périmètre comparable, le CA ressort néanmoins en progression de 4% y-o-y ce qui marque une légère inflexion en comparaison des précédents trimestres. Rappelons que groupe a arrêté son activité Solidscape début 2024 (imprimantes 3D pour la joaillerie), alors que la requalification de Prodways en tant qu’age...
- Emira Sagaama
- Thijs Berkelder
ODDO BHF Small & MIDCAP MORNING NEWS - 09/19/2024
After a challenging H1 for champagne, the industry expects volumes to stabilise in H2 ahead of a recovery in 2025. We lower our estimates for the current year for all champagne groups. In these conditions, we prefer Laurent-Perrier, the sector best-in-class which has many times proven its resilience in champagne market slumps, and upgrade our rating to Outperform vs Neutral. We downgrade Lanson-BCC to Neutral and remain at Neutral on Vranken Pommery given their more fragile profiles. - ...
- Emira Sagaama
- Thijs Berkelder
ODDO BHF Small & MIDCAP MORNING NEWS - 19/09/2024
Après un S1 difficile pour le champagne, la profession table sur une stabilisation des volumes au S2 avant une reprise en 2025. Nous révisons en baisse nos estimations pour l’année en cours pour l’ensemble des groupes. Dans ce cadre, nous privilégions le Best-in-class du secteur, Laurent-Perrier, qui a maintes fois démontré sa capacité de résilience en temps de « crise » et relevons notre opinion à Surperformance vs Neutre. Nous abaissons Lanson-BCC à Neutre et maintenons Vranken Pomm...
- Aurelien Sivignon
Prodways Group : Towards a gradual recovery in profitability but still...
>Difficult H1 2024 results as expected - For sales (already published) of € 31.1m, down 28% y-o-y (-4% on a like-for-like basis), underlying EBITDA fell by 47% to € 2.5m (vs € 2.7m est), giving a margin of 8% (-3 pts y-o-y), although reflecting a sequential improvement (+4 pts vs H2 2023) as a result of the various measures taken in recent months (shutdown of the Solidscape business, disposal of Cristal), which led to a reduction in the workforce of around 100 people....
- Aurelien Sivignon
Prodways Group : Vers une recovery progressive de la rentabilité mais ...
>Des résultats S1 difficiles comme attendu - Pour un CA (déjà publié) de 31.1 M€ en diminution de 28% y-o-y (-4% à base comparable), l’EBITDA courant ressort en baisse de 47% à 2.5 M€ (vs 2.7 M€e) traduisant une marge de 8% (-3 pts y-o-y), bien qu’en amélioration en séquentiel (+4 pts vs S2 2023) sous l’effet des différentes mesures entreprises au cours des derniers mois (arrêt activité Solidscape, cession Cristal) qui ont résulté en une réduction des effectifs d’envi...
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