reports
- 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% ...
- Team Pharma
ODDO : Le T1 2024 ne donnera pas le ton de l’année
>Un regain d’intérêt pour le secteur en Bourse depuis le début de l’année - Après une fin d’année difficile pour le secteur, la pharma a repris des couleurs depuis le début d’année (coverage +15% vs Stoxx 600 +7%). Novo Nordisk continue de jouer son rôle de locomotive (+26% lors du T1) aidé par le rerating de GSK (+18%). Dans une moindre mesure, Novartis affiche une performance de 3% lors de ce T1. Sanofi, AstraZeneca et Roche ressortent en queue de peloton à 1%, +0.7...
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/03/2024
L’année 2024 sera marquée par l’élection présidentielle américaine et l’annonce des rabais pour les 10 médicaments dont les prix sont dorénavant négociés directement par Medicare dans le cadre de l’IRA. Nous tablons sur une croissance des BPA 24e de 8% et relevons nos OC de 1% en moyenne. Nous privilégions GSK (Surperformance) qui allie valorisation attractive, croissance et newsflow. Nous maintenons notre recommandation Surperformance sur Sanofi qui devrait bénéficier d’un catalyseur...
RNO RENAULT SA
ADS ADIDAS AG
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
ZAL ZALANDO SE
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
SAN SANOFI
SOLB SOLVAY SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AZN ASTRAZENECA PLC
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/13/2024
2024 is set to be marked by the US presidential election and the announcement of rebates for the 10 drugs for which prices are now negotiated directly through Medicare under the IRA. We forecast EPS 24e growth of 8% and lift our target prices by 1% on average. We prefer GSK (Outperform) which combines an attractive valuation, growth and clinical newsflow. We maintain our Outperform rating on Sanofi which should benefit from a transformative clinical catalyst in H1. We lower our rating...
RNO RENAULT SA
ADS ADIDAS AG
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
ZAL ZALANDO SE
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
SAN SANOFI
SOLB SOLVAY SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AZN ASTRAZENECA PLC
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Jean-François Granjon
ROG ROCHE HOLDING LTD
ZIL2 ELRINGKLINGER AG
NOVN NOVARTIS AG
GYC GRAND CITY PROPERTIES SA
MRN MERSEN SA
SAN SANOFI
ERG ERG S.P.A.
DLG DE'LONGHI S.P.A.
AZN ASTRAZENECA PLC
DUFN DUFRY AG
RUI RUBIS SCA
TFF TFF GROUP
SRAIL STADLER RAIL AG
VK VALLOUREC SA
LOCAL SOLOCAL GROUP
NA9 NAGARRO
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Jean-François Granjon
ROG ROCHE HOLDING LTD
ZIL2 ELRINGKLINGER AG
NOVN NOVARTIS AG
GYC GRAND CITY PROPERTIES SA
MRN MERSEN SA
SAN SANOFI
ERG ERG S.P.A.
DLG DE'LONGHI S.P.A.
AZN ASTRAZENECA PLC
DUFN DUFRY AG
RUI RUBIS SCA
TFF TFF GROUP
SRAIL STADLER RAIL AG
VK VALLOUREC SA
LOCAL SOLOCAL GROUP
NA9 NAGARRO
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Team Pharma
ODDO : 2024 to be largely driven by US
2024 is set to be marked by the US presidential election and the announcement of rebates for the 10 drugs for which prices are now negotiated directly through Medicare under the IRA. We forecast 2024e EPS growth of 8% and lift our target prices by 1% on average. We prefer GSK (Outperform) which combines an attractive valuation, growth and clinical newsflow. We maintain our Outperform rating on Sanofi which should benefit from a transformative clinical catalyst by mid-2024. We low...
- Team Pharma
ODDO : 2024 : les Etats-Unis en arbitre
L’année 2024 sera marquée par l’élection présidentielle américaine et l’annonce des rabais pour les 10 médicaments dont les prix sont dorénavant négociés directement par Medicare dans le cadre de l’IRA. Nous tablons sur une croissance des BPA 24 de 8% et relevons nos OC de 1% en moyenne. Nous privilégions GSK (Surperformance) qui allie valorisation attractive, croissance et newsflow. Nous maintenons notre recommandation Surperformance sur Sanofi qui devrait bénéficier d’un cataly...
Roche Holding Ag: 1 director
A director at Roche Holding Ag bought 1,540 shares at 226.825CHF and the significance rating of the trade was 86/100. 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 clea...
- Bruno Cavalier
- Jerôme Bodin
ROG ROCHE HOLDING LTD
SSAB A SSAB AB CLASS A
ABB ABB LTD.
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
SAN SANOFI
SOLB SOLVAY SA
HM B H&M HENNES & MAURITZ AB CLASS B
ASRNL ASR NEDERLAND NV
SKF B SKF AB CLASS B
INGA ING GROEP NV
LDO LEONARDO SPA
SHL SIEMENS HEALTHINEERS AG
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
- Bruno Cavalier
- Jerôme Bodin
ROG ROCHE HOLDING LTD
SSAB A SSAB AB CLASS A
ABB ABB LTD.
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
SAN SANOFI
SOLB SOLVAY SA
HM B H&M HENNES & MAURITZ AB CLASS B
ASRNL ASR NEDERLAND NV
SKF B SKF AB CLASS B
INGA ING GROEP NV
LDO LEONARDO SPA
SHL SIEMENS HEALTHINEERS AG
SHEL SHELL PLC
- Damien Choplain
- Martial Descoutures
Roche Holding : 2023 results slightly below expectations and uninspiri...
>2023 results a shade below expectations - 2023 results came in 1% below the consensus (Visible Alpha), showing growth of 1% at constant exchange rates (-7% CHF). The pharma division (-1% vs consensus) posted growth of 6% at CER (-2% CHF) driven by Vabysmo (+4% vs consensus) which is the largest contributor to growth (2023 sales: CHF 2,357m vs 2022: CHF 591m). The performances of the flagship products were somewhat disappointing: Ocrevus (+6%, -1% vs cons., Perjeta (...
- Damien Choplain
- Martial Descoutures
Roche Holding : Résultats 2023 légèrement inférieurs et perspectives 2...
>Résultats 2023 légèrement en dessous des attentes - Le CA 23 ressort 1% en dessous du consensus (Visible Alpha), en croissance de 1% à tcc (-7% CHF). La pharma (-1% vs Cs) affiche une croissance de 6% CER (-2% CHF) tirée par Vabysmo (+4% vs Cs qui est le premier contributeur à la croissance (CA 2023 : 2 357 MCHF vs 2022 : 591 MCHF). La performance des produits phares est plutôt décevante : Ocrevus (+6%, -1% vs Css), Perjeta (-7.8%, -5.7% vs Css), Hemlibra (+8.5%, -2...
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/01/2024
En ce début d’année 2024, nous privilégions les compagnies low-cost face aux majors. Nous estimons que la dynamique capacitaire restera plus favorable sur l’intra-européen que sur les routes long-courrier, ce qui permettra une évolution plus positive du pricing pour les LCC avec un levier opérationnel plus important. Nous dégradons par conséquent IAG en Neutre (vs Surperformance) avec un OC de 2 €, Lufthansa en Neutre (vs Surperformance) avec un OC de 8.5 € et finalement Air France-KL...
NOVN NOVARTIS AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
ADEN ADECCO GROUP AG
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
ORSTED ORSTED
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
STMN STRAUMANN HOLDING AG
GSK GSK PLC
NOVO B NOVO NORDISK A/S
AGN AEGON N.V.
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 01/23/2024 Date Performance sin...
At the start of 2024, we are playing low-cost carriers over majors. We think that capacity momentum will remain more favourable on intra-European routes than on long-haul routes, which will lead to a more positive pricing trend for LCCs with greater operating leverage. We are therefore downgrading our recommendation on IAG to Neutral (from Outperform), with a target price of € 2 (vs € 2.3), Lufthansa to Neutral (from Outperform), with a target price of € 8.5 (vs € 10.5) and lastly, Ai...
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/23/2024
At the start of 2024, we are playing low-cost carriers over majors. We think that capacity momentum will remain more favourable on intra-European routes than on long-haul routes, which will lead to a more positive pricing trend for LCCs with greater operating leverage. We are therefore downgrading our recommendation on IAG to Neutral (from Outperform), with a target price of € 2, Lufthansa to Neutral (from Outperform), with a target price of € 8.5 and lastly, Air France-KLM to Underpe...
NOVN NOVARTIS AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
ADEN ADECCO GROUP AG
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
ORSTED ORSTED
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
STMN STRAUMANN HOLDING AG
GSK GSK PLC
NOVO B NOVO NORDISK A/S
AGN AEGON N.V.
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