reports
- Russell Waller
Altice France Bonds (Equal Weight) Altice France Equity (Buy from Neut...
The long awaited SFR deal has been provisionally agreed, with the Consortium upping their offer from €17bn to €20.35bn. A big bump – at this stage its unclear what the justification is for the increase. The consortium have been granted exclusive negotiations until May 15. In this report we look at the offer, and what it means for Drahi, lenders, Orange, Bouygues and Iliad, and the wider sector too.
- Russell Waller
Altice France Bonds (Equal Weight) Altice France Equity (Neutral, TP: ...
There have been more press articles on French M&A in the past few days, HERE and HERE. So far, the content tallies with feedback we received from our recent meeting with Bouygues management, HERE: no deal yet, but a deal is still more likely than not.
- Russell Waller
- Anthony Dick
- Michael Foundoukidis
SBMO SBM OFFSHORE NV
KORI KORIAN SA
EVN EVN AG
SRP SRP GROUPE SA
FII LISI SA
ACX ACERINOX SA
FR VALEO SE
BON BONDUELLE SCA
FAE FAES FARMA S.A.
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
CTAC CTAC N.V.
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VIS VISCOFAN S.A.
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
GNFT GENFIT SA
EMMN EMMI AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
KENDR KENDRION NV
KTCG KAPSCH TRAFFICCOM
CARM CARMILA SAS
CON CONZZETA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
TLV BANCA TRANSILVANIA S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SMCP SMCP SA
BFSA BEFESA SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
AMAG AMAG AUSTRIA METALL AG
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GEST GESTAMP AUTOMOCION S.A.
EAT AMREST HOLDINGS SE
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
FI-N GEORG FISCHER AG
SPM SAIPEM S.P.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
ACAG AUSTRIACARD HOLDINGS AG
ENER GRUPO ECOENER S.A.
AQ AQUILA PART PROD COM
PLNW PLANISWARE
VIRI VIRIDIEN
CIRSA CIRSA ENTERPRISES S.A.
- Anthony Dick
- Michael Foundoukidis
SBMO SBM OFFSHORE NV
KORI KORIAN SA
EVN EVN AG
SRP SRP GROUPE SA
FII LISI SA
ACX ACERINOX SA
FR VALEO SE
BON BONDUELLE SCA
FAE FAES FARMA S.A.
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
CTAC CTAC N.V.
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VIS VISCOFAN S.A.
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
GNFT GENFIT SA
EMMN EMMI AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
KENDR KENDRION NV
KTCG KAPSCH TRAFFICCOM
CARM CARMILA SAS
CON CONZZETA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
TLV BANCA TRANSILVANIA S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SMCP SMCP SA
BFSA BEFESA SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
AMAG AMAG AUSTRIA METALL AG
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GEST GESTAMP AUTOMOCION S.A.
EAT AMREST HOLDINGS SE
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
FI-N GEORG FISCHER AG
SPM SAIPEM S.P.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
ACAG AUSTRIACARD HOLDINGS AG
ENER GRUPO ECOENER S.A.
AQ AQUILA PART PROD COM
PLNW PLANISWARE
VIRI VIRIDIEN
CIRSA CIRSA ENTERPRISES S.A.
- Ghada Ben Sedrine
- Nicolas David
- Ghada Ben Sedrine
- Nicolas David
- Maxime Dubreil
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
GXI GERRESHEIMER AG
FNAC FNAC DARTY SA
ATE ALTEN SA
EBRO EBRO FOODS SA
G24 SCOUT24 AG
GLB GLANBIA PLC
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SUN SULZER AG
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
EMMN EMMI AG
CIE CIE AUTOMOTIVE S.A.
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
EDR EDREAMS ODIGEO SA
CON CONZZETA AG
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
WLN WORLDLINE SA
FNTN FREENET AG
MEL MELIA HOTELS INTERNATIONAL S.A.
IDR INDRA SISTEMAS S.A. CLASS A
TRP TERAPLAST
FTG111 FLATEXDEGIRO AG
HOME NEINOR HOMES SA
BFSA BEFESA SA
NFN NFON AG
GRE GRENERGY RENOVABLES
FQT FREQUENTIS AG WIENER
UPG UNIFIEDPOST GROUP
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
ALAFY AFYREN
DEME DEME GROUP NV
ADTN ADTRAN HOLDINGS INC
7V0 DARWIN AG
SHUR SHURGARD SELF STORAGE LIMITED
ACAG AUSTRIACARD HOLDINGS AG
PLNW PLANISWARE
CO CASINO GUICHARD-PERRACHON
4X0 STEYR MOTORS AG
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
GXI GERRESHEIMER AG
FNAC FNAC DARTY SA
ATE ALTEN SA
EBRO EBRO FOODS SA
G24 SCOUT24 AG
GLB GLANBIA PLC
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SUN SULZER AG
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
EMMN EMMI AG
CIE CIE AUTOMOTIVE S.A.
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
EDR EDREAMS ODIGEO SA
CON CONZZETA AG
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
WLN WORLDLINE SA
FNTN FREENET AG
MEL MELIA HOTELS INTERNATIONAL S.A.
IDR INDRA SISTEMAS S.A. CLASS A
TRP TERAPLAST
FTG111 FLATEXDEGIRO AG
HOME NEINOR HOMES SA
BFSA BEFESA SA
NFN NFON AG
GRE GRENERGY RENOVABLES
FQT FREQUENTIS AG WIENER
UPG UNIFIEDPOST GROUP
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
ALAFY AFYREN
CTPNV CTP NV
DEME DEME GROUP NV
ADTN ADTRAN HOLDINGS INC
7V0 DARWIN AG
SHUR SHURGARD SELF STORAGE LIMITED
ACAG AUSTRIACARD HOLDINGS AG
PLNW PLANISWARE
CO CASINO GUICHARD-PERRACHON
4X0 STEYR MOTORS AG
- Ghada Ben Sedrine
- Nicolas David
- Ghada Ben Sedrine
- Nicolas David
- Russell Waller
Orange (Buy, TP: €18.9, +7%) New EFCF guide justifies a Buy – more to...
Orange presented its vision for the next 3 years in Paris today. We attended, and give our initial thoughts in this short piece. In summary, we are Buyers of Orange, and heard enough to stay long-term positive on the name (even ex M&A). The cash story we wrote about at the time of the MasOrange (MO) buy-in (HERE) is coming through.
- Russell Waller
- Nicolas David
- Nicolas Thorez
ODDO : Shift to more favourable cycle to ease AI pressure on sector va...
While we do not deny the uncertainties and risks associated with artificial intelligence (pricing pressures, organisational change, etc.), we remain constructive on this issue, given the significant volume opportunities in prospect for the sector with the integration of agentic AI. Moreover, improving growth momentum in 2026 should reduce pressure on sector valuations (discount >30% vs Stoxx 600 vs a premium of 10% four years ago). On this basis, we have upgraded Bechtle (Outperform vs Neutral),...
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
ALSN ALSO HOLDING AG
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
AROBS AROBS TRANSILVANIA SOFTWARE SA
IOS IONOS GROUP SE
ATO ATOS SE
- Nicolas David
- Nicolas Thorez
ODDO : L’entrée dans un cycle plus favorable devrait réduire la pressi...
Sans nier les incertitudes et risques liés à l’IA (pressions tarifaires, changements organisationnels, etc.), nous restons constructifs sur cette thématique tant les opportunités de volumes autour de l’intégration de l’IA agentique sont importantes pour le secteur. D’autant plus que l’amélioration de la dynamique de croissance en 2026 devrait permettre de réduire la pression sur les valorisations du secteur (décote >30% vs Stoxx 600 contre une prime de 10% il y a 4 ans). Dans ce contexte, nous r...
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
ALSN ALSO HOLDING AG
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
AROBS AROBS TRANSILVANIA SOFTWARE SA
IOS IONOS GROUP SE
ATO ATOS SE
- Christophe-Raphaël Ganet
- Emmanuel Matot
- Thomas Zlowodzki
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
SCR SCOR SE
ASY ASSYSTEM SA
SWP SWORD GROUP SE
AUB AUBAY SA
VLS VALNEVA SE
ATE ALTEN SA
TPE PVA TEPLA AG
NEX NEXANS SA
CAP CAPGEMINI SE
SOI SOITEC SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
AALB AALBERTS N.V.
MELE MELEXIS NV
ALSN ALSO HOLDING AG
ECONT ECONOCOM GROUP SE CLASS D
UNI UNICAJA BANCO S.A.
NKT NKT A/S
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
TOM2 TOMTOM NV
NA9 NAGARRO
HGEA HGEARS AG
ALVGO VOGO SA
AROBS AROBS TRANSILVANIA SOFTWARE SA
IOS IONOS GROUP SE
ATO ATOS SE
- Christophe-Raphaël Ganet
- Martin Marandon-Carlhian
- Stephane Houri
- Thomas Zlowodzki
PUB PUBLICIS GROUPE SA
EQNR EQUINOR ASA
SOP SOPRA STERIA GROUP SA
KPN ROYAL KPN NV
DBK DEUTSCHE BANK AG
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
INF INFOTEL SA
SRT3 SARTORIUS AG PREF
ASY ASSYSTEM SA
OMV OMV AG
AMUN AMUNDI SA
SWP SWORD GROUP SE
AUB AUBAY SA
DSV DSV PANALPINA A/S
ATE ALTEN SA
CARL B CARLSBERG A/S CLASS B
CAP CAPGEMINI SE
SPL SANTANDER BANK POLSKA SA
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
HM B H&M HENNES & MAURITZ AB CLASS B
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
DIM SARTORIUS STEDIM BIOTECH SA
ALSN ALSO HOLDING AG
SNP PETROM S.A.
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
GSK GSK PLC
AROBS AROBS TRANSILVANIA SOFTWARE SA
IOS IONOS GROUP SE
NOVO B NOVO NORDISK A/S
ATO ATOS SE
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Christophe-Raphaël Ganet
- Emmanuel Matot
- Thomas Zlowodzki
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
SCR SCOR SE
ASY ASSYSTEM SA
SWP SWORD GROUP SE
AUB AUBAY SA
VLS VALNEVA SE
ATE ALTEN SA
TPE PVA TEPLA AG
NEX NEXANS SA
CAP CAPGEMINI SE
SOI SOITEC SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
AALB AALBERTS N.V.
MELE MELEXIS NV
ALSN ALSO HOLDING AG
ECONT ECONOCOM GROUP SE CLASS D
UNI UNICAJA BANCO S.A.
NKT NKT A/S
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
TOM2 TOMTOM NV
NA9 NAGARRO
HGEA HGEARS AG
ALVGO VOGO SA
AROBS AROBS TRANSILVANIA SOFTWARE SA
IOS IONOS GROUP SE
ATO ATOS SE
- Christophe-Raphaël Ganet
- Martin Marandon-Carlhian
- Stephane Houri
- Thomas Zlowodzki
PUB PUBLICIS GROUPE SA
EQNR EQUINOR ASA
SOP SOPRA STERIA GROUP SA
KPN ROYAL KPN NV
DBK DEUTSCHE BANK AG
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
INF INFOTEL SA
SRT3 SARTORIUS AG PREF
ASY ASSYSTEM SA
OMV OMV AG
AMUN AMUNDI SA
SWP SWORD GROUP SE
AUB AUBAY SA
DSV DSV PANALPINA A/S
ATE ALTEN SA
CARL B CARLSBERG A/S CLASS B
CAP CAPGEMINI SE
SPL SANTANDER BANK POLSKA SA
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
HM B H&M HENNES & MAURITZ AB CLASS B
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
DIM SARTORIUS STEDIM BIOTECH SA
ALSN ALSO HOLDING AG
SNP PETROM S.A.
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
GSK GSK PLC
AROBS AROBS TRANSILVANIA SOFTWARE SA
IOS IONOS GROUP SE
NOVO B NOVO NORDISK A/S
ATO ATOS SE
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
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