reports
- Anthony Dick
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/02/2024
Sodexo boasts a defensive profile and significant potential for operational improvement, with progress increasingly visible since Sophie Bellon’s arrival as CEO. These factors are set to endure, narrowing the gap with Compass, and its transformation into a catering pure player following Pluxee’s spin-off in early 2024 should facilitate the group’s rerating. Outperform rating reiterated and a target price € 98 following Pluxee’s spin-off (combined Sodexo + Pluxee target price of € 12...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/02/2024
Sodexo bénéficie d’un profil défensif et d’un fort potentiel d’amélioration opérationnelle, avec des progrès de plus en plus visibles depuis l’arrivée de Sophie Bellon comme CEO. Ceux-ci devraient se poursuivre, réduisant l’écart avec Compass, et sa transformation en un pure player, à la suite du spin-off de Pluxee début 2024, devrait faciliter son rerating boursier. Surperformance réitérée et OC à 98 € à la suite du spin-off de Pluxee (OC combinés Sodexo + Pluxee à 129 € vs OC de 118...
- Oliver Metzger
Siemens Healthineers : Conference call showed no relief on China
>Q1 solid performance, but impacted by China - The Q1 results of Siemens Healthineers were driven by a strong performance of Varian supported not only by a healthy underlying demand for radiation, but also by a comparatively low base in Q1 2023. Imaging had a solid performance impacted by China. Diagnostics showed some top-line stabilisation (2+2% y-o-y) excluding the antigen, which is also a move into the right direction in our view. No relief in China - ...
- 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
- Oliver Metzger
Siemens Healthineers : Q1 review – Slight beat driven by Varian
>Slight beat at group level - Q1 revenues of € 5,176m (+4.2% y-o-y) were 4%/1% ahead of ODDO BHF/consensus estimates. The comparable sales growth was 5.7% (vs 3.7%/5.2% expected) still impacted by headwind from the Covid antigen test. Excluding the test, comparable sales growth would have been at a solid 7.0%. The equipment book-to-bill was at a level of 1.14x, following 1.16x at the Q4 results. Adjusted EBIT of € 742m (+14.7% y-o-y, margin 14.3%) was 5%/0% vs expecta...
- Michael B. Schäfer
- Michael B. Schäfer
- Oliver Metzger
Siemens Healthineers : Reassuring mid-term prospects
>Imaging – strong prospects driven by photon counting CT and MRI - The overall positive expectations for Imaging were confirmed. Innovations continue to be the driver of growth. Highlights were a deep discussion about Naeotom, the world’s first photon counting CT. The unique technology offers a significant higher resolution combined with a radiation dosage, which is c. 30% lower than the latest dual-source CT offering. We see a technological lead vs competitors for a ...
- Emmanuel Matot
PUB PUBLICIS GROUPE SA
DGE DIAGEO PLC
RNO RENAULT SA
AGN AEGON NV
ALO ALSTOM SA
TLX TALANX AG
WPP WPP PLC
SOI SOITEC SA
EVK EVONIK INDUSTRIES AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
EVD CTS EVENTIM AG & CO. KGAA
HFG HELLOFRESH SE
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
SHUR SHURGARD SELF STORAGE LIMITED
- Emmanuel Matot
DGE DIAGEO PLC
RNO RENAULT SA
AGN AEGON NV
ALO ALSTOM SA
TLX TALANX AG
SOI SOITEC SA
EVK EVONIK INDUSTRIES AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
EVD CTS EVENTIM AG & CO. KGAA
HFG HELLOFRESH SE
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
SHUR SHURGARD SELF STORAGE LIMITED
- Oliver Metzger
Siemens Healthineers : Slower start into 2024
>Finish driven by Varian - Q4 2023/24 revenues of € 6,056m (+1.0% y-o-y) were driven by comparable sales growth of 7.5% still impacted by some headwind from the Covid antigen test. Excluding the test, comparable sales growth would have been at a strong 10.8%. The positive development was driven by Varian, which showed a very strong 29.8% comparable sales growth. Hence, we like the positive trend of the equipment book-to-bill, which climbed to a level of 1.16x vs 1.11x...
- Baptiste Salaville
- Jerôme Bodin
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ENGI ENGIE SA.
DB1 DEUTSCHE BOERSE AG
ADS ADIDAS AG
G1A GEA GROUP AG
LI KLEPIERRE SA
KPN ROYAL KPN NV
VOE VOESTALPINE AG
EOAN E.ON SE
BAYN BAYER AG
CAP CAPGEMINI SE
ENEL ENEL SPA
RTLL RTL GROUP S.A.
SIX2 SIXT SE
AMS AMADEUS IT GROUP SA CLASS A
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SHL SIEMENS HEALTHINEERS AG
DTG DAIMLER TRUCK
- Baptiste Salaville
- Jean-Baptiste Rouphael
- Jerôme Bodin
- Marc Lavaud
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ENGI ENGIE SA.
DB1 DEUTSCHE BOERSE AG
ADS ADIDAS AG
G1A GEA GROUP AG
LI KLEPIERRE SA
KPN ROYAL KPN NV
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
BAYN BAYER AG
CAP CAPGEMINI SE
ENEL ENEL SPA
RTLL RTL GROUP S.A.
SIX2 SIXT SE
AMS AMADEUS IT GROUP SA CLASS A
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SHL SIEMENS HEALTHINEERS AG
DTG DAIMLER TRUCK
- Oliver Metzger
Siemens Healthineers : Q4 review -positive finish driven by Varian, ou...
>Strong finish with beat on sales and adj. EBIT - Q4 revenues of € 6,056m (+1.0% y-o-y) were 2%/3% ahead of ODDO BHF/consensus estimates. The comparable sales growth was 7.5% (vs 4.3%/4.7% expected) impacted by headwind from the Covid antigen test. Excluding the test, comparable sales growth would have been at a strong 10.8%. The equipment book-to-bill was at a level of 1.16x, following 1.11x at the Q3 results. Adjusted EBIT of € 1,013m (+0.2% y-o-y, margin 16.7%) was...
- Oliver Metzger
- Stephan Wulf
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/07/2023
Since its integration into our European Large Caps Convictions list on 11 January 2023, KPN has made a significant contribution to the list’s performance, thanks to its defensive profile and high dividend yield (11.33% total return). We have decided to take profits as the company is holding its Capital Market Day today. The outlook remains very bright, but the smaller-than-expected share buyback programme announced this morning in the group's press release could disappoint. - ...
- Oliver Metzger
- Stephan Wulf
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/11/2023
Since its integration into our European Large Caps Convictions list on 11 January 2023, KPN has made a significant contribution to the list’s performance, thanks to its defensive profile and high dividend yield (11.33% total return). We have decided to take profits as the company is holding its Capital Market Day today. The outlook remains very bright, but the smaller-than-expected share buyback programme announced this morning in the group's press release could disappoint. - ...
- Oliver Metzger
Siemens Healthineers : Q4 due 8 November – Adjusting estimates ahead o...
>Q4 due 8 November – Solid quarter expected - Siemens Healthineers’ Q4 revenues of € 5,932m (-1.1% y-o-y, 1% vs consensus) should be driven by comparable sales growth of 4.3%, but should be hold back by forex headwind of 540bp. Imaging should show 7.9% comparable sales growth impacted by slight headwind from China. We forecast Diagnostics to be down by 13% on a comparable base, but to show some sequential improvement compared to Q3 (-20% y-o-y). On the other hand, Var...
- Konrad Zomer
HEIA HEINEKEN NV
LI KLEPIERRE SA
GFC GECINA SA
WKL WOLTERS KLUWER NV
FRE FRESENIUS SE & CO. KGAA
SY1 SYMRISE AG
BA. BAE SYSTEMS PLC
CABK CAIXABANK SA
UN01 UNIPER SE
BP. BP P.L.C.
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SHL SIEMENS HEALTHINEERS AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
JDEP JDE PEET'S NV
DTG DAIMLER TRUCK
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
- Konrad Zomer
HEIA HEINEKEN NV
LI KLEPIERRE SA
GFC GECINA SA
WKL WOLTERS KLUWER NV
FRE FRESENIUS SE & CO. KGAA
SY1 SYMRISE AG
BA. BAE SYSTEMS PLC
CABK CAIXABANK SA
UN01 UNIPER SE
BP. BP P.L.C.
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SHL SIEMENS HEALTHINEERS AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
JDEP JDE PEET'S NV
DTG DAIMLER TRUCK
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
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