reports
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
Credit Morning 10/24/2024
Constellium: challenging conditions led to disappointing Q3 results and guidanceVerallia is already marketing new 2032 bonds, a precocity that raises questions.Eramet: Q3 2024 sales below expectations and acquisition of Tsingshan's lithium stake for USD 699mKering: EBIT guidance revised down again after very poor Q3Auchan to sell its Russian subsidiary (La Lettre)>...
EDEN EDENRED SA
ELIOR ELIOR GROUP SA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
RNO RENAULT SA
ATO ATOS SE
MTX MTU AERO ENGINES AG
ORA ORANGE SA
KORI KORIAN SA
KER KERING SA
ERA ERAMET SA
ONTEX ONTEX GROUP N.V.
TIT TELECOM ITALIA S.P.A.
VLTSA VOLTALIA
DUFN DUFRY AG
VRLA VERALLIA SAS
SPM SAIPEM S.P.A.
- Carole Braudeau
Morning Crédit 24/10/2024
Constellium : Challenging conditions led to disappointing Q3 results and guidanceKering : nouvelle révision en baisse de la guidance d’EBIT après un très mauvais T3Verallia commercialise déjà des nouvelles obligations 2032, une précocité qui interpelleEramet : CA T3 2024 inférieur aux attentes et acquisition de la part de Tsingshan dans le lithium pour 699 m USD Auchan s'apprêterait à vendre sa filiale en Russie (La Lettre)>...
EDEN EDENRED SA
ELIOR ELIOR GROUP SA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
RNO RENAULT SA
ATO ATOS SE
MTX MTU AERO ENGINES AG
ORA ORANGE SA
KORI KORIAN SA
KER KERING SA
ERA ERAMET SA
ONTEX ONTEX GROUP N.V.
TIT TELECOM ITALIA S.P.A.
VLTSA VOLTALIA
DUFN DUFRY AG
VRLA VERALLIA SAS
SPM SAIPEM S.P.A.
- Carole Braudeau
Credit Morning 10/16/2024
Ipsos: new warning on 2024 revenues with no impact on margins Moody’s upgrades Crelan’s issuer rating from A3 / positive to A2 / stable Rexel cuts full-year guidance after lower-than-forecast Q3 Fnac Darty revises up its full-year guidance for current operating profit after Q3 LVMH: Q3 sales below expectations with a 5% drop in fashion & leather goods. 2024 production targets revised downwards for manganese in Gabon and nickel in Weda Bay>...
- Carole Braudeau
Morning Crédit 16/10/2024
Fnac Darty relève sa guidance annuelle de ROC après le T3Rexel abaisse ses guidances annuelles après un T3 inférieur aux attentesLVMH : un CA T3 inférieur aux attentes avec une baisse de 5% de Mode et MaroquinerieEramet : Révision en baisse des objectifs de production 2024 pour le manganèse au Gabon et le nickel à Weda BayMoody’s upgrade Crelan de A3 / positif à A2 / stableIpsos : nouveau warning sur le CA 2024 sans impact sur la marge>...
- Carole Braudeau
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UBI UBISOFT ENTERTAINMENT SA
CO CASINO GUICHARD-PERRACHON SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
EO FAURECIA SA
CBK COMMERZBANK AG
SCR SCOR SE
TEP TELEPERFORMANCE SE
CGM CEGEDIM SA
ALTA ALTAREA SCA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Carole Braudeau
GET GETLINK SE
UBI UBISOFT ENTERTAINMENT SA
CO CASINO GUICHARD-PERRACHON SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
EO FAURECIA SA
CBK COMMERZBANK AG
SCR SCOR SE
TEP TELEPERFORMANCE SE
CGM CEGEDIM SA
ALTA ALTAREA SCA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Olfa Taamallah
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/26/2024
‘Soft landing’... the term is in vogue and we think it aptly describes the current situation in the energy market. After a period of “excess profits”, the fundamentals are back in favour and prompt us to revise down our estimates for energy prices. - Alongside renewable energies, pockets of sustainable value creation are emerging for players capable of capitalising on the structural growth in volatility on the electricity markets but which are nonetheless trading at a discount In the U...
UBI UBISOFT ENTERTAINMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
SW SODEXO SA
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
GAMA GAMMA COMMUNICATIONS
FII LISI SA
NXT NEXT PLC
BAS BASF SE
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
HM B H&M HENNES & MAURITZ AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
SIE SIEMENS AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
FDJ LA FRANCAISE DES JEUX SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 09/26/2024
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
EN BOUYGUES SA
SDG SYNERGIE SA
INF INFOTEL SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GBT GUERBET SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
VRNL VERNEUIL PARTICIPATIONS
MONT MONTEA SCA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AXS ACCSYS TECHNOLOGIES
CLNX CELLNEX TELECOM S.A.
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
LDO LEONARDO SPA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALVGO VOGO SA
LAT LATECOERE
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
- Olfa Taamallah
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/09/2024
“Soft landing”… le terme est à la mode et nous pensons qu’il caractérise bien la situation du marché de l’énergie aujourd’hui. Après une parenthèse de « surprofits », les fondamentaux reprennent leur droit et nous conduisent à réviser en baisse nos hypothèses de prix de l’énergie. A côté du renouvelable, des poches pérennes de création de valeur apparaissent pour les acteurs capables de profiter de la croissance structurelle de la volatilité des marchés électriques et qui souffrent ma...
UBI UBISOFT ENTERTAINMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
SW SODEXO SA
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
GAMA GAMMA COMMUNICATIONS
FII LISI SA
NXT NEXT PLC
BAS BASF SE
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
HM B H&M HENNES & MAURITZ AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
SIE SIEMENS AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
FDJ LA FRANCAISE DES JEUX SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 26/09/2024
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
EN BOUYGUES SA
SDG SYNERGIE SA
INF INFOTEL SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GBT GUERBET SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
VRNL VERNEUIL PARTICIPATIONS
MONT MONTEA SCA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AXS ACCSYS TECHNOLOGIES
CLNX CELLNEX TELECOM S.A.
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
LDO LEONARDO SPA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALVGO VOGO SA
LAT LATECOERE
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
- Olfa Taamallah
- Yan Derocles
ODDO : Impact de la grève Boeing sur les fournisseurs : attention au F...
>Au 14ème jour de grève - Les 30 000 employés du syndicat International Association of Machinists (IAM 751) entrent dans leur 14ème jour de grève (votée à 96%) après avoir notamment demandé une hausse de salaires de 40% étalée sur 4 années et l’engagement d’une production du prochain avion de Boeing à Seattle. L’acceptation de ces demandes se matérialiserait par une progression de la base de coûts d’environ 1.4 Md$e. De son côté, Boeing avait proposé une hausse de sal...
- Olfa Taamallah
- Yan Derocles
ODDO : Impact of the Boeing strike on suppliers: watch out for FCF in ...
>On the 14th day of the strike - The c30,000 employees belonging to the International Association of Machinists (IAM 751) are entering their 14th day of the strike (96% of votes in favour) after demanding a wage increase of 40% spread over 4 years and a commitment that Boeing’s next aircraft will be produced in Seattle. Agreeing to these demands would result in an estimated increase in the cost base of around $ 1.4bn. For its part, Boeing had offered a wage increase o...
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/09/2024
La prochaine acquisition de Campari pourrait être en Inde et intervenir rapidement, selon nous. Rapidement d’abord pour que le groupe puisse pleinement profiter du dynamisme de ce marché. Rapidement ensuite pour se prémunir du ralentissement actuel des liqueurs et apéritifs (L&A) en Europe, segment dont il est historiquement très dépendant. Malgré l’intérêt stratégique du marché indien, une telle opération de M&A pourrait se révéler risquée en s’ajoutant aux multiples défis opérationn...
DGE DIAGEO PLC
MTX MTU AERO ENGINES AG
RI PERNOD RICARD SA
HO THALES SA
RCO REMY COINTREAU SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
PHIA KONINKLIJKE PHILIPS N.V.
FII LISI SA
ISP INTESA SANPAOLO S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
BOL BOLLORE SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
SKF B SKF AB CLASS B
LDO LEONARDO SPA
HAG HENSOLDT AG
CPR DAVIDE CAMPARI-MILANO N.V.
AERO MONTANA AEROSPACE AG
UMG UNIVERSAL MUSIC GROUP NV
AM DASSAULT AVIATION
DTG DAIMLER TRUCK
LAT LATECOERE
R3NK RENK GROUP AG
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/18/2024
Campari’s next acquisition might be in India and could materialise quickly, in our view. Speed is of the essence: first so that the group can take full advantage of the dynamic growth of this market; and second to guard against the current slowdown in liqueurs and aperitifs (L&A) in Europe, a segment on which it has historically been very reliant. Despite the strategic value that the Indian market offers, such an M&A deal could prove risky by adding to the multiple operational challen...
DGE DIAGEO PLC
MTX MTU AERO ENGINES AG
RI PERNOD RICARD SA
HO THALES SA
RCO REMY COINTREAU SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
PHIA KONINKLIJKE PHILIPS N.V.
FII LISI SA
ISP INTESA SANPAOLO S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
BOL BOLLORE SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
SKF B SKF AB CLASS B
LDO LEONARDO SPA
HAG HENSOLDT AG
CPR DAVIDE CAMPARI-MILANO N.V.
AERO MONTANA AEROSPACE AG
UMG UNIVERSAL MUSIC GROUP NV
AM DASSAULT AVIATION
DTG DAIMLER TRUCK
LAT LATECOERE
R3NK RENK GROUP AG
- Olfa Taamallah
- Yan Derocles
MTX MTU AERO ENGINES AG
HO THALES SA
CEN GROUPE CRIT SA
ALCLA CLASQUIN SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
FII LISI SA
ALCAR CARMAT SA
SAF SAFRAN S.A.
AIR AIRBUS SE
BA. BAE SYSTEMS PLC
DLG DE'LONGHI S.P.A.
LDO LEONARDO SPA
RUI RUBIS SCA
ALCUR ARCURE SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
LAT LATECOERE
R3NK RENK GROUP AG
- Olfa Taamallah
- Yan Derocles
ODDO : Rumeurs de cessez-le-feu en Ukraine: attention au sociétés expo...
>Des rumeurs de cessez-le-feu en Ukraine qui se multiplient - Un article de Bloomberg a ravivé hier les rumeurs de discussions pouvant amener à une fin négociée du conflit en Ukraine. Sans citer de sources, les journalistes rapportaient que certains alliés commençaient à discuter de la manière dont le conflit pouvait se terminer et que la période entre les élections présidentielles américaines et l’investiture (entre novembre et janvier) pourrait offrir une fenêtre d’...
- Olfa Taamallah
- Yan Derocles
ODDO : Rumours of a ceasefire in Ukraine: watch out for groups exposed...
>Rumours of a ceasefire in Ukraine are multiplying - An article in Bloomberg yesterday revived rumours of talks aimed at negotiating an end to the conflict in Ukraine. Without citing any sources, journalists report that certain allies were beginning to discuss the manner in which the conflict could be brought to an end and that the period between the US presidential elections and investiture (between November and January) could offer a window of opportunity. Last Sund...
- Carole Braudeau
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