Credit Morning 05/02/2024

BBVA proposes merging with Banco Sabadell to create a European leaderUnited Group: e& has considered a potential acquisition of United Group (Bloomberg)>...

ODDO BHF Small & MIDCAP MORNING NEWS - 05/02/2024

...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/05/2024

...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2024

We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...

Morning Crédit 02/05/2024

BBVA propose à Sabadell une fusion afin de créer un leader européenUnited Group : e& envisagerait une possible acquisition de United Group (Bloomberg)>...

ODDO BHF Small & MIDCAP MORNING NEWS - 02/05/2024

Nous sortons GALP de notre liste ODDO BHF European Large Caps. La valeur a réalisé une performance de +31,3% depuis son entrée le 20 mars dernier. Notre analyste adopte ce jour une opinion Neutre (vs Surperformance) sur la valeur qui a atteint notre objectif de cours. - ...

Teleperformance : Reassuring Q1, more favourable comparison base for t...

>Q1 revenues beat expectations: +0.9% on a pro-forma basis vs consensus at -0.8% (-0.2% ODDO BHF)) - Téléperformance reported Q1 revenues a shade above expectations. Revenues were up 26.7% to € 2,542m, compared consensus forecast at € 2,512m (a difference of +1.1%). We were expecting € 2,555m. Most of the difference is due to pro forma growth at constant currency of 0.9%, which is a good performance, as we were expecting -0.2% (consensus -0.8%). For the record, the c...

Capgemini : Satisfactory Q1 2024 revenue. FY 2024 guidance reiterated,...

>Growth at cc in line with expectations; bookings solid - Capgemini announced a satisfactory set of Q1 2024 revenue figures on Tuesday before trading, with growth at cc reaching -3.3%, +20bp higher than expected. North America was again penalised by a less favourable mix (-7.1% cc) whereas Europe remained more resilient with growth slowing only a little, as expected (-1.8% cc). The TMT and Financial Services sectors are still struggling as a result of limited spending...

Imerys : The start of a long-awaited renewal

>Adjusted EBITDA 13% higher than we expected thanks to TQC - Q1 2024 adjusted EBITDA came to € 188m, up 9.2% and 13% above our estimate for € 166m (€ 131m excluding TQC). Special mention should be made of the contribution from TQC (The Quartz Corporation) which amounted to € 52m in Q1 2024, significantly above our estimate at € 35m (€ 20m in Q1 2023). Excluding TQC, the contribution to EBITDA from the underlying business was in line with our expectations. The Q1 EBITD...

Benelux Morning Notes

Aedifica: First sign of portfolio valuation stabilization. ArcelorMittal: Solid 1Q24 EBITDA beat, softer FCF reflects WC and CAPEX phasing. Belgian telcos: Peer Telenet 1Q24 results, still weak commercial performance. dsm-firmenich AG: Vita-still not-min. IBA: Contract to install a P1 system in Connecticut. KPN: VodafoneZiggo 1Q24 results confirm fixed losses, mobile weaker QoQ. Shell plc: Good start to the year

INVEST SECURITIES - CAPGEMINI : Point bas atteint, des cieux plus favo...

Food Retail: Leclerc's insolent outperf fuels risk of competitive irra...

Latest Kantar French market share data highlight a continued and surprising outperformance by Leclerc (+80bp) despite very tough comps vs. other independents and Lidl (slightly up) and vs. integrated groups (down 100bp). The wide gap between Leclerc and Intermarché, Systeme U and Lidl in a fast-dec

Capgemini : CA T1 2024 satisfaisant. FY 24 guidance réitérée mais le h...

>Croissance à cc en ligne avec les attentes. Bookings solides - Capgemini a annoncé mardi avant Bourse un CA T1 2024 satisfaisant, avec une variation cc de -3.3%, +20 pb au-dessus des attentes. L’Amérique du Nord continue à être pénalisée par un mix moins favorable (-7.1% cc) alors que l’Europe continue à faire preuve d'une plus grande résilience, enregistrant un léger ralentissement de la croissance, comme prévu (-1.8% cc). Les secteurs TMT et services financiers so...

Téléperformance : Un premier trimestre rassurant et une base de compar...

>Un CA T1 supérieur aux attentes : +0.9% pro forma vs css à -0.8% (-0.2% ODDO BHF) - Au titre de son T1, Téléperformance publie un chiffre d’affaires légèrement supérieur aux attentes. Celui-ci s’apprécie de 26.7% à 2542 M€ alors que le consensus s’attendait à 2512 M€ (différence +1.1%), nous retenions 2555 M€. L’essentiel de l’écart repose sur une croissance pro forma à changes constants de 0.9% ce qui est une bonne performance puisque nous retenions -0.2% (consensus...