reports
- Anis Zgaya
- Antoine Boivin-Champeaux
- Delphine Brault
- Emira Sagaama
- Jerôme Bodin
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Michael Foundoukidis
- Olfa Taamallah
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Stephane Houri
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/19/2018
The Innogy deal will reshuffle E.ON’s and RWE’s businesses and strategies, with each specialising on one part of the utility value chain (downstream and upstream, respectively). While the transaction will not significantly change the two companies’ level of exposure to climate transition risks (low for E.ON / high for RWE), simpler business structures and strategies should help the two German utilities to deliver (at last!) a clearer message on their contribution to climate mitigation...
PUB PUBLICIS GROUPE SA
EDEN EDENRED SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
UHR SWATCH GROUP LTD. BEARER
SGSN SGS SA
ILD ILIAD
VER VERBUND AG CLASS A
EZJ EASYJET PLC
GAS NATURGY ENERGY GROUP S.A.
ASSA B ASSA ABLOY AB CLASS B
NOVNEE NOVARTIS N 2. LINIE
ASML ASML HOLDING NV
AIR AIRBUS GROUP SE
ALSTOM - NEW
BBVJ11 FUNDO DE INVESTIMENTO IMOBILIARIO BB VOTORANTIM JHSF CIDADE
ERIC. L.M. ERICSSON TELEPHONE CO. CEDEAR
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
CAPRI BBVA CAPITAL PRIVADO ETF
- Anis Zgaya
- Antoine Boivin-Champeaux
- Delphine Brault
- Emira Sagaama
- Jerôme Bodin
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Michael Foundoukidis
- Olfa Taamallah
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Stephane Houri
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/07/2018
The Innogy deal will reshuffle E.ON’s and RWE’s businesses and strategies, with each specialising on one part of the utility value chain (downstream and upstream, respectively). While the transaction will not significantly change the two companies’ level of exposure to climate transition risks (low for E.ON / high for RWE), simpler business structures and strategies should help the two German utilities to deliver (at last!) a clearer message on their contribution to climate mitigation...
PUB PUBLICIS GROUPE SA
EDEN EDENRED SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
UHR SWATCH GROUP LTD. BEARER
SGSN SGS SA
ILD ILIAD
VER VERBUND AG CLASS A
EZJ EASYJET PLC
GAS NATURGY ENERGY GROUP S.A.
ASSA B ASSA ABLOY AB CLASS B
NOVNEE NOVARTIS N 2. LINIE
ASML ASML HOLDING NV
AIR AIRBUS GROUP SE
ALSTOM - NEW
BBVJ11 FUNDO DE INVESTIMENTO IMOBILIARIO BB VOTORANTIM JHSF CIDADE
ERIC. L.M. ERICSSON TELEPHONE CO. CEDEAR
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
CAPRI BBVA CAPITAL PRIVADO ETF
- Delphine Brault
Alstom : Q1 2018-19 sales strong, orders in line. Book-to-bill of 1.3x
>Revenues up 17% organically - The group published a Q1 order intake of € 2,641m (+42% organic) and revenues of € 2,017m (+17% organic). This is better than our estimates of € 2,620m / € 1,890m respectively. The consensus was expecting € 2,673m (orders) and € 1,875m (revenues). Large orders total around € 1.8bn based on previous separate announcements, which makes Q1 a strong quarter, including notably the € 1.4bn Montreal order (automatic metro). Sales growth wa...
- Delphine Brault
Alstom : Q1 2018-19 sales strong, orders in line. Book-to-bill of 1.3x
>Revenues up 17% organically - The group published a Q1 order intake of € 2,641m (+42% organic) and revenues of € 2,017m (+17% organic). This is better than our estimates of € 2,620m / € 1,890m respectively. The consensus was expecting € 2,673m (orders) and € 1,875m (revenues). Large orders total around € 1.8bn based on previous separate announcements, which makes Q1 a strong quarter, including notably the € 1.4bn Montreal order (automatic metro). Sales growth wa...
- Delphine Brault
- Emira Sagaama
- Emmanuel Matot
- Matthias Desmarais
- Oussema Denguir
- Stephane Houri
UBI UBISOFT ENTERTAINMENT SA
KN NATIXIS
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
SGSN SGS SA
TYRES NOKIAN RENKAAT OYJ
FCMC SOCIETE FERMIERE DU CASINO MUNICIPAL DE CANNES S.A.
FFP FFP
NDA AURUBIS AG
NOVNEE NOVARTIS N 2. LINIE
ASML ASML HOLDING NV
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
ALSTOM - NEW
BBVJ11 FUNDO DE INVESTIMENTO IMOBILIARIO BB VOTORANTIM JHSF CIDADE
ERIC. L.M. ERICSSON TELEPHONE CO. CEDEAR
- Delphine Brault
- Emira Sagaama
- Emmanuel Matot
- Matthias Desmarais
- Oussema Denguir
- Stephane Houri
UBI UBISOFT ENTERTAINMENT SA
KN NATIXIS
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
SGSN SGS SA
TYRES NOKIAN RENKAAT OYJ
FCMC SOCIETE FERMIERE DU CASINO MUNICIPAL DE CANNES S.A.
FFP FFP
NDA AURUBIS AG
NOVNEE NOVARTIS N 2. LINIE
ASML ASML HOLDING NV
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
ALSTOM - NEW
BBVJ11 FUNDO DE INVESTIMENTO IMOBILIARIO BB VOTORANTIM JHSF CIDADE
ERIC. L.M. ERICSSON TELEPHONE CO. CEDEAR
- Delphine Brault
Alstom : L’AG valide bien le projet « Siemens Alstom ». Le T1 sera...
>La commission rallonge la « phase 2 » jusqu’au 19 décembre - Mardi 17 juillet, la commission européenne a indiqué rallonger la phase d’enquête approfondie avec une date de fin passant du 21 novembre au 19 décembre, soit 20 jours ouvrés de plus. Elle ne donne aucune justification précise mais évoque l’article 10(3)2 de son règlement qui permet d’obtenir assez de temps pour l’analyse et les tests de marché des engagements proposés. Alstom a affirmé hier en AG que ceci .....
- Delphine Brault
Alstom : “Siemens Alstom†project approved at the AGM. Q1 2018-19 ...
>European Commission extends “phase 2†out to 19 December - On Tuesday, 17 July the European Commission indicated that it would extend the phase of the in-depth investigation with the end date pushed back from 21 November to 19 December, i.e. 20 more business days. It provided no specific justification for its decision but referred to article 10(3)2 of its regulations which facilitates gaining “sufficient time for the analysis and market testing of commitmentsâ€. Alsto...
- Ahmed Ben Salem
- Bruno Cavalier
- Delphine Brault
- Fatma Agnès Hamdani
- Oussema Denguir
- Pierre Tegner
- Delphine Brault
Alstom : The European Commission notifies a “Phase 2†– as expec...
>In-depth examination of the Siemens-Alstom deal - The European Commission notified Alstom and Siemens that it is going to open a so-called “Phase 2†in-depth investigation. The investigation will last at least 90 working days, i.e. until 21 November. We know from experience that in some cases additional days may be added. Among the reasons it lists for opening a Phase 2 investigation, the Commission mentions the risk of a reduced choice of suppliers for train operat...
- Ahmed Ben Salem
- Bruno Cavalier
- Delphine Brault
- Fatma Agnès Hamdani
- Oussema Denguir
- Pierre Tegner
- Delphine Brault
Alstom : La commission européenne notifie une « phase 2 » – comme...
>Etude approfondie du projet Siemens-Alstom - La Commission européenne a notifié Alstom et Siemens qu'elle allait ouvrir une enquête approfondie dite « phase 2 ». Celle-ci durera au moins 90 jours ouvrés c'est-à -dire jusqu'au 21 novembre. D'expérience nous savons que des jours supplémentaires peuvent être décomptés occasionnellement. Dans son argumentaire, la commission mentionne le risque d'un choix réduit de fournisseurs pour les opérateurs ferroviaires et potentie...
- Delphine Brault
- Fatma Agnès Hamdani
- Nicolas David
- Delphine Brault
Alstom : Document E: interesting new figures but not definitive ones f...
>Publication of pro-forma... not definitive data - The document published yesterday provides more details on the entity combined with Siemens Mobility and on the conditions of the link-up; it is targeting, in particular, the preparation of the EGM on 17 July. Our reading of this document has also led us to the conclusion that the data contained in it are not definitive for two reasons in particular: 1/ the carve-out of Siemens Mobility is not complete, 2/ the accounts...
- Delphine Brault
- Fatma Agnès Hamdani
- Nicolas David
- Delphine Brault
Alstom : Document E : des chiffres intéressants mais pas définitivem...
>Publication d’un pro-forma... non définitif - Le document publié hier donne plus d’informations sur l’entité combinée avec Siemens Mobility et sur les conditions du rapprochement ; il vise en particulier à préparer l’AGE du 17 juillet. Notre lecture de ce dossier nous a également fait conclure que les chiffres ne sont pas définitifs pour deux raisons avant tout : 1/ le détourage (carve-out) de Siemens Mobility n’est pas achevé. 2/ les comptes publiés sont des pro-for...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.