BE Semiconductor Industries : The next enabler of Moore’s Law, as were...

In our view, BESI will be the equipment manufacturer showing the strongest growth in Europe (EPS multiplied by 4x in 4 years). With ~90% market share in hybrid bonding, it is ideally positioned on what is perhaps the most promising technology in the sector since ASML introduced EUV. The buy-side consensus now seems (too) cautious to us on the pace of the adoption of hybrid bonding, leaving room for positive surprises. Moreover, the cyclical upturn is approaching on the back-end (Q2/Q3 2025 in ou...

BE Semiconductor Industries : Le prochain enabler de la loi de Moore, ...

BESI sera, selon nous, l’équipementier avec la plus forte croissance en Europe (multiplication du BPA par 4 en 4 ans). Avec ~90% de PdM dans l’hybrid bonding, il est idéalement positionné sur la technologie, peut-être, la plus prometteuse du secteur depuis l’introduction de l’EUV par ASML. Le consensus buy-side nous semble désormais (trop) prudent sur le rythme d’adoption de l’HB, laissant de la place à de bonnes surprises. De plus, la reprise cyclique s’approche sur le back-end (T2/T3 25 selon ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/29/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/11/2024

Benelux Morning Notes

Ageas: Circling around Direct Line, Aviva edges ahead. D'Ieteren: TVH distribution footprint restructured in Belgium. Dutch insurance - Achmea Life JV with PE firm, aiming to take 20% of Dutch buyouts. Elia: FY24 guidance up. Prosus: 1H25 Preview. Renewi: Macquarie is back. Sif Group: First monopile rolls out of new factory

Coffee, Croissants & Credit/Elia

Utilities - Elia: 9M24 update and projects on track

Elia Group : Earnings & RoE outlook raised

Elia Group Elia raises FY24 outlook to upper end of the range

In its 3Q24 trading update, Elia now guides to the upper end of the previous net profit range of EUR 355m to 390m. Mainly thanks to lower costs in the Holding. The CAPEX outlook remained unchanged at 4.7bn, but has shifted 300m towards the German 50Hz division. 50Hz typically has a higher ROE (8-10%) vs. ETB (7-8%). However, Elia now uses a lower base rate for the GE regulatory return of 2.60% vs. 2.79% in the previous guidance. Both factors largely seem to have cancelled out (slightly positive)...

Morning Notes : COMB BB, ELI BB, IMMO BB, SYENS BB

: COMB BB, ELI BB, IMMO BB, SYENS BB

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/11/2024

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/28/2024

Gen AI Big Idea Series - Chipletz CEO Bryan Black - Smart Substrate & ...

We hosted the fourth session of our Gen AI Big Idea series last week. We had a fantastic conversation with Bryan Black, CEO of Chipletz. We delved into the journey to panel-level chips, their applications, and the emerging ecosystem supporting them.

Morning Notes : AGN NA, DSFIR NA, ELI BB, EVS BB, HOMI BB, NEXTA BB

: AGN NA, DSFIR NA, ELI BB, EVS BB, HOMI BB, NEXTA BB

Elia Group Politics cloud the need for investments, but no turning bac...

Elia suffers from negative downdraft as politics cast doubt on the expected RAB growth outlined in the grid development plans. In Belgium, there is currently a standstill in the government formation and in Germany an early election has been called. Also the rhetoric of president-elect Mr Trump does not bode well for US energy transition investments. For Elia specific, the Elisabeth Island and its budget have been subject of discussions that juggle with figures that are taken out of context. As t...

Technology Infrastructure Earnings Wrap-up – Week ending November 1st

As always, during earnings season, we wrap-up what happened in the previous week.

Hynix, LAM, Besi, Tesla, Auto cycle, Enterprise AI, and more: Tech Wee...

As always, during earnings season, we wrap-up what happened in the previous week.

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/10/2024

Les députés ont supprimé vendredi dernier la surtaxe d’Impôt sur les Sociétés proposée par le gouvernement français dans son PLF 2025. Il serait, selon nous, hasardeux de crier victoire trop tôt, et cette disposition pourrait faire son retour durant la suite du débat budgétaire, sous la forme initialement proposée par le gouvernement ou sous une autre. Nous restons prudents sur les actions françaises, le débat budgétaire restant chaotique et pas à la hauteur des enjeux, comme le souli...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/28/2024

Last Friday, MEPs scrapped the exceptional additional corporate tax proposed by the French government in its PLF 2025. In our view, it would be risky to claim victory prematurely, and this provision could make a comeback during the remainder of the budget debate, in the form initially proposed by the government or in another form. We remain cautious on French equities, as the budget debate remains chaotic and fails to live up to the stakes, as underlined by Moody's downgrade of the so...

Elia Group : Gas network operator Fluxys to support Elia’s equity need...

>Fluxys agreement with reference shareholder Publi-T (44.79% in Elia Group) - Fluxys announces that Elia Group’s reference shareholder Publi-T signed a Heads of Agreement with Fluxys SA/NV to enable Publi-T to follow future capital increases of Elia Group. Together, they will create a new subsidiary to which Publi-T will contribute its 44.79% stake in Elia Group. When needed, Publi-T and Fluxys SA/NV will contribute additional capital to the subsidiary to fund its sha...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2024

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