Professional activities are a support factor for organic growth and the sales mix should boost profitability. The regularity and strength of FCF coupled with a sound balance sheet (ND/EBITDA 1.6x) are additional advantages for expanding through acquisitions. We are reiterating our Outperform opinion and our target price of € 140. - ...
Les activités professionnelles constituent un facteur de soutien à la croissance organique et un mix favorable à la hausse de la profitabilité. La régularité et l’importance du FCF couplées à une situation bilancielle déjà saine (DN/EBITDA 1.6x) sont des atouts supplémentaires pour se renforcer par acquisition. Nous réitérons notre opinion Surperformance et OC à 140 € - ...
>Worldwide sales in May 2024 > forecasts, up 18.3% y-o-y vs +15.8% in April - Worldwide semiconductor sales in May 2024 were published by the WSTS (World Semiconductor Trade Statistics) the usual one-month lag. On a three-month moving average, they were $ 48.7bn, above our forecast of $ 47.3bn, revealing a sequential increase of 4.9% and a fresh improvement in annual growth to +18.3%, after 15.8% in April. Strong growth continues in memory, better in aut...
>Ventes mondiales de mai 2024 > aux attentes à 18.3% yoy vs +15.8% en avril - Les ventes mondiales de semiconducteurs de mai 2024 ont été publiées par WSTS (World Semiconductor Trade Statistics), avec (comme toujours) un mois de décalage. En donnée lissées (moyenne de 3 mois), elles ressortent à 48,7 Md$, supérieures à notre prévision à 47.3 Md$, Il s’agit d’une hausse en séquentiel de 4,9% et d’une nouvelle amélioration de la croissance annuelle à +18.3%, après 15.8%...
Strategy: Credit Outlook – Three pillars and buying on dips. Credit Outlook – The lower beta sectors have more room for tightening. Credit Outlook – We still see value and like hybrids, although spreads over senior are looking tight.
KPN obtains 100 MHz in 3.5 GHz spectrum auction KPN has obtained an attractive spectrum package of 100 MHz of 3.5 GHz frequency licenses in the Dutch spectrum auction for a total consideration of € 58.4 million. The licenses have a duration up to and including 2040 and enable KPN to take the next step in 5G and to cope with the growing demand of mobile data in the coming years. Joost Farwerck, CEO KPN: “After the multiband auction in 2020 we have made a great start with 5G via the 700 MHz band, with worldwide recognition for network quality and coverage. The newly acquired 3.5 GHz lice...
In this report we evaluate spreads in the TMT hybrids space. Over the year, TMT hybrid notes have outperformed. Nevertheless, we still like this hybrid space as it offers a good yield. From a spread perspective, we continue to think the tightening potential over senior is more limited, although the small recent widening makes hybrids a bit more attractive.
As momentum has become less adverse than over the past five years, interest rates have started to fall and valuations have (historically low), this should have prodded small and mid cap companies back to their old outperformance. The European elections in France and the ensuing decision to dissolve the French National Assembly have changed risk perceptions and erased YTD gains. In our new ODDO BHF European mid cap list for H2 2024, France is underweighted with a mix of defensive and s...
Le momentum devenu moins défavorable qu’au cours des 5 derniers exercices, l’amorce de baisse des taux, et les valorisations (historiquement basses) auraient dû aider les small&Midcaps à retrouver leur surperformance. Les Elections européennes suivies de la dissolution de l’Assemblée nationale en France ont changé la perception du risque et gommé les gains YTD. Notre nouvelle liste ODDO BHF European Midcaps pour le S2 2024 se trouve sous-pondérée sur la France et propose un mix entre ...
>Unprecedented revision of 25% - Ericsson yesterday published its annual Ericsson Mobility report, an industry benchmark for mobile network traffic forecasts. Traffic forecasts are crucial in terms of the investment outlook for the telecoms sector.What is surprising is that Ericsson cut its global mobile traffic forecast by close to 25% for 2029 (from 403 EB/m to 313 EB/m, or from 56 to 42 GB/m per smartphone user). Ericsson does not communicate much on this revi...
>Une révision inédite de 25% - Ericsson a publié hier son rapport annuel « Ericsson Mobility report», une référence de l’industrie pour les prévisions de trafic sur réseau mobile. Les prévisions de trafic sont déterminantes pour les prévisions d’investissements dans les télécoms.La surprise est qu’Ericsson coupe de près de 25% à la baisse ses prévisions de trafic mobile mondial pour 2029 (de 403 ExaBytes/mois à 313 EB/mois, soit de 56 à 42 GB/mois par utilisateur...
Our conviction on the long-term growth potential and opportunities of generative AI is renewed. The enabler sectors (semiconductors, software and IT services) and those that provide the infrastructure (utilities, metals, capital goods and real estate) will be the primary beneficiaries, leading us to make certain target price changes. Among AI ‘user’ sectors (media, healthcare, automotive, banking and insurance, oil services, defence, aerospace and airlines), the effects will doub...
Notre conviction sur le potentiel de croissance LT et d’opportunités de l’IA générative est renforcée. Les secteurs 'enablers' (semiconducteurs, software et IT services) et fournisseurs d’infrastructures (utilities, métaux, biens d'équipements et immobilier) en seront les premiers bénéficiaires, conduisant à certains changements d’OC. Parmi les secteurs ‘utilisateurs’ de l’IA (média, santé, automobile, banque et assurance, services pétroliers, défense, aéronautique et compagnies ...
PR Orange: Transactions carried out as part of a share buyback program and outside of a liquidity contract Press releaseParis, 21st June 2024 Transactions carried out as part of a share buyback program and outside of a liquidity contract Orange announces that it has purchased treasury shares within the framework of its 2024 share buyback program. These shares have been acquired to honour obligations related to long-term incentive plans for corporate officers and senior employees. The long-term incentive plans, which are conditional on presence and performance, were set ...
A director at Orange bought 5,000 shares at 9.648EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing...
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