reports
- ING Helpdesk
Benelux Morning Notes
Azelis: Strong margin performance in weak trading results in 3% EBITA beat. BE Semiconductor Industries: 1Q24 results; prolonged downcycle. Coca-Cola Europacific Partners plc: Messy but good. DWS: Record breaking. Flow Traders: Crypto Kings. Fugro: Here we go again. Kinepolis: Weak start to the year, but a bit better than feared. UCB: Changes in the group executive committee. Unilever: Heading in the right direction. Vonovia: Disposal of 4,500 apartments for €700m. Wolters Kl...
- Jerôme Bodin
ODDO : Olympic Games and Euro 2024: a limited economic impact but an o...
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Som...
AC ACCOR SA
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
FRA FRAPORT AG
ADP AEROPORTS DE PARIS SA
BN DANONE SA
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
PUM PUMA SE
COV COVIVIO SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
ULVR UNILEVER PLC
RCO REMY COINTREAU SA
SW SODEXO SA
TFI TELEVISION FRANCAISE 1 SA
MMB LAGARDERE SCA
DEC JCDECAUX SA
NESN NESTLE S.A.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
GLO GL EVENTS SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
WPP WPP PLC
ICAD ICADE SA
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ABI ANHEUSER-BUSCH INBEV SA/NV
DUFN DUFRY AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
FDJ LA FRANCAISE DES JEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
AF AIR FRANCE - KLM
MFEA MEDIASET NV
- Jerôme Bodin
ODDO : Jeux Olympiques et Euro 2024 : un impact économique limité mais...
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être l...
AC ACCOR SA
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
FRA FRAPORT AG
ADP AEROPORTS DE PARIS SA
BN DANONE SA
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
PUM PUMA SE
COV COVIVIO SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
ULVR UNILEVER PLC
RCO REMY COINTREAU SA
SW SODEXO SA
TFI TELEVISION FRANCAISE 1 SA
MMB LAGARDERE SCA
DEC JCDECAUX SA
NESN NESTLE S.A.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
GLO GL EVENTS SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
WPP WPP PLC
ICAD ICADE SA
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ABI ANHEUSER-BUSCH INBEV SA/NV
DUFN DUFRY AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
FDJ LA FRANCAISE DES JEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
AF AIR FRANCE - KLM
MFEA MEDIASET NV
- Nicolas David
BVI BUREAU VERITAS SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
GRF GRIFOLS S.A. CLASS A
AIR AIRBUS SE
CAP CAPGEMINI SE
ENEL ENEL SPA
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NEM NEMETSCHEK SE
COK CANCOM SE
BC8 BECHTLE AG
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
AGN AEGON N.V.
- Nicolas David
BVI BUREAU VERITAS SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
GRF GRIFOLS S.A. CLASS A
AIR AIRBUS SE
CAP CAPGEMINI SE
ENEL ENEL SPA
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NEM NEMETSCHEK SE
COK CANCOM SE
BC8 BECHTLE AG
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
AGN AEGON N.V.
- Robert Jan Vos
- Salome Charamalet
Coca-Cola Europacific Partners : TP raised to €60 (from €55); Neutral ...
>FY 2023 recap: strong price/mix but consumers trading down - CCEP reported its FY 2023 results with 8% yoy revenue growth and revenue per unit case 8.5% higher year-on-year. The company reported -0.5% volume growth (translation: softer consumer spending, especially in Coca-Cola drinks and RTD tea, coffee and juices). We note that Energy drinks outperformed CCEP’s overall volume performance with +14% volume growth. CCEP realised a strong operational efficiency perfor...
- Michael B. Schäfer
ENGI ENGIE SA.
CA CARREFOUR SA
BVI BUREAU VERITAS SA
DAI DAIMLER AG
EN BOUYGUES SA
BAS BASF SE
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
MRNA MODERNA INC.
JDEP JDE PEET'S NV
FER FERROVIAL SA
TEN TENARIS S.A.
- Michael B. Schäfer
ENGI ENGIE SA.
CA CARREFOUR SA
BVI BUREAU VERITAS SA
DAI DAIMLER AG
EN BOUYGUES SA
BAS BASF SE
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
MRNA MODERNA INC.
JDEP JDE PEET'S NV
FER FERROVIAL SA
TEN TENARIS S.A.
- Robert Jan Vos
- Salome Charamalet
Coca-Cola Europacific Partners : FY 2023 results, +8% revenue growth, ...
>No volume growth, only price increase for FY 2023 - CCEP realised € 18,302m of sales for FY 2023 which implies 8% yoy growth (comparable FXN)Regarding the company’s categories, sparkling volumes are in line with FY 2022, including a slight increase from flavours, mixers and Energy and no volume growth from Coca-Cola. Stills volumes are down 5% yoy, including -7% for hydration and -3 for RTDs and juices. On revenue per UC, CCEP reported € 5.70 of revenue per UC,...
- Julian Dobrovolschi
ENX EURONEXT NV
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
BVI BUREAU VERITAS SA
BN DANONE SA
AAL ANGLO AMERICAN PLC
COV COVIVIO SA
SK SEB SA
DAI DAIMLER AG
NESN NESTLE S.A.
ISP INTESA SANPAOLO S.P.A.
HEI HEIDELBERGCEMENT AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
TEN TENARIS S.A.
- Julian Dobrovolschi
ENX EURONEXT NV
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
BVI BUREAU VERITAS SA
BN DANONE SA
AAL ANGLO AMERICAN PLC
COV COVIVIO SA
SK SEB SA
DAI DAIMLER AG
NESN NESTLE S.A.
ISP INTESA SANPAOLO S.P.A.
HEI HEIDELBERGCEMENT AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
TEN TENARIS S.A.
- Robert Jan Vos
- Salome Charamalet
Coca-Cola Europacific Partners : FY 23 guidance set to be met, revenue...
>Q4 2023 strong price/mix, no/negative volumes - CCEP is set to report its FY 2023 results on 23 February 2024 at 8am CET. The company’s revenue guidance for FY 2023 stands at 8-9%. This outlook was reiterated by CCEP in Q3 2023, while the company had already realised 8.5% revenue growth in the first nine months of 2023. As such, keeping such expectations of total revenue growth implies revenue growth in the range of 7-15.3% in Q4 2023. This quarter, we expect Western...
- ING Helpdesk
- Reg Watson
- CFA
Coca-Cola Europacific Partners/Manila Coke/BUY
We have analysed CCEP's proposed acquisition of Coca-Cola Beverages Philippines Inc. (CCBPI) and conclude that the read-across to CCEP's Indonesian operations is limited due to historical and cultural differences between the two island nations. Furthermore, we note that CCEP is acquiring CCBPI at a time when the Philippine government has doubled its tax on sweetened beverages, which will create a challenging price and volume environment for the business. Nonetheless, the cash-funded acquisition ...
- Bruno Cavalier
- Robert Jan Vos
- Salome Charamalet
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/20/2023
The market wants to see the glass as half full, with lower inflation ending the central bank tightening cycle and leading to an easing of yields. This complacency could last until the next meetings of the Fed (13 December) and the ECB (14 December). For those wishing to play this short-term sequence, we recommend continuing to overweight US equities, overweighting Growth vs Value, as well as Quality, remaining Market Weight on Cyclicals and Defensives, and adjusting the sector allocat...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
CPG COMPASS GROUP PLC
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
BAYN BAYER AG
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
- Bruno Cavalier
- Robert Jan Vos
- Salome Charamalet
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/11/2023
Saint-Gobain a fait le choix de se transformer pour ne pas mourir. Pour autant, le marché reste sceptique quant aux changements très substantiels survenus depuis l’ère Bazin. Le meilleur reste encore à venir. Rien de mieux qu’une année 2024 encore difficile pour convaincre de la solidité du nouveau modèle : les économies de coûts que nous estimons à 400 M€e devraient permettre de compenser une baisse de volume de ~3%. Nous restons convaincus que le rerating titre n’est qu’une question...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
CPG COMPASS GROUP PLC
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
BAYN BAYER AG
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
- Robert Jan Vos
- Salome Charamalet
Coca-Cola Europacific Partners : Strong finish to the year expected; G...
>Q3 2023 recap: soft, with consumers trading down - CCEP reported a soft Q3 2023 trading update, with a 3% sales miss versus consensus. CCEP realised volumes of -5% and -4.5%, respectively, for the Away From Home and the Home channels. However, the company reported 9% revenue growth per unit case, driven by headline price increases, promotional optimisation, and favourable brand mix. The company reiterated its 8-9% FY 2023 sales guidance despite YTD 2023 FX-neutral re...
- Robert Jan Vos
- Salome Charamalet
Coca-Cola Europacific Partners : Weak set of Q3 2023 results, 3% miss ...
>Strong comparable and weak volumes in Q3 2023 - CCEP reported € 4,807m in Q3 2023 with 1.5% of yoy growth and a 3% miss on css (Vuma css: € 4,962m, AAOBe: € 4,985m). Revenues were weak in Northern Europe (-1%) and stronger in Germany (+9%) and Iberia (6%). All volumes are down in Q3 with sparkling reporting -3.5% and stills reporting -10%. For Europe, CCEP reported € 3,956m in Q3 2023 with 3.5% of yoy growth and a 2.6% miss on css (Vuma css: € 4,062m, AAOBe: € 4,087m...
- ING Helpdesk
Benelux Morning Notes
Arcadis: Fifth Avenue. B&S Group: Preview - slowing top line growth. Brunel International: Preview of 3Q23 results due 3 November. Coca-Cola Europacific Partners: Watery summer. Heijmans: All units perform in line with margin targets. Randstad: CMD feedback; some highlights. Staffing: Dutch period 10: October volume stable weak; revenue down on lower pricing. Wereldhave: Sound top line trend continues
- Ahmed Ben Salem
LHN LAFARGEHOLCIM LTD.
1COV COVESTRO AG
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
DG VINCI SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
SK SEB SA
DAI DAIMLER AG
RCO REMY COINTREAU SA
SW SODEXO SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ENI ENI S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
WPP WPP PLC
REP REPSOL SA
NEM NEMETSCHEK SE
MONC MONCLER SPA
SKF B SKF AB CLASS B
IBE IBERDROLA SA
INX IMCD N.V.
STM STMICROELECTRONICS NV
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
LIN LINDE PUBLIC LIMITED COMPANY
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