reports
- Suvi Platerink Kosonen
Bank on it/Sizing up the buffers
We take a look at how banks are positioned to meet the expected increase in capital requirements. For our bank universe the total regulatory capital requirement is set to increase some 30bp on average this year, with the bulk already as of 1 January, and the highest increase is set for c.140bp. We consider most banks are well positioned to absorb the impact. We would remain most comfortable taking more risk in the liability structure in banks with stronger MDA headroom such as in Crédit Agricole...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/€251bn TLTROs, preferred senior performance, covered suppl...
European banks to repay a combined €251bn in TLTROs in March. Preferred senior is closer to losing its appeal in the longer end. Covered bond supply picks up after a quiet February. Three new capital deals in the pipeline today. Bank bond performance overview
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/€251bn TLTROs, preferred senior performance, covered suppl...
European banks to repay a combined €251bn in TLTROs in March. Preferred senior is closer to losing its appeal in the longer end. Covered bond supply picks up after a quiet February. Three new capital deals in the pipeline today. Bank bond performance overview
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/14/2024
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
BFIT BASIC-FIT NV
PBB DEUTSCHE PFANDBRIEFBANK AG
IDL ID LOGISTICS GROUP
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
SAB BANCO DE SABADELL SA
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Baptiste Salaville
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/14/2024
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
CSGN CREDIT SUISSE GROUP AG
AC ACCOR SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
SDF K+S AG
ZAL ZALANDO SE
ISP INTESA SANPAOLO S.P.A.
GEBN GEBERIT AG
RWE RWE AG
BCP BANCO COMERCIAL PORTUGUES S.A.
VOW3 VOLKSWAGEN AG PREF
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
HLAG HAPAG-LLOYD AG
UNI UNICAJA BANCO S.A.
BIM BIOMERIEUX SA
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
ALG ALLEGRO.EU SA
- Baptiste Salaville
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2024
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
CSGN CREDIT SUISSE GROUP AG
AC ACCOR SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
SDF K+S AG
ZAL ZALANDO SE
ISP INTESA SANPAOLO S.P.A.
GEBN GEBERIT AG
RWE RWE AG
BCP BANCO COMERCIAL PORTUGUES S.A.
VOW3 VOLKSWAGEN AG PREF
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
HLAG HAPAG-LLOYD AG
UNI UNICAJA BANCO S.A.
BIM BIOMERIEUX SA
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
ALG ALLEGRO.EU SA
- Benoit Valleaux
- Steven Gould
ODDO : Sector multiples do not reflect the improved resilience of the ...
>What are the main lessons from Q4/FY 2023 earnings? - Q4 earnings release have confirmed our view on the sector detailed early December. We expected net interest income to be this year relatively flattish in Italy and Spain, to decrease on some names in the Benelux (ING) and to increase for French banks, which is consistent with 2024 outlook given by banks. We therefore did not play a country rotation in favour of North European banks vs South European banks, and we ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
Banco De Sabadell SA: 1 director
A director at Banco De Sabadell SA bought 42,463 shares at 1.170EUR 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 c...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Carole Braudeau
- Julian Dobrovolschi
ODDO BHF Small & MIDCAP MORNING NEWS - 02/02/2024
N°2 mondial, Pluxee devient pure player indépendant des Employee Benefits et coté en Bourse le 1er février. Le développement de son offre et réseau soutiendra une croissance du CA LFL à >10% sur 2023/2026e. L’amélioration importante de sa rentabilité bénéficiera du levier opérationnel et de la digitalisation. Sa position de cash net permettra du M&A et un dividende régulier. Nous initions Pluxee avec une recommandation Neutre et un OC de 31 €. - ...
- Julian Dobrovolschi
ODDO BHF Small & MIDCAP MORNING NEWS - 02/02/2024
Ranked world number 2, Pluxee is set to become an independent pure player in employee benefits, with a listing from 1 February. The development of its offerings and expansion of its network will support LFL revenue growth estimated at more than 10% from 2023 to 2026e. Operational leverage and digitalisation should be synonymous with significant improvement in profitability, while the group’s net cash position will facilitate M&A and regular dividend payments. We are initiating coverag...
- Carole Braudeau
- Benoit Valleaux
- Steven Gould
Banco Sabadell : A less conservative approach on the operating front &...
>Rating lifted to Neutral (vs Underperform) – Target price lifted to € 1.5 (vs € 1.4) - We are lifting our rating to Neutral (vs Underperform) on the stock, in order to integrate a less conservative bias on the operating front (notably CoR) as well as a less strained valuation level (12% decline in the share price since early December / sell-off of peripheral banks in view of the end of positive NII momentum). Q3 2023 looks robust once again (operating front, asset q...
- Benoit Valleaux
- Steven Gould
Banco Sabadell : Approche moins conservative sur l’opérationnel & valo...
>Opinion relevée à Neutre (vs Sous-performance) – OC porté à 1.5 € (vs 1.4 €) - Nous relevons notre opinion à Neutre (vs Sous-performance) sur le titre, afin d’intégrer un biais moins conservateur sur l’opérationnel (notamment le CdR), mais aussi un niveau de valorisation moins tendu (cf baisse de 12% du titre depuis début décembre / sell off banques périphériques sur la thématique de la fin du momentum NII positif). Le T4 2023 ressort de nouveau solide (opérationnel...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
REVISED - Bank Brunch/US regional banks, BNP weak 4Q, Preferred senior...
US regional bank worries resurface with poor NYCB numbers, Moody's considers a cut into junk territory. BNP Paribas with (very) soft numbers for 4Q as higher charges bite. The case for covered bonds versus preferred senior has improved a tad, but we still like preferred senior bonds further out the curve. Belfius Bank issues a EUR benchmark 7yr covered bond
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/ECB on climate change, Santander 4Q and AT1, BBVA T2, RBI ...
ECB set to further boost its efforts on climate change. Banco Santander: stronger NII but weaker cost of risk, we see value in its AT1 against Sabadell. BBVA enters markets today with a new T2 transaction. RBI earnings dive, but capital holds up. Berlin Hyp starts 2024 with a 3yr €0.5bn green covered bond
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/Bank ESG supply set to stay high in ‘24, SEB's new green b...
ESG issuance by banks will stay high in 2024. SEB to launch a 5yr €0.5bn green bail-in senior bond. Little scope for further outperformance of callable vs non-callable T2. Moody's upgrades Banco Sabadell's ratings and changes outlook to stable. Sparebank 1 SMN also upgraded one notch by Moody's. Bank bond performance overview
- Anthony Dick
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
POM PLASTIC OMNIUM SE
STF STEF
ASY ASSYSTEM SA
CGM CEGEDIM SA
VETO VETOQUINOL SA
MTU MANITOU BF SA
FII LISI SA
FNAC FNAC DARTY SA
ATE ALTEN SA
FR VALEO SE
ELIS ELIS SA
AF AIR FRANCE-KLM SA
FAE FAES FARMA S.A.
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
SESL SES-IMAGOTAG SA
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
ONTEX ONTEX GROUP N.V.
LIGHT SIGNIFY NV
XIL XILAM ANIMATION SA
GCO GRUPO CATALANA OCCIDENTE S.A.
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
BFSA BEFESA SA
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
FPE3 FUCHS PETROLUB SE
SPM SAIPEM S.P.A.
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