reports
- Expert Corporate Governance Service (ECGS)
Ferguson - EGM 29 April 2019
The Proposals are being implemented by way of a Jersey scheme of arrangement which requires two shareholder meetings to be held: a Court Meeting and the subsequent Scheme General Meeting. This report addresses the General Meeting. At the Court meeting held immediately prior to this General Meeting, shareholders were asked to approve a scheme of arrangement. Under the scheme, shares held in the Company will be exchanged for shares in New Ferguson at a one to one ratio. The shares in New Ferguson...
- Stephane Houri
- Sven Edelfelt
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/27/2019
We are downgrading our recommendation on E.ON to Neutral after being on Buy since the tie-up with innogy was announced in March 2018. We currently believe that the official synergies (€ 600m-800m) are no longer a catalyst for creating value after the difficulties encountered by innogy over the past 18 months. As such, value creation for the shareholder is only possible via additional synergies (€ 150m-300m) and even then it would be limited to 2-16% compared to the current share price...
- Stephane Houri
- Sven Edelfelt
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/03/2019
Nous dégradons notre recommandation à Neutre après avoir été à l’Achat sur le titre depuis l’annonce du rapprochement avec innogy en mars 2018. Nous estimons à présent que les synergies officielles (600 à 800 M€) ne constituent plus un catalyseur de création de valeur après les difficultés rencontrées par innogy au cours des 18 derniers mois. Seule la prise en compte de synergies additionnelles (de 150 à 300 M€) permettrait de créer de la valeur pour l’actionnaire mais...
- Sven Edelfelt
Ferguson : Towards a period of weaker growth
>Earnings a shade below expectations - Q2 2018 operating profit 0.8% below expectations. Operating profit came in at $Â 744m vs ($Â 750m for the consensus and $Â 740m for ODDO BHF). The group has published l-f-l growth of 6.3% in line with Q1 at +6.7% after +8.1% in Q4 and 7.1% in Q3 (consensus at 6.9%). Growth clearly stalled in February/March. In the US, growth reached 9.7% in Q2 after 9.6% in Q1, 11.4% in Q4 and 10.6% in Q3 (including a price effect of around 3%). In ...
- Sven Edelfelt
Ferguson : Vers une période de croissance moins forte
>Résultats marginalement en dessous des attentes - Résultat opérationnel T2 2019 0.8% en dessous des attentes. Le résultat opérationnel ressort à 744 M$ vs (750 M$ pour le consensus et 740 M$ pour ODDO BHF). Le groupe a publié une croissance à pcc de 6.3% en ligne avec le T1 à +6.7% après +8.1% au T4 et +7.1% au T3 (consensus de 6.9%). La croissance a clairement marqué le pas aux mois de février/mars. Aux États-Unis, elle ressort à 9.7% au T2 après 9.6% au T1, 11.4% a...
- Denise Molina
Morningstar | FERG Updated Star Rating from 26 Mar 2019
No-moat Ferguson announced first-half results that were relatively strong but surprised the market by lowering guidance for the full year. We had been forecasting a slowdown this year and are maintaining our forecasts and GBX 4,500 and $5.90 fair value estimates for the local and ADR shares, respectively. The shares look richly valued. New guidance for the full year implies a second-half slowdown in organic revenue growth to between negative 0.5% and positive 3.5% from 6.5% in the first half. O...
- Denise Molina
Morningstar | Ferguson Lowers Guidance for Full Year on Weaker Demand;...
No-moat Ferguson announced first-half results that were relatively strong but surprised the market by lowering guidance for the full year. We had been forecasting a slowdown this year and are maintaining our forecasts and GBX 4,500 and $5.90 fair value estimates for the local and ADR shares, respectively. The shares look richly valued. New guidance for the full year implies a second-half slowdown in organic revenue growth to between negative 0.5% and positive 3.5% from 6.5% in the first half. O...
- Denise Molina
Ferguson Lowers Guidance for Full Year on Weaker Demand; Shares Richly...
No-moat Ferguson announced first-half results that were relatively strong but surprised the market by lowering guidance for the full year. We had been forecasting a slowdown this year and are maintaining our forecasts and GBX 4,500 and $5.90 fair value estimates for the local and ADR shares, respectively. The shares look richly valued. New guidance for the full year implies a second-half slowdown in organic revenue growth to between negative 0.5% and positive 3.5% from 6.5% in the first half. O...
- Antoine Boivin-Champeaux
- Benoit Valleaux
- Bruno Cavalier
- Delphine Brault
- Emmanuel Matot
- Fehmi Ben Naamane
- Jerôme Bodin
- Matthias Desmarais
- Michael Foundoukidis
- Nicolas David
- Olfa Taamallah
- Roland Pfaender
- MBA
- CFA
- CCRA
- Sven Edelfelt
- Yan Derocles
LHN HOLCIM AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
FRA FRAPORT AG
UBI UBISOFT ENTERTAINMENT SA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
NK IMERYS SA
DGE DIAGEO PLC
DB1 DEUTSCHE BOERSE AG
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
UG PEUGEOT SA
CNHI CNH INDUSTRIAL NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
RI PERNOD RICARD SA
FGR EIFFAGE SA
WTB WHITBREAD PLC
DAI DAIMLER AG
RCO REMY COINTREAU SA
FCAUN STELLANTIS N.V.
POM PLASTIC OMNIUM SE
AGN AEGON NV
KBC KBC GROUP N.V.
TYRES NOKIAN RENKAAT OYJ
VIV VIVENDI SE
HOT HOCHTIEF AG
FR VALEO SE
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
BOL BOLLORE SA
CRG CRH PLC
FFP FFP
CPR DAVIDE CAMPARI-MILANO N.V.
7201 NISSAN MOTOR CO. LTD.
TIT TELECOM ITALIA S.P.A.
ATL ATLANTIA S.P.A
WBD WEBUILD S.P.A.
PIRC PIRELLI & C. S.P.A.
FERG FERGUSON PLC
- Antoine Boivin-Champeaux
- Benoit Valleaux
- Bruno Cavalier
- Delphine Brault
- Emmanuel Matot
- Fehmi Ben Naamane
- Jerôme Bodin
- Matthias Desmarais
- Michael Foundoukidis
- Nicolas David
- Olfa Taamallah
- Roland Pfaender
- MBA
- CFA
- CCRA
- Sven Edelfelt
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/02/2019
Et si le Royaume-Uni et l’Union européenne ne parvenaient pas à s’entendre pour organiser le Brexit en douceur... Telle est l’hypothèse de travail de cette étude. Au Royaume-Uni, le pays perdant d’un coup tous les avantages commerciaux existants, il s’en suivrait une chute brutale du commerce, une désorganisation des chaînes de production, un stress financier majeur, bref une sévère récession. Le choc pèserait aussi, mais à un degré moindre, sur le reste de l’Europe. On e...
LHN HOLCIM AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
FRA FRAPORT AG
UBI UBISOFT ENTERTAINMENT SA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
NK IMERYS SA
DGE DIAGEO PLC
DB1 DEUTSCHE BOERSE AG
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
UG PEUGEOT SA
CNHI CNH INDUSTRIAL NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
RI PERNOD RICARD SA
FGR EIFFAGE SA
WTB WHITBREAD PLC
DAI DAIMLER AG
RCO REMY COINTREAU SA
FCAUN STELLANTIS N.V.
POM PLASTIC OMNIUM SE
AGN AEGON NV
KBC KBC GROUP N.V.
TYRES NOKIAN RENKAAT OYJ
VIV VIVENDI SE
HOT HOCHTIEF AG
FR VALEO SE
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
BOL BOLLORE SA
CRG CRH PLC
FFP FFP
CPR DAVIDE CAMPARI-MILANO N.V.
7201 NISSAN MOTOR CO. LTD.
TIT TELECOM ITALIA S.P.A.
ATL ATLANTIA S.P.A
WBD WEBUILD S.P.A.
PIRC PIRELLI & C. S.P.A.
FERG FERGUSON PLC
- Baptiste Lebacq
- Jeremy Garnier
- Jerôme Bodin
- Michael Foundoukidis
- Nicolas Thorez
- Sven Edelfelt
ODDO BHF Small & MIDCAP MORNING NEWS - 15/02/2019
Et si le Royaume-Uni et l’Union européenne ne parvenaient pas à s’entendre pour organiser le Brexit en douceur... Telle est l’hypothèse de travail de cette étude. Au Royaume-Uni, le pays perdant d’un coup tous les avantages commerciaux existants, il s’en suivrait une chute brutale du commerce, une désorganisation des chaînes de production, un stress financier majeur, bref une sévère récession. Le choc pèserait aussi, mais à un degré moindre, sur le reste de l’Europe. On e...
LHN HOLCIM AG
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
FRA FRAPORT AG
ETL EUTELSAT COMMUNICATIONS SA
DG VINCI SA
ALLIX WALLIX GROUP SA
NK IMERYS SA
RNO RENAULT SA
UG PEUGEOT SA
CNHI CNH INDUSTRIAL NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
FGR EIFFAGE SA
DAI DAIMLER AG
SBMO SBM OFFSHORE NV
FCAUN STELLANTIS N.V.
TFI TELEVISION FRANCAISE 1 SA
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
SQI SQLI SA
BLC BASTIDE LE CONFORT MEDICAL SA
GBT GUERBET SA
HOT HOCHTIEF AG
FR VALEO SE
HEI HEIDELBERGCEMENT AG
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CRG CRH PLC
FFP FFP
7201 NISSAN MOTOR CO. LTD.
ATL ATLANTIA S.P.A
WBD WEBUILD S.P.A.
PIRC PIRELLI & C. S.P.A.
FERG FERGUSON PLC
- Sven Edelfelt
ODDO : Hard Brexit or fear of heights
>A decline of 4% in construction volumes in the event of a hard Brexit - Private construction (residential and especially non-residential) will indisputably be hit by a hard Brexit and a recession in the UK. The impact on infrastructure spending could, in contrast, be more limited: projects under way will likely continue and we could even imagine that in the medium term, the UK government might launch stimulus plans for the economy …The Construction Products...
- Sven Edelfelt
ODDO : Le hard Brexit ou la peur du vide
>Une baisse de 4% du volume de construction en cas de hard Brexit - La construction privée (résidentielle et surtout non-résidentielle) souffrira incontestablement d’un hard Brexit et d’une récession au Royaume-Uni. L’impact sur les dépenses d’infrastructure pourrait en revanche être plus limité : les projets en cours devraient être poursuivis et on peut même imaginer qu’à moyen terme, le gouvernement britannique lance des plans de soutien à l’économie…L’Ass...
With a more favourable environment, FERGUSON PLC. improves to Slightly...
FERGUSON PLC. (GB), a company active in the Building Materials & Fixtures industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date January 18, 2019, the closing price was GBp 5,321.00...
- Jerôme Bodin
- Pierre Tegner
- Sven Edelfelt
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/05/2018
Our analysis of the Spanish sector with a view towards 2019, using an approach based on the prospects of an improvement in the operating leverage and shareholder returns, prompts us to favour the simple and domestic model of CaixaBank (Buy, target price € 4.9). We reiterate our positive but riskier call on Santander (Buy, target price € 5.7) and maintain our cautious approach to BBVA (Neutral, target price € 5.5). - Cf sector research published last evening. - ...
- Jerôme Bodin
- Pierre Tegner
- Sven Edelfelt
- Sven Edelfelt
Ferguson : Q1 marked by a slight slowdown in October
>Earnings a shade below expectations - Operating profit 1.3% shy of expectations Operating profit totalled $Â 432Â m (vs $Â 438m for the consensus and $Â 445m for Oddo BHF). Like-for-like growth disappointed at +6.7%, after +8.1% in Q4 and 7.1% in Q3 and below the consensus forecast of 7.5%. Note that the group had indicated at the time of the annual results presentation on 3 October that like-for-like growth was 7.5% in August/September. Growth clearly stalled in October...
- Sven Edelfelt
Ferguson : Un T1 marqué par un léger ralentissement en octobre
>Résultats légèrement en dessous des attentes - Résultat opérationnel 1.3% en dessous des attentes. Le résultat opérationnel ressort à 432 M$ vs (438 M$ pour le consensus et 445 M$ pour Oddo BHF). La croissance à pcc déçoit, à +6.7% après +8.1% au T4 et 7.1% au T3 et en dessous des attentes du consensus de 7.5%. Rappelons que le groupe avait indiqué lors des résultats annuels le 3 octobre dernier que la croissance à pcc était de 7.5% en août/septembre. La croissance a...
- Denise Molina
Morningstar | Ferguson Stepping Up Capital Allocation on Acquisitions;...
Our main takeaways from Ferguson's fiscal 2019 first-quarter results were (1) U.S. organic revenue is holding up, although we are still modelling in about half the growth this year versus last to reflect the natural turn in the new construction and remodelling cycle, (2) cost inflation, including 4% on labour, continues to prevent meaningful operating leverage benefits from high-single-digit revenue growth with EBIT margins stable at around 7%, and (3) the company is more aggressively allocating...
- Benoit Valleaux
- Jean-Baptiste Rouphael
- Manuel Martin
- CEFA
- CREA
- Sven Edelfelt
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.