reports
Ericsson : Positive momentum (market, mix, costs). TP SEK 85 (vs SEK 4...
>Still some leeway to reduce costs. - -The CEO emphasised that there is still some scope to cut costs (Digital Services: operating margin at -17% in Q2 2018 vs. a target of a positive margin and Managed Services: operating margin at 6.5% in Q2 2018 vs. a target of 4-6%). 16 of the 45 contracts to be covered have been addressed (+8 in Q2 2018) in Digital Services and 33 of the 42 contracts to be dealt with in Managed Services are covered (+2 in Q2).- In this relea...
Ericsson : Momentum favorable (marché, mix, coûts). Objectif de 85 S...
>Encore une marge de manœuvre pour réduire les coûts - -Le CEO souligne qu’il existe encore une marge de manœuvre pour la réduction des coûts (Digital Services : marge opérationnelle à -17% au T2 2018 vs un objectif d’une marge positive et Managed Services : marge opérationnelle à 6.5% au T2 2018 vs un objectif de 4-6%). 16 des 45 contrats à adresser ont été traités (+8 au T2 2018) en Digital Services et 33 des 42 contrats à adresser sont traités en Managed Services ...
- Anis Zgaya
- Antoine Boivin-Champeaux
- Delphine Brault
- Emira Sagaama
- Jerôme Bodin
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Michael Foundoukidis
- Olfa Taamallah
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Stephane Houri
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/19/2018
The Innogy deal will reshuffle E.ON’s and RWE’s businesses and strategies, with each specialising on one part of the utility value chain (downstream and upstream, respectively). While the transaction will not significantly change the two companies’ level of exposure to climate transition risks (low for E.ON / high for RWE), simpler business structures and strategies should help the two German utilities to deliver (at last!) a clearer message on their contribution to climate mitigation...
PUB PUBLICIS GROUPE SA
EDEN EDENRED SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
UHR SWATCH GROUP LTD. BEARER
SGSN SGS SA
ILD ILIAD
VER VERBUND AG CLASS A
EZJ EASYJET PLC
GAS NATURGY ENERGY GROUP S.A.
ASSA B ASSA ABLOY AB CLASS B
NOVNEE NOVARTIS N 2. LINIE
ASML ASML HOLDING NV
AIR AIRBUS GROUP SE
ALSTOM - NEW
BBVJ11 FUNDO DE INVESTIMENTO IMOBILIARIO BB VOTORANTIM JHSF CIDADE
ERIC. L.M. ERICSSON TELEPHONE CO. CEDEAR
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
CAPRI BBVA CAPITAL PRIVADO ETF
- Anis Zgaya
- Antoine Boivin-Champeaux
- Delphine Brault
- Emira Sagaama
- Jerôme Bodin
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Michael Foundoukidis
- Olfa Taamallah
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Stephane Houri
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/07/2018
The Innogy deal will reshuffle E.ON’s and RWE’s businesses and strategies, with each specialising on one part of the utility value chain (downstream and upstream, respectively). While the transaction will not significantly change the two companies’ level of exposure to climate transition risks (low for E.ON / high for RWE), simpler business structures and strategies should help the two German utilities to deliver (at last!) a clearer message on their contribution to climate mitigation...
PUB PUBLICIS GROUPE SA
EDEN EDENRED SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
UHR SWATCH GROUP LTD. BEARER
SGSN SGS SA
ILD ILIAD
VER VERBUND AG CLASS A
EZJ EASYJET PLC
GAS NATURGY ENERGY GROUP S.A.
ASSA B ASSA ABLOY AB CLASS B
NOVNEE NOVARTIS N 2. LINIE
ASML ASML HOLDING NV
AIR AIRBUS GROUP SE
ALSTOM - NEW
BBVJ11 FUNDO DE INVESTIMENTO IMOBILIARIO BB VOTORANTIM JHSF CIDADE
ERIC. L.M. ERICSSON TELEPHONE CO. CEDEAR
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
CAPRI BBVA CAPITAL PRIVADO ETF
- Delphine Brault
- Emira Sagaama
- Emmanuel Matot
- Matthias Desmarais
- Oussema Denguir
- Stephane Houri
UBI UBISOFT ENTERTAINMENT SA
KN NATIXIS
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
SGSN SGS SA
TYRES NOKIAN RENKAAT OYJ
FCMC SOCIETE FERMIERE DU CASINO MUNICIPAL DE CANNES S.A.
FFP FFP
NDA AURUBIS AG
NOVNEE NOVARTIS N 2. LINIE
ASML ASML HOLDING NV
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
ALSTOM - NEW
BBVJ11 FUNDO DE INVESTIMENTO IMOBILIARIO BB VOTORANTIM JHSF CIDADE
ERIC. L.M. ERICSSON TELEPHONE CO. CEDEAR
Ericsson : Neutral vs. Reduce: more positive market and solid position...
>Another good quarter for revenues and margins - Revenues 3.9% ahead of expectations. Ericsson reported Q2 2018 revenues down a less marked -1% yoy on cc (vs -2% cc in Q1 2018). Networks revenues posted growth of +2% yoy cc in Q2 (-2% in Q1) thanks to good momentum in the US (see below). Patent revenues declined by -11% in Q2 (vs. -12% in Q1).Operating profit beat forecasts, thanks to the gross margin The adjusted gross margin beat expectations at 36.7% in Q2 (vs...
- Delphine Brault
- Emira Sagaama
- Emmanuel Matot
- Matthias Desmarais
- Oussema Denguir
- Stephane Houri
UBI UBISOFT ENTERTAINMENT SA
KN NATIXIS
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
SGSN SGS SA
TYRES NOKIAN RENKAAT OYJ
FCMC SOCIETE FERMIERE DU CASINO MUNICIPAL DE CANNES S.A.
FFP FFP
NDA AURUBIS AG
NOVNEE NOVARTIS N 2. LINIE
ASML ASML HOLDING NV
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
ALSTOM - NEW
BBVJ11 FUNDO DE INVESTIMENTO IMOBILIARIO BB VOTORANTIM JHSF CIDADE
ERIC. L.M. ERICSSON TELEPHONE CO. CEDEAR
Ericsson : Neutre vs Alléger : marché plus favorable et positionneme...
>Encore un bon trimestre sur le CA et les marges - CA 3.9% au-dessus des attentes. Ericsson a publié un CA T2 2018 en baisse moins marquée de -1% yoy à tcc (vs -2% à tcc au T1). Le CA Réseaux a enregistré une croissance de +2% yoy à tcc au T2 (-2% au T1) grâce à un bon momentum aux US (cf infra). Le CA brevets diminue de -11% au T2 (vs -12% yoy au T1).ROP 30% au-dessus des attentes, grâce à la marge brute. La marge brute ajustée est ressortie au-dessus des attent...
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