reports
- Ahmed Ben Salem
- Anis Zgaya
- Antoine Boivin-Champeaux
- Baptiste Lebacq
- Benoit Valleaux
- Delphine Brault
- Emira Sagaama
- Fatma Agnès Hamdani
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Nicolas David
- Olfa Taamallah
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Roland Pfaender
- MBA
- CFA
- CCRA
- Salma Bouraoui
- Sven Edelfelt
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2018
Which stocks should be picked over the summer? We have sought to answer this question by screening the Stoxx 600 using simple criteria: buy stocks with positive 1m, 3m and 6m EPS revision and that are not expensive (maximum premium of 20% on P/E and P/B) relative to their respective sectors. We have selected stocks on which our analysts have Buy recommendations and our chart analyst (Rémy Colombero) has a positive opinion: Ahold, Aegon, Alten, Arkema, Eiffage and Ipsen. Applying a sym...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
DG VINCI SA
CA CARREFOUR SA
RDSA ROYAL DUTCH SHELL PLC CLASS A
NK IMERYS SA
SU SCHNEIDER ELECTRIC SE
CNP CNP ASSURANCES SA
SEV SUEZ SA
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
VCT VICAT-CIMENTS VICAT SA
SCR SCOR SE
CPG COMPASS GROUP PLC
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
TEP TELEPERFORMANCE SE
KER KERING SA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
REP REPSOL SA
CRH. CRH MEDICAL
FCMC SOCIETE FERMIERE DU CASINO MUNICIPAL DE CANNES S.A.
EC TOTAL GABON
GAS NATURGY ENERGY GROUP S.A.
PUM PUMA EXPLORATION INC.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ITKA ANHEUSER-BUSCH INBEV N.V. ADS
ENBR3 EDP - ENERGIAS DO BRASIL S.A.
TEC TECHNIPFMC PLC
AIR AIRBUS GROUP SE
DCX. DAIMLER AG CEDEAR
FERG FERGUSON PLC
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
000028 CHINA NATIONAL ACCORD MEDICINES CORPORATION LTD CLASS A
L'OREAL PRIME FIDEL 2020
GSK. GLAXOSMITHKLINE PLC CEDEAR
DEO.. DIAGEO PLC
LHBL LAFARGEHOLCIM BANGLADESH
- Ahmed Ben Salem
- Anis Zgaya
- Antoine Boivin-Champeaux
- Baptiste Lebacq
- Benoit Valleaux
- Delphine Brault
- Emira Sagaama
- Fatma Agnès Hamdani
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Nicolas David
- Olfa Taamallah
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Salma Bouraoui
- Sven Edelfelt
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2018
Quels titres favoriser pour l’été ? Nous avons tenté de répondre à cette question en criblant sur des critères simples le Stoxx 600 : acheter les titres qui connaissent une dynamique de révision de BPA positive à 1m, 3m et 6m et qui ne sont pas « chers » (prime maximale de 20% en P/E et P/B) par rapport à leurs secteurs de rattachement respectifs. Nous retenons les titres recommandés à l’Achat par nos analystes et pour lesquels notre chartiste (R. Colombero) a une opinion po...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
DG VINCI SA
CA CARREFOUR SA
RDSA ROYAL DUTCH SHELL PLC CLASS A
NK IMERYS SA
SU SCHNEIDER ELECTRIC SE
CNP CNP ASSURANCES SA
SEV SUEZ SA
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
VCT VICAT-CIMENTS VICAT SA
CPG COMPASS GROUP PLC
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
TEP TELEPERFORMANCE SE
KER KERING SA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
REP REPSOL SA
CRH. CRH MEDICAL
EC TOTAL GABON
GAS NATURGY ENERGY GROUP S.A.
PUM PUMA EXPLORATION INC.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ITKA ANHEUSER-BUSCH INBEV N.V. ADS
ENBR3 EDP - ENERGIAS DO BRASIL S.A.
TEC TECHNIPFMC PLC
AIR AIRBUS GROUP SE
DCX. DAIMLER AG CEDEAR
FERG FERGUSON PLC
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
000028 CHINA NATIONAL ACCORD MEDICINES CORPORATION LTD CLASS A
L'OREAL PRIME FIDEL 2020
GSK. GLAXOSMITHKLINE PLC CEDEAR
DEO.. DIAGEO PLC
LHBL LAFARGEHOLCIM BANGLADESH
- Emira Sagaama
- Matthias Desmarais
Bureau Veritas : Performance should continue to improve in H2
>Growth expected to remain satisfactory in the coming quarters - We expect a good pace of growth to continue in H2 at 4.3%, virtually in line with Q2 (and vs 3.5% in H1). This growth should be driven by: i/ a gradual return to growth in the marine segment, with management confident thanks to the positive order trend in new builds; ii/ a better performance in industry, where the decline in oil capex continues to ease, albeit only at a moderate pace still (-12% in Q2 vs...
- Emira Sagaama
- Matthias Desmarais
Bureau Veritas : La performance continuera à s’améliorer au S2
>La croissance devrait rester bonne sur les prochains trimestres - Nous sommes confiants sur le maintien d’un bon rythme de croissance au S2 à 4.3%, quasiment en ligne avec le T2 (et vs 3.5% au S1). Ceci nous semble garanti par : i/ un retour progressif à une croissance positive dans la marine, la confiance du management étant confortée par l’évolution positive des prises de commandes dans les nouvelles constructions, ii/ une amélioration de la performance dans l’indu...
- Ahmed Ben Salem
- Delphine Brault
- Emira Sagaama
- Emmanuel Matot
- Fatma Agnès Hamdani
- Hela Zarrouk
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Michael Foundoukidis
- Nicolas David
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Stephane Houri
IPN IPSEN SA
SU SCHNEIDER ELECTRIC SE
SEV SUEZ SA
STMICROELECTRONICS N.V. ADS
DSY DASSAULT SYSTEMES SA
DEC JCDECAUX SA
NESN NESTLE S.A.
RF EURAZEO SA
INGC INGENICO GROUP SA
FR VALEO SE
ISP INTESA SANPAOLO S.P.A.
UCB UCB S.A.
EC TOTAL GABON
EDW EDP RENOVAVEIS SA
IBE IBERDROLA SA
ITKA ANHEUSER-BUSCH INBEV N.V. ADS
OREG ORANGE EGYPT FOR TELECOMMUNICATIONS
VODJ VODAFONE GROUP PLC (ADR)
TI. TELECOM ITALIA S.P.A. CEDEAR
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
SAAG11 FUNDO DE INVESTIMENTO IMOBILIARIO SANTANDER AGENCIAS
000028 CHINA NATIONAL ACCORD MEDICINES CORPORATION LTD CLASS A
GSK. GLAXOSMITHKLINE PLC CEDEAR
QFUNO UNICREDITO IMMOBILIARE UNO
- Ahmed Ben Salem
- Delphine Brault
- Emira Sagaama
- Emmanuel Matot
- Fatma Agnès Hamdani
- Hela Zarrouk
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Michael Foundoukidis
- Nicolas David
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Stephane Houri
IPN IPSEN SA
SU SCHNEIDER ELECTRIC SE
SEV SUEZ SA
STMICROELECTRONICS N.V. ADS
DSY DASSAULT SYSTEMES SA
DEC JCDECAUX SA
NESN NESTLE S.A.
RF EURAZEO SA
INGC INGENICO GROUP SA
FR VALEO SE
ISP INTESA SANPAOLO S.P.A.
UCB UCB S.A.
EC TOTAL GABON
EDW EDP RENOVAVEIS SA
IBE IBERDROLA SA
ITKA ANHEUSER-BUSCH INBEV N.V. ADS
OREG ORANGE EGYPT FOR TELECOMMUNICATIONS
VODJ VODAFONE GROUP PLC (ADR)
TI. TELECOM ITALIA S.P.A. CEDEAR
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
SAAG11 FUNDO DE INVESTIMENTO IMOBILIARIO SANTANDER AGENCIAS
000028 CHINA NATIONAL ACCORD MEDICINES CORPORATION LTD CLASS A
GSK. GLAXOSMITHKLINE PLC CEDEAR
QFUNO UNICREDITO IMMOBILIARE UNO
- Emira Sagaama
- Matthias Desmarais
Bureau Veritas : H1 results in line, hurt by forex
>Results in line, sharp acceleration in organic growth in Q2 - Bureau Veritas reported results that overall were in line with expectations. Sales came to € 2,338m in H1, down -0.9% yoy of which –7% due to forex (vs Oddo BHF estimate: -7.1%, consensus: -6.4%). H1 organic growth came to 3.5%, i.e. an acceleration to 4.4% in Q2 vs 2.6% in Q1, much higher than forecast (Oddo BHF estimate: 3.6%, consensus: 3.7%). The EBITA margin reached 14.9% in H1, slightly below consen...
- Emira Sagaama
- Matthias Desmarais
Bureau Veritas : Résultats S1 en ligne, négativement marqués par lâ...
>Résultats en ligne, forte accélération de la croissance organique au T2 - Bureau Veritas a publié des résultats globalement en ligne avec les attentes. Le CA ressort à 2338 M€ au S1, en baisse de -0.9% yoy dont –7% dus à l’effet change (vs Oddo BHF -7.1%e, consensus -6.4%e). La croissance organique ressort à 3.5% sur le semestre, i.e. une accélération à 4.4% au T2 vs 2.6% au T1, bien supérieure aux attentes (Oddo BHF 3.6%e, consensus 3.7%e). La marge d’EBITA est de ...
- 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
- Emira Sagaama
- Matthias Desmarais
Bureau Veritas : La marge du S1 pourrait décevoir, mais l’histoire ...
>La croissance organique devrait continuer à s’améliorer au T2… - Nous attendons une amélioration séquentielle de la croissance organique à 3.6%e au T2 vs 2.6% au T1. Au-delà de l’annulation de l’impact légèrement négatif des jours ouvrés au T1, cette amélioration sera portée par une baisse moins prononcée de la Marine (8% du CA du groupe en 2017, que nous estimons légèrement négative vs -8.5% au T1), une poursuite du rétablissement de l’exposition aux matières premiÃ...
- Emira Sagaama
- Matthias Desmarais
Bureau Veritas : H1 margin may disappoint, but story still attractive
>Organic growth is likely to improve further in Q2… - We expect a qoq improvement in organic growth to 3.6%e in Q2 vs 2.6% in Q1. Beyond the cancellation of the slightly negative impact from worked days in Q1, this improvement will be carried by a less sharp fall for Marine (8% of group sales in 2017, that we think slightly negative in Q2 vs -8.5% in Q1), ongoing re-establishment of the exposure to commodities (positive read-across from SGS notably on mines – 6% of gr...
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