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- Charlotte Vaisse
- Emmanuel Matot
- Jean-Baptiste Rouphael
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/25/2024
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
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IPN IPSEN SA
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
CA CARREFOUR SA
BVI BUREAU VERITAS SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
RI PERNOD RICARD SA
ULVR UNILEVER PLC
GLE SOCIETE GENERALE S.A. CLASS A
NESN NESTLE S.A.
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
01913 PRADA S.P.A.
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
KGX KION GROUP AG
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
HFG HELLOFRESH SE
ADYEN ADYEN NV
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
- Charlotte Vaisse
- Emmanuel Matot
- Jean-Baptiste Rouphael
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/04/2024
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
CA CARREFOUR SA
BVI BUREAU VERITAS SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
RI PERNOD RICARD SA
ULVR UNILEVER PLC
GLE SOCIETE GENERALE S.A. CLASS A
NESN NESTLE S.A.
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
01913 PRADA S.P.A.
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
KGX KION GROUP AG
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
HFG HELLOFRESH SE
ADYEN ADYEN NV
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
- Pierre Tegner
Nestle : Very bad start to the year with 1.4% l-f-l only and -2% volum...
>Q1 sales at -5.9% with organic growth of just +1.4% - Nestlé posted very poor Q1 results well below expectations which had been already lowered during the last 4 weeks. Reported net sales came in at CHF 22,092m at -5.9% (VA consensus at -3.8% and ODDO BHF at -3.2%) with FX at -6.7%, a scope effect of -0.6% and organic growth at a very low level of +1.4% (VA css at +3.1% and ODDO BHF at +2.6%). Q1 organic growth of just +1.4% was driven by a negative volume mix ...
- Pierre Tegner
Nestlé : Very bad start to the year with 1.4% l-f-l only and -2% volum...
>Q1 sales at -5.9% with organic growth of just +1.4% - Nestlé posted very poor Q1 results well below expectations which had been already lowered during the last 4 weeks. Reported net sales came in at CHF 22,092m at -5.9% (VA consensus at -3.8% and ODDO BHF at -3.2%) with FX at -6.7%, a scope effect of -0.6% and organic growth at a very low level of +1.4% (VA css at +3.1% and ODDO BHF at +2.6%). Q1 organic growth of just +1.4% was driven by a negative volume mix ...
Nestlé reports three-month sales for 2024
Nestlé reports three-month sales for 2024 [Ad hoc announcement pursuant to Art. 53 LR] This press release is also available in and Follow today's event live 14:00 CEST Full details on our ............. Vevey, April 25, 2024 Nestlé reports three-month sales for 2024 Organic growth of 1.4%, with pricing of 3.4% and real internal growth (RIG) of -2.0%.Total reported sales were CHF 22.1 billion, a decrease of 5.9% (3M-2023: CHF 23.5 billion). Foreign exchange decreased sales by 6.7%. Net divestitures had a negative impact of 0.6%.Overall, organic sales growth for the Group was dr...
- 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
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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
Nestlé announces retirement of Marco Settembri, appointment of Guillau...
Nestlé announces retirement of Marco Settembri, appointment of Guillaume Le Cunff as CEO Zone Europe [Ad hoc announcement pursuant to Art. 53 LR] This press release is also available in and ............. Nestlé announces retirement of Marco Settembri, appointment of Guillaume Le Cunff as CEO Zone Europe Vevey, April 18, 2024 Marco Settembri, Executive Vice President and Chief Executive Officer Zone Europe, will take a well-deserved retirement after a distinguished career of over 36 years at Nestlé. He will step down from the Group Executive Board on June 30, 2024. Since joining ...
Nestlé SA: 1 director
A director at Nestlé SA sold 7,500 shares at 95.860CHF and the significance rating of the trade was 100/100. 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 clearly showi...
- Philippine Adam
Nestlé: catalysts unlikely until H2; we remain Neutral
Nestlé slightly missed expectations for FY23 numbers yesterday and provided disappointing FY24 guidance of c4% organic growth. On the back of the publication and call, we slightly adjust our numbers and continue to see limited positive catalysts in the mid-term, prompting us to remain Neutral, PT C
- 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.
- Pierre Tegner
Nestle : 2023 earnings and a timorous outlook
>Earnings a share below estimates - The 2023 earnings reported this morning are in line with the targets set but a shade below forecasts. The main takeaways from this publication are the following: Organic sales growth of 7.3% (vs VA css at 7.3% and ODDO BHF at 7.5%).A volume/mix effect of -0.3% (vs VA css and ODDO BHF at 0%).A price effect of 7.5% (vs VA css at 7.3% and ODDO BHF at 7.5%).An underlying operating margin of 17.3%, up 20bp (+40bp at c...
- Pierre Tegner
Nestlé : Résultats 2023 et perspectives timides
>Résultats légèrement en-deçà des attentes - Les résultats 2023 publiés ce matin sont en ligne avec les objectifs fixés mais légèrement en dessous des attentes. Les principaux éléments de cette publication sont les suivants : Une croissance organique du CA de 7.3% (vs css VA à 7.3% et ODDO BHF à 7.5%).Un effet volume/mix de -0.3% (vs css VA et ODDO BHF à 0%).Un effet prix de 7.5% (vs css VA à 7.3% et ODDO BHF à 7.5%).Une marge opérationnelle couran...
Nestlé proposes Geraldine Matchett as new independent member of its Bo...
Nestlé proposes Geraldine Matchett as new independent member of its Board of Directors [Ad hoc announcement pursuant to Art. 53 LR] This press release is also available in and ............. Nestlé proposes Geraldine Matchett as new independent member of its Board of Directors Nestlé announced today that it proposes Geraldine Matchett, previously the Co-Chief Executive Officer and CFO at DSM-Firmenich AG, a nutrition, health and beauty company, for election to its Board of Directors. The election will take place at the company's Annual General Meeting (AGM) on April 18, 2024. A...
Nestlé reports full-year results for 2023
Nestlé reports full-year results for 2023 [Ad hoc announcement pursuant to Art. 53 LR] This press release is also available in and Follow today's events live 09:00 CET 14:00 CET Full details on our Reports published today | Other language versions available in ............. Vevey, February 22, 2024 Nestlé reports full-year results for 2023 Organic growth reached 7.2%, with pricing of 7.5% and real internal growth (RIG) of -0.3%. Growth was broad-based across geographies and categories.Total reported sales were CHF 93.0 billion, a decrease of 1.5% (FY-2022: CHF ...
- Clement Genelot
- Philippine Adam
Why is Nestlé investing in food delivery again?
On Tuesday, Nestlé reportedly invested USD100m in Wonder, a food-delivery platform combining meal kits, meal delivery and foodservice operations. Although the investment makes sense for Nestlé to increase its foodservice presence, we believe better options would have been possible and again questio
- Baptiste Salaville
- Maissa Keskes
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/10/2023
Les phénomènes climatiques extrêmes de cet été, conséquences du changement climatique, sont amenés à se multiplier. Encore plus fréquents et intenses à l’avenir, ceux-ci auront des impacts transverses sur le capital humain, la sécurité alimentaire et l’eau. Il en va de même des impacts directs sur les secteurs agroalimentaire, énergie, semiconducteurs, tourisme, aéroports et assurance. Ces risques ne nous semblent pas encore suffisamment reflétés dans les modèles économiques. - ...
FP TOTAL SE
HEIA HEINEKEN NV
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EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
G1A GEA GROUP AG
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
GFC GECINA SA
WTB WHITBREAD PLC
ABB ABB LTD.
AGN AEGON NV
NOKIA NOKIA OYJ
NESN NESTLE S.A.
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
REP REPSOL SA
SAP SAP SE
ASML ASML HOLDING NV
BP. BP P.L.C.
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Baptiste Salaville
- Maissa Keskes
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/19/2023
The extreme climate events of this summer, a consequence of climate change, are only bound to multiply. Due to become even more frequent and intense in the future, they will have interrelated impacts on human capital and on food and water security. The same applies to direct impacts on the agri-food, energy, semiconductors, tourism, airport and insurance sectors. Our view is that these risks are not yet sufficiently reflected in economic models. - ...
FP TOTAL SE
HEIA HEINEKEN NV
GET GETLINK SE
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
G1A GEA GROUP AG
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
GFC GECINA SA
WTB WHITBREAD PLC
ABB ABB LTD.
AGN AEGON NV
NOKIA NOKIA OYJ
NESN NESTLE S.A.
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
REP REPSOL SA
SAP SAP SE
ASML ASML HOLDING NV
BP. BP P.L.C.
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Pierre Tegner
Nestle : Q3 at 6.1% on an organic basis with a virtually stable volume...
>Outperform rating maintained - Outperform maintained with a target price of CHF 123. The stock’s recent de-rating, in the wake of that of the US Food HPC stocks, provides a long-term opportunity for the group to position itself on a quality safe-haven stock with more than reasonable multiples (P/E 24e of 18.5x). The stock’s reaction to the Q3 sales publication could be slightly negative due to the forex impact but, due to the recent decline, it should not be ruled ou...
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