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
- Johanna Jourdain
- Matthias Desmarais
Accor : Air France KLM’s announced eclipsed by interim results and g...
>Solid RevPAR trend should continue apace in H2 - Accor has reported solid H1 RevPARs, in line with our expectations at +5.1%, suggesting a slight slowdown in Q2 (North/Central/South America) despite still very solid momentum in all of the group’s main markets (France/Europe at +5.9% and Asia-Pacific at +4.8%). The prospects remain favourable for H2 (support of the tourism segment in France and a more favourable calendar in Germany, for example) despite a base effect ...
- 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
- Johanna Jourdain
- Matthias Desmarais
Accor : L’annonce sur Air France KLM éclipsée par des résultats S...
>La solide tendance de RevPAR devrait se poursuivre au S2 - Accor a publié de solides RevPAR au S1, en ligne avec nos attentes à +5.1%, suggérant un léger ralentissement au T2 (Amérique du Nord / Centrale, Amérique du Sud) malgré des dynamiques toujours très solides dans les principaux marchés du groupe (France/Europe à +5,9% et Asie Pacifique à +4.8%). Les perspectives restent bien orientées au S2 (soutien du segment Tourisme en France et calendrier plus favorable en...
- 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
- Johanna Jourdain
- Matthias Desmarais
Accor : H1 2018 results and FY18 EBITDA guidance slightly below but Ai...
>H1 2018 earnings slightly below our expectations, RevPAR in line - H1 2018 sales came to €1,459m, slightly below of our estimates for €1,468m (+3.0% on a reported basis). RevPAR gained 5.1% in H1, in line with our expectations of +5.0%, suggesting a slight slowdown in Q2 to +5.0% after +5.3% in Q1. H1 2018 EBITDA came to €291m, below (-4%) our expectations for €304m, i.e. a 20.0% margin (Oddo BHF 20.7%). This was essentially driven by HotelServices, where the ma...
- Johanna Jourdain
- Matthias Desmarais
Accor : H1 2018 results and FY18 EBITDA guidance slightly below but Ai...
>H1 2018 earnings slightly below our expectations, RevPAR in line - H1 2018 sales came to €1,459m, slightly below of our estimates for €1,468m (+3.0% on a reported basis). RevPAR gained 5.1% in H1, in line with our expectations of +5.0%, suggesting a slight slowdown in Q2 to +5.0% after +5.3% in Q1. H1 2018 EBITDA came to €291m, below (-4%) our expectations for €304m, i.e. a 20.0% margin (Oddo BHF 20.7%). This was essentially driven by HotelServices, where the ma...
- Antoine Boivin-Champeaux
- Bruno Cavalier
- Delphine Brault
- Emmanuel Matot
- Fatma Agnès Hamdani
- Jerôme Bodin
- Johanna Jourdain
- Matthias Desmarais
- Michael Foundoukidis
- Nicolas David
- Oussema Denguir
- Salma Bouraoui
- Stephane Houri
- Yan Derocles
STMICROELECTRONICS N.V. ADS
DBK DEUTSCHE BANK AG
EO FAURECIA SA
HO THALES SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
POM PLASTIC OMNIUM SE
VIV VIVENDI SE
SHA SCHAEFFLER AG
AOF ATOSS SOFTWARE AG
WLN WORLDLINE SA
ROTH ROTHSCHILD & CO. SCA
WPP WPP AUNZ
PHG. KONINKLIJKE PHILIPS
AZN... ASTRAZENECA PLC
CSR. CREDIT SUISSE GROUP CEDEAR
000028 CHINA NATIONAL ACCORD MEDICINES CORPORATION LTD CLASS A
- Antoine Boivin-Champeaux
- Bruno Cavalier
- Delphine Brault
- Emmanuel Matot
- Fatma Agnès Hamdani
- Jerôme Bodin
- Johanna Jourdain
- Matthias Desmarais
- Michael Foundoukidis
- Nicolas David
- Oussema Denguir
- Salma Bouraoui
- Stephane Houri
- Yan Derocles
STMICROELECTRONICS N.V. ADS
DBK DEUTSCHE BANK AG
EO FAURECIA SA
HO THALES SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
POM PLASTIC OMNIUM SE
VIV VIVENDI SE
SHA SCHAEFFLER AG
AOF ATOSS SOFTWARE AG
WLN WORLDLINE SA
ROTH ROTHSCHILD & CO. SCA
WPP WPP AUNZ
PHG. KONINKLIJKE PHILIPS
AZN... ASTRAZENECA PLC
CSR. CREDIT SUISSE GROUP CEDEAR
000028 CHINA NATIONAL ACCORD MEDICINES CORPORATION LTD CLASS A
- Johanna Jourdain
- Matthias Desmarais
Accor : H1 18 results (26/07 before open): solid RevPAR trend, 2018 EB...
>H1 18 results to be driven by RevPAR growth of 5%e - AccorHotels is due to publish its H1 18 earnings on 26 July before market open. We expect solid RevPAR trends in H1, at +5.0%e, i.e. +4.6%e in Q2, which points to a slight slowdown (+5.3% in Q1) mainly due to South America (+4.0%e in Q2 vs. +13.9% in Q1). In terms of market trends in H1, we expect further decent momentum in France (22% of EBIT) and Europe at 4.8%e (with +5.0% in Q2) as well as in North America (+7....
- Johanna Jourdain
- Matthias Desmarais
Accor : Résultats S1 18 (26/07 avant Bourse) : solide tendance de Rev...
>Résultats S1 2018 tirés par une croissance de 5%e de RevPAR - AccorHotels publiera ses résultats S1 2018 le 26/07 avant Bourse. Nous attendons une solide tendance de RevPAR au S1, à +5.0%e soit +4.6%e au T2 suggérant un léger ralentissement (+5.3% au T1) principalement lié à l’Amérique du Sud (+4.0%e au T2 vs +13.9% au T1). Par marché au S1, nous anticipons une dynamique toujours bonne en France (22% de l’EBIT) et en Europe à +4.8%e (dont +5.0%e au T2), ainsi qu’en A...
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