reports
- Fehmi Ben Naamane
- Johanna Jourdain
Intercontinental Hotels : H1 results in line, outlook unchanged
>H1 results in line - IHG has reported revenues of $ 900m (+7% reported), in line with the consensus estimate of $ 899m (Oddo BHF $ 881m). Growth in RevPAR came to 3.7%, in line (Oddo BHF 3.4%), which suggests a stabilisation at 3.7% in Q2 after 3.5% in Q1. Underlying EBIT came in at $ 398m, a shade above our forecast of $ 391m. Adjusted EPS clocked in at $ 1.42 (+25%) while DPS rose 10% to $ 0.36.By region, RevPAR rose 3.2% in the Americas in H1 (broadly stable ...
- Fehmi Ben Naamane
- Johanna Jourdain
Intercontinental Hotels : Résultats S1 en ligne, perspectives inchang...
>Publications S1 en ligne - IHG a publié un CA de 900 M$ (+7% en publié), en ligne avec le consensus à 899 M$ (Oddo BHF 881 M$). La croissance des RevPAR atteint 3.7%, en ligne (Oddo BHF 3.4%) ce qui suggère une stabilisation au T2 à 3.7% après 3.5% au T1. L’EBIT sous-jacent ressort à 398 M$, légèrement au-dessus de nos attentes à 391 M$. Le BPA ajusté s’établit à 1.42 $ (+25%) alors que le DPA est en hausse de 10% à 0.36 $.Par région, les RevPAR ont progressé de...
- Jean-Christophe Dourret
- Antoine Boivin-Champeaux
- Baptiste Lebacq
- Benoit Valleaux
- Delphine Brault
- Fehmi Ben Naamane
- Michael Foundoukidis
- Olfa Taamallah
- Roland Pfaender
- MBA
- CFA
- CCRA
- Yan Derocles
BMW BAYERISCHE MOTOREN WERKE AG
FRA FRAPORT AG
RR. ROLLS-ROYCE HOLDINGS PLC
KN NATIXIS
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
TYRES NOKIAN RENKAAT OYJ
BOSS HUGO BOSS AG
TW11 TENARIS S.A.
FFP FFP
CIEB CREDIT AGRICOLE EGYPT
SIE SIEMENS AG
DUFN DUFRY AG
ITAU4. ITAU UNIBANCO HOLDING S.A. CEDEAR PREF
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
A2DT0B EUROFINS CEREP
IC1H INTERCONTINENTAL HOTELS GROUP PLC
AM3A AMUNDI ETF GOVT BOND HIGHEST R
- Antoine Boivin-Champeaux
- Baptiste Lebacq
- Benoit Valleaux
- Delphine Brault
- Fehmi Ben Naamane
- Michael Foundoukidis
- Olfa Taamallah
- Roland Pfaender
- MBA
- CFA
- CCRA
- Yan Derocles
BMW BAYERISCHE MOTOREN WERKE AG
FRA FRAPORT AG
RR. ROLLS-ROYCE HOLDINGS PLC
KN NATIXIS
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
TYRES NOKIAN RENKAAT OYJ
BOSS HUGO BOSS AG
TW11 TENARIS S.A.
FFP FFP
CIEB CREDIT AGRICOLE EGYPT
SIE SIEMENS AG
DUFN DUFRY AG
ITAU4. ITAU UNIBANCO HOLDING S.A. CEDEAR PREF
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
A2DT0B EUROFINS CEREP
IC1H INTERCONTINENTAL HOTELS GROUP PLC
AM3A AMUNDI ETF GOVT BOND HIGHEST R
- Jerôme Bodin
- Nicolas David
- Salma Bouraoui
SOP SOPRA STERIA GROUP SA
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
TYRES NOKIAN RENKAAT OYJ
ALDNX DNXCORP SE
PSM PROSIEBENSAT.1 MEDIA SE
BOSS HUGO BOSS AG
FFP FFP
ATCB ALTICE EUROPE NV CLASS B
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
IC1H INTERCONTINENTAL HOTELS GROUP PLC
MTTRY METRO AG ADS
- Jean-Christophe Dourret
ODDO : Car market in Germany: +12.3% in July, +4.2% YTD
>Car market in Germany: +12.3% in July, +4.2% YTD - New car registrations are up +12.3% in July to 317.8k units, i.e. +4.2% YTD.The number of working days was stable over the first seven months of 2018, down by 1 day in July.Diesel’s share of the total in July 2018 stood at 32.3% (down 10.5% vs July 2017).For 2018, we are forecasting a contraction in sales of around 2%.Mass players in July: a good performance from VW, Renault and PSA - FCA ...
ODDO : Car market in Italy: +4.4% in July, i.e. -0.7% YTD
>Car market in Italy: +4.4% in July, -0.7% YTD - Car registrations were up 4.4% in July to 152.4k units, down -0.7% YTD.July 2018 had one more working day than July 2017 (22 days vs 21 days). The first seven months of 2018 had two more working days than the same period in 2017 (148 days vs 146 days).The share of diesel in July stood at 50.8% (vs 55.8% in July 2017).For 2018, we are forecasting market growth of +3%.Mass-players/July: excelle...
- Michael Foundoukidis
Continental : An uninspiring Q2 but a reassuring message on H2
>Profile still attractive but not enough to revitalise the story in the short term - Continental’s Q2 results publication (broadly in line) does not appear likely to revitalise the equity story in the very short term, whilst the automotive sector continues to suffer unfavourable momentum from the stock market viewpoint. Management has confirmed its full-year guidance which should reassure investors but the consensus is unlikely to make any significant adjustments to f...
ODDO : Marché VP Allemand : +12.3% en juillet, +4.2% YTD
>Marché VP Allemand : +12.3% en juillet, +4.2% YTD - Les immatriculations VP sont en hausse de +12.3% en juillet à 317.8 k-unités, soit de +4.2% YTD ;Le nombre de jours ouvrés est stable sur les sept premiers mois de l’année, en baisse de 1 jour en juillet ;La part du diesel en juillet 2018 s’élève à 32.3% (en baisse de 10.5% par rapport à juillet 2017) ;Pour 2018, nous tablons sur une baisse des ventes de l’ordre de 2%. Mass-players /...
ODDO : Marché VP italien : +4.4% en juillet soit -0.7% YTD
>Marché VP italien : +4.4% en juillet soit -0.7% YTD - Les immatriculations sont en hausse de 4.4% en juillet à 152.4 k-unités, soit en baisse de -0.7% YTD ;Le mois de juillet 2018 a compté un jour ouvré de plus qu’en 2017 (22 vs 21j). Sur sept mois, il y a deux jours ouvrés de plus qu’en 2017 (148 vs 146j) ;La part du diesel sur juillet 2018 s’élève à 50.8% (vs 55.8% en juillet 2017) ;Pour 2018, nous tablons sur une croissance du marché de +3%.§h...
- Michael Foundoukidis
Continental : Un T2 sans grande saveur mais un message rassurant sur l...
>Un profil toujours attractif mais pas de quoi relancer l’histoire à CT - Les résultats, globalement en ligne, ne semblent pas en mesure de relancer l’histoire à très court terme alors que le secteur automobile reste confronté à un momentum difficile sur le plan boursier. Le groupe a confirmé sa guidance annuelle, ce qui devrait rassurer les investisseurs, mais le consensus ne devrait pas évoluer significativement (EBIT revu en baisse mais compensé par l’impact positi...
- Antoine Boivin-Champeaux
- Baptiste Lebacq
- Benoit Valleaux
- Emmanuel Matot
- Fatma Agnès Hamdani
- Louis Boujard
- CFA
- Philippe Ourpatian
- Stephane Houri
- Yan Derocles
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
TYRES NOKIAN RENKAAT OYJ
ISP INTESA SANPAOLO S.P.A.
SOLB SOLVAY SA
TW11 TENARIS S.A.
BA. BAE SYSTEMS PLC
FFP FFP
CPR DAVIDE CAMPARI-MILANO N.V.
VVDH VEOLIA ENVIRONNEMENT S.A. ADS
ITAU4. ITAU UNIBANCO HOLDING S.A. CEDEAR PREF
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
CSR. CREDIT SUISSE GROUP CEDEAR
D4G DOWNING FOUR VCT GENERALIST ORD 0.1P
A14UTH EASYETF S-BOX BNP PARIBAS NEXT 11 EMERGING
IC1H INTERCONTINENTAL HOTELS GROUP PLC
- Antoine Boivin-Champeaux
- Baptiste Lebacq
- Benoit Valleaux
- Emmanuel Matot
- Fatma Agnès Hamdani
- Louis Boujard
- CFA
- Philippe Ourpatian
- Stephane Houri
- Yan Derocles
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
TYRES NOKIAN RENKAAT OYJ
ISP INTESA SANPAOLO S.P.A.
SOLB SOLVAY SA
TW11 TENARIS S.A.
BA. BAE SYSTEMS PLC
FFP FFP
CPR DAVIDE CAMPARI-MILANO N.V.
VVDH VEOLIA ENVIRONNEMENT S.A. ADS
ITAU4. ITAU UNIBANCO HOLDING S.A. CEDEAR PREF
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
CSR. CREDIT SUISSE GROUP CEDEAR
D4G DOWNING FOUR VCT GENERALIST ORD 0.1P
A14UTH EASYETF S-BOX BNP PARIBAS NEXT 11 EMERGING
IC1H INTERCONTINENTAL HOTELS GROUP PLC
ODDO : Car market in Spain: good month in July (+19.3%) for all except...
>Car market in Spain: +19.3% in July, +11.4% YTD - New car registrations up sharply: +19.3% in July to 131.2k units, i.e. 11.4% YTD.July 2018 had one more working day than July 2017 (22 days vs 21 days). The first seven months of 2018 had two more working days (149 days vs 147 days).In Catalonia, the market was up by 5.5% in July (19.6k units), i.e. +1.6% YTD.For 2018, we are forecasting market growth of 3.0%.Mass players in July: excellent...
ODDO : Car market in France (passenger cars + light commercial vehicle...
>Car market in France (passenger cars + light commercial vehicles): +16.4% in July, +5.8% YTD - Passenger cars: +18.9% in July to 175.4k units, +6.3% YTD (+8.1% in July and +5.6% YTD on a comparable number of working days basis);Light commercial vehicles: +5.2% in July to 34.0k units, +5.1% YTD (-4.4% in July and +4.4% YTD on a comparable number of working days);July 2018 had two more working days than July 2017 (22 days vs 20 days);For 2018, we are for...
ODDO : Marché VP espagnol : très bon mois de juillet (+19.3%) pour t...
>Marché VP espagnol : +19.3% en juillet, +11.4% YTD - Immatriculations en nette hausse : +19.3% /juillet à 131.2 k-unités, soit 11.4% YTD.Le mois de juillet a compté un jour ouvré de plus que 2017 (22 j vs 21 j). Sur 7 mois 2018, il y a deux jours ouvrés de plus (149 j vs 147 j).En Catalogne, le marché est en hausse de 5.5% sur le mois de juillet (19.6 k-unités), soit de +1.6% YTD.Pour 2018, nous tablons sur une croissance du marché de 3.0%.§ph...
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