reports
- Bruno Cavalier
- Charlotte Vaisse
FP TOTAL SE
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
SMHN SUESS MICROTEC AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NFN NFON AG
DRI 1&1 DRILLISCH AG
RMV RIGHTMOVE PLC
ALKAL KALRAY SA
JEN JENOPTIK AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Bruno Cavalier
- Charlotte Vaisse
FP TOTAL SE
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
SMHN SUESS MICROTEC AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NFN NFON AG
DRI 1&1 DRILLISCH AG
RMV RIGHTMOVE PLC
ALKAL KALRAY SA
JEN JENOPTIK AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Eya Hmaied
- Martin Marandon-Carlhian
Rightmove : Full-year 2023 results in line and expectations unchanged ...
>Underperform rating maintained - Rightmove yesterday held a conference call (Q&A) after its 2023 full-year results which were in line with our expectations. ARPA (average revenue per advertiser) jumped to £ 1,431, or an increase of 9% on 2022, in line with our expectations and driven mainly by strong growth at the ARPA level for New Homes (+21%). We are leaving our expectations for 2024 unchanged following this release. We note that the next few years will be years o...
- Eya Hmaied
- Martin Marandon-Carlhian
Rightmove : Résultats annuels 2023 en ligne et attentes inchangées pou...
>Opinion Sous-performance réitérée - Rightmove a tenu hier sa conférence téléphonique (Q&A) après la publication de ses résultats annuels 2023 ressortis en ligne avec nos attentes. L’ARPA (average revenue per advertiser) a rebondi à 1 431 £, soit une hausse de 9% par rapport à 2022 en ligne avec nos attentes et principalement tirée par une forte croissance au niveau de l’ARPA pour les New Homes (+21%). Nous maintenons nos attentes pour 2024 inchangées suite à cette pu...
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ANA ACCIONA SA
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Eya Hmaied
- Martin Marandon-Carlhian
Rightmove : 2023 full-year earnings in line with our forecasts
>Earnings in line driven by the increase in ARPA - Rightmove reported this morning its full-year 2023 earnings in line with our forecasts. Adjusted EBIT stood at £ 264.6m vs our forecast of £ 263m. This is reflected in an operating margin of 73%. ARPA (average revenue per advertiser) rebounded at £ 1,431, an increase of 9% vs 2022 and in line with our forecasts, driven mainly by strong growth in ARPA for new homes (+21%). By segment, revenues at agency, new homes and ...
- Eya Hmaied
- Martin Marandon-Carlhian
Rightmove : Résultats annuels 2023 en ligne avec nos attentes
>Résultats en ligne tirée par la hausse de l’ARPA - Rightmove a publié ce matin ses résultats annuels 2023 en ligne avec nos attentes. L’EBIT ajusté est ressorti à 264,6 M£ alors que nous tablions sur 263 M£. Cela se traduit par une marge opérationnelle de 73%. L’ARPA (average revenue per advertiser) a rebondi à 1431 £, soit une hausse de 9% par rapport à 2022 en ligne avec nos attentes et principalement tirée par une forte croissance au niveau de l’ARPA pour les New ...
- Ahmed Ben Salem
- Bruno Cavalier
- Marc Lavaud
- Martin Marandon-Carlhian
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/02/2024
3 valeurs sortent aujourd’hui de notre liste de Convictions Large Caps européennes. Nous prenons nos profits sur ASML (+ 30% depuis son entrée dans la liste) après sa forte hausse post publication de son T4 2023. Inversement, nous coupons notre position sur RWE (-15% depuis son entrée) après de bons résultats 2023 mais une guidance 2024 revue en baisse. Nous conservons Sodexo dans son nouveau périmètre mais sortons Pluxee. - ...
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
TKA THYSSENKRUPP AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
REE RED ELECTRICA CORP. SA
01913 PRADA S.P.A.
MONC MONCLER SPA
ENG ENAGAS SA
CABK CAIXABANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
BHP BHP GROUP LTD
RMV RIGHTMOVE PLC
DSFIR KONINKLIJKE DSM N.V.
- Ahmed Ben Salem
- Bruno Cavalier
- Marc Lavaud
- Martin Marandon-Carlhian
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/05/2024
We are removing three stocks from the ODDO BHF European Large Caps Convictions List today. We are taking our profits on ASML (+30% since its inclusion in the list) after its strong gains since the publication of its Q4 2023 results. Conversely, we are reducing our position on RWE (-15% since its inclusion in the list) following a good set of 2023 results but a downward revision to 2024 guidance. We maintain Sodexo in its new scope in the list but withdraw Pluxee - ...
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
TKA THYSSENKRUPP AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
REE RED ELECTRICA CORP. SA
01913 PRADA S.P.A.
MONC MONCLER SPA
ENG ENAGAS SA
CABK CAIXABANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
BHP BHP GROUP LTD
VOD VODAFONE GROUP PLC
RMV RIGHTMOVE PLC
DSFIR KONINKLIJKE DSM N.V.
- Eya Hmaied
- Martin Marandon-Carlhian
Rightmove : Downward revision to our margin estimates as of 2025 under...
>Decline in our margin estimates as of 2025 - Underperform recommendation maintained - We are issuing an update on our forecasts for Rightmove after Costar’s recent acquisition by On The Market. On The Market is the third-largest platform for small property ads in the UK after Zoopla and Rightmove who is number 1. As Costar is a US-based supplier of software solutions for the property industry, this could create a sizeable competitor for Rightmove. The key point is th...
- Eya Hmaied
- Martin Marandon-Carlhian
Rightmove : Baisse de nos attentes de marge à partir de 2025 sous l’ef...
>Baisse de nos attentes de marge à partir de 2025- Opinion Sous-performance maintenue - Nous faisons un point sur nos attentes pour Rightmove après la récente acquisition de On The Market par Costar. On The Market est la 3ème plus grande plateforme de petites annonces immobilières au RU après Zoopla et Rightmove qui est numéro 1. Costar étant un fournisseur américain de solutions logicielles pour l'industrie de l'immobilier, ceci pourrait créer un concurrent de taille...
- Martin Marandon-Carlhian
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/28/2023
The negative results from the phase III (ADVANCE-SC) study evaluating efgartigimod SC in the treatment of primary immune thrombocytopenia or ITP has prompted us to remove Argenx from our ODDO BHF European Large Cap Convictions List this morning to limit the impact of this bad news which will no doubt weigh on the share price in the short term. Our analyst covering the stock has cut the target price from € 600m to € 550 but is sticking with an Outperform recommendation. - ...
- Martin Marandon-Carlhian
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/11/2023
Les résultats négatifs de l’étude de phase 3 (ADVANCE-SC) évaluant efgartigimod SC dans le traitement de la thrombopénie immunitaire primaire ou ITP nous conduisent à sortir ce matin ArgenX de notre liste de valeurs recommandées Larges Caps afin de limiter l’impact de cette mauvaise nouvelle qui ne manquera pas de peser sur les cours à court terme. Notre analyste baisse son OC de 600 € à 550 €, mais maintient sa recommandation Surperformance. - ...
- Eya Hmaied
- Martin Marandon-Carlhian
Rightmove : CMD feedback: priorities and associated resources clearly ...
>FY 23 ARPA guidance raised, as with our estimates for the year - Rightmove yesterday afternoon held its CMD and provided more visibility on its product portfolio and outlook for the medium to long term, explaining its updated strategic plan and updated financial targets. Rightmove's update was encouraging given the significant macroeconomic headwinds impacting the UK property market, showing the strength of its business model. The group started by discussing its FY ...
- Eya Hmaied
- Martin Marandon-Carlhian
Rightmove : CMD feedback: priorities and associated resources clearly ...
>FY 23 ARPA guidance raised, as with our estimates for the year - Rightmove yesterday afternoon held its CMD and provided more visibility on its product portfolio and outlook for the medium to long term, explaining its updated strategic plan and updated financial targets. Rightmove's update was encouraging given the significant macroeconomic headwinds impacting the UK property market, showing the strength of its business model. The group started by discussing its FY ...
- Baptiste Salaville
- Bruno Cavalier
- Jean Danjou
- Jean-Baptiste Rouphael
- Eya Hmaied
- Martin Marandon-Carlhian
Rightmove : ARPA guidance raised for 2023 but margin confirmed
>ARPA guidance raised but 73% operating margin confirmed - Rightmove released this morning a trading update in light of its CMD today at 2.30 p.m. CET. The group states that revenue growth has exceeded consensus expectations so far. The increase is driven by higher-than-expected ARPA (average revenue per advertiser), mainly driven by new homes. Estate agent subscriptions and new homes development listings are stable.The group is therefore rating it’s guidance for...
- Eya Hmaied
- Martin Marandon-Carlhian
Rightmove : ARPA guidance raised for 2023 but margin confirmed
>ARPA guidance raised but 73% operating margin confirmed - Rightmove released this morning a trading update in light of its CMD today at 2.30 p.m. CET. The group states that revenue growth has exceeded consensus expectations so far. The increase is driven by higher-than-expected ARPA (average revenue per advertiser), mainly driven by new homes. Estate agent subscriptions and new homes development listings are stable.The group is therefore rating it’s guidance for...
CSGN CREDIT SUISSE GROUP AG
LR LEGRAND SA
HEIA HEINEKEN NV
ENX EURONEXT NV
EDEN EDENRED SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
UBSN UBS GROUP AG
GALP GALP ENERGIA SGPS SA CLASS B
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EN BOUYGUES SA
RXL REXEL SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
ITRK INTERTEK GROUP PLC
KER KERING SA
ENI ENI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
CAP CAPGEMINI SE
BOL BOLLORE SA
01913 PRADA S.P.A.
BKT BANKINTER SA
NEM NEMETSCHEK SE
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
CABK CAIXABANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ROTH ROTHSCHILD & CO. SCA
LDO LEONARDO SPA
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
UMI UMICORE
SAB BANCO DE SABADELL SA
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ALLFG ALLFUNDS (UK) LTD
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