reports
- Alyssa Gammoudy
- Hendrik Wiersma
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
- Alyssa Gammoudy
- Hendrik Wiersma
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
- Hendrik Wiersma
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Nadège Tillier
Suez/Strategic plan aims at deep transformation; impact on credit limi...
Suez held an investor day this morning. The meeting was the opportunity to announce the “Shaping SUEZ 2030†strategic plan that will lead to a transformation of the company. The achieved €170m yearly cost cutting has not been sufficient to improve the company. Management presented the main actions that should boost Suez's cash flow generation by implementing a new business organization and a complete review of the company's cost structure. As far as the credit is concerned, we should not e...
- Nadège Tillier
Utilities green bonds/There is more to green bonds than just a marketi...
With c.€19bn of green bonds issued in the first eight months of 2019, utilities are set to break their record of €21bn issuance for the full year of 2017. A number of utilities celebrated their first green instrument in 2019: A2A, EDP, E.ON and Vattenfall. A number of utilities returned to the green bond market: Duke Energy, Engie, EnBW, Enel, Hera, Iberdrola, MidAmerican Energy and Orsted. Since 2014, utilities across the globe have issued c.€77bn and have been the most active corporate s...
- Nadège Tillier
European utilities/Dry 2019 to be followed by a flood of supply
2019 will be one of the lowest years of bond supply in Euro for the IG utilities sector. As of today, there is almost nothing left to refinance this year. We would expect EUR bond issuance from Utilities to reach c.€29bn in 2019 (excluding potential US names) vs €34bn in 2018 and €44bn in 2017. The coming years offer a different picture though. From 2020 onwards, higher redemptions and capital expenditure should result in an abundance of bond supply. Redemptions will steadily pick up in th...
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/Ahold Delhaize, NIBC, Vodafone, AT&T, Iber...
Ahold Delhaize (ADNA) released its full 4Q18 and FY18 earnings report this morning, having already issued a trading statement on 23 January. Underlying operating income for the full year reached €2,554m, up from €2,456m in FY17 and a touch ahead of company compiled consensus. The underlying operating margin advanced from 3.9% to 4.1%. Ahold Delhaize enjoyed a solid final quarter, in which underlying operating profit grew to €691m (cons: €675m, 4Q17: €631m).
- Emira Sagaama
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Oussema Denguir
- Philippe Ourpatian
- Sven Edelfelt
EDEN EDENRED SA
BVI BUREAU VERITAS SA
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
FGR EIFFAGE SA
SW SODEXO SA
MF WENDEL SE
TYRES NOKIAN RENKAAT OYJ
FFP FFP
NOVNEE NOVARTIS N 2. LINIE
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
BBVJ11 FUNDO DE INVESTIMENTO IMOBILIARIO BB VOTORANTIM JHSF CIDADE
NAVYA NAVYA SA
GDF SUEZ S.A. STRIP VVPR
- Emira Sagaama
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Oussema Denguir
- Philippe Ourpatian
- Sven Edelfelt
EDEN EDENRED SA
BVI BUREAU VERITAS SA
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
FGR EIFFAGE SA
SW SODEXO SA
MF WENDEL SE
TYRES NOKIAN RENKAAT OYJ
FFP FFP
NOVNEE NOVARTIS N 2. LINIE
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
BBVJ11 FUNDO DE INVESTIMENTO IMOBILIARIO BB VOTORANTIM JHSF CIDADE
NAVYA NAVYA SA
GDF SUEZ S.A. STRIP VVPR
- Louis Boujard
- CFA
- Philippe Ourpatian
Suez : Confident message at road show in Brussels
>Buy recommendation and target price of € 15.6 maintained - Following a one-day road show with the investor relations team in Brussels, we maintain our target price of € 15.60, based on an average of a DCF (€ 13.43, with a WACC at 4.40% and a perpetual growth rate unchanged at 1.80%) and a SOP (€ 17.70). At the current price, 2018 valuation multiples are generally below the historical average (EV/EBITDA 5.6x and EV/EBIT 12.2x). Besides the steps already taken to resto...
- Louis Boujard
- CFA
- Philippe Ourpatian
Suez : Message de confiance lors d’un road show à Bruxelles
>Opinion Achat et OC 15,6 € maintenus - A l’issue d’un road show d’une journée avec l’équipe des relations investisseurs à Bruxelles, nous maintenons notre objectif de cours à 15,60 €, fondé sur une moyenne entre un DCF (13,43 €, avec un CPMC à 4,40% et un taux de croissance à l’infini inchangé à 1,80%) et une SOP (17,70 €). Au cours actuel, les multiples de valorisation 2018 ressortent globalement en deçà de la moyenne historique de l’année en cours (VE/EBITDA 5...
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