AstraZeneca: 1 director

A director at AstraZeneca bought 1,500 shares at 126.796USD and the significance rating of the trade was 70/100. 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 s...

Credit Morning 11/20/2024

Grifols: the board considers that Brookfield’s indicative price undervalues the company Teva: S&P upgrades the rating to BB/positive from BB/positiveElior: Results recovered in 2023-24, exceeding expectations. Debt reduction is making headway as planned.Tereos: Sharp decline in EBITDA in Q2 24/25. The financial position is stable thanks to the generation of FCF.>...

Morning Crédit 20/11/2024

Grifols : le conseil d’administration estime que le prix indicatif proposé par Brookfield sous-évalue la sociétéTeva: S&P upgrades the rating to BB/positive from BB/positiveElior: les résultats se sont redressés 2023/24, dépassant les attentes. Le désendettement progresse comme prévu.Tereos : fort repli de l'EBITDA au T2 24/25. La situation financière est stable grâce à la génération de FCF.>...

Bayer AG: 1 director

A director at Bayer AG bought 11,278 shares at 20.745EUR and the significance rating of the trade was 73/100. 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 show...

Morning Crédit 19/11/2024

Intermarché : S&P attribue une première notation Investment Grade (BBB-/négatif) Worldline : projet d’émission de nouvelles obligations 2029 en vue de refinancer partiellement les OC 2025 et 2026>...

Credit Morning 11/19/2024

Worldline: offering of new 2029 unsecured notes to refinance in part the 2025 and 2026 CBs Intermarché: S&P assigned an Investment Grade rating (BBB-/negative)>...

China AI capex, Semicap in 2025, Auto & Smartphone cycles, and more. T...

As always, during earnings season, we wrap-up what happened in the previous week.

Infineon Technologies AG: 1 director

A director at Infineon Technologies AG bought 10,000 shares at 30.500EUR and the significance rating of the trade was 80/100. 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 ye...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024

We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024

Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...

ODDO : Spain: the PSOE and SUMAR looking to abolish the SOCIMI regime

>PSOE and Sumar spring a surprise in seeking to suddenly abolish the SOCIMI regime - On Monday 11 November, the PSOE reached a tax agreement with its Spanish government ally, “Sumar”, whereby the two parties want to abolish the SOCIMI REIT regime or at least part of its tax advantages. This sudden stance, which surprised Spanish property professionals, is thus different from the position that was presented just last week, namely to “encourage the construction of affor...

ODDO : Espagne : le PSOE et SUMAR souhaiteraient abolir le régime SOCI...

>PSOE et Sumar créent la surprise en voulant supprimer soudainement le régime SOCIMI - Ce lundi 11 novembre, le PSOE sont parvenus à un accord fiscal avec son allié au gouvernement espagnol, « Sumar », par lequel les deux partis veulent supprimer le régime SOCIMI ou au moins une partie de ses avantages fiscaux. Cette prise de position soudaine qui a crée la surprise auprès des professionnels de l’immobilier espagnol, diffère ainsi de la position qui était encore mise ...

Infineon 4FQ24: Inventory digestion hits. Steep recovery embedded in t...

Infineon Technologies AG : When more bad news signifies (perhaps) the ...

>Outperform rating reiterated, despite the very cautious guidance for 2025, target price of € 36 vs € 38 - In the light of Q4 20245 results > forecasts (First take) and despite the guidance for Q1 2025 and 2025 below the lowest expectations of the consensus (including our assumption for zero growth), the share rapidly rebounded during the conference call (+3.5% at close). The idea that emerged from this publication is that the group has, this time, probably been suff...

AZN - Overdone – U/G to BUY (TP £120, 10pgs)

We upgrade AZN after we factor in what we believe is the worst-case China outcome and upgrade our 2025 sales following a strong Q3, leaving us just 2% below 2025 cons EBIT. Moreover, a strong Q3 shows the potential for robust revenue growth (ex-China) in 2025 & based on our conversations with investors, we now believe they are ready to start to look through the China issues, but we acknowledge the very likely risk that AZN will ultimately be drawn into the fraud investigations in China. Furtherm...

Infineon Technologies AG : Quand davantage de mauvaises nouvelles sign...

>Opinion Surperformance réitérée, malgré les guidances très prudentes pour 2025, OC révisé à 36 € vs38 € - Suite à des résultats T4 24 > aux attentes (First take) et malgré des guidances T1 25 et 2025 inférieures aux attentes les plus basses du consensus (y compris la nôtre avec l’hypothèse d’une croissance zéro), le titre a rapidement rebondi durant la conférence call (+3,5% en clôture). L’idée qui ressort de cette publication est que le groupe a, cette fois-ci, pro...

Keep calm and carry on

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/12/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/11/2024

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Bayer : Weaker-than-expected Q3 results and cut in group’s adj. EBITDA...

>Group’s adj. EBITDA significantly below expectations - At a group level, Bayer’s Q3 sales of € 9.97bn (-3.6%), were below our (€ 10.2bn) and consensus estimates (€ 10.1bn), the group’s EBITDA of € 1,251m (-26%) came in 9% weaker than we expected (€ 1,376m) and was 5% below the consensus (€ 1,313m). The significant group’s EBITDA decline vs Q3 2023 was driven by the Pharma division, which came in at € 1,102m (23.4% below Q3 2023). Adjusted EPS of € 0.24 was 37% below ...