reports
Share Buyback Transaction Details April 11 – April 17, 2024
Share Buyback Transaction Details April 11 – April 17, 2024 Share Buyback Transaction Details April 11 – April 17, 2024 April 18, 2024 - Wolters Kluwer (Euronext: WKL), a global leading provider of expert solutions, insights and services for professionals, today reports that it has repurchased 161,992 of its own ordinary shares in the period from April 11, 2024, up to and including April 17, 2024, for 22.9 million and at an average share price of €141.47. These repurchases are part of the share buyback program announced on February 21, 2024, under which we intend to repurchase shares...
- Konrad Zomer
Wolters Kluwer : Build to benefit from AI
In this report we examine the AI opportunities for Wolters Kluwer. More than half of the 82% of group revenues that is digital has some form of AI embedded already. On average, we see fees of +20% to +50% for AI applications, which lifts its growth rate, margins and creates efficiency gains. - >Structurally higher growth fuelled by Expert Solutions and Cloud services - Expert Solutions already generates 58% of group revenues and grows at 8% organically, and 17% of gro...
Share Buyback Transaction Details April 4 – April 10, 2024
Share Buyback Transaction Details April 4 – April 10, 2024 Share Buyback Transaction Details April 4 – April 10, 2024 April 11, 2024 - Wolters Kluwer (Euronext: WKL), a global leading provider of expert solutions, insights and services for professionals, today reports that it has repurchased 162,428 of its own ordinary shares in the period from April 4, 2024, up to and including April 10, 2024, for €22.7 million and at an average share price of €139.89. These repurchases are part of the share buyback program announced on February 21, 2024, under which we intend to repurchase sh...
Pernod Ricard : déclaration des droits de vote - Mars 2024
PARIS--(BUSINESS WIRE)-- Regulatory News: Pernod Ricard (Paris:RI) : En application des articles 221-1 et 223-16 du Règlement Général de l'AMF, les émetteurs publient par communiqué et sur leur site Internet, le nombre total de droits de vote et le nombre d'actions composant le capital de la société s'ils ont varié par rapport à ceux publiés antérieurement : Situation au 31.03.2024 1) Nombre total d'actions en circulation composant le capital de la société : 255 631 733 2) Nombre total de droits de vote hors droits de vote suspendus : 302 612 242 3) Nombre total de droits de vote i...
- Arnaud Autier
- Pierre Tegner
Pernod Ricard : Still waiting for the catalysts for the stock’s perfor...
>Target price lowered to € 150 (vs € 190) and move to Neutral (vs Outperform) - The catalysts that we expected to underpin the performance of the Pernod Ricard stock, namely the recovery on the group’s key markets such as China and the US, are not materialising. The date for the recovery in the group’s growth is regularly pushed back. The uncertainty regarding the timing should act as a drag on the stock’s performance. Our beta now stands at 1 vs 0.9x previously, refl...
- Arnaud Autier
- Pierre Tegner
Pernod Ricard : Les catalyseurs de la performance du titre se font tou...
>OC abaissé à 150 € (vs 190 €) et passage à Neutre (vs Surperformance) - Les catalyseurs que nous attendions au soutien de la performance du titre Pernod Ricard, à savoir la reprise sur les marchés clefs du groupe comme la Chine et les US, ne se matérialisent pas. L’échéance de la reprise de la croissance du groupe est régulièrement repoussée. Les incertitudes quant à son timing devraient peser sur la performance du titre. Notre beta ressort désormais à 1 vs 0.9 aupar...
- Baptiste Lebacq
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/05/2024
Several themes are set to drive the 2024 proxy season, among them the change of voting policy of ISS and a tipping point for climate resolutions. It will also be the last one before the first CSRD reports. Its long-term impact on Boards could also be underestimated. A wave of appointments of specialized sustainability profiles would upset their balance. We identify the AGMs likely to be play the most decisive role for the companies in the medium term: Alstom, Teleperformance, Worldlin...
FP TOTAL SE
AMS AMS AG
AI AIR LIQUIDE SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RI PERNOD RICARD SA
EL ESSILORLUXOTTICA SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
SAF SAFRAN S.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
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
UMG UNIVERSAL MUSIC GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Baptiste Lebacq
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/04/2024
Plusieurs éléments animeront les assemblées générales 2024 : changement de politique de vote d’ISS, résolutions climat à un tournant… alors que cette saison est la dernière avant les premiers rapports CSRD. Celle-ci pourrait d’ailleurs avoir un impact long terme sous-estimé sur les conseils. Une vague de nominations de profils spécialisés en durabilité bouleverserait leurs équilibres. Nous identifions les AG les plus déterminantes pour la gouvernance des sociétés à moyen terme : Alsto...
FP TOTAL SE
AMS AMS AG
AI AIR LIQUIDE SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RI PERNOD RICARD SA
EL ESSILORLUXOTTICA SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
SAF SAFRAN S.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
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
UMG UNIVERSAL MUSIC GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
Share Buyback Transaction Details March 28 – April 3, 2024
Share Buyback Transaction Details March 28 – April 3, 2024 Share Buyback Transaction Details March 28 – April 3, 2024 April 4, 2024 - Wolters Kluwer (Euronext: WKL), a global leading provider of expert solutions, insights and services for professionals, today reports that it has repurchased 94,997 of its own ordinary shares in the period from March 28, 2024, up to and including April 3, 2024, for €13.6 million and at an average share price of €142.73. These repurchases are part of the share buyback program announced on February 21, 2024, under which we intend to repurchase shares fo...
Pernod Ricard Rated Top European Company in the 2024 Data & AI Human C...
PARIS--(BUSINESS WIRE)-- Regulatory News: Press release – Paris, 4 April 2024 Pernod Ricard (Paris:RI) has been ranked as the leading European, and number four in the world, consumer goods company in terms of bringing skills dedicated to data and artificial intelligence (AI) in-house, according to the 2024 Data & AI Human Capital Report produced by AlixPartners and Darwin X. The study, which covers the 65 biggest global companies in the sector, assesses the proportion of the internal workforce dedicated to data and artificial intelligence activities, using data gathering and processing t...
Pernod Ricard n°1 europeen du classement mondial Data & AI Human Capit...
PARIS--(BUSINESS WIRE)-- Regulatory News: Communiqué de Presse – Paris, 4 Avril 2024 Pernod Ricard (Paris:RI) se classe au 1er rang européen et au 4e rang mondial des sociétés de produits de grande consommation pour l’internalisation des compétences data et l’intelligence artificielle (IA), selon le Data & AI Human Capital Report 2024 réalisé par AlixPartners et Darwin X. L’étude, qui porte sur les 65 plus grandes sociétés mondiales du secteur, évalue la part des effectifs internes dédiés aux métiers des data et de l'intelligence artificielle, à l’aide d'une technologie de collecte et de...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/03/2024
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la Chin...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/28/2024
With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a substantia...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/03/2024
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la Chin...
- Arnaud Autier
- Pierre Tegner
Pernod Ricard : North America division presentation feedback
>Outperform maintained with TP unchanged at € 190 - Outperform reiterated and target price maintained at € 190. Valuation at 17x PE NTM is still attractive on a quality stock like Pernod Ricard. The growth recovery has been further delayed but the sequential improvement of group performance is a sign that the worst is behind. Conor McQuaid, the new North America division CEO held a presentation this morning to present the division and its perspectives. Reassuring mess...
- Arnaud Autier
- Pierre Tegner
Pernod Ricard : North America division presentation feedback
>Outperform maintained with TP unchanged at € 190 - Outperform reiterated and target price maintained at € 190. Valuation at 17x PE NTM is still attractive on a quality stock like Pernod Ricard. The growth recovery has been further delayed but the sequential improvement of group performance is a sign that the worst is behind. Conor McQuaid, the new North America division CEO held a presentation this morning to present the division and its perspectives. Reassuring mess...
Share Buyback Transaction Details March 21 – March 27, 2024
Share Buyback Transaction Details March 21 – March 27, 2024 Share Buyback Transaction Details March 21 – March 27, 2024 March 28, 2024 - Wolters Kluwer (Euronext: WKL), a global leading provider of expert solutions, insights and services for professionals, today reports that it has repurchased 156,678 of its own ordinary shares in the period from March 21, 2024, up to and including March 27, 2024, for €22.8 million and at an average share price of €145.57. These repurchases are part of the share buyback program announced on February 21, 2024, under which we intend to repurchase shares fo...
- David Vagman
- CFA
- Marc Hesselink
- CFA
- Thymen Rundberg
Wolters Kluwer/Knowledge creates value/BUY (initiation of coverage)
We initiate coverage on Wolters Kluwer with a BUY rating and a €170 target price. It is a high quality company with deep domain expertise as its competitive moat. Growth and profitability have been impressively resilient. We expect further growth acceleration and margin expansion to deliver continued strong EPS growth (10% CAGR 2023-26F) and FCF conversion (c.20% of revenue).
Share Buyback Transaction Details March 14 – March 20, 2024
Share Buyback Transaction Details March 14 – March 20, 2024 Share Buyback Transaction Details March 14 – March 20, 2024 March 21, 2024 - Wolters Kluwer (Euronext: WKL), a global leading provider of expert solutions, insights and services for professionals, today reports that it has repurchased 156,054 of its own ordinary shares in the period from March 14, 2024, up to and including March 20, 2024, for €22.6 million and at an average share price of €145.07. These repurchases are part of the share buyback program announced on February 21, 2024, und...
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/20/2024
We are upgrading the energy sector to Overweight vs Neutral (excluding Oil Services, already on Overweight). The recent rebound in oil prices is set to continue, driven by short, medium and long-term factors: value, cyclical, little debt and good shareholder returns. Technical analysis reveals a strong trend that is only just beginning. GALP enters our Large Caps list; CellNex exits it. - ...
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