reports
- Thijs Berkelder
- Thijs Berkelder
- Louis Boujard
- CFA
- Philippe Ourpatian
Neoen : Options for financing growth out to 2030 unveiled
>Outperform recommendation and target price of € 35.5 maintained - The possible dilution of Neoen, up to 30%, in its Australian portfolio as mentioned by the Bloomberg news agency, which would represent a cash-in of € 1bn, would secure growth over the 2025-2030 period. It could enable the group to achieve close to 18 GW of installed capacity in operation or under construction by this date, while reducing the risk of a massive capital increase and thus changing the gro...
- Louis Boujard
- CFA
- Philippe Ourpatian
Neoen : Les options du financement de la croissance à 2030 se dévoilen...
>Opinion Surperformance et OC 35.5 € maintenus - La possible dilution de Neoen, à hauteur de 30%, au sein de son portefeuille australien, mentionnée par l’agence de presse Bloomberg, qui représenterait un apport de trésorerie de 1 Md€, permettrait de sécuriser la croissance sur la période 2025-2030. Elle pourrait permettre au groupe d’atteindre près de 18 GW de capacité installée en opération ou en construction à cet horizon, tout en réduisant le risque d’augmentatio...
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
BMW BAYERISCHE MOTOREN WERKE AG
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
RNO RENAULT SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
DAI DAIMLER AG
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
VOW3 VOLKSWAGEN AG PREF
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
STLA STELLANTIS N.V.
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Louis Boujard
- CFA
- Philippe Ourpatian
Neoen : 2024 trajectory in line with our estimates
>Outperform rating and target price of € 35.5 maintained - Neoen reported performances that fell slightly short of our expectations but which were in line with the consensus. The group is rolling out its strategic plan for increasing installed capacity in operation (5 GW end-2023), signing contracts for its volumes (89% of capacities in operations) and increasing its project portfolio (18.6 GW vs 11.9 GW end-2022). The group has secured 90% of its 2025 target of 10 GW...
- Louis Boujard
- CFA
- Philippe Ourpatian
Neoen : Une trajectoire 2024 en ligne avec nos estimations
>Opinion Surperformance et OC 35.5 € maintenus - Neoen a publié des performances un peu inférieures à nos attentes, mais en ligne avec celles du consensus. Le groupe déroule son plan stratégique de progression de ses capacités installées en opération (5 GW fin 2023), de contractualisation de ses volumes (89% des capacités en opération), d’accroissement de son portefeuille de projets (18.6 GW vs 11.9 GW fin 2022). Le groupe affiche une sécurisation de 90% de son object...
- Carole Braudeau
Verallia : Credit feedback – ODDO BHF Forum, 11 to 16 January 2024
The 27th ODDO BHF forum was held in the form of physical meetings (11-12 January) and digital meetings (15-16 January). It was attended by 325 companies (compared with 322 in 2023 and 314 in 2022): ~40% French, 30% German and 30% from the rest of the EU (except one from US). - Our 2024 Forum welcomed 910 investors (vs. 781 in 2023) 53% of whom were French (vs. 58% in 2023) working for 378 institutions in 20 countries. We organised the equivalent of 8,196 investor meetings (vs. 7,...
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
IPS IPSOS SA
SCHP SECHE ENVIRONNEMENT SA
LHA DEUTSCHE LUFTHANSA AG
AC ACCOR SA
GET GETLINK SE
EDEN EDENRED SA
ELIOR ELIOR GROUP SA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
NK IMERYS SA
MTX MTU AERO ENGINES AG
ORA ORANGE SA
EO FAURECIA SA
NXI NEXITY SA CLASS A
EN BOUYGUES SA
DBG DERICHEBOURG SA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
POM PLASTIC OMNIUM SE
SCR SCOR SE
DEC JCDECAUX SA
TEP TELEPERFORMANCE SE
CGM CEGEDIM SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ALTA ALTAREA SCA
ZAL ZALANDO SE
NEX NEXANS SA
ERA ERAMET SA
EZJ EASYJET PLC
QDT QUADIENT SA
ELIS ELIS SA
SOI SOITEC SA
TEG TAG IMMOBILIEN AG
AMS AMADEUS IT GROUP SA CLASS A
KGX KION GROUP AG
EDR EDREAMS ODIGEO SA
ONTEX ONTEX GROUP N.V.
COFA COFACE SA
VLTSA VOLTALIA
SPIE SPIE SA
HBH HORNBACH HOLDING AG & CO. KGAA
TKO TIKEHAU CAPITAL SCA
CGG CGG
TEF TELEFONICA SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
NEOEN NEOEN S.A.
VRLA VERALLIA SAS
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
TE TECHNIP ENERGIES NV
TUI TUI AG
AF AIR FRANCE - KLM
- Carole Braudeau
Verallia : Feedback Crédit Forum du 11 au 16 janvier 2024
Notre 27ième Forum vient de se dérouler de manière présentielle (11-12 janvier), à Lyon, et en digital (les 15-16 janvier). Il a réuni 325 sociétés (vs 322 sociétés en 2023 et 314 en 2022), originaire à ~40% de France, à 30% d’Allemagne et les 30% restant venant du reste de l’Europe (sauf une société américaine). - L’édition 2024 de notre Forum a accueilli 910 investisseurs (781 en 2023) dont 53% français (vs 58% en 2023) travaillant pour 378 institutions de 20 pays. Nous avons ai...
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
IPS IPSOS SA
SCHP SECHE ENVIRONNEMENT SA
LHA DEUTSCHE LUFTHANSA AG
AC ACCOR SA
GET GETLINK SE
EDEN EDENRED SA
ELIOR ELIOR GROUP SA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
NK IMERYS SA
MTX MTU AERO ENGINES AG
ORA ORANGE SA
EO FAURECIA SA
NXI NEXITY SA CLASS A
EN BOUYGUES SA
DBG DERICHEBOURG SA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
POM PLASTIC OMNIUM SE
SCR SCOR SE
DEC JCDECAUX SA
TEP TELEPERFORMANCE SE
CGM CEGEDIM SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ALTA ALTAREA SCA
ZAL ZALANDO SE
NEX NEXANS SA
ERA ERAMET SA
EZJ EASYJET PLC
QDT QUADIENT SA
ELIS ELIS SA
SOI SOITEC SA
TEG TAG IMMOBILIEN AG
AMS AMADEUS IT GROUP SA CLASS A
KGX KION GROUP AG
EDR EDREAMS ODIGEO SA
ONTEX ONTEX GROUP N.V.
COFA COFACE SA
VLTSA VOLTALIA
SPIE SPIE SA
HBH HORNBACH HOLDING AG & CO. KGAA
TKO TIKEHAU CAPITAL SCA
CGG CGG
TEF TELEFONICA SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
NEOEN NEOEN S.A.
VRLA VERALLIA SAS
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
TE TECHNIP ENERGIES NV
TUI TUI AG
AF AIR FRANCE - KLM
- Aurore Aventin (IDMidCaps)
Neoen - Q3 down, but pipeline continues to grow in line with long-term...
Sales down 8% in Q3, below our forecasts but due to a smaller proportion of spot sales than last year2023 guidance and 2025 ambitions maintainedProject pipeline continues to grow in line with our forecastsAdd opinion maintained and target price lowered to €29/share
- Carole Braudeau
- Carole Braudeau
- Benoit Valleaux
- Steven Gould
EURN EURONAV NV
NOEJ NORMA GROUP SE
TPE PVA TEPLA AG
BCP BANCO COMERCIAL PORTUGUES S.A.
COR CORTICEIRA AMORIM SGPS SA
KRN KRONES AG
BRNL BRUNEL INTERNATIONAL N.V.
SIFG SIF HOLDING NV
SPIE SPIE SA
GLPG GALAPAGOS NV
FFARM FORFARMERS
MEL MELIA HOTELS INTERNATIONAL S.A.
DUFN DUFRY AG
ALD ALD SA
NEOEN NEOEN S.A.
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
SYAB SYNLAB AG
- Benoit Valleaux
- Steven Gould
EURN EURONAV NV
NOEJ NORMA GROUP SE
TPE PVA TEPLA AG
BCP BANCO COMERCIAL PORTUGUES S.A.
COR CORTICEIRA AMORIM SGPS SA
KRN KRONES AG
BRNL BRUNEL INTERNATIONAL N.V.
SIFG SIF HOLDING NV
SPIE SPIE SA
GLPG GALAPAGOS NV
FFARM FORFARMERS
MEL MELIA HOTELS INTERNATIONAL S.A.
DUFN DUFRY AG
ALD ALD SA
NEOEN NEOEN S.A.
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
SYAB SYNLAB AG
- Louis Boujard
- CFA
- Philippe Ourpatian
Neoen : 9-month revenues slightly lower than expectations
>Rating and TP reiterated, but 2030 target to be clarified in 2025 - 9M 2023 revenue came out slightly lower than we expected (no FactSet or Visible Alpha consensus and no pre-released operating data). We are keeping our target price at € 35.5, still based on the average between a sum-of-parts valuation (€ 35.4) and a DCF valuation (€ 35.6 with an unchanged infinite growth rate of 1.80%), and our rating at Outperform. Management confirmed its 2023 guidance and 2025 ro...
- Louis Boujard
- CFA
- Philippe Ourpatian
Neoen : Un chiffre d’affaires 9 mois un peu inférieur aux attentes
>Opinion et OC maintenus, mais l’objectif 2030 sera clarifié en 2025 - Le chiffre d’affaires du 9M 2023 est ressorti un peu inférieur à nos attentes (pas de consensus FactSet ni Visible Alpha, ni de publication préliminaire des données opérationnelles). Nous maintenons notre objectif de cours de 35.5 € toujours fondé sur une moyenne entre une somme des parties (35.4 €) et un DCF (35.6 € et taux de croissance à l’infini inchangé de 1.80%) et notre recommandation Surper...
- Aurore Aventin (IDMidCaps)
Neoen - Good H1 results and encouraging long-term pipeline development
Business momentum in Q2 slightly below our expectations due to modest growth in the solar segment Adjusted EBITDA multiplied by 2x for the half-year Slight upward adjustment of full-year adjusted EBITDA margin and confirmation of long-term ambitions Project pipeline continues to expand ADD opinion maintained and target price raised to €32/share
- Carole Braudeau
Credit Morning 07/28/2023
Rallye: the risk of liquidation proceedings becomes a reality Casino reaches an agreement in principle with EPGC/Fimalac/Attestor Ardagh: glass division delivers on its promise, unlike the metal business Altarea: unsurprisingly weak H1 2023 results Clariane has reported H1 2023 results in line with management expectations, but debt has again risen sharply since the start of the year.Atalian has reported Q2 2023 results showing an initial upturn since the...
AMS AMS AG
EDF ELECTRICITE DE FRANCE SA
CO CASINO GUICHARD-PERRACHON SA
ADP AEROPORTS DE PARIS SA
NK IMERYS SA
ATO ATOS SE
MF WENDEL SE
RXL REXEL SA
KORI KORIAN SA
CGM CEGEDIM SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
FNAC FNAC DARTY SA
KER KERING SA
ALTA ALTAREA SCA
FR VALEO SE
BAS BASF SE
FRE FRESENIUS SE & CO. KGAA
ERA ERAMET SA
ORP ORPEA SA
QDT QUADIENT SA
AF AIR FRANCE-KLM SA
KGX KION GROUP AG
ONTEX ONTEX GROUP N.V.
WBD WEBUILD S.P.A.
CABK CAIXABANK SA
VLTSA VOLTALIA
CLNX CELLNEX TELECOM S.A.
SPIE SPIE SA
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
CGG CGG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEOEN NEOEN S.A.
VK VALLOUREC SA
- Anthony Dick
- Gautier Le Bihan
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
EO FAURECIA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
KORI KORIAN SA
ALCLA CLASQUIN SA
CGM CEGEDIM SA
NTG NETGEM SA
EKI EKINOPS SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
LSS LECTRA SA
FNAC FNAC DARTY SA
ALTA ALTAREA SCA
ATE ALTEN SA
FR VALEO SE
AF AIR FRANCE-KLM SA
ICAD ICADE SA
COFB COFINIMMO SA
BRE BREMBO S.P.A.
MBWS MARIE BRIZARD WINE & SPIRITS SA
CTAC CTAC N.V.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
PAT PATRIZIA AG
MCPHY MCPHY ENERGY SA
BRNL BRUNEL INTERNATIONAL N.V.
ONTEX ONTEX GROUP N.V.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
TEC TECHNIPFMC PLC
TKO TIKEHAU CAPITAL SCA
XFAB X-FAB SILICON FOUNDRIES SE
UNI UNICAJA BANCO S.A.
SMCP SMCP SA
CGG CGG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
NEOEN NEOEN S.A.
THEP THERMADOR HOLDING SA
TITC TITAN CEMENT INTERNATIONAL N.V.
HAG HENSOLDT AG
VK VALLOUREC SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
FPE3 FUCHS PETROLUB SE
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
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