reports
SSAB AB: 1 director
A director at SSAB AB maiden bought 9,955 shares at 4.505EUR 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 ...
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Emna Ben Bdira
- Maxime Kogge
SSAB : Drop expected in Q4 2024 ahead of a still uncertain upturn in Q...
>Solid results again in Q3 thanks to strong price discipline - SSAB released yesterday another set of solid results in Q3, with EBITDA of SEK 2.3bn beating the consensus by 11% despite falling sharply from Q2 (-43%) because of particularly strong seasonality amid a general economic slowdown and extensive maintenance activity. These results were marked again by resilient prices (except in US plates), a reflection of the group’s more premium positioning and prudent mar...
- Emna Ben Bdira
- Maxime Kogge
SSAB : Vers un T4 2024 en recul avant un rebond encore hypothétique au...
>Résultats T3 de nouveau solides grâce à une bonne discipline de prix - SSAB a publié hier une nouvelle série de solides résultats T3 avec un EBITDA de 2,3 MdSEK supérieur de 11% au consensus bien qu’en forte baisse vs T2 (-43%) à cause d’une saisonnalité particulièrement marquée dans un contexte de ralentissement économique généralisé et d’activité importante de maintenance. La publication a de nouveau été marquée par une bonne résilience des prix (hormis dans les pl...
- Johannes Grunselius
SSAB (Hold, TP: SEK54.00) - Strong position in harsh markets
The strong Q3 results show that SSAB is in a unique position, and thanks to its large and growing exposure to special steel and premium steel, the earnings outlook is much more stable and attractive than most others given companies in the industry. In addition, we also like the transformative investments into fossil-free steel-making. Having said this, SSAB is not immune to the market headwind. We reiterate our HOLD and have trimmed our target price to SEK54 (55).
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2024
Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the anti-C...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2024
Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage accru de...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Emna Ben Bdira
- Maxime Kogge
SSAB : Very decent Q3 print but subdued Q4 outlook on economic slowdow...
>Better-than-expected print as very sticky prices offset weaker volumes - SSAB delivered decent Q3 results with EBITDA at SEK 2.3bn, 11% above consensus and 9% ODDO BHF. Net result was a stronger beat at SEK 1.0bn, 21% above consensus and 38% ODDO BHF. EBITDA was still down 43% q-o-q at the lowest in four years as volumes contracted well beyond the usual seasonality but prices proved very resilient overall thanks to the high-end positioning and the cautious commercial...
- Emna Ben Bdira
- Maxime Kogge
SSAB : Very decent Q3 print but subdued Q4 outlook on economic slowdow...
>Better-than-expected print as very sticky prices offset weaker volumes - SSAB delivered decent Q3 results with EBITDA at SEK 2.3bn, 11% above consensus and 9% ODDO BHF. Net result was a stronger beat at SEK 1.0bn, 21% above consensus and 38% ODDO BHF. EBITDA was still down 43% q-o-q at the lowest in four years as volumes contracted well beyond the usual seasonality but prices proved very resilient overall thanks to the high-end positioning and the cautious commercial...
- Johannes Grunselius
SSAB (Hold, TP: SEK55.00) - Market headwinds taking their toll
We have cut our 2024–2025e earnings again, mainly due to a more cautious view on steel prices in general but US plate in particular. While we remain confident in the longer-term outlook for earnings, dividends and transformational investments, we expect industry newsflow to remain negative at least until the end of the year, and are increasingly concerned about SSAB’s Q4 earnings. As a result, we have cut our target price to SEK55 (85) and downgraded to HOLD (BUY).
- Jerôme Bodin
FP TOTAL SE
AC ACCOR SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
JMT JERONIMO MARTINS SGPS S.A.
CA CARREFOUR SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ROG ROCHE HOLDING LTD
SK SEB SA
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
CPG COMPASS GROUP PLC
NESN NESTLE S.A.
VIV VIVENDI SE
NRG NRJ GROUP SA
RF EURAZEO SA
KER KERING SA
ELE ENDESA S.A.
SAN SANOFI
VER VERBUND AG CLASS A
EZJ EASYJET PLC
REP REPSOL SA
SOI SOITEC SA
SIX2 SIXT SE
MOCORP METSO OUTOTEC OYJ
MONC MONCLER SPA
IBE IBERDROLA SA
AZN BANCO SANTANDER S.A.
VOD ASTRAZENECA PLC
STM VODAFONE GROUP PLC
BESI STMICROELECTRONICS NV
ULA BE SEMICONDUCTOR INDUSTRIES N.V.
ERF UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
STLA EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
UMG STELLANTIS N.V.
DSY UNIVERSAL MUSIC GROUP NV
ML DASSAULT SYSTEMES SA
GSK COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 GSK PLC
SGSN DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B SGS SA
NOVO NORDISK A/S
- Jerôme Bodin
FP TOTAL SE
AC ACCOR SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
JMT JERONIMO MARTINS SGPS S.A.
CA CARREFOUR SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ROG ROCHE HOLDING LTD
SK SEB SA
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
CPG COMPASS GROUP PLC
NESN NESTLE S.A.
VIV VIVENDI SE
NRG NRJ GROUP SA
RF EURAZEO SA
KER KERING SA
ELE ENDESA S.A.
VER SANOFI
EZJ VERBUND AG CLASS A
REP EASYJET PLC
SOI REPSOL SA
SIX2 SOITEC SA
MOCORP SIXT SE
MONC METSO OUTOTEC OYJ
IBE MONCLER SPA
SAN IBERDROLA SA
AZN BANCO SANTANDER S.A.
VOD ASTRAZENECA PLC
STM VODAFONE GROUP PLC
BESI STMICROELECTRONICS NV
ULA BE SEMICONDUCTOR INDUSTRIES N.V.
ERF UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
STLA EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
UMG STELLANTIS N.V.
DSY UNIVERSAL MUSIC GROUP NV
ML DASSAULT SYSTEMES SA
GSK COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 GSK PLC
SGSN DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B SGS SA
NOVO NORDISK A/S
- Emna Ben Bdira
- Maxime Kogge
SSAB : In good shape to get through a more difficult H2 than expected
>Solid Q2 results thanks to good price discipline - SSAB yesterday reported solid Q2 results, with EBITDA of SEK 4bn (-2.5% vs Q1) and net income of SEK 2.4bn (-6%) fully in line with expectations. Volume performance was below the guidance issued at the end of Q1 due to a wait-and-see attitude on the part of customers. By contrast, prices turned out to be better than expected in all three main divisions, including US plates, where the recent fall in spot market prices...
- Emna Ben Bdira
- Maxime Kogge
SSAB : Des atouts solides pour traverser un S2 plus difficile que prév...
>Résultats T2 solides grâce à une bonne discipline de prix - SSAB a publié hier des résultats T2 solides avec un EBITDA de 4 MdSEK (-2,5% vs T1) et un résultat net de 2,4 MdSEK (-6%) totalement en ligne avec les attentes. La performance en termes de volumes a été inférieure aux indications données à l’issue du T1 en raison de l’attentisme des clients. En revanche, les prix se sont révélés supérieurs aux attentes dans les trois principales divisions y compris dans les ...
- Johannes Grunselius
SSAB (Buy, TP: SEK85.00) - Q3 should mark the bottom
The Q2 report was solid across the board, but headwinds from lower prices and volumes in Q3 are likely to be more pronounced than expected. Reflecting this and SSAB’s slightly more cautious view on prices, we have cut our 2024–2025e EBITDA by 7–4%. However, we still see an attractive investment case, as it continues to offer appealing earnings multiples and offers plenty of cash on the balance sheet. We also expect the weakness in many of its markets to bottom out in Q3. We reiterate our BUY, bu...
- Olfa Taamallah
- Yan Derocles
EQNR EQUINOR ASA
ADP AEROPORTS DE PARIS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
HO THALES SA
GFC GECINA SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
SW SODEXO SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ALO ALSTOM SA
ELE ENDESA S.A.
EZJ EASYJET PLC
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
GAS NATURGY ENERGY GROUP S.A.
ELI ELIA GROUP SA/NV
MOCORP METSO OUTOTEC OYJ
ENG ENAGAS SA
IBE IBERDROLA SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AM DASSAULT AVIATION
SGSN SGS SA
- Olfa Taamallah
- Yan Derocles
EQNR EQUINOR ASA
ADP AEROPORTS DE PARIS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
HO THALES SA
GFC GECINA SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
SW SODEXO SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ALO ALSTOM SA
ELE ENDESA S.A.
EZJ EASYJET PLC
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
GAS NATURGY ENERGY GROUP S.A.
ELI ELIA GROUP SA/NV
MOCORP METSO OUTOTEC OYJ
ENG ENAGAS SA
IBE IBERDROLA SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AM DASSAULT AVIATION
SGSN SGS SA
- Emna Ben Bdira
- Maxime Kogge
SSAB : Solid Q2 but grim Q3 outlook
>Q2 in line and stable on Q1 thanks to Europe normalisation - SSAB delivered solid Q2 results with EBITDA at SEK 4.0bn, in line with consensus and 14% above ODDO BHF. Net result also came in line with consensus at SEK 2.4bn. Q2 EBITDA edged down 2% vs Q1 as normalization in Europe (from the weak Q1 level) was more than offset by weaker trends in the two other core Special Steels and Americas divisions. Europe benefitted from the end of the strike (SEK125m impact vs S...
- Emna Ben Bdira
- Maxime Kogge
SSAB : Solid Q2 but grim Q3 outlook
>Q2 in line and stable on Q1 thanks to Europe normalisation - SSAB delivered solid Q2 results with EBITDA at SEK 4.0bn, in line with consensus and 14% above ODDO BHF. Net result also came in line with consensus at SEK 2.4bn. Q2 EBITDA edged down 2% vs Q1 as normalization in Europe (from the weak Q1 level) was more than offset by weaker trends in the two other core Special Steels and Americas divisions. Europe benefitted from the end of the strike (SEK125m impact vs S...
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