reports
- Aurelien Sivignon
- Thomas Zlowodzki
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
APAML APERAM SA
PHA PHARMAGEST INTERACTIVE SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GBT GUERBET SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SAVE SAVENCIA SA
LIGHT SIGNIFY NV
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ALD ALD SA
OBEL ORANGE BELGIUM SA
NVM NOVEM GROUP SA
AF AIR FRANCE - KLM
- Konrad Zomer
- Thomas Zlowodzki
REL RELX PLC
DG VINCI SA
BNP BNP PARIBAS SA CLASS A
KNEBV KONE OYJ CLASS B
SK SEB SA
HNR1 HANNOVER RUECK SE
MMK MAYR-MELNHOF KARTON AG
CPG COMPASS GROUP PLC
KOMB KOMERCNI BANKA A.S.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
WIZZ WIZZ AIR HOLDINGS PLC
ORSTED ORSTED
EZJ EASYJET PLC
ENEL ENEL SPA
RY4C RYANAIR HOLDINGS PLC
ASSA B ASSA ABLOY AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
EMSN EMS-CHEMIE HOLDING AG
ANDR ANDRITZ AG
COLO B COLOPLAST A/S CLASS B
RIO RIO TINTO PLC
SNP PETROM S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
LIN LINDE PUBLIC LIMITED COMPANY
AF AIR FRANCE - KLM
- Konrad Zomer
- Thomas Zlowodzki
REL RELX PLC
DG VINCI SA
BNP BNP PARIBAS SA CLASS A
KNEBV KONE OYJ CLASS B
SK SEB SA
HNR1 HANNOVER RUECK SE
MMK MAYR-MELNHOF KARTON AG
CPG COMPASS GROUP PLC
KOMB KOMERCNI BANKA A.S.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
WIZZ WIZZ AIR HOLDINGS PLC
ORSTED ORSTED
EZJ EASYJET PLC
ENEL ENEL SPA
RY4C RYANAIR HOLDINGS PLC
ASSA B ASSA ABLOY AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
EMSN EMS-CHEMIE HOLDING AG
COLO B COLOPLAST A/S CLASS B
RIO RIO TINTO PLC
SNP PETROM S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
LIN LINDE PUBLIC LIMITED COMPANY
AF AIR FRANCE - KLM
- Aurelien Sivignon
- Thomas Zlowodzki
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
APAML APERAM SA
PHA PHARMAGEST INTERACTIVE SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GBT GUERBET SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SAVE SAVENCIA SA
LIGHT SIGNIFY NV
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ALD ALD SA
OBEL ORANGE BELGIUM SA
NVM NOVEM GROUP SA
AF AIR FRANCE - KLM
- Olfa Taamallah
- Yan Derocles
ODDO : Long majors vs short LCC : le choix de 2026
Sur 2026, nous estimons que la dynamique sera plus favorable aux majors européennes tant sur le RASK (croissance plus modérée des capacités et meilleure orientation du réseau long-courrier en particulier transatlantique), que sur le CASK hors carburant aidé par des effets de base positifs. Nous relevons notre opinion à Surperformance sur Air France-KLM et Lufthansa et dégradons Ryanair en Neutre et Wizz Air en Sous-performance.
- Olfa Taamallah
- Yan Derocles
ODDO : Long legacy carriers vs short LCC: the choice for 2026
For 2026, we think that the trend will be more favourable to the European legacy carriers in terms of both RASK (more modest growth in capacity and a more positive trend on the long-haul network, particularly transatlantic) and CASK excluding fuel, aided by positive base effects. We have upgraded Air France-KLM and Lufthansa to Outperform, downgraded Ryanair to Neutral and Wizz Air to Underperform. A more favourable trend expected in 2026 for legacy carriers
- Carole Braudeau
- Carole Braudeau
- Bruno Cavalier
- Robert Jan Vos
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
HEIA HEINEKEN NV
BN DANONE SA
RNO RENAULT SA
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
VOLV B VOLVO AB CLASS B
EO FAURECIA SA
BAER JULIUS BAER GRUPPE AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
FR VALEO SE
CARL B CARLSBERG A/S CLASS B
VOW3 VOLKSWAGEN AG PREF
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
CIE CIE AUTOMOTIVE S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SAP SAP SE
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
8TRA TRATON SE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
DTG DAIMLER TRUCK
IVG IVECO GROUP
ZGN ERMENEGILDO ZEGNA NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Bruno Cavalier
- Robert Jan Vos
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
HEIA HEINEKEN NV
BN DANONE SA
RNO RENAULT SA
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
VOLV B VOLVO AB CLASS B
EO FAURECIA SA
BAER JULIUS BAER GRUPPE AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
FR VALEO SE
CARL B CARLSBERG A/S CLASS B
VOW3 VOLKSWAGEN AG PREF
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
CIE CIE AUTOMOTIVE S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SAP SAP SE
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
8TRA TRATON SE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
DTG DAIMLER TRUCK
IVG IVECO GROUP
ZGN ERMENEGILDO ZEGNA NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Olfa Taamallah
- Yan Derocles
- Olfa Taamallah
- Yan Derocles
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Rising Yields a Problem?; Russell 2000 Breakout We maintain our near-term bullish outlook on the S&P 500 (SPX) and Nasdaq 100 (QQQ), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we flipped to neutral. Our intermediate-term bullish outlook has been in place since our 5/14/25 Compass. We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ continue to hold. We will maintain our bullish intermediate-term v...
RY. ROYAL BANK OF CANADA
LYG.. LLOYDS BANKING GROUP PLC ADS
BNS. BANK OF NOVA SCOTIA
BCS BARCLAYS PLC ADS
RIO RIO TINTO LIMITED
CENX CENTURY ALUMINUM COMPANY
BANK OTKRITIE FINANCIAL CORPORATION PJSC
AA ALCOA CORPORATION
NOHA NORSK HYDRO ASA ADS
XLV SELECT SECTOR SPDR-HEALTH CARE
NWG NATWEST GROUP
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
New Lockout Rally Underway? We had a near-term bullish outlook on the S&P 500 (SPX) and Nasdaq 100 (QQQ) from 4/22/25 to 11/19/25. After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass last week, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass). We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ continue to hold. We will maintain our bullish intermediate-term view...
ZEUS OLYMPIC STEEL INC.
TMST TIMKENSTEEL CORP
STLD STEEL DYNAMICS INC.
RYI RYERSON HOLDING CORPORATION
CMC COMMERCIAL METALS COMPANY
KALU KAISER ALUMINUM CORPORATION
IWM ISHARES RUSSELL 2000 INDEX FUND
RTP.. RIO TINTO PLC ADS (MEXICO)
XLK SELECT SECTOR SPDR-TECHNOLOGY
SMH MARKET VECTORS SMEICONDOUCTOR ETF
KBE SPDR KBW BANK ETF
QQQ INVESCO QQQ TRUST
SMSMY SERIES 1
ELA SIMS METAL MANAGEMENT LTD. ADS
ENTERGY LA LLC DEB 5.875%41
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
FME FRESENIUS MEDICAL CARE AG
EDEN EDENRED SA
DBK DEUTSCHE BANK AG
ULVR UNILEVER PLC
MMK MAYR-MELNHOF KARTON AG
PHIA KONINKLIJKE PHILIPS N.V.
GEBN GEBERIT AG
NXT NEXT PLC
RY4C RYANAIR HOLDINGS PLC
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
EVK EVONIK INDUSTRIES AG
COLO B COLOPLAST A/S CLASS B
SNP PETROM S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
TEF TELEFONICA SA
BNTX BIONTECH SE
AMRZ AMRIZE AG
AAL ANGLO AMERICAN PLC
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
FME FRESENIUS MEDICAL CARE AG
EDEN EDENRED SA
DBK DEUTSCHE BANK AG
ULVR UNILEVER PLC
MMK MAYR-MELNHOF KARTON AG
PHIA KONINKLIJKE PHILIPS N.V.
GEBN GEBERIT AG
NXT NEXT PLC
RY4C RYANAIR HOLDINGS PLC
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
EVK EVONIK INDUSTRIES AG
COLO B COLOPLAST A/S CLASS B
SNP PETROM S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
TEF TELEFONICA SA
BNTX BIONTECH SE
AMRZ AMRIZE AG
AAL ANGLO AMERICAN PLC
- Olfa Taamallah
- Yan Derocles
- Olfa Taamallah
- Yan Derocles
- Carole Braudeau
- Carole Braudeau
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