reports
- Damien Choplain
- Martial Descoutures
- Damien Choplain
- Martial Descoutures
RHM RHEINMETALL AG
BLND BRITISH LAND COMPANY PLC
GRF GRIFOLS S.A. CLASS A
ELE ENDESA S.A.
ISP INTESA SANPAOLO S.P.A.
TLX TALANX AG
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
GRF.P GRIFOLS S.A. PREF CLASS B
ARGX ARGEN-X SE
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Jean Danjou
Swatch Group : The expected recovery may prove slow to materialise, ca...
>Estimates lowered by close to -25%, target price cut to CHF 146, we reiterate our cautious stance on the stock, Underperform rating unchanged - In the wake of the first-half results published in July, we had adopted a scenario of a clear improvement in H2 (y-o-y growth at CER of +2% versus -10.7% reported in H1) and a sharper recovery in 2025 but persistently unfavourable trends in Greater China (1/3 of group sales in 2023) have led us to radically revise our estimat...
- Jean Danjou
Swatch Group : La reprise attendue pourrait tarder à se matérialiser, ...
>Prévisions abaissées de près de 25%, OC ajusté en baisse à 146 CHF, nous réitérons notre vue prudente sur le titre, opinion Sous-performance confirmée - Dans la foulée des résultats semestriels publiés en juillet, nous avions adopté un scénario d’amélioration nette au S2 (croissance y/y tcc à +2% contre -10.7% publié au S1) et de reprise plus franche en 2025 mais la persistance de tendances très défavorables en Grande Chine (1/3 du CA groupe en 2023) nous conduit à r...
- Martial Descoutures
- Oussema Denguir
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
F3C SFC ENERGY AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
GREEN GREENYARD NV
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
VOS VOSSLOH AG
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
AELIS AELIS FARMA SA
NCH2 THYSSENKRUPP NUCERA AG & CO.
SPG SPRINGER NATURE AG & CO. KGAA
- Martial Descoutures
- Oussema Denguir
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
F3C SFC ENERGY AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
GREEN GREENYARD NV
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
VOS VOSSLOH AG
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
AELIS AELIS FARMA SA
NCH2 THYSSENKRUPP NUCERA AG & CO.
SPG SPRINGER NATURE AG & CO. KGAA
- Jean Danjou
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Jean Danjou
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Jean Danjou
ODDO : Swiss watch exports for October: overall negative growth confir...
>October exports down -2.2%, luxury subsegment up 1.7% - Overall exports showing a low single-digit decline for October (YTD score now at -2.6%) cannot be perceived as a real improvement, coming after a low double-digit fall in September (-12.1%) as the number of working days was higher y-o-y last month. The luxury category has remained a visible outperformer, up 1.7%, while the three other lower-end categories have continued to suffer markedly with y-o-y falls for Oc...
- Jean Danjou
ODDO : Swiss watch exports for October: overall negative growth confir...
>October exports down -2.2%, luxury subsegment up 1.7% - Overall exports showing a low single-digit decline for October (YTD score now at -2.6%) cannot be perceived as a real improvement, coming after a low double-digit fall in September (-12.1%) as the number of working days was higher y-o-y last month. The luxury category has remained a visible outperformer, up 1.7%, while the three other lower-end categories have continued to suffer markedly with y-o-y falls for Oc...
- Emmanuel Matot
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 18/11/2024
Comme prévu, les actions américaines ont salué la victoire de Donald Trump tandis que les bourses européennes accusaient le coup, également lestées deux jours plus tard par une nouvelle déception sur le plan de relance chinois. Nos stratégies sectorielles et paniers de valeurs Trump (long ou short) ont fonctionné, avec quelques exceptions qui peuvent être des opportunités d’investissement, à l’instar de Total Energies ou Repsol. En Europe, nous conservons notre opinion Sous-pondérer s...
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
ELE ENDESA S.A.
01913 PRADA S.P.A.
SOI SOITEC SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
ATRY ATRYS HEALTH
TMV TEAMVIEWER AG
VK VALLOUREC SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
PLX PLUXEE NV
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/18/2024
As expected, US equities welcomed Donald Trump's victory, while European stock markets reacted negatively, also weighed down two days later by a further disappointment on China's stimulus plan. Our sector strategies and baskets of Trump stocks (long or short) have paid off, with a few exceptions that may provide investment opportunities, like Total Energies or Repsol. In Europe, we are maintaining our Underweight recommendation on the Basic Resources, Chemicals, Luxury Goods and Autom...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SREN SWISS RE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
BC8 BECHTLE AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
AGN AEGON N.V.
- Emmanuel Matot
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 11/18/2024
As expected, US equities welcomed Donald Trump's victory, while European stock markets reacted negatively, also weighed down two days later by a further disappointment on China's stimulus plan. Our sector strategies and baskets of Trump stocks (long or short) have paid off, with a few exceptions that may provide investment opportunities, like Total Energies or Repsol. In Europe, we are maintaining our Underweight recommendation on the Basic Resources, Chemicals, Luxury Goods and Autom...
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
ELE ENDESA S.A.
01913 PRADA S.P.A.
SOI SOITEC SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
ATRY ATRYS HEALTH
TMV TEAMVIEWER AG
VK VALLOUREC SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
PLX PLUXEE NV
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/11/2024
Comme prévu, les actions américaines ont salué la victoire de Donald Trump tandis que les bourses européennes accusaient le coup, également lestées deux jours plus tard par une nouvelle déception sur le plan de relance chinois. Nos stratégies sectorielles et paniers de valeurs Trump (long ou short) ont fonctionné, avec quelques exceptions qui peuvent être des opportunités d’investissement, à l’instar de Total Energies ou Repsol. En Europe, nous conservons notre opinion Sous-pondérer s...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SREN SWISS RE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
BC8 BECHTLE AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
AGN AEGON N.V.
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: margin risk quantified - Growth momentum is definitely what makes luxury stocks tick. Alas, the near-term growth outlook for the industry remains hard to decipher: the normalisation in the West is well advanced but the reacceleration might look slow going for a while, at the same time China’s demand has abruptly stopped, is poised to recover but remains hostage of overall macro conditions. It is no longer a secret by now that the sector’s growth fo...
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: margin risk quantified - Growth momentum is definitely what makes luxury stocks tick. Alas, the near-term growth outlook for the industry remains hard to decipher: the normalisation in the West is well advanced but the reacceleration might look slow going for a while, at the same time China’s demand has abruptly stopped, is poised to recover but remains hostage of overall macro conditions. It is no longer a secret by now that the sector’s growth fo...
- Julian Dobrovolschi
ENX EURONEXT NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
MUV2 MUNICH REINSURANCE COMPANY
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
01913 PRADA S.P.A.
MONC MONCLER SPA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
MRNA MODERNA INC.
- Jean Danjou
ODDO BHF Small & MIDCAP MORNING NEWS - 11/11/2024
Springer Nature is one of the world’s leading professional publishing companies. Its highly recurring revenue base and strong market position, good FCF generation and a deleveraging balance sheet should lead to a rerating, we believe. We initiate coverage with an Outperform and a TP of €33. - ...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
FNAC FNAC DARTY SA
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BSGR B&S GROUP S.A.
STM STABILUS SE
- Julian Dobrovolschi
ENX EURONEXT NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
MUV2 MUNICH REINSURANCE COMPANY
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
01913 PRADA S.P.A.
MONC MONCLER SPA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
MRNA MODERNA INC.
- Jean Danjou
ODDO BHF Small & MIDCAP MORNING NEWS - 11/11/2024
Springer Nature is one of the world’s leading professional publishing companies. Its highly recurring revenue base and strong market position, good FCF generation and a deleveraging balance sheet should lead to a rerating, we believe. We initiate coverage with an Outperform and a TP of €33. - ...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
FNAC FNAC DARTY SA
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BSGR B&S GROUP S.A.
STM STABILUS SE
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