reports
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/KBC and BAMIIM AT1 deals, UBS capital, Credit Agricole soc...
AT1 markets remain active with KBC and BANCO BPM active today; UBS may indeed be looking at higher capital requirements; Credit Agricole in the market with a social senior bail-in bond; The position of Germany's new chancellor on the sustainable Omnibus
- Ahmed Ben Salem
- Ahmed Ben Salem
- Olfa Taamallah
- Yan Derocles
- Olfa Taamallah
- Yan Derocles
- Ahmed Ben Salem
- Ahmed Ben Salem
- Rok Stibric
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Cor Kluis
- Emmanuel Matot
Arkema : A unique source of EBITDA in a bleak macroeconomic climate
Arkema stands out from peers with over € 400m in potential EBITDA to be generated by fully financed projects. Unluckily, the macroeconomic environment, which caused the group to lose over € 200m in EBITDA, deteriorated further at the start of the year, with major uncertainties now weighing on the outlook. We are lowering our EPS estimates by 8% (2025-27 average). Our new target price, adjusted to € 85 from € 92 (6x 2025e pro forma EBITDA), still harbours significant upside (current price close t...
- Emmanuel Matot
Arkema : Une réserve unique d’EBITDA dans un contexte macro déprimant
Arkema se distingue par une réserve d’EBITDA >400 M€ en provenance de projets déjà financés. Mais le contexte macro, à l’origine d’un manque à gagner >200 M€ d’EBITDA, continue de se dégrader en ce début d’année avec des incertitudes majeures. Nous abaissons nos BPA estimés de 8% (moyenne 2025-2027). Notre nouvel OC à 85 € vs 92 € (6x l’EBITDA 2025e proforma), offre toujours un potentiel significatif (cours actuel proche du scénario bear excluant toute reprise de la demande sur les prochaines an...
- Bruno Cavalier
- Jean Danjou
DGE DIAGEO PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
HAL HAL TRUST
G ASSICURAZIONI GENERALI S.P.A.
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
NOVO B NOVO NORDISK A/S
- Bruno Cavalier
- Jean Danjou
DGE DIAGEO PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
HAL HAL TRUST
G ASSICURAZIONI GENERALI S.P.A.
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
NOVO B NOVO NORDISK A/S
- Olfa Taamallah
- Yan Derocles
- ING Helpdesk
Benelux Morning Notes
EVS: Weak start to the year, sales guidance maintained excluding FX, EBIT guidance low Just Eat Takeaway.com: Prosus offer launched KBC: CFO meeting – navigating above targets, strong loan growth & NII path NEPI Rockcastle: Robust Q1 results, strong top line Xior Student Housing: Dutch rent freeze not applicable to Xior
- Olfa Taamallah
- Yan Derocles
Equinor ASA: Buy-back of shares to share programmes for employees
Equinor ASA: Buy-back of shares to share programmes for employees Please see below information about transactions made under the buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR) for shares to be used in the share-based incentive programmes for employees and management. Date on which the buy-back programme was announced: 5 February 2025. The duration of the buy-back programme: 14 February 2025 to 15 January 2026. Size of the buy-back programme: The total purchase amount under the programme is NOK 1,992,000,000 and the maximum shares to be acquired is 19,080,000 shares, of which up...
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