reports
- Stephane Beyazian
- Bruno Cavalier
- Jean Danjou
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
AGS AGEAS SA/NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
STM STMICROELECTRONICS NV
PHNX PHOENIX GROUP HOLDINGS PLC
- Bruno Cavalier
- Jean Danjou
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
AGS AGEAS SA/NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
STM STMICROELECTRONICS NV
PHNX PHOENIX GROUP HOLDINGS PLC
- Anthony Dick
- Marc Lavaud
- Martin Marandon-Carlhian
- Maxime Kogge
- Michael Foundoukidis
ODDO : Véhicules électriques : d’un excès à l’autre ?
Le momentum autour de l’électrification, moins favorable dernièrement, a conduit à un changement profond de perception, passant d’un optimisme sans doute excessif à un pessimisme qui le semble tout autant. En effet, si nous avons revu en baisse nos hypothèses, nous visons néanmoins toujours une croissance dans les années à venir (y compris cette année), bien supérieure à celle du marché automobile dans son ensemble. Face à ces changements, tous les acteurs au sein de la chaîne de...
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
SHA SCHAEFFLER AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
CIE CIE AUTOMOTIVE S.A.
MELE MELEXIS NV
LIVS AUTOLIV INC. SDR
RIO RIO TINTO PLC
XFAB X-FAB SILICON FOUNDRIES SE
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Anthony Dick
- Marc Lavaud
- Martin Marandon-Carlhian
- Maxime Kogge
- Michael Foundoukidis
ODDO : Electric vehicles: from one extreme to another?
With momentum around electrification less favourable of late, we have seen a major shift in perception, from doubtless overly rose-tinted optimism to what looks to be similarly excessive pessimism. While we have reduced our BEV assumptions, we nonetheless still anticipate growth in the next few years (including this year), well ahead of that of the automotive market as a whole. In the face of these changes, the players in the value chain (mines, semiconductors, auto) are differen...
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
SHA SCHAEFFLER AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
CIE CIE AUTOMOTIVE S.A.
MELE MELEXIS NV
LIVS AUTOLIV INC. SDR
RIO RIO TINTO PLC
XFAB X-FAB SILICON FOUNDRIES SE
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
STLA STELLANTIS N.V.
VTSC VITESCO TECHNOLOGIES GRP AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Bullish Outlook Intact; U.S. Dollar (DXY) Rolling Over We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. Our bullish outlook (since early November 2023) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities. U.S. Dollar (DXY); 10-Year Treasury Yield. We continue to get more evidence that suggests the U.S. dollar (DXY) is rolling over; last week we discussed the failed breakout a...
- Chaima Ferrandon
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Michael Foundoukidis
- Sven Edelfelt
LHN LAFARGEHOLCIM LTD.
BMW BAYERISCHE MOTOREN WERKE AG
1COV COVESTRO AG
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
DGE DIAGEO PLC
RNO RENAULT SA
MTX MTU AERO ENGINES AG
FGR EIFFAGE SA
DAI DAIMLER AG
ADEN ADECCO GROUP AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ELE ENDESA S.A.
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
KGX KION GROUP AG
ASRNL ASR NEDERLAND NV
MONC MONCLER SPA
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
UN0 UNIPER SE
- Chaima Ferrandon
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Michael Foundoukidis
- Sven Edelfelt
LHN LAFARGEHOLCIM LTD.
BMW BAYERISCHE MOTOREN WERKE AG
1COV COVESTRO AG
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
DGE DIAGEO PLC
RNO RENAULT SA
MTX MTU AERO ENGINES AG
FGR EIFFAGE SA
DAI DAIMLER AG
ADEN ADECCO GROUP AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ELE ENDESA S.A.
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
KGX KION GROUP AG
ASRNL ASR NEDERLAND NV
MONC MONCLER SPA
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
UN0 UNIPER SE
- 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
- Michael B. Schäfer
ENGI ENGIE SA.
CA CARREFOUR SA
BVI BUREAU VERITAS SA
DAI DAIMLER AG
EN BOUYGUES SA
BAS BASF SE
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
MRNA MODERNA INC.
JDEP JDE PEET'S NV
FER FERROVIAL SA
TEN TENARIS S.A.
- Michael B. Schäfer
ENGI ENGIE SA.
CA CARREFOUR SA
BVI BUREAU VERITAS SA
DAI DAIMLER AG
EN BOUYGUES SA
BAS BASF SE
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
MRNA MODERNA INC.
JDEP JDE PEET'S NV
FER FERROVIAL SA
TEN TENARIS S.A.
- Anthony Dick
- Michael Foundoukidis
Mercedes-Benz AG : Buybacks masking fundamentals
>Light on fundamentals, generous on shareholder returns - MB yesterday morning posted a mixed set of Q4 results (EBIT better overall, but in line on Cars with lower-than-expected margin, see First Take). During the call, management did not, in our view, dispel concerns around the erosion in the group’s fundamentals, on the contrary. However, good news was to be found on capital allocation, with the announcement of a new €3bn share buyback plan and, importantly, the a...
- Anthony Dick
- Michael Foundoukidis
Mercedes-Benz AG : L’érosion des fondamentaux masquée par les retours ...
>Léger sur les fondamentaux, généreux sur les retours de valeur à l’actionnaire - MB a publié hier matin des résultats T4 mitigés (EBIT supérieur au global, mais en ligne sur l’Auto avec une marge inférieure, cf First Take). Lors du call, le management n’a, selon nous, pas particulièrement rassuré sur l’érosion des fondamentaux, au contraire. Cependant, la bonne nouvelle était au niveau de l’allocation de capital, avec l’annonce d’un nouveau plan de rachats d’actio...
- Julian Dobrovolschi
ENX EURONEXT NV
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
BVI BUREAU VERITAS SA
BN DANONE SA
AAL ANGLO AMERICAN PLC
COV COVIVIO SA
SK SEB SA
DAI DAIMLER AG
NESN NESTLE S.A.
ISP INTESA SANPAOLO S.P.A.
HEI HEIDELBERGCEMENT AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
TEN TENARIS S.A.
- Julian Dobrovolschi
ENX EURONEXT NV
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
BVI BUREAU VERITAS SA
BN DANONE SA
AAL ANGLO AMERICAN PLC
COV COVIVIO SA
SK SEB SA
DAI DAIMLER AG
NESN NESTLE S.A.
ISP INTESA SANPAOLO S.P.A.
HEI HEIDELBERGCEMENT AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
TEN TENARIS S.A.
- Anthony Dick
- Michael Foundoukidis
Mercedes-Benz AG : Q4 results above but in line on Cars, 2024 guidance...
>Q4 2023 results above expectations overall but in line on Cars with margin below expectations - Mercedes-Benz reported Cars revenue of € 29.6bn, -3% y-o-y, +9% q-o-q, ahead of expectations (css € 28.5bn, ODDO BHF €28.0bn) and adj. EBIT of € 2.97bn, -27% y-o-y, -12% q-o-q, in line with expectations, implying a lower-than-expected margin of 10.0% (vs css/ODDO BHF of 10.5%). Vans reported revenues of € 5.6bn, +10% y-o-y, +14% q-o-q, in line with expectations, but w...
- Anthony Dick
- Michael Foundoukidis
Mercedes-Benz AG : Q4 results above but in line on Cars, 2024 guidance...
>Q4 2023 results above expectations overall but in line on Cars with margin below expectations - Mercedes-Benz reported Cars revenue of € 29.6bn, -3% y-o-y, +9% q-o-q, ahead of expectations (css € 28.5bn, ODDO BHF €28.0bn) and adj. EBIT of € 2.97bn, -27% y-o-y, -12% q-o-q, in line with expectations, implying a lower-than-expected margin of 10.0% (vs css/ODDO BHF of 10.5%). Vans reported revenues of € 5.6bn, +10% y-o-y, +14% q-o-q, in line with expectations, but w...
- Anthony Dick
- Michael Foundoukidis
ODDO : Three major risks for the premium segment in 2024
We reiterate our relatively cautious view of the German premium OEM segment (BMW, Mercedes-Benz), which we think faces several significant risks heading into 2024: 1/ price-mix normalisation after several very buoyant years and the emergence of initial signs of an inflection; 2/ significant exposure to the Chinese market, for which the outlook remains uncertain in both the short term (macro, price pressures) and medium long term (competition); 3/ lacklustre momentum in the EV se...
- Anthony Dick
- Michael Foundoukidis
ODDO : Trois grands risques pour le premium en 2024
Nous avons toujours une vision assez prudente des constructeurs premium allemands (BMW, Mercedes-Benz) qui font face à plusieurs risques importants selon nous : 1/ la normalisation du prix/mix après quelques années très porteuses et l’apparition des premiers signes d’inflexion, 2/ une exposition importante au marché chinois dont les perspectives restent incertaines, tant à CT (macro, pressions prix) qu’à MLT (concurrence), 3/ un ralentissement de l’électrique qui pose surtout des...
- Ahmed Ben Salem
LHN LAFARGEHOLCIM LTD.
1COV COVESTRO AG
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
DG VINCI SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
SK SEB SA
DAI DAIMLER AG
RCO REMY COINTREAU SA
SW SODEXO SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ENI ENI S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
WPP WPP PLC
REP REPSOL SA
NEM NEMETSCHEK SE
MONC MONCLER SPA
SKF B SKF AB CLASS B
IBE IBERDROLA SA
INX IMCD N.V.
STM STMICROELECTRONICS NV
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
LIN LINDE PUBLIC LIMITED COMPANY
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