reports
- Farid Bitari
- Ghada Ben Sedrine
- Nicolas David
- Stephane Houri
ODDO : Generative AI: a genuine revolution, pending the next revolutio...
Our conviction on the long-term growth potential and opportunities of generative AI is renewed. The enabler sectors (semiconductors, software and IT services) and those that provide the infrastructure (utilities, metals, capital goods and real estate) will be the primary beneficiaries, leading us to make certain target price changes. Among AI ‘user’ sectors (media, healthcare, automotive, banking and insurance, oil services, defence, aerospace and airlines), the effects will doub...
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
REL RELX PLC
PUB PUBLICIS GROUPE SA
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
SOP SOPRA STERIA GROUP SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
NOKIA NOKIA OYJ
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
AUB AUBAY SA
MRK MERCK KGAA
ALTA ALTAREA SCA
ATE ALTEN SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ENEL ENEL SPA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
ICAD ICADE SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
PRY PRYSMIAN S.P.A.
IBE IBERDROLA SA
OREGE OREGE SA
SMHN SUESS MICROTEC AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
VACN VAT GROUP AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
RIO RIO TINTO PLC
SAP SAP SE
AZN ASTRAZENECA PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
REY REPLY S.P.A.
STM STMICROELECTRONICS NV
SHL SIEMENS HEALTHINEERS AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
ATCO A ATLAS COPCO AB
IOS IONOS GROUP SE
ARM ARM HOLDINGS PLC
UN0 UNIPER SE
- Farid Bitari
- Ghada Ben Sedrine
- Nicolas David
- Stephane Houri
ODDO : L’IA générative, une véritable révolution, en attendant la proc...
Notre conviction sur le potentiel de croissance LT et d’opportunités de l’IA générative est renforcée. Les secteurs 'enablers' (semiconducteurs, software et IT services) et fournisseurs d’infrastructures (utilities, métaux, biens d'équipements et immobilier) en seront les premiers bénéficiaires, conduisant à certains changements d’OC. Parmi les secteurs ‘utilisateurs’ de l’IA (média, santé, automobile, banque et assurance, services pétroliers, défense, aéronautique et compagnies ...
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
REL RELX PLC
PUB PUBLICIS GROUPE SA
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
SOP SOPRA STERIA GROUP SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
NOKIA NOKIA OYJ
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
AUB AUBAY SA
MRK MERCK KGAA
ALTA ALTAREA SCA
ATE ALTEN SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ENEL ENEL SPA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
ICAD ICADE SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
PRY PRYSMIAN S.P.A.
IBE IBERDROLA SA
OREGE OREGE SA
SMHN SUESS MICROTEC AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
VACN VAT GROUP AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
RIO RIO TINTO PLC
SAP SAP SE
AZN ASTRAZENECA PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
REY REPLY S.P.A.
STM STMICROELECTRONICS NV
SHL SIEMENS HEALTHINEERS AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
ATCO A ATLAS COPCO AB
IOS IONOS GROUP SE
ARM ARM HOLDINGS PLC
UN0 UNIPER SE
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
ELUX B ELECTROLUX AB
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Delphine Brault
- Quentin Borie
- Delphine Brault
- Quentin Borie
SKF : Q2 2024 preview: the worst is behind us (Outperform vs Underperf...
>Q2 2024e: the last difficult quarter - For Q2 2024, we expect sales to decline -6.3% on an organic basis (vs -7.3% previously and -5% for the consensus), including a price effect of +1.1% and a volume effect of 7.4%. For Q2, the group is targeting a mid-single-digit decline in organic sales. For the Industrial division, we anticipate a decline of -6% in Q2, which should mark the end of: i/ the destocking phase at a number of OEMs and ii/ the negative impact of...
- Delphine Brault
- Quentin Borie
- Delphine Brault
- Quentin Borie
SKF : Preview T2 2024 : le pire est derrière nous. Surperformance vs S...
>T2 2024e : dernier trimestre compliqué - Pour le T2 2024, nous anticipons un recul organique du CA de -6.3% (vs -7.3% précédemment et -5% attendu par le consensus), incluant +1.1% d’effet prix et -7.4% pour les volumes. Le groupe vise pour le T2 une baisse organique du CA « mid single digit ». Pour la division Industrial, nous anticipons un recul de -6% lors du T2 qui devrait marquer la fin : i/ de la phase de déstockage chez certains OEMs et ii/ de l’impact né...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Delphine Brault
- Quentin Borie
- Delphine Brault
- Quentin Borie
- Mattias Holmberg
SKF (Hold, TP: SEK235.00) - Slightly below consensus for Q2e
We are 5% below consensus on Q2e adj. EBIT and expect the 2024 guidance to be reiterated for a low-single-digit YOY organic sales decline and the Q3 guidance to be issued for a low-single-digit YOY organic sales decline. We have made minor estimate revisions and are 5–7% below consensus on 2024–2026e adj. EBIT. We reiterate our HOLD but have lowered our target price to SEK235 (250).
- Delphine Brault
- Quentin Borie
Atlas Copco : Q2 2024 preview: a relatively optimistic consensus on or...
>A risk on orders during Q2 after the adjustments to the consensus post-Q1 - After a company contact, we update our estimates ahead of the Q2 2024 earnings release. We forecast a decline in order intake of -1.1% y-o-y (vs -0.2% previously and a consensus of +0.8% after an upwards adjustment following the strong Q1 results). The group indicated during Q1 a slowdown in China (21% of revenues) with a wait-and-see stance for orders in some segments (batteries, solar,...
- Delphine Brault
- Quentin Borie
Atlas Copco : Preview T2 2024 : un consensus relativement optimiste su...
>Un risque sur les commandes lors du T2 après les ajustements du css post T1 - Après un contact société, nous mettons à jour nos prévisions en amont du T2 2024. Nous anticipons un recul des prises de commandes de –1.1% yoy (vs -0.2% précédemment et un consensus à +0.8% après s’être ajusté à la hausse après les bons résultats du T1). Le groupe a indiqué lors du T1 un ralentissement en Chine (21% du CA) avec un attentisme sur les prises de commandes dans certains s...
- Mattias Holmberg
Sandvik (Buy, TP: SEK270.00) - Upside potential for mining
We have upgraded Sandvik to BUY (HOLD) as recent share price weakness coupled with strong mineral prices offer a good buying opportunity. Miners’ capex guidance suggests a 16% increase YOY in 2024, with potential upside near- and long-term as spot and forward rates remain clearly above ‘planning prices’. We have raised our adj. EBITA by 5% for 2024–2026e on average and our target price to SEK270 (245), with further upside potential to our SOTP of SEK285/share.
- ABGSC Capital Goods Research
- Anders Idborg
- Olof Cederholm
- Mattias Holmberg
Volvo (Buy, TP: SEK325.00) - Slight upside to consensus for Q2e
We reiterate our BUY but have lowered our target price to SEK325 (340) ahead of the Q2 results, where we are 6% above consensus on adj. EBIT and expect unchanged 2024 market guidance. Our 2024e adj. EBIT is unchanged while we have cut our 2025–2026e by c3–4% (FX and organic), putting us 1–6% above consensus.
- Mattias Holmberg
ABB (Buy, TP: SEK625.00) - Deserves further re-rating
We are roughly in line with consensus for Q2 and expect ABB to reiterate its 2024 guidance and give Q3 guidance for mid-single-digit organic sales growth, with a stable operating EBITA margin QOQ and improved YOY. We reiterate our BUY and have made small positive changes to our estimates, and have raised our target price to SEK625 (595) as we believe the stock merits further re-rating to reflect the improved qualities of the ‘new’ ABB.
- ABGSC Capital Goods Research
- Anders Idborg
- Olof Cederholm
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
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