reports
- Stephane Beyazian
HEIA HEINEKEN NV
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
ABB ABB LTD.
SAND SANDVIK AB
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
RAND RANDSTAD NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASRNL ASR NEDERLAND NV
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
NOVO B NOVO NORDISK A/S
- Stephane Beyazian
HEIA HEINEKEN NV
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
ABB ABB LTD.
SAND SANDVIK AB
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
RAND RANDSTAD NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASRNL ASR NEDERLAND NV
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
NOVO B NOVO NORDISK A/S
- Delphine Brault
- Quentin Borie
ODDO : A favourable momentum from metal prices, but minimal impacts in...
>Trends unchanged since Q1 2024 - Trends remained unchanged in Q2, with stable demand at high levels in the mining sector, and weak demand in the construction sector (continued destocking by distributors and a persistent unfavourable trend in underlying demand in the short term, particularly in Europe). Detailed previews overleaf.Prices for the main commodities have been relatively buoyant in recent months, with gold (LBMA) up 21% over 12 months (12% YTD) and cop...
- Delphine Brault
- Quentin Borie
ODDO : Un environnement favorable pour les matières premières, mais de...
>Des tendances inchangées depuis le T1 - Les tendances sont restées inchangées au cours du T2 avec une demande stable sur des niveaux élevés sur le secteur minier, et une faible demande sur le secteur de la construction (poursuite du déstockage des distributeurs et demande sous-jacente toujours mal orientée à CT, notamment en Europe). Previews détaillés en page 2.Les cours des principales matières premières sont relativement bien orientés depuis quelques mois ave...
- Delphine Brault
- Quentin Borie
ABB Ltd. : Un T2 dans la même tendance que le T1, la division Electrif...
>Preview T2 : book-to-bill de 1.03x et 4.9% de croissance du CA en comparable - Nous prévoyons un T2 de bonne facture pour ABB, les tendances du T1 se confirment : demande soutenue sur les segments datacenters et utilities, reprise progressive de quelques activités à cycle court, et toujours un recul marqué de la demande en discrete automation. Nos prévisions sont assez proches de celles du consensus. Les commandes devraient progresser de 1.8% en comparable, les ...
- Delphine Brault
- Quentin Borie
ABB Ltd. : Q2 on the same trend as Q1, with the electrification divisi...
>Q2 preview: book-to-bill of 1.03x and 4.9% comparable sales growth - We forecast a decent Q2 for ABB, with the Q1 trends confirmed: demand underpinned on the data centres and utilities segment, gradual upturn in some short-cycle businesses, and still a marked decline in demand in discrete automation. Our forecasts are relatively close to those of the consensus. Orders should grow by 1.8% on a comparable basis, the comparison bases are improving and the discrete ...
- Tomi Railo
Kone (Hold, TP: EUR46.00) - Still mixed outlook
For the Q2 results, we will focus on orders and the outlook. Our Q2e and 2024e orders and clean EBIT are in line with consensus, and we have a neutral stance on Q2 and the overall case: we expect solid Service and Modernisation, but still-muted Chinese new equipment growth. We reiterate our HOLD and EUR46 target price.
- 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.
- ABGSC Small Cap Research
- Karl Bokvist
AF B AF POYRY AB CLASS B
INDT INDUTRADE AB
RATO B RATOS AB CLASS B
VIT B VITEC SOFTWARE GROUP AB
HPOL B HEXPOL AB CLASS B
ADDV A ADDVISE GROUP
MCAP MEDCAP
A2DRL9 SDIPTECH AB B
BHG BHG GROUP
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
SWEC B SWECO AB CLASS B
SF STILLFRONT GROUP AB
SINCH SINCH AB
VIMIAN VIMIAN GROUP AB
BEIJ B BEIJER REF AB
LIFCO B LIFCO AB
NIBE B NIBE INDUSTRIER AB
INSTAL INSTALCO AB
HTRO HEXATRONIC GROUP AB
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
VESTUM VESTUM AB
EMBRAC B EMBRACER GROUP AB
GREEN GREEN LANDSCAPING GROUP AB (PUBL)
- 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...
NIBE utser Simon Karlin till ny affärsområdeschef för NIBE Climate Sol...
NIBE utser Simon Karlin till ny affärsområdeschef för NIBE Climate Solutions Simon Karlin, nuvarande affärsområdeschef för region EMEA inom Beijer Ref, har utsetts till ny affärsområdeschef för NIBE Climate Solutions och medlem i NIBE Industrier ABs koncernledning. Simon Karlin tillträder sin tjänst under hösten 2024. Simon Karlin har under 20 år haft en central roll i Beijer Refs (publ) globala expansion där han har drivit lönsam utveckling genom både organisk tillväxt och genom förvärv i en decentraliserad struktur. Han har även ingått i Beijer Refs koncernledning och har arbetat med b...
NIBE appoints Simon Karlin as new Head of NIBE Climate Solutions
NIBE appoints Simon Karlin as new Head of NIBE Climate Solutions Simon Karlin, currently the head of the EMEA business area at Beijer Ref, has been appointed the new head of the business area NIBE Climate Solutions and a member of NIBE Industrier AB’s Group management. Simon Karlin will take up his position in the fall of 2024. Simon Karlin has played a key role in the global expansion of Beijer Ref (publ) for 20 years, driving profitable performance both through organic growth and through acquisitions in a decentralized structure. He has also been a member of Beijer Ref’s Group manageme...
- Douglas Lindahl
Hexpol (Hold, TP: SEK132.00) - Minor sequential changes expected
Overall we expect minor sequential changes in Q2, and forecast sales of SE5,447m and adj. EBIT of SEK921m, both c3% below consensus. We have lowered our 2024–2026e adj. EBIT by c1% on average, reflecting updated FX. We reiterate our HOLD, but have lowered our target price to SEK132 (140) on updated valuation and estimates.
Trelleborg AB: 1 director
A director at Trelleborg AB bought 1,000 shares at 402.000SEK and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- 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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