reports
- Julian Dobrovolschi
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2024
As the world leader in logistics, DHL operates in 220 countries via 5 main activities (post and parcels in Germany, Express, freight forwarding, supply chain and e-commerce). Despite buoyant structural trends (global trade, e-commerce, outsourcing of logistics chains), we are initiating coverage with a Neutral rating and target price of € 43 in the absence of short-term visibility on the global macro environment and due to the risk of a consensus downgrade. - ...
- Bruno Cavalier
- Julian Dobrovolschi
- Oliver Metzger
Merck KGaA : Healthcare and Electronics to drive 2024, Life Sciences t...
>Solid start into the year, Healthcare and Electronics to drive 2024 - The first quarter was a good start into the year for Merck on the back of a strong Healthcare performance as well as Electronics ahead of expectations. The quantitative guidance for 2024 looks solid on the top line with 1% to 5% organic sales growth (ODDO BHF 3.3%) and an EBITDA pre of € 5.7bn to € 6.3bn (ODDO BHF € 6.0bn). The most relevant driver for the share price will be better visibility on t...
Umicore S.A.: 1 director
A director at Umicore S.A. bought 5,100 shares at 19.820EUR and the significance rating of the trade was 60/100. 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 s...
EQS-News: E.ON erhöht Dividende zum neunten Mal in Folge
EQS-News: E.ON SE / Schlagwort(e): Hauptversammlung E.ON erhöht Dividende zum neunten Mal in Folge 16.05.2024 / 15:50 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Heute fand die ordentliche Hauptversammlung der E.ON SE im virtuellen Format statt. Beschlossen wurde unter anderem die Ausschüttung einer Dividende in Höhe von 53 Cent pro Aktie für das Geschäftsjahr 2023. Dies entspricht einer Steigerung von vier Prozent gegenüber dem Vorjahr und darüber hinaus der neunten Dividendenerhöhung in Folge. Vom Wachstumskurs des Unternehmens ...
EQS-News: E.ON increases dividend for ninth time in a row
EQS-News: E.ON SE / Key word(s): AGM/EGM E.ON increases dividend for ninth time in a row 16.05.2024 / 15:50 CET/CEST The issuer is solely responsible for the content of this announcement. The Annual General Meeting of E.ON SE took place today in virtual format. The resolutions included the payment of a dividend of 53 cents per share for the 2023 financial year. This represents an increase of four percent compared with the prior year and is also the ninth dividend increase in a row. Shareholders are to continue to benefit from the company's growth agenda. E.ON CEO Leonhard...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- ING Helpdesk
Benelux Morning Notes
AEGON: 1Q24, new unexpected SBB, underlying OCG better, strong ratios across. Belgian telecoms: Digi to start with mobile. CFE: Preview - forecasting revenue numbers… D'Ieteren: Belron US peer Boyd 1Q24 below consensus, warns on 2Q24 growth. Econocom: Joins consortium formed by Onepoint and Butler Industries to acquire Atos. KBC: 1Q24 better across, special dividend, capital distribution pushed back to 1H25. Syensqo: 1Q24 a touch better, positive earnings momentum confirmed. Umicore:...
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore FIRST LOOK: Bart Sap to become new CEO
Umicore has nominated its Catalysis head Bart Sap as new group CEO, in succession of Mathias Miedreich, who is stepping down in mutual agreement with the Board. The press release points out that capex spend will be re-evaluated under the new CEO, suggesting that the company might slow down its growth plans somewhat in light of the slower battery materials market growth and taking into account the balance sheet implications of the initial capex plans. We continue to believe Umicore is well placed...
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : La croissance auto-financée se met en place
>Résultats T1 2024 légèrement supérieurs aux attentes - E.ON a publié hier des résultats T1 2024 légèrement supérieurs à nos attentes. L'EBITDA est ressorti à 2 745 M€ (+1% y-o-y) contre 2 640 M€ attendus par ODDO BHF et 2 585 M€ par le consensus. L'EBIT est ressorti à 2 005 M€ (-2% y-o-y), supérieur aux attentes à 1 890 M€ et le résultat net ajusté s'est établi à 1 047 M€ (+2% y-o-y) (vs ODDO BHF à 1 011 M€ / css à 983 M€). En ce qui concerne l'EBITDA, l'EBIT et le r...
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : Self-financed growth taking shape
>Q1 2024 results a shade above expectations - E.ON reported Q1 2024 results that came in a shade higher than we expected. EBITDA came to € 2,745m (+1% y-o-y) versus € 2,640m expected by ODDO BHF and € 2,585m forecast by the consensus. EBIT came to € 2,005m (-2% y-o-y), beating expectations at € 1,890m, and adjusted net income amounted to € 1,047m (+2% y-o-y, and vs ODDO BHF at € 1,011m / consensus at € 983m). Where EBITDA, EBIT and net income are concerned, the perfor...
- Frank Claassen
Umicore - CEO leaving raises even more question marks
• As of today CEO Mathias Miedreich will be replaced by Bart Sap, who was leading the Catalysis division. • Priority of the new CEO will be to review all the developments plans in Battery materials.• We always had our question marks and doubts on all these investments and the return profile of Battery materials and this is only further increased by this surprising news. We put our rating (Hold), estimates and TP (was EUR 23) under review.
- Oliver Metzger
Merck KGaA : Strong momentum in Healthcare & Semiconductors, Life Scie...
>Q1 review – Better on bottom line - Q1 2024 revenues of € 5,120m (-3.3% y-o-y) were -2%/0% vs ODDO BHF/consensus. The organic decline was -1.2%, (ODDO BHF +0.2%). EBITDA pre of € 1,454m (-8.4% y-o-y, margin 28.4%) was 3%/7% better than ODDO BH/consensus. EPS pre was € 2.06 some 0%/7% ahead of expectations. For 2024, the company detailed its guidance and looks for sales of € 20.6bn to € 22.1bn (ODDO BHF € 21.6bn, consensus € 21.2bn) with +1% to +5% organic growth with...
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : Good set of results in the first quarter. All guidance confirme...
>Results a shade above our forecast - E.ON released this morning Q1 2024 figures a shade above our forecast. EBITDA came in at € 2,745m (+1% y-o-y) vs € 2,640m expected by ODDO BHF and € 2,585m by the consensus. EBIT totalled € 2,005m (-2% y-o-y), above expectations at € 1,890m and adjusted net income came in at € 1,047m (+2%y-o-y) (vs ODDO BHF at € 1,011m / Css at € 983m). By division, the Energy networks business stood at € 1,783m (-6%) vs ODDO BHF at € 1,715m and ...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Louis Boujard
- CFA
- Philippe Ourpatian
E.ON : Good set of results in the first quarter. All guidance confirme...
>Results a shade above our forecast - E.ON released this morning Q1 2024 figures a shade above our forecast. EBITDA came in at € 2,745m (+1% y-o-y) vs € 2,640m expected by ODDO BHF and € 2,585m by the consensus. EBIT totalled € 2,005m (-2% y-o-y), above expectations at € 1,890m and adjusted net income came in at € 1,047m (+2%y-o-y) (vs ODDO BHF at € 1,011m / Css at € 983m). By division, the Energy networks business stood at € 1,783m (-6%) vs ODDO BHF at € 1,715m and ...
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