View 
FILTERS (0)
* Not connected to ResearchPool

MORE FILTERS

  
reports

BHP Group Plc : H1 2021-22 results in line with our expectations. Mana...

>H1 2021-22 results overall in line with expectations - BHP Group Plc reported its H1 2021-22 results (FY ending in June), with underlying EBITDA of $ 18.5bn (i.e. 64% of sales) in line with our expectations (ODDO BHF: $ 18.3bn) and the consensus (Vuma: $ 18.3bn). This represents a +33% y-o-y increase ($ 14.7bn EBITDA in H1 2021), attributable notably to higher average realised prices for all major commodities (+$ 6.2bn) and favourable FX (+$ 0.6bn), which more than o...

BHP Group Plc : H1 2021-22 results in line with our expectations. Mana...

>H1 2021-22 results overall in line with expectations - BHP Group Plc reported its H1 2021-22 results (FY ending in June), with underlying EBITDA of $ 18.5bn (i.e. 64% of sales) in line with our expectations (ODDO BHF: $ 18.3bn) and the consensus (Vuma: $ 18.3bn). This represents a +33% y-o-y increase ($ 14.7bn EBITDA in H1 2021), attributable notably to higher average realised prices for all major commodities (+$ 6.2bn) and favourable FX (+$ 0.6bn), which more than o...

Jean-Baptiste Rouphael
  • Jean-Baptiste Rouphael

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/01/2022

Nous inversons notre arbitrage en faveur de Publicis (opinion relevée à Surperformance vs Neutre) vs WPP (Neutre vs Surperformance). Nous estimons que Publicis constitue un investissement attractif pour 2022 et visons un potentiel de près de 20%. Le groupe pourrait surprendre positivement au T4 2021 et surperformer opérationnellement WPP en 2022. 2021 a été favorable à WPP, nous tablons sur l’inverse en 2022. - ...

Emmanuel Matot
  • Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/01/2022

Nous reprenons la couverture de Bouygues avec une recommandation Neutre (OC 34 €). La mutation du groupe – recentré sur des métiers moins risqués et davantage générateurs de cash – n’est certes pas valorisée mais ceci est parfaitement justifié par les enjeux auxquels le groupe doit faire face : outre les risques liés à l’intégration d’Equans, Bouygues doit restaurer sa profitabilité dans la construction (Colas, Immobilier) alors que son carnet de commandes est moins rempli que celui d...

Nicolas David
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/01/2022

Nous avons réactualisé notre modèle d’évolution à 6 mois de la prime de risque (ERP) bâti en fonction de la dynamique des BPA 12m, de la progression des rendements du Bund et de celle des PMI. En y injectant nos attentes pour 2022, notre modèle affiche un potentiel de détente additionnel de l’ERP de 30 pb environ. Si nos attentes, et notamment nos anticipations de croissance macroéconomique et de BPA, se révèlent correctes ceci signifie qu’il convient à court terme de privilégier les ...

BHP Group Plc : Q2 2021-22 production prints on the low side but overa...

>Q2 2021-22 production comes in on the low side - BHP’s Q2 2021-22 production report (FY ending June) came in below our expectations. Group copper equivalent production decreased 4% y-o-y in Q2 2021-22 largely due to lower copper and metallurgical coal volumes. Production at the copper division (23% of FY 2020-21 EBITDA) fell 15% y-o-y to 365.5 kt (ODDO BHF: 429.6 kt; Q1 2021-22: 377 kt) on the back of lower volumes at Olympic Dam due to smelter maintenance, while Es...

ODDO : Only when the tide goes out do you discover who’s been swimming...

This year was marked by strong growth in demand for commodities. The year 2022 should see a return to normal more or less accelerated depending on the segment. We still favour Stainless steel (Aperam, Acerinox, Outokumpu) while carbon steel is expected to be resilient (ArcelorMittal, SSAB). The fate of diversified mining groups is hanging on to the resumption of demand in China. Anglo American is our favourite value in this segment. We take an Underperform rating (vs Neutral) on ...

ODDO : Quand la mer se retire…

Cette année aura été marquée par une forte croissance de la demande de commodités. L’année 2022 devrait voir un retour à la normale plus ou moins accéléré suivant le segment. L’acier inoxydable garde notre faveur (Aperam, Acerinox, Outokumpu) tandis que l’acier au carbone devrait se montrer résilient (ArcelorMittal, SSAB). Le sort des groupes miniers diversifiés est suspendu au redémarrage de la demande en Chine. Anglo American est notre valeur favorite sur ce segment. Nous adopt...

ODDO : Only when the tide goes out do you discover who’s been swimming...

This year was marked by strong growth in demand for commodities. The year 2022 should see a return to normal more or less accelerated depending on the segment. We still favour Stainless steel (Aperam, Acerinox, Outokumpu) while carbon steel is expected to be resilient (ArcelorMittal, SSAB). The fate of diversified mining groups is hanging on to the resumption of demand in China. Anglo American is our favourite value in this segment. We take an Underperform rating (vs Neutral) on ...

ODDO : Quand la mer se retire…

Cette année aura été marquée par une forte croissance de la demande de commodités. L’année 2022 devrait voir un retour à la normale plus ou moins accéléré suivant le segment. L’acier inoxydable garde notre faveur (Aperam, Acerinox, Outokumpu) tandis que l’acier au carbone devrait se montrer résilient (ArcelorMittal, SSAB). Le sort des groupes miniers diversifiés est suspendu au redémarrage de la demande en Chine. Anglo American est notre valeur favorite sur ce segment. Nous adopt...

Nicolas David
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/19/2021

Acquired by Enel in 2007, Endesa is one of the two leading electricity groups in the Iberian Peninsula. The group has initiated a major technological shift involving the full decarbonisation of its production assets by 2027. Like its major shareholder, Endesa enshrines its ambitions in three-year strategic plans. Our 2023 estimates are in line. We are initiating coverage of Endesa with an Outperform recommendation and a target price of € 21.6. - ...

Nicolas David
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/10/2021

Acheté par Enel en 2007, Endesa est l’un des deux électriciens leaders de la péninsule Ibérique. Le groupe a engagé une mue technologique majeur de décarbonation totale de ses actifs production d’ici 2027. Comme son actionnaire principal, Endesa se projette à travers des plans stratégiques triennaux. Nos estimations 2023 sont en ligne. Nous initions à Surperformance avec un OC à 21.6 €. Cf. étude publiée hier soir. - ...

BHP Group Plc : Disappointing Q1 production on stronger maintenance im...

>Q1 production disappoints despite well-flagged maintenance activities - BHP’s Q1 2021-22 production report came in lower than our expectations. Group copper equivalent production decreased 5% in Q1 2021-22 largely as a result of planned maintenance. At the Petroleum division (6% of FY 2020-21 EBITDA), production increased by 3% y-o-y to 27.5 MMboe (vs ODDO BHF: 26.7 MMboe; Q4 21: 27 MMboe) due to increased production from Ruby and higher seasonal gas demand at Bass ...

BHP Group Plc : Disappointing Q1 production on stronger maintenance im...

>Q1 production disappoints despite well-flagged maintenance activities - BHP’s Q1 2021-22 production report came in lower than our expectations. Group copper equivalent production decreased 5% in Q1 2021-22 largely as a result of planned maintenance. At the Petroleum division (6% of FY 2020-21 EBITDA), production increased by 3% y-o-y to 27.5 MMboe (vs ODDO BHF: 26.7 MMboe; Q4 21: 27 MMboe) due to increased production from Ruby and higher seasonal gas demand at Bass ...

Jerôme Bodin
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 09/22/2021

The analogy drawn between Evergrande and Lehman Brothers illustrates the fear of the systemic risk that the Chinese property developer represents. Will there be contagion? In our view, there will not, for several reasons: 1/ The local consequences of a disorderly default would be very serious for the government; 2/ Evergrande is not as deeply integrated into the financial system as Lehman was; 3/ The credit exposure to China of non-residents is low. In short, if there is a restructuri...

Geoffroy Michalet ... (+2)
  • Geoffroy Michalet
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/22/2021

The analogy drawn between Evergrande and Lehman Brothers illustrates the fear of the systemic risk that the Chinese property developer represents. Will there be contagion? In our view, there will not, for several reasons: 1/ The local consequences of a disorderly default would be very serious for the government; 2/ Evergrande is not as deeply integrated into the financial system as Lehman was; 3/ The credit exposure to China of non-residents is low. In short, if there is a restructuri...

Loading...
New interest

Save your current filters as a new Interest

Please enter a name for this interest

Email alerts

Would you like to receive real-time email alerts when a new report is published under this interest?

Save This Search

These search results will show up under 'Saved searches' in the left panel

Please enter a name for this saved search

ResearchPool Subscriptions

Get the most out of your insights

Get in touch