reports
- Pierre François Merveille
Orange : Feedback 5th TMT Credit Days – 20 & 21 March 2024
On 20 & 21 March, we organized our 5th TMT credit days with eight issuers in the telecoms, media and technology sectors: ams OSRAM, Cellnex, Ipsos, Masmovil, Nexi, Orange, SoftBank Group and Worldline. 84 credit investors registered to the event. - This document summarizes our feedback of the virtual meetings by issuer. - > - - - ...
- Pierre François Merveille
Orange : Feedback 5th TMT Credit Days – 20 & 21 March 2024
On 20 & 21 March, we organized our 5th TMT credit days with eight issuers in the telecoms, media and technology sectors: ams OSRAM, Cellnex, Ipsos, Masmovil, Nexi, Orange, SoftBank Group and Worldline. 84 credit investors registered to the event. - This document summarizes our feedback of the virtual meetings by issuer. - > - - - ...
Approbation des résultats financiers du groupe au 31 décembre 2023 ; f...
MILAN--(BUSINESS WIRE)-- Le conseil d'administration de Nexi S.p.A. a approuvé le 6 mars les résultats financiers consolidés du groupe au 31 décembre 2023. « En 2023, nous avons poursuivi notre parcours de croissance dans toutes les zones géographiques, nous avons encore augmenté nos marges et considérablement accéléré la génération de trésorerie. Par ailleurs, nous avons encore progressé dans l’innovation produit, la modernisation de nos plateformes technologiques, le renforcement de nos compétences et l’intégration de notre organisation, ce qui nous permet d’accélérer encore l’efficacité e...
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/07/2024
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
LHA DEUTSCHE LUFTHANSA AG
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/03/2024
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
LHA DEUTSCHE LUFTHANSA AG
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Carole Braudeau
- Carole Braudeau
- Emmanuel Matot
- Martin Marandon-Carlhian
Nexi S.p.A : Full-year results and change of coverage
>2023 results in line with expectations at the operating level - Nexi just released its 2023 results. operating performances were satisfactory relative to expectations with:organic growth in sales of 7.0% (vs guidance >7%, ODDO BHF = +6.8% and consensus = +6.7% - 2022 = +7.1%). There was an acceleration in Q4 (+6.8%) compared with Q3 (+5.0% - Q2 = +7.3% and Q1 = +9.0%) but on a less demanding base of comparison.EBITDA up 10% pro forma (vs guidance >10%, ODDO...
- Emmanuel Matot
- Martin Marandon-Carlhian
Nexi S.p.A : Publication annuelle et changement de couverture
>Résultats 2023 en ligne avec les attentes au niveau opérationnel - Nexi vient de publier ses résultats 2023. Par rapport aux attentes, les performances opérationnelles s’avèrent satisfaisantes avec :Un CA en croissance organique de 7.0% (vs guidance >7%, ODDO BHF = +6.8% et consensus = +6.7% - rappel 2022 = +7.1%). Une accélération a été constatée au T4 (+6.8%) par rapport au T3 (+5.0% - rappel T2 = +7.3% et T1 = +9.0%) mais à partir d’une base de comparaison pl...
Group Financial Results as of December 31st 2023 Approved, Strong Marg...
MILANMILAN--(BUSINESS WIRE)-- The Board of Directors of Nexi S.p.A. approved on March 6th the Group’s consolidated financial results as of December 31st 2023. "In 2023, we have continued our growth journey across all geographies, we have further increased our margins, and significantly accelerated cash generation. Additionally, we have made further progress in product innovation, in the modernization of our technological platforms, in the strengthening of our skills, and in the integration of our organization, which allows us to further accelerate efficiency and synergies," commented Paolo B...
- Carole Braudeau
- Carole Braudeau
- Baptiste Salaville
- Emira Sagaama
- Jerôme Bodin
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
NEX NEXANS SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
MAREL MAREL HF.
NDA AURUBIS AG
ALVIV VISIATIV SA
SLIGR SLIGRO FOOD GROUP N.V.
WLN WORLDLINE SA
ADYEN ADYEN NV
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
BAR BARCO NV
BLV BELIEVE SA
IVG IVECO GROUP
- Baptiste Salaville
- Emira Sagaama
- Jerôme Bodin
EDEN EDENRED SA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
NEX NEXANS SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
MAREL MAREL HF.
NDA AURUBIS AG
ALVIV VISIATIV SA
SLIGR SLIGRO FOOD GROUP N.V.
WLN WORLDLINE SA
ADYEN ADYEN NV
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
BAR BARCO NV
FAST FASTNED
BLV BELIEVE SA
IVG IVECO GROUP
- Baptiste Salaville
- Benoit Valleaux
- Bruno Cavalier
- Emira Sagaama
- Steven Gould
EDEN EDENRED SA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
- Baptiste Salaville
- Benoit Valleaux
- Bruno Cavalier
- Emira Sagaama
- Steven Gould
EDEN EDENRED SA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Nexi/Worldline preview: valuation still attractive but limited ...
>Likelihood of welcome surprises limited for this reporting season - target prices revised down to € 9.5 (vs € 10) for Nexi and € 18 (vs € 20) for Worldline - Ahead of the 2023 earnings publications, we have revised down our EPS forecasts by 2%/5% for Nexi and 5%/6% for Worldline for 2023 and 2024. We understand that household spending was disappointing over the festive period, which is likely to prompt the groups to adopt a cautious stance with regards to the announc...
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Preview Nexi/Worldline : valorisation toujours attractive mais ...
>Potentiel de bonnes surprises limité sur cette saison de publications – OC révisés en baisse à 9,5 € (vs 10 €) pour Nexi et 18 € (vs 20 €) pour Worldline - En amont des résultats 2023, nous révisons en baisse nos attentes de BPA de 2/5% pour Nexi et 5/6% pour Worldline sur 2023/2024. Nous comprenons que les dépenses des ménages ont été décevantes pendant la période de Noël, ce qui devrait pousser les deux groupes à adopter une position prudente au moment de l’annonce...
- Carole Braudeau
Morning Crédit 15/11/2023
Nexi : discussions avec F2i en vue de céder des activités non stratégiques en Italie pour environ 800 m EUR (Bloomberg). Ceconomy : JD.com serait intéressé par une prise de participation. eDreams Odigo : solides résultats au T2 2023/24 grâce au succès de Prime. Alstom : Résultat S1 23/24 et un plan de 2 mds EUR pour protéger le rating IG. >...
- Carole Braudeau
Credit Morning 11/15/2023
Nexi: talks with F2i to sell non strategic assets in Italy for about € 800m (Bloomberg) JD.com said to show interest in Ceconomy stake eDreams Odigo: solid results in Q2 2023/24 thanks to the success of Prime Alstom: H1 23/24 results and € 2bn plan to protect its IG rating>...
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