The signals pointing to an easing of tension on the labour market are multiplying. Wage gains have slowed over the past several months. The resignation boom has subsided. Labour shortages have disappeared, except for highly skilled workers. The number of vacancies has fallen by 27% since its peak in 2022, while the number of unemployed has risen by 14% since its trough. These developments are the best the Fed could have wished for. This lends weight to the scenario that a lasting...
Les signaux d’une baisse des tensions sur le marché du travail se multiplient. Les gains salariaux ont ralenti depuis plusieurs mois. Le boom des démissions s’est calmé. Les pénuries de main-d’œuvre ont disparu, sauf pour les travailleurs très pointus. Le nombre de postes vacants a baissé de 27% depuis son pic de 2022 tandis que le nombre de chômeurs est lui remonté de 14% depuis son creux. Ces évolutions sont ce que la Fed pouvait souhaiter de mieux. Cela renforce la thèse voula...
>Qu’est ce que le capital immatériel ? - WICI, l’Initiative Internationale sur Capital Immatériel, tenait le vendredi 1er décembre sa 4ème conférence annuelle à Bruxelles, en présence de nombreux intervenants, dont Patrick de Cambourg, le président de l’EFRAG. Nous profitons de cette occasion pour revenir sur ce concept et ses développements. Le capital immatériel est d’un point de vue comptable, le capital d’une entreprise qui n’est rattaché à un actif physique...
>Improved steering of respective segments, eyeing an EBITDA margin 17% over the cycle on ‘Verbund’ segments, in line with 2019-2022 (ODDO 2025e: 14.9%) - We attended BASF's investor update event. BASF is to introduce new key steering KPI's including ROCE, EBITDA bsi and FCF for the group and operating cash flow; for all segments. The differentiation is based on the nature of the respective business starts at segment level, including: chemicals/materials: absolute EBIT...
>New share buyback programme of up to € 150m announced - In a press release from December 7, TeamViewer announced a new share buyback programme of up to € 150m, which will start shortly and is scheduled to be completed in 2024. It follows the company's recent share buyback programme of € 150m that was completed on 30 November and through which TeamViewer acquired around 10m shares at an average estimated price of roughly € 15 per share. This amounts to approximately 5...
>Imaging – strong prospects driven by photon counting CT and MRI - The overall positive expectations for Imaging were confirmed. Innovations continue to be the driver of growth. Highlights were a deep discussion about Naeotom, the world’s first photon counting CT. The unique technology offers a significant higher resolution combined with a radiation dosage, which is c. 30% lower than the latest dual-source CT offering. We see a technological lead vs competitors for a ...
>adidas share down 3% after being up 20% - Yesterday, the adidas share was down 3% after two articles in the German press. 1/ The German newspaper Fraenkischer Tag reported about a study attesting a "high-risk" for both adidas and Puma of selling products made by Uyghurs using forced labour. Based on adidas’ comment which is shown below we see only a very low likelihood that this will lead to fines/sanctions for adidas and Puma. 2/ adidas CEO Gulden spoke to German Ha...
>An acquisition that makes strategic sense - Wereldhave acquired shopping center Polderplein in Hoofddorp (The Netherlands), with a total gross lettable area of c17,000 sqm (excluding parking) from DELA (Dutch insurer) on 5 December 2023. The center is directly connected to Wereldhave’s existing Full Service Center (“FSC”) de Vier Meren, providing synergy opportunities. The combined asset has 49,100 sqm GLA, with Wereldhave now being the sole owner. The total purchas...
What lessons can be drawn from 2023? On the macroeconomic front, the major surprise has been the resilience of the real economy to the interest-rate shock, mainly manifested in the solidity of job markets. This is particularly true in the US, where growth has accelerated. At the start of the year, there were two possible paths: a soft landing or a recession. As of today, the economy is clearly following the first path. Against this background, it is noteworthy that disinflation e...
Que doit-on retenir de l’année 2023 ? Au plan macroéconomique, la surprise majeure a été la résistance de l’économie réelle au choc de taux d’intérêt, ce qui se manifeste par la solidité des marchés du travail. Cela vaut surtout aux Etats-Unis, où la croissance a accéléré. Au début de l’année, il y avait deux trajectoires possibles : le soft landing ou la récession. A ce jour, force est de constater qu’on suit la première voie. Dans ce contexte, il est notable que la désinflation...
Uncertainty remains over the macroeconomic situation, which is the main driver of traffic growth in the short-term. Additionally, inflationary pressure on both opex and capex are likely to put pressure on tariffs, testing the leeway from the regulators. We have adopted what we currently consider to be a reasonably cautious stance on the three airports under our coverage and conclude that Aena offers the most attractive risk/reward profile, followed by Fraport, while regulatory un...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.