reports
- Nicolas David
- Nicolas David
- Benoit Valleaux
ODDO : Private banks expected to continue to grow
The three listed Swiss private banks, EFG International, Julius Baer and Vontobel, benefit from favourable operating momentum with sustained net inflows in private banking and an expected improvement in their cost/income ratio (-5.5 points in four years) and RoTE (+1.5 points in four years). Among them, we prefer Julius Baer (initiation on Outperform, target price CHF 68), for the turnaround in its profitability and the resumption of share buybacks as of next year. We are initiating coverage on ...
- Carole Braudeau
- Delphine Brault
- Nathan Mietlicki
ODDO : Nous favorisons Metso pour jouer la reprise des investissements...
Nous réinitions la couverture de Metso à Surperformance, Sandvik à Neutre et Epiroc à Sous-performance. Notre scénario 2026 table sur un retour de la croissance des investissements miniers (+6.8%), une reprise progressive des infrastructures (commandes attendues à +7% en organique chez Metso pour Aggregates) et des activités à cycle court (commandes SMM chez Sandvik estimées à +5.5%). Dans ce contexte, nous favorisons Metso pour son meilleur positionnement (pipeline greenfield et infrastructures...
- Delphine Brault
- Nathan Mietlicki
ODDO : We favour Metso to play the recovery of investments in 2026
We reinitiate coverage with Metso at Outperform, Sandvik at Neutral and Epiroc at Underperform. Our 2026 scenario is based on a return to growth in mining investment (+6.8%), a gradual recovery in infrastructure (orders expected to rise by +7% organically at Metso for Aggregates) and short-cycle activities (SMM orders at Sandvik estimated at +5.5%). In this context, we favour Metso for its better positioning (greenfield pipeline and infrastructures) and continued improvement in its profitability...
- Luis de Toledo Heras
- Carole Braudeau
- Luis de Toledo Heras
- Delphine Brault
- Nathan Mietlicki
- Delphine Brault
- Nathan Mietlicki
- Thijs Berkelder
- Olfa Taamallah
- Yan Derocles
- Bruno Cavalier
US: a slightly stimulative policy mix
With the mid-term elections less than a year away, each side is beginning to hone its weapons to win over the electorate. Household confidence has fallen this year. There are fewer jobs, the cost of living is too high and the ability to access housing is limited. The Democrats have an angle of attack here. On the Republican side, the reply is that the economy will benefit from a strong fiscal stimulus in 2026 thanks to the OBBBA. How do things really stand? This budget plan extends the tax cuts ...
- Benoit Valleaux
ODDO : Poursuite attendue de la croissance des banques privées
Les 3 banque privées suisses cotées EFG International, Julius Baer et Vontobel, bénéficient d’une dynamique opérationnelle favorable, avec, notamment, une collecte nette soutenue en banque privée et une amélioration attendue de leur coefficient d’exploitation (-5.5 points en 4 ans) et de leur RoTE (+1.5 point en 4 ans). Parmi elles, nous préférons Julius Baer (initiation à Surperformance, OC de 68 CHF), pour le redressement de sa rentabilité et la reprise de rachats d’actions à partir de l’année...
- Luis de Toledo Heras
- Olfa Taamallah
- Yan Derocles
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