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Bruno de La Rochebrochard ...
  • David Vignon

PAYMENTS : ESG considerations

In this slideshow we introduce ESG ratings on the payments sector. In this industry, environmental issues take a step back compared to social and governance ones. Indeed, due to its highly regulated nature and the fast pace of innovation, employee satisfaction, retention, training, and supervision is of the utmost importance. Edenred and Worldline both provide a slew of data, and have clear quantified targets for the future. Both have been assigned green rating in all categories. On the contrary, Adyen does not disclose a lot of data, and does not have a clear detailed public plan in place on ...

Olga Smolentseva

HEIDELBERG PHARMA (BUY, TP EUR12) | Successful private placement highlights specialists’ interest :

HEIDELBERG PHARMA (BUY, TP EUR12) | Successful private placement highlights specialists’ interest :

Jean-Jacques Le Fur

UCB: The right time to look again at UCB | BUY | EUR133(+59%)

UCB - BUY | EUR133(+59%) The right time to look again at UCB A share price under pressure without good reasons 2022, a transition year Before a very solid recovery starting in 2023. Buy rating reiterated

Eric Le Berrigaud

MEDINCELL: Key catalysts still to come by year-end | BUY | EUR17.6 VS. EUR20.5 (+82%)

MEDINCELL - BUY | EUR17.6 VS. EUR20.5 (+82%) Key catalysts still to come by year-end Strong balance sheet and cash run well into 2023 Teva’s agreement remains a key focus in the short-term The rest of the pipeline’s development is on track Our TP is adjusted downwards a bit

Gregory Ramirez

SAP: Sapphire Now 2021: on the right trajectory | BUY | EUR139 VS. EUR133 (+16%)

SAP - BUY | EUR139 VS. EUR133 (+16%) Sapphire Now 2021: on the right trajectory We reiterate our Buy rating and have raised our target price to EUR139 The case for moving to S/4HANA Cloud has seen increasing relevance There are more ammunition for growth acceleration after 2022 With the BTP, the promise to end the “nightmare” of SAP migrations

Xavier Regnard

MCPHY ENERGY: Profit warning, not really a surprise to us but consensus will adjust downwards | CORPORATE | EUR31 VS. EUR37 (+14%)

MCPHY ENERGY - CORPORATE | EUR31 VS. EUR37 (+14%) Profit warning, not really a surprise to us but consensus will adjust downwards H1 2021 revenue growth could be negative Not really a surprise to us but consensus was lagging and will now adjust downwards We further decrease our estimates… …and our TP, from EUR37 to EUR31 Negative read-across for the sector ?

Bruno de La Rochebrochard

EDENRED: Fading uncertainties (contact) | Conviction BUY Top Picks | EUR56 VS. EUR53 (+12%)

EDENRED - Conviction BUY Top Picks | EUR56 VS. EUR53 (+12%) Fading uncertainties (contact) Fading restrictive measures and trade dynamics FY guidance set to be adjusted upwards A timely bond issue

Victor Floc’h

ONCODESIGN: Drug candidate’s selection triggers a EUR2m milestone payment from Servier | CORPORATE | EUR15(+18%)

ONCODESIGN - CORPORATE | EUR15(+18%) Drug candidate’s selection triggers a EUR2m milestone payment from Servier LRRK2 programme in Parkinson’s disease targets IND in 2022 Not first-in-class but aims to become best-in-class R&D day to be held on June 24

Loic Morvan

THE SWATCH GROUP: Momentum remains strong! | BUY | CHF340 VS. CHF295 (+5%)

THE SWATCH GROUP - BUY | CHF340 VS. CHF295 (+5%) Momentum remains strong! Half Year sales should gain 58%, but still down 15% vs H1 2019 Positive geographical mix Even more optimistic than initially expected TP at CHF340, Buy confirmed

Thomas Coudry

VIVENDI: Ligue 1 + Amazon vs Canal+: 4 questions | BUY | EUR31.5(+8%)

VIVENDI - BUY | EUR31.5(+8%) Ligue 1 + Amazon vs Canal+: 4 questions Is this a good deal for the Ligue 1? Should Amazon be considered as credible competitive threat for C+? Can C+ afford to lose all Ligue 1? What’s next?

Olga Smolentseva

CELYAD: Presentation at EHA highlights early CYAD-211 results and potential of shRNA platform | BUY | EUR14 (+191%)

CELYAD - BUY | EUR14 (+191%) Presentation at EHA highlights early CYAD-211 results and potential of shRNA platform Encouraging early results from IMMUNICY-1 study CYAD-211 cell expansion and safety Looking ahead of the next clinical update for CYAD-211

David Vignon

WORLDLINE: Rumoured EUR2.5bn bids for the Terminals business – an important short-term catalyst | BUY | EUR90(+15%)

WORLDLINE - BUY | EUR90(+15%) Rumoured EUR2.5bn bids for the Terminals business – an important short-term catalyst Rumoured EUR2.5bn bids for the Terminals business A sale is the most logical step for Worldline Significant firepower available – what for? Could Worldline go the BNPL route? Unlikely in our view Buy reiterated – only good news expected from now on

Olivier Pauchaut

SCOR | BUY | EUR40 Scor/Covea; it is no more personal, now it is strictly business

SCOR | BUY | EUR40 Scor/Covea; it is no more personal, now it is strictly business Scor wins, Covea is not humiliated The only way is up the Scor’s share price

Cedric Rossi

ESSILORLUXOTTICA | NEUTRAL | EUR134 EL-GVNV merger well on track

ESSILORLUXOTTICA | NEUTRAL | EUR134 EL-GVNV merger well on track Green light from Turkey obtained Sale process of the 351 stores already initiated We see a strong appetite from PE funds and eyewear players Final closing before 31st July

Loic Morvan

LVMH: Q2 momentum should remain quite positive | BUY | EUR685 VS. EUR650 (+4%)

LVMH - BUY | EUR685 VS. EUR650 (+4%) Q2 momentum should remain quite positive Q2 sales should grow close to 10% vs Q2 2019 Fashion & Leather is expected to enjoy the same trend than in Q1 H1 2021 EBIT margin to be likely slightly above 2019 level Buy recommendation reiterated

Olga Smolentseva

BIONTECH (NEUTRAL, TP USD206) | Executing on the commitment to aid the developing countries :

BIONTECH (NEUTRAL, TP USD206) | Executing on the commitment to aid the developing countries :

Gregory Ramirez

MATERIALISE | BUY | USD39 VS. USD45

MATERIALISE | BUY | USD39 VS. USD45 Public offering of 4 million ADSs We reiterate our Buy rating but adjust our TP to USD39 from USD45 The number of shares outstanding would increase by 7% Materialise would have more ammunitions for larger acquisitions This offering happens in a perspective of strong recovery

Eric Le Berrigaud

MEDARTIS: Remove Medartis from top picks after strong performance | BUY | CHF80(-11%)

MEDARTIS - BUY | CHF80(-11%) Remove Medartis from top picks after strong performance Medartis doubled YTD, and returned 28% since entering top picks Extremities still offers great growth to LT investors Largest opportunities still ahead Retain BUY TP CHF80, inorganic growth key catalyst for share

Olga Smolentseva

HUMANIGEN (BUY, TP USD35) | More confidence in potential Lenz approval following Mavri update

HUMANIGEN (BUY, TP USD35) | More confidence in potential Lenz approval following Mavri update:

Eric Le Berrigaud

NOVARTIS: What's big in Novartis oncology pipeline ? | BUY | CHF115(+43%)

NOVARTIS - BUY | CHF115(+43%) What's big in Novartis oncology pipeline ? Looking for something transformative in oncology Lu-PSMA-617 is great but has to show benefit in earlier lines Filling the gap with combinations

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