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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 ...
HEIDELBERG PHARMA (BUY, TP EUR12) | Successful private placement highlights specialists’ interest :
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
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
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
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 ?
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
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
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
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?
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
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
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
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
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
BIONTECH (NEUTRAL, TP USD206) | Executing on the commitment to aid the developing countries :
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
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
HUMANIGEN (BUY, TP USD35) | More confidence in potential Lenz approval following Mavri update:
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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