• TickerHLE
  • ISINDE000A13SX22
  • SectorAutomobiles & Parts
  • CountryGermany

Analysts

Harald Eggeling

Hella GmbH & Co. KGaA : Downgrade to Reduce on a likely pronounced EBIT margin decline in 2019-20e

>We expect full-year 2018-19e adj. EBIT 3% ahead of consensus - We expect Hella to report above-consensus 2018-19e results on 09 August as we believe group sales growth held up in Q4 2018-19e despite a challenging market environment in automotive and also because cost management measures initiated earlier this year should still have supported automotive earnings. For the full year 2018-19e we estimate group sales of € 7,025m (+5% yoy organic) in line with consensus (...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

François Maury ...
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Jerôme Bodin
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/04/2019

Following a change in the analyst covering Getlink, we confirm our Buy recommendation on the stock with a target price lifted from € 11.9 to € 17. While the fundamental valuation (€ 14) is close to the current share price with, in addition, a risk in the event of a hard Brexit (worst-case valuation of € 12), the presence in Getlink’s capital of Atlantia (15%) and Eiffage (5%) justifies a speculative premium of at least 20% as these two groups are not set to remain minority shareholder...

François Maury ...
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Jerôme Bodin
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/04/2019

Suite à un changement d'analyste, nous confirmons la recommandation Achat sur Getlink avec un objectif de cours relevé de 11.9 € à 17 €. Si la valorisation fondamentale (14 €) est proche du cours actuel avec en outre un risque en cas de hard Brexit (worst case à 12 €), la présence au capital d’Atlantia (15%) et d’Eiffage (5%) justifie une prime de spéculation d'au moins 20%, ces deux sociétés n’ayant pas vocation à rester minoritaires. Cf. étude publiée hier soir. - ...

MarketLine Department

OSRAM Licht AG - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's OSRAM Licht AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by OSRAM Licht AG since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highl...

Harald Eggeling

Hella GmbH & Co. KGaA : Downgrade to Reduce on a likely pronounced EBIT margin decline in 2019-20e

>We expect full-year 2018-19e adj. EBIT 3% ahead of consensus - We expect Hella to report above-consensus 2018-19e results on 09 August as we believe group sales growth held up in Q4 2018-19e despite a challenging market environment in automotive and also because cost management measures initiated earlier this year should still have supported automotive earnings. For the full year 2018-19e we estimate group sales of € 7,025m (+5% yoy organic) in line with consensus (...

François Maury ...
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Jerôme Bodin
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/04/2019

Following a change in the analyst covering Getlink, we confirm our Buy recommendation on the stock with a target price lifted from € 11.9 to € 17. While the fundamental valuation (€ 14) is close to the current share price with, in addition, a risk in the event of a hard Brexit (worst-case valuation of € 12), the presence in Getlink’s capital of Atlantia (15%) and Eiffage (5%) justifies a speculative premium of at least 20% as these two groups are not set to remain minority shareholder...

François Maury ...
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Jerôme Bodin
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/04/2019

Suite à un changement d'analyste, nous confirmons la recommandation Achat sur Getlink avec un objectif de cours relevé de 11.9 € à 17 €. Si la valorisation fondamentale (14 €) est proche du cours actuel avec en outre un risque en cas de hard Brexit (worst case à 12 €), la présence au capital d’Atlantia (15%) et d’Eiffage (5%) justifie une prime de spéculation d'au moins 20%, ces deux sociétés n’ayant pas vocation à rester minoritaires. Cf. étude publiée hier soir. - ...

Fehmi Ben Naamane ...
  • Harald Eggeling
  • Johanna Jourdain
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/28/2018

Given the differential between reported cashflows and cashflows really controlled, top management are going to have to offload the least cash-generative assets and reallocate capital. Following the steep drop in our stock sample’s share prices, we think it is (high) time to take up positions again in order to play the asset rotation theme. HeidelbergCement replaces CRH as our Top Pick. Cf. sector report published today. - ...

Fehmi Ben Naamane ...
  • Harald Eggeling
  • Johanna Jourdain
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/09/2018

Face au différentiel entre les cash-flows publiés et réellement « contrôlés », la mission du management des sociétés consistera à se délester des actifs les moins générateurs de cash et à réallouer les capitaux. Après la forte baisse de notre échantillon de valeurs en Bourse, nous pensons qu’il est temps de se repositionner pour jouer les rotations d'actifs. HeidelbergCement remplace CRH comme Top Pick. Cf. étude publiée ce jour. - ...

MarketLine Department

OSRAM Licht AG - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's OSRAM Licht AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by OSRAM Licht AG since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highl...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

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