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Harald Eggeling

Hella GmbH & Co. KGaA : Title

>Faits - Style texte paragraphe Never delete this cell- Never delete this cell- Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell- Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete th...

Matthias Desmarais

Oddo’s Week Ahead_Friday 22 March 2019

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Matthias Desmarais

Oddo’s Week Ahead_Vendredi 22 Mars 2019

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Bruno Cavalier

The US yield curve puzzle

Three months ago, when the Fed had plans to continue hiking its key policy rates, a frequent concern was that this monetary policy would reverse the yield curve and, as a result, trigger a recession. Since then, the Fed has become as accommodating as possible by abandoning rate hikes and not reducing its balance sheet much further. However, the curve is flatter today than in December and a larger portion is even inverted. Has the risk of US recession increased? This is the conclu...

Jeremy Garnier ...
  • Nicolas Thorez

Esker : Une marge S2 (une nouvelle fois) freinée - Une structure qui demeure au service de la croissance sur 2018 et 2019

>ROC de 11.6 M€ (vs 12.9 M€e), soit une MOP de 13.4% (-10 pb) - Esker a publié hier soir des résultats annuels globalement en dessous de nos attentes. Pour un CA déjà publié de 86.9 M€ (+16% lfl), le ROC ressort à 11.6 M€ (vs Oddo 12.9 M€e), soit une Moc de 13.4% (comparée à une marge normative de c.15%). A l’instar de 2017, la Moc du S2 est à nouveau sous pression à 11.3%, et n’a donc pas profité d’un effet de base favorable (Moc S2 2017 = 11.3%) et masque de nouveau...

Anis Zgaya ...
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Geoffroy Michalet
  • Jeremy Garnier
  • Louis Boujard
  • Nicolas Thorez
  • Philippe Ourpatian

ODDO BHF Small & MIDCAP MORNING NEWS - 03/22/2019

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Carole Braudeau

Credit Morning 03/22/2019

Trafigura perpetual bonds may be offered to Nyrstar bondholders as part of the debt restructuring Wind Tre: clear quarterly improvement in EBITDA trend in 4>...

Tony Lebon

Oddo convertible news 22/03/2019

Trafigura perpetual bonds may be offered to Nyrstar bondholders as part of the debt restructuring>...

Nicolas Thorez

Netgem : FY results under pressure – significant underlying operating profit erosion in a still difficult context for IPTV

>UOP down 63% to € 2.3m (vs € 2.9m est.), -5pt for the UOM - Netgem this morning published results in line with what we expected. As expected, for a gross margin down 23%, and as anticipated in our preview, underlying operating profit fell 63% to € 2.3m (vs € 2.9m est.), de facto implying a sharp contraction in the underlying operating margin of just over 5 points to 5.6%. Some exceptional items (i.e. integration in earnings of a share post1edilution by the capital inc...

Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/22/2019

The 2011-2012 crisis threatened the PSA group’s very existence, forcing it to adopt a frugal approach to investment that is now part of its DNA. This keeps the organisation under pressure and forces all projects to prove their profitability. This discipline leads the group to be selective in its choices, use partnerships and the integration of Opel as levers, and focus on flexibility, without sacrificing its future prospects. The group’s renewed financial health gives it considerable ...

Geoffroy Michalet

Tikehau Capital : Analyst feedback: ongoing shift towards alternative asset management

>2018 - progress on many fronts - For Tikehau, the year just ended was a busy one in many respects: transformation of the model, development of the structure, stepped up sales efforts and acquisitions.Growth in assets under management (organic and acquisitions) and 2022 guidance - Tikehau Capital announced assets under management (AUM) of € 22.0bn, a record increase of +€ 8.2bn:€ 5.5bn in AUM acquired (€ 5.1bn for Sofidy in property and € 0.4bn f...

Carole Braudeau

Morning Crédit 22/03/2019

Des obligations perpétuelles Trafigura pourraient être offertes aux porteurs d’obligations Nyrstar dans le cadre de la restructuration de dette Wind Tre: nette amélioration séquentielle de la tendance d'EBITDA au T4 2018>...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Remy Cointreau : Stabilisation in cognac growth as of Q4

>Reduce recommendation due to tight restrictions on supply and the risk of a slowdown in demand - The major cognac operators have published double-digit performances, notably in Asia, a pace which we think will be difficult to sustain in the short and medium term for three main reasons: 1/ Cognac supply is limited due to the maximum utilisation of the vineyards (recent extensions will take eight years to produce cognac), the marked increase in demand over the past fou...

Jeremy Garnier

Agta Record : 2018 results broadly in line with our forecasts excluding exceptional items

>Adjusted EBITDA up 9.4% to € 59.6m (vs € 60m est.) - Agta Record yesterday evening published its 2018 annual results, which were affected by the booking of a provision for an exceptional bonus of € 8.9m in payroll costs, relating to the plan to sell the majority block of shares held by Agta Finance. Like-for-like, results were broadly in line with our estimates. On revenues up 2.3% (+3.7% l-f-l), already reported, adjusted EBITDA showed growth of 9.4% to € 59.6m (vs ...

Anis Zgaya ...
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Geoffroy Michalet
  • Jeremy Garnier
  • Louis Boujard
  • Nicolas Thorez
  • Philippe Ourpatian

ODDO BHF Small & MIDCAP MORNING NEWS - 22/03/2019

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Nicolas Thorez

Netgem : Résultats FY sous pression – Erosion importante de la MOC dans un contexte toujours difficile sur l’IPTV

>ROC en baisse de 63% à 2.3 M€ (vs 2.9 M€e), -5 pt sur la MOC - Netgem publie ce matin des résultats conformes à ce que nous attendions. Sans surprise, pour une marge brute en baisse de 23%, et comme anticipé dans notre preview, le ROC recule de 63% à 2.3 M€ (vs 2.9 M€e), et implique de facto une contraction importante de la MOC d’un peu plus de 5 pt à 5.6%. Quelques éléments exceptionnels (i.e. intégration dans le résultat d’une quote part post-dilution de l’AK pour ...

Jeremy Garnier ...
  • Nicolas Thorez

Esker : A H2 margin (once again) curbed- A structure that remains at the service of growth in 2018 and 2019

>Underlying op. profit of € 11.6m (vs € 12.9m), i.e. an op. margin of 13.4% (-10bp) - Yesterday evening, the group reported 2018 results shy of our forecasts. For sales already reported of € 86.9m (+16% l-f-l), underlying operating profit came in at € 11.6m (vs Oddo BHF’s estimate of € 12.9m), i.e. an underlying operating margin of 13.4% (compared with a normative margin of c.15%). Like 2017, the H2 underlying operating margin was under pressure again at 11.3%, and th...

Christophe-Raphaël Ganet

Vetoquinol : Feedback from analysts’ meeting: a solid trajectory but less upside in the short term

>2019: a year at cruising speed? - From the meeting, we retain the following points:1- Sales guidance: no official guidance but we understand that 2019 sales up +3/5% on an organic basis would be a legitimate target given growth in the animal health market (around +4% with significantly diverging trends by region as Europe, which accounts for almost 50% of Vétoquinol’s sales, is forecast up 1.5%-2%e due to measures targeting the limiting of antibiotic use,  unli...

Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/03/2019

Imposée par la crise existentielle subie en 2011/12, la frugalité en termes d’investissement fait désormais partie de l’ADN du groupe PSA. Elle garde ainsi l’organisation sous tension et force tous les projets à démontrer leur rentabilité. Cette discipline conduit le groupe à rester sélectif dans ses choix, utiliser le levier des partenariats et de l’intégration d’Opel et privilégier la flexibilité, sans faire d’impasse préjudiciable à son avenir. Sa santé financière retrouvée lui don...

Harald Eggeling ...
  • Manuel Martin
  • Thomas Effler

ODDO BHF GERMAN MORNING NEWS – DETAILED COMMENTS 03.22.2019

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