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Matthias Desmarais

Oddo’s Week Ahead_Friday 17 May 2019

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Matthias Desmarais

Oddo’s Week Ahead_Vendredi 17 Mai 2019

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Carole Braudeau

Morning Crédit 17/05/2019

Vallourec a publié des résultats en progression et au-dessus des attentes au T1 2019. Les objectifs 2019 sont confirmés  Dia : LetterOne obtient 58.36% du capital et l’accord de 16 créanciers sur 17 Thomas Cook : Feedback de la conférence téléphonique>...

Aurelien Sivignon

Parrot : Q1 sales close to our forecasts - Horizon now owns 62.5% of the capital following the takeover

>Q1 sales: € 17.9m, i.e. -19% y-o-y - This morning, Parrot published its Q1 2019 sales which came in close to our forecasts. Based on the press release and following contact with the company, our takeaways are as follows: Marked negative sales growth in Q1: € 17.9m (vs our forecast of € 16.9m) i.e. -19% y-o-y. Consumer drone sales continued to deteriorate with sales of € 5.7m, i.e. -30% y-o-y (€ 5.1m est.). In a declining market and one which continues to be...

Aurelien Sivignon

Parrot : CA T1 proche de nos attentes - Horizon détient 62.5% du capital à l’issue de l’OPA

>CA T1 : 17.9 M€ soit -19% yoy - Parrot publie ce matin son CA du T1 2019 qui ressort proche de nos attentes. Du communiqué et suite à un contact société, nous retenons les principaux éléments suivants : L’activité du T1 ressort en forte décroissance : 17.9 M€ (nous attendions 16.9 M€e) soit une baisse de 19% yoy. Les ventes de drones grand public continuent de se détériorer avec un CA de 5.7 M€ soit -30% yoy (5.1 M€e). Dans un marché en déclin et toujours ...

Tony Lebon

Oddo convertible news 17/05/2019

New synthetic EB (JPM/Siemens) with a record negative issuance yield>...

Carole Braudeau

Credit Morning 05/17/2019

LetterOne obtained 58.36% of Dia’s capital and the consent of 16 out of 17 creditors. Vallourec published improved results in Q1 19, 2019 targets are confirmed Thomas Cook: Feedback from the conference call>...

Aurelien Sivignon ...
  • Fehmi Ben Naamane
  • Jean Sassus
  • Jean-François Granjon
  • Matthias Desmarais
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 05/17/2019

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Oussema Denguir ...
  • Pierre Corby

Zealand Pharma : Substantial newsflow for the next twelve months

>Q1 2019 results - Zealand Pharma yesterday afternoon reported its financial results for Q1 2019. No sales recorded over the period (after the sale of the rights for Soliqua and Lyxumia to Royalty Pharma last September), the operating loss widened to DKK 136m (vs -DKK 88m in Q1 2018) underscoring the decline in revenues and the rise in opex (R&D +36% to DKK 121m; +80% SG&A to DKK 14.5m) which reflects the progress of the development of the various molecules in its pip...

Jean-François Granjon

Vallourec : Confirmed acceleration in the recovery – top-quality numbers

>Q1 2019 earnings release - Vallourec’s Q1 2019 figures beat our expectations. Sales came in at € 1.025bn (€ 917.8m estimated) vs € 862m, an increase of 19% and 17% on constant currencies. EBITDA, meanwhile, amounted to € 67m (€ 47.6m estimated) vs -€ 5m, confirming the return to positive EBITDA for the fourth quarter in a row. The EBITDA margin thus came in at 6.5% (vs -0.6%). Underlying operating profit came to -€ 19m (-€ 42.4m estimated) vs -€ 130m, a sharp improve...

Manuel Martin

ODDO BHF GERMAN MORNING NEWS – DETAILED COMMENTS 05.17.2019

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Aurelien Sivignon ...
  • Fehmi Ben Naamane
  • Jean Sassus
  • Jean-François Granjon
  • Matthias Desmarais
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 17/05/2019

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Oussema Denguir ...
  • Pierre Corby

Zealand Pharma : Du newsflow d’importance pour les 12 prochains mois

>Résultats T1 2019 - Zealand Pharma a publié hier après-midi ses résultats au titre du T1 2019. Sans CA enregistré sur la période (après la cession des droits de Soliqua et de Lyxumia à Royalty Pharma en septembre dernier), la perte opérationnelle se creuse à 136 MDKK (vs -88 MDKK au T1 2018) soulignant à la fois la baisse des revenus ainsi que l’augmentation des Opex (R&D +36% à 121 MDKK ; +80% SG&A à 14.5 MDKK) qui traduit l’avancement du développement des différent...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2019

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Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/05/2019

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Bruno Cavalier

From a trade war to a currency war?

Since Donald Trump announced on 5 May a 15pt hike in trade tariffs on $ 200bn of Chinese imports in the US, the yuan has depreciated against the dollar. This is logical as making imports more expensive reduces demand for foreign currencies (dollar supply). If the FX rates were completely free, the Chinese yuan could exceed the 7 mark, and even approach the 8 mark in the event of the hike in trade tariffs being extended to all Chinese imports. If the PBOC is unwilling (or unable) ...

Jean-François Granjon

Vallourec : Confirmation de l’accélération de la recovery – Publication d’excellente facture

>Publication des résultats du 1er trimestre 2019 - Au titre du 1er trimestre, Vallourec publie des résultats supérieurs à nos attentes. Le CA ressort à 1 025 M€ (917.8 M€ estimés) vs 862 M€ en hausse de 19% et de 17% à changes constants. L’EBITDA ressort pour sa part à 67 M€ (47.6 M€ estimés) vs -5 M€ confirmant le retour à un EBITDA positif pour le 4ème trimestre consécutif. La marge d’EBITDA ressort ainsi à 6.5% (vs -0.6%). Le ROC atteint -19 M€ (-42.4 M€ estimé) vs...

Benoit Valleaux

Generali : Solid insurance technical profitability

>Strong premium growth in Q1 - Generali posted premiums of € 18.9bn in Q1 2019, up 6.6% on l-f-l, beating expectations. Premiums increased by 8.5% on l-f-l in life insurance, with strong growth in savings products (+18.4%), thanks to Italy, China and France, and solid growth in sales of protection products (+6.5%), while sales of unit-linked contracts declined by 12%. The life insurance new business margin declined slightly, affected by this shift in the product mix, ...

Alfred Glaser ...
  • Delphine Brault

Alstom : Revision to our forecasts following full-year results. Target price lifted from € 42.50 to € 44.50

>Results were in line, FCF a shade light, solid dividend at € 5.50 - The group reported a P&L that was very much in line with forecasts (orders of € 12.1bn, sales € 8.1bn, adjusted EBIT of € 570m (margin of 7.1%) and net income of € 681m) and its full-year guidance (“sales of around € 8bn, margin of around 7%”). The backlog stood at € 40.5bn, an all-time high. Whilst FCF (€ 153m) came in below forecasts it included non-recurring elements (costs of the Siemens/Alstom p...

Louis Boujard ...
  • Philippe Ourpatian

EDP : Q1 2019 marked by tough operating conditions

>Buy rating and target price of € 4.0 maintained - Following the publication of Q1 2019 performances, which were in line with our estimates, we maintain our Buy recommendation and our target price of € 4.0. It is based on the average between a DCF valuation (€ 4.04 with a WACC of 4.65% and unchanged perpetual growth of 1.20%) and a sum-of-the-parts valuation (€ 3.97). At our target price, the enterprise value multiples reflect a premium of just 8% compared to the hist...

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