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    Yan Derocles

    Senior Equity Analyst at ODDO BHF

    Yan Derocles is a Senior Equity Analyst at ODDO BHF, specializing in the European aviation and transportation sectors with deep coverage of companies such as Air France-KLM, Deutsche Lufthansa, Ryanair, and RENK Group. He is recognized for his timely investment calls, notably upgrading Lufthansa to 'Outperform' with strong returns tied to industry recovery, and has maintained a consistent presence in research with actionable insights, although specific performance metrics or ranking data are limited publicly. Derocles has built his career at ODDO BHF over recent years, regularly publishing reports and leading sector analysis, and previously held similar analytical roles in European brokerage and finance. While formal regulatory credentials and securities licenses are not publicly listed, his position as an established analyst at ODDO BHF indicates significant expertise and professional standing in equities research.

    Yan Derocles's questions to HNSDF leadership

    Yan Derocles's questions to HNSDF leadership • Q1 2025

    Question

    Asked about the company's sensitivity to a potential German defense budget increase and the key areas of interest, and also inquired about any discussions regarding Leonardo's stake with the new German government.

    Answer

    A German budget increase would first lead to more volume on existing contracts, followed by new programs. Key areas for Hensoldt are air defense, vehicles, and software-defined defense (SDD). Regarding Leonardo's stake, it has been quiet as Leonardo is focused on other topics. Hensoldt is focused on its own delivery and strategy, feeling well-positioned to lead in the European defense ecosystem regardless of shareholder structure.

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