Oddo BHF - Amadeus IT Group SA Class A (AMS) Amadeus IT Group : La bonne performance d’Air Distribution permet de compenser le trou d’air dans les Paiements

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Oddo BHF

Nicolas David ...

Yan Derocles

Amadeus IT Group : La bonne performance d’Air Distribution permet de compenser le trou d’air dans les Paiements

>CA T3 en ligne malgré les activités de Paiements - Amadeus a publié hier un CA T3 de 1548 M€, en croissance de 11% y/y, en ligne avec les attentes du consensus grâce à des revenus Air Distribution 2% au-dessus des attentes, et ce, grâce à des bookings très solides : croissance de 4.4% y/y vs Css : c. +3%. Hors impact du push Direct Connect et de l’effet calendaire défavorable en Amérique du Nord, la croissance aurait été de 7.9% y/y. Cette bonne performance est compe...

08/11/2024 1 FR

Underlying

Amadeus IT Group SA Class A

Amadeus is a transaction processor for the global travel and tourism industry. Co. provides transaction processing power and technology solutions to both travel providers (including full service carriers and low-cost airlines, hotels, rail operators, cruise and ferry operators, car rental companies and tour operators) and travel agencies (both online and offline). Co. acts both as a worldwide network connecting travel providers and travel agencies through a processing platform for the distribution of travel products and services (through the Distribution business), and as a provider of a portfolio of IT solutions which automate certain business processes (through the IT solutions business).

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ES0109067019 Madrid Stock Exchange Spain

Provider

Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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Analysts

Nicolas David

Yan Derocles

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Oddo BHF

Amadeus IT Group : Good Air Distribution performance offsets temporary weakness in Payments

>Q3 revenues in line despite Payments activities - Amadeus yesterday reported Q3 revenues of € 1,548m, up 11% y-o-y, in line with the consensus thanks to Air Distribution revenues that were 2% higher than expected, thanks to very solid bookings: growth of 4.4% y-o-y vs css at c. +3%. Excluding the impact of the Direct Connect push and the unfavourable calendar effect in North America, growth would have been 7.9% y-o-y. This good performance was offset by weaker-than-e...

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AMADEUS: 3Q’24 RESULTS AND T.P. UPGRADE (ANÁLISIS BANCO SABADELL)

3Q'24 vs. 3Q'23 Results Sales: € 1.548 Bn (+11.0% vs. +11.4% BS(e) and +11.4% consensus); EBITDA: € 603.0 M (+10.1% vs. +9.7% BS(e) and +9.0% consensus); Net Profit: € 344.0 M (+9.0% vs. +8.7% BS(e) and +5.9% consensus); 9M'24 vs. 9M'23 Results Sales: € 4.6 Bn (+12.6% vs. +12.7% BS(e) and +12.7% consensus); EBITDA: € 1.806 Bn (+13.3% vs. +13.2% BS(e) and +13.0% consensus); Net Profit: € 1.026 Bn (+18.4% vs. +18.3% BS(e) and +17.2% consensus);

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Heidelberg Materials : Optimisation and more sustainable products

>Feedback on Q3 2024 results - Our comments on the group’s Q3 2024 results are available in the flash of 7 November (Nothing special to report on Q3). Our key takeaways from the conference call are as follows. Management unveiled a savings and optimisation plan, Transformation Accelerator, worth € 500m from 2025-2026. In our view, this programme will be driven mainly by the restructuring/closure of some European cement plants and the ramp-up of the sustainable produc...

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Roy Külter ... (+2)

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EuroCommercial : Q3 2024 results: a slightly higher FY2024 guidance on the back on continued strong operational performance

>Outlook increased; underlying metrics remain strong as expected - FY2024 guidance of €2.35 to €2.40 Direct investment result per share, today stated to be at the upper end of this earlier stated guidance .Like-for-like rental growth of +3.8% (H1 2024: 4.5%), mainly due to rental indexation and higher turnover rent.Rent uplifts from renewals were +4.0% (H1 2024: 2.5%), supported by like-for-like retailer sales of +2.3% (H1 2024: +1.8%) and footfall up +1.2% ...

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Leonardo : Strong action in Aerostructures would favour a further re-rating

>Robust Q3 2024 results driven by defence - Leonardo yesterday reported robust Q3 2024 results that beat expectations across the board, though the contribution of a quarter that has represented just 18% of full-year EBITA on average over the last 10 years should be seen in perspective. EBITA came in 14.3% ahead of expectations at € 263m (+22.9%) on sales of € 4,091m (+21.2%), giving a margin of 6.4% (+10bp). The gap with our estimates stems solely from the defence act...

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Amadeus IT Group : La bonne performance d’Air Distribution permet de compenser le trou d’air dans les Paiements

Amadeus IT Group : Good Air Distribution performance offsets temporary weakness in Payments

AMADEUS: 3Q’24 RESULTS AND T.P. UPGRADE (ANÁLISIS BANCO SABADELL)

Heidelberg Materials : Optimisation and more sustainable products

EuroCommercial : Q3 2024 results: a slightly higher FY2024 guidance on the back on continued strong operational performance

Leonardo : Strong action in Aerostructures would favour a further re-rating

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