Q1: EBITDA in line, production guidance lowered

Strong margin beat in Q1

TeamViewer AG : Q1 results in line with expectations

>Strong confidence in achieving full year 2024 guidance - Q1 results are overall in line with our and the consensus estimates. Total Billings (goods and services invoiced to customers) are down -1.0% y-o-y to € 174.5m, in line with our estimates of € 174.6m and -3.3% below consensus estimates of € 180.5m respectively, mainly due to a decline of multi-year deals of -€ 6.4m. Revenue came in at € 161.7m, an increase of +6.9% (+9.0% cc) y-o-y which is in line with our an...

Valneva : Disappointing Q1 due to supply constraints – guidance confir...

>Top and bottom line below expectations - Q1 revenues came in 2% lower at € 32.8m (-24% vs cs) with product sales stable at € 32.1m (-21% vs cs). This disappointing performance can mainly be attributed to supply issue for Ixiaro which showed a decline of 5% (-34% vs cs). Dukoral saw sales grow by 10% to € 11.3m (+18% vs cs) underpinned by a recovery in the traveller market. As expected, third-party distribution (-9%, -33% vs Cs) suffered from supply constraints for t...

Zalando : Q1 profits above forecasts, FY 2024 targets confirmed

>GMV and revenue flat in Q1, adjusted EBIT margin up 130bp - In Q1, GMV was up 1% y-o-y to € 3,270m (consensus: € 3,242m, ODDO BHFe: € 3,268m) and sales decreased 1% to € 2,241m (consensus: € 2,262m, ODDO BHFe: € 2,267m), i.e. both were in line with consensus expectations. B2C revenue was down 2% while B2B revenue increased by 13%. Adjusted EBIT came in at € 28m (consensus: € 20m, ODDO BHFe: € 20m) with a margin of 1.3% (up 130bp) thanks to materially lower fulfilment...

Perion Network Ltd: 1 director

A director at Perion Network Ltd sold 2,785 shares at 12.720USD and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...

Gensight Biologics : Augmentation de capital de 9.2 M€

>Visibilité jusqu’à la deuxième partie du T3 2024 - La société annonce la réalisation d’une augmentation de capital de 9.2 M€ via l’émission d’ABSA au prix de 0.395 € par ABSA soit une décote de c. 2%. Le prix d’exercice des BSA est fixé à 0,45 € soit une prime de c. 13%. En cas d’exercice des BSA la dilution serait de c. 37%. Notons que plus de 50% de l’offre a été souscrite par des investisseurs américains dont Armistice Capital et JEA Vision.GenSight envisage...

Uniper : Good results in line with our forecast

>Another strong contribution from the flexible generation activity in Q1 - Uniper released its Q1 results this morning. EBITDA was € 885m (-11%) a shade below our forecast of € 900m (ODDO BHF estimates). EBIT also declined to € 732m (-4%) but was above our forecast at € 710m benefiting from a lower depreciation level. In the end, net income increased to € 570m (+26%) in line with our forecast of € 560m, marked by improved interest income and a low tax rate. By divisio...

Hensoldt AG : Solid order intake but Q1 EBITDA only representing 8% of...

>Solid order intake – EBITDA broadly in line - Q1 2024 came in broadly in line with the consensus estimates with a sluggish start to the year at P&L level and, on the other hand, a dynamic order intake. The importance of Q1 needs to be put into perspective, as the quarter represents only 8% of the expected EBITDA based on the middle of the guidance range. Adjusted EBITDA was up 10.7% to € 33m thanks to favourable project mix effects (ODDO BHF: € 32.3m; compan...

Jungheinrich AG : Q1 24 EBIT 9% below css and EPS down 23% y-o-y, orde...

>Q1 24 EBIT missed expectations (-15% y-o-y), while order intake remains resilient (+1% y-o-y) - Jungheinrich reported Q1 24 order intake up 1% y-o-y to € 1,363m, almost in line with the consensus estimate of € 1,355m and compared to a reported 8% y-o-y decrease at KION's ITS division in Q1 24 (after strong beat in Q4 23). Revenues declined by 1% y-o-y to € 1,274m (css € 1,292m) in Q1 24. The decline in new trucks business (less safety net in terms of order backlog c...

Uniper : Good results in line with our forecast

>Another strong contribution from the flexible generation activity in Q1 - Uniper released its Q1 results this morning. EBITDA was € 885m (-11%) a shade below our forecast of € 900m (ODDO BHF estimates). EBIT also declined to € 732m (-4%) but was above our forecast at € 710m benefiting from a lower depreciation level. In the end, net income increased to € 570m (+26%) in line with our forecast of € 560m, marked by improved interest income and a low tax rate. By divisio...

Hensoldt AG : Solid order intake but Q1 EBITDA only representing 8% of...

>Solid order intake – EBITDA broadly in line - Q1 2024 came in broadly in line with the consensus estimates with a sluggish start to the year at P&L level and, on the other hand, a dynamic order intake. The importance of Q1 needs to be put into perspective, as the quarter represents only 8% of the expected EBITDA based on the middle of the guidance range. Adjusted EBITDA was up 10.7% to € 33m thanks to favourable project mix effects (ODDO BHF: € 32.3m; compan...

Benelux Morning Notes

Adecco: 1Q24 in line; stable trends into 2Q24. Arcadis: Interesting contract in Ontario. NSI: Further comments on the First Sponsor move. Philips: Healthineers reports 2Q24 update. Solvay: Solid 1Q24 EBITDA beat, FY consensus looks rather cautious now

Barco NV: 2 directors

Two Directors at Barco NV bought 136,190 shares at 13.000EUR. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...

Castellum AB: 2 directors

A director at Castellum AB bought 3,633 shares at 126.950SEK and the significance rating of the trade was 42/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...

Thomson Reuters Corp: 4 directors

Four Directors at Thomson Reuters Corp sold 7,686 shares at between 164.400USD and 168.120USD. The significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ov...

Nick Scali: 1 director

A director at Nick Scali bought 25,000 shares at 14.693AUD and the significance rating of the trade was 82/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...

Scandi Standard AB: 3 directors

A director at Scandi Standard AB bought 100,000 shares at 72.250SEK and the significance rating of the trade was 81/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...

Berentzen–Gruppe Aktiengesellschaft : Q1 2024 – Earnings and profitabi...

>Group revenue in line, EBIT margins above estimate - Berentzen reported Q1 2024 revenue of € 40.9m (in line with ODDO BHF) but slightly down y-o-y. The reason for the decline was that 1) the cooperation business with prominent artists in the Non-alcoholic Beverages segment was terminated last year and 2) several high-revenue marketing campaigns were not conducted in the first three months of 2024 due to difficult price negotiations with some key retail partners. The...