Aveva Group is a holding company. Through its subsidiaries, Co. is engaged in the licensing of the rights to use its software products directly to end users and to a lesser extent indirectly through resellers. Co.'s services consist primarily of consultancy, implementation services and training, and are performed under separate service arrangements. Co.'s products are most applicable in industries that include Oil and Gas, Marine, Power, Petrochemical and Chemical, and other markets such as AEC Fabrication, Paper and Pulp, Mining and Pharmaceuticals.
Basler develops, manufactures and sells machine vision technology. Co. provides line scan cameras and area scan cameras, as well as network cameras. Co.'s cameras are used in a diverse range of industries. They are used in industrial production applications like electronics and semiconductor inspection, in robotics, food control, postal sorting and in print image control. In the medical sector, Co.'s cameras are used in many different tasks, such as microscopy, ophthalmology, and blood or specimen analysis. Co.'s cameras are also fit optimally for the traffic and transportation sector, as well as for the surveillance sector.
Dassault Systemes provides software products & consulting services. Co.'s software applications allow businesses to digitally define, simulate products, the processes & resources required to manufacture, maintain & recycle them. Co. also provides services, principally to large customers. These services comprise mainly consulting services in methodology for design, deployment & support, training services & engineering services. Co.'s activities can be divided into two segments: the PLM market supports product development, production, maintenance & lifecycle management; & the Mainstream 3D market, which is primarily focused on product design.
ESI Group is engaged in researching, developing, designing, creating and distributing computer software; and acquiring, receiving, holding, managing and trading in a portfolio of securities, especially in fields related to the publishing of scientific software, including digital simulation software for prototyping and manufacturing processes and related decision-making support tools.
HMS Networks AB (HMS) is a Sweden-based company engaged in the provision of communication technology for industrial automation. The Company provides solutions to connect industrial devices to networks and products enabling interconnection between different industrial networks. The Company's products are classified into two brands, namely Anybus and Netbiter. HMS, under the brand name Anybus, manufactures and markets intelligent communication technology for machines and electrically controlled equipment. Under the brand name Netbiter it develops and sells communication equipment that facilitates remote management through the Internet, either via the fixed telephony network or the mobile telephony network. The Company operates through numerous subsidiaries, including HMS Industrial Networks AB, IXXAT GmbH, a supplier of communication technology for industrial automation, machine manufacturing and the automotive industry, as well as eWON SA.
TKH Group creates and supplies Telecom, Building and Industrial Solutions. Telecom Solutions develops, produces and supplies systems ranging from outdoor infrastructure for telecom and CATV networks through to indoor home networking applications. Building Solutions develops, produces and supplies solutions in the field of electro-technology ranging from applications within buildings through to technical systems that - combined with software - provide solutions for the care and security sectors. Industrial Solutions develops, produces and supplies solutions ranging from specialty cable, "plug and play" cable systems through to integrated systems for the production of car and truck tires.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
The Q4 results were strong across the board, which has led us to raise our 2023–2024e EPS by 10%. We still believe HMS Networks can 1) overcome investor concerns on order deterioration for 2023e; 2) raise its medium-term financial targets; and 3) add ~27% to our base-case EPS forecast through M&A. Also, in our view, its strong execution at a 36% ROCE and pure automation growth exposure warrant high valuation multiples. As the company will see tougher YOY comparables for H1, while its share price has rallied 30%+ in the past month, we see limited upside for now. Thus, we have downgraded to HOLD...
The Board of HMS Networks AB (publ) has resolved to exercise authorization to repurchase shares Based on the authorization granted by the Annual General Meeting on April 21, 2022, the Board of Directors of HMS Networks AB (publ) ("HMS") has resolved to repurchase own shares in the company on Nasdaq Stockholm. Repurchase of the company’s own shares shall be carried out in a repurchase program with the purpose of securing HMS’ obligations to deliver performance shares according to HMS’ Share Saving Plan 2023-2026. The repurchases may commence on January 26, 2023 and will take place on one or...
Entry into the processing software segment comfort us in the ability of Basler to strenghten even more its fundamentals in the Medium Term. Realistic comments from the CFO on the economic outllook during our roadshow in Paris lead us to adopt a slightly more cautious stance on (i) short-term outlook in terms of sales and margins while we remain confindent on the FY25 EUR400m sales guidance. However, we reiterate our NEUTRAL rating as we see no upside catalyst in end FY22e,. Our DCF valuation now points to a EUR29 TP (vs EUR33).
We downgrade our rating to Neutral from Buy and have cut our DCF-derived target price to CHF58 from CHF118 - with very limited upside potential - following the profit warning announced on 13th October. We have slashed our adj. EPS estimates by 18-28% over 2022-2025, and have been more conservative in our medium-term assumptions and WACC. In this context of absence of economic visibility, banks think twice before investing in a transformation project, thus translating into lenghtened decision cycles – notwithstanding poor sales execution during the last few months. Finally, while share price pe...
We view inflation as a catalyst to accelerate outsourcing and bring people back to office. In this context, Facility Management companies have proven pricing power and they have demonstrated their capacity in cutting costs. Based on our analysis, we confirm our positive outlook for guidance on FY 2022 margins and a potential improvement in 2023. We continue to prioritize Compass, ISS and Elis in our coverage
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