Stong H1; guidance on profitability upgraded

Elis has published solid H1 financial results with revenue organic growth at 15.2% and adj. EBITDA margin up 90bps to 33.2%. These results are slightly ahead of consensus' expectations. Management also upgraded the guidance on profitability, with notably adj. EBITDA margin edged up from 33.5% to 33

Robust Q2 results expected; FY2023 guidance might be upgraded

We anticipate positive H1 results, despite the challenging comparison between Q2 and Q1 2023. The recent protests in France have had a minimal impact on tourism nationwide and were negligible for Elis. The hospitality sector is enjoying a robust recovery in 2023, thanks to successful price increase

Bryan, Garnier & Co | ALFEN, DT, TIM, TEF, ETL, COP, ELIS, SGE

Discontinuing Coverage Ahead of Stifel Integration

On June 2, 2025, Stifel Financial Corporation acquired Bryan, Garnier & Co Limited and Bryan Garnier Securities, which have been rebranded to Stifel Europe Limited and Stifel Europe Securities, respectively. Today, August 22, 2025, both entities are being integrated into the Stifel research pla

Discontinuing Coverage

We are discontinuing coverage of the companies listed in the chart below. Our past recommendations on these names should no longer be relied upon.

Alfen: H1 2025 results, mid-term outlook lowered

Alfen published H1 2025 figures yesterday. Revenue came in at EUR211.5m (-13.9% YoY vs. EUR245.7m in H1 2024) mainly with challenging dynamics in EV charging and Energy Storage, while benefiting from favourable base effects in Smart Grids, which was impacted by moistening issues in Q2 2024. This wa