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Paul de Froment ... (+3)
  • Paul de Froment
  • Sebastián Marroquin Mérida
  • Thomas Mordelle

HydrogenPro: Awaiting deliveries to Salzgitter and additional orders

Today, HydrogenPro reported Q1 2024 results which reflect slower activity than in previous quarters, with revenue of just NOK4m in Q1 2024 vs NOK83m in Q1 2023, NOK127m in Q4 2023 and cons. at NOK11m. As expected, revenues were impacted by the transition from the completion of ACES (US) and prepara

Bruno Duclos ... (+3)
  • Bruno Duclos
  • Eva Olejniczak
  • Stéphane Afonso
ABGSC Renewable Energy Research ... (+3)
  • ABGSC Renewable Energy Research
  • Haakon Amundsen
  • Stian Wibstad

Delivering in a difficult market

Q1 numbers basically spot-on estimates. Targets maintained and supported by solid visibility bridge. Stick to BUY, TP of NOK 11 (10).

Delphine Brault ... (+2)
  • Delphine Brault
  • Quentin Borie

Geberit AG : Q1 brings an upward surprise, notably at the activity lev...

>Q1 2024: a limited decline in sales (-1.4% l-f-l) and the margin - The group reported this morning Q1 results above forecasts. Sales were down 1.4% at constant forex (consensus -4.0%). The group stated that volumes had fallen by 2%, while price hikes contributed around 1% to growth. Above all, it indicated that this stronger resilience than expected in sales is largely due to restocking at wholesalers, while demand remains clearly down. The EBITDA margin reached 32.8...

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Alexander Krämer
Stephane Beyazian ... (+2)
  • Stephane Beyazian
  • Sven Edelfelt

Bouygues : Comme un T1 sans grande surprise

>CA 2% vs consensus et ROCA inférieur aux attentes - Bouygues a publié ce matin un CA T1 2024 en hausse de 2.6% dont +3.6% lfl, en ligne avec les attentes du consensus (+1.4%e). La croissance du CA ressort à 3.2% lfl dans la construction et les services (vs +3.8% lfl chez Vinci) tirée par Colas (+2.2% lfl) et Bouygues Construction (+6.8% lfl) alors que l’immobilier (-16% lfl) est négatif. Bouygues Telecom affiche une baisse de 2%. L’EBITDA ressort en baisse de 5....

 PRESS RELEASE

NORBIT - Shares of NORBIT ASA trading ex-dividend of NOK 2.55 today

NORBIT - Shares of NORBIT ASA trading ex-dividend of NOK 2.55 today Trondheim, 7 May 2024: From 7 May 2024, the shares of NORBIT ASA will be traded ex dividend of NOK 2.55 per share. Record date is 8 May 2024 and payment is expected on or about 16 May 2024. For more information, please contact:Per Jørgen Weisethaunet, CEO, Per Kristian Reppe, CFO, About NORBIT ASANORBIT is a global provider of tailored technology to selected applications, solving challenges and promoting sustainability through innovative solutions, in line with its mission to Explore More. The company is structured ...

 PRESS RELEASE

QVC Signs Multi-Year Contract Extensions with SES in Germany and the U...

LUXEMBOURG--(BUSINESS WIRE)-- Home shoppers across Germany, Austria and Switzerland as well as the United Kingdom and the Republic of Ireland will continue to receive an immersive, high-quality in-home shopping experience as QVC Germany and QVC UK have extended their partnerships with SES in multi-year agreements. For QVC Germany, the extension secures capacity on SES’s prime neighbourhood at the 19.2 degrees East for QVC HD, QVC2 HD and QVC Style HD channels. For QVC UK, the extension secures capacity over SES’s 28.2/28.5 degrees East satellites for QVC HD, QVC Style HD, QVC Beauty and QVC ...

ABGSC Financials Research ... (+4)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland
  • Patrik Brattelius

Tougher to collect in Northern Europe

Cash EBITDA -20%/-15% vs. ABG/consenus, margins 62% which filter into poor EBIT -25%/-22% vs ABG/cons. ERC down 2% q-o-q = cons down 3-10% = stock down -7-13%.

ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson
 PRESS RELEASE

Press release: Following a court decision, Orange announces the withdr...

Press release: Following a court decision, Orange announces the withdrawal of the resolution due to be submitted to the AGM regarding the appointment of the employee shareholders representative to the Board of Directors Press releaseParis, 7 May 2024 Following a court decision, Orange announces the withdrawal of the resolution due to be submitted to the AGM regarding the appointment of the employee shareholders representative to the Board of Directors The Board of Directors of Orange met today to consider the implications of the decision rendered on 3 May by the Commercial Court of Nant...

 PRESS RELEASE

Communiqué : Orange annonce le retrait, à son assemblée générale du 22...

Communiqué : Orange annonce le retrait, à son assemblée générale du 22 mai, de la résolution 7 visant à la désignation d’un administrateur représentant les salariés actionnaires, à la suite d’une décision de justice Orange annonce le retrait, à son assemblée générale du 22 mai, de la résolution 7 visant à la désignation d’un administrateur représentant les salariés actionnaires, à la suite d’une décision de justice Le Conseil d’administration d’Orange s’est réuni ce jour pour examiner les suites à donner au jugement rendu le 3 mai par le Tribunal de commerce de Nanterre qui a annulé le...

 PRESS RELEASE

Aktietilbagekøb i Spar Nord Bank – transaktioner i uge 18

Aktietilbagekøb i Spar Nord Bank – transaktioner i uge 18          Selskabsmeddelelse nr. 32          Spar Nord offentliggjorde i selskabsmeddelelse nr. 10 2024 et aktietilbagekøbsprogram på op til 500 mio. kr. Aktietilbagekøbet blev indledt 12. februar 2024. Aktietilbagekøbet sker med henblik på at nedsætte bankens aktiekapital med de under programmet købte aktier, og foretages i henhold til EU-Kommissionens forordning nr. 596/2014 af 16. april 2014 (”Markedsmisbrugsforordningen”). Under aktietilbagekøbsprogrammet er der i foregående ugegennemført følgende transaktioner:  Antal Ak...

 PRESS RELEASE

Share buybacks in Spar Nord Bank – transactions in week 18

Share buybacks in Spar Nord Bank – transactions in week 18    Company announcement no. 32  In company announcement no. 10 2024, Spar Nord announced a share buyback programme of up to DKK 500 million. The share buyback was initiated on 12 February 2024. The purpose of the share buyback is to reduce the bank’s share capital by the shares acquired under the programme, and the programme is executed pursuant to Regulation (EU) No 596/2014 of 16 April 2014 (“Market Abuse Regulation”). In last week the following transactions were made under the share buyback programme.  Number of sharesAverage p...

Sharad Kumar S.P
  • Sharad Kumar S.P

Whitestone Group Model Update: Portfolio Progress + Multifin Deal Just...

Whitestone reported its full year results on 29th April 2024 which showed that NAV had grown by a healthy 10.3% (to €14.3ps) which was mainly driven by growth of portfolio companies and the deal with Multifin SA. The deal brought in new assets into the portfolio and as a result, Whitestone Group reshuffled its portfolio and now reports under 3 main platforms namely “Specific Materials”, “SMEs” and “Energy Transition”. Added to this, the group also bought a 10.0% stake in Tilman Laboratory (herba...

Valens Research
  • Valens Research

WDC - Valens Credit Report - 2024 05 07

Cash bond markets are overstating credit risk with a YTW of 6.821% relative to an Intrinsic YTW of 5.461% and a CDS of 183bps relative to an Intrinsic CDS of 80bps. Furthermore, Moody's is overstating WDC's fundamental credit risk with its Baa3 credit rating two notches below Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As a positive, management members have low change-in-control compensation relative to their annual compe...

ABGSC Chemicals Research ... (+3)
  • ABGSC Chemicals Research
  • Henric Hintze
  • Lara Mohtadi
Oscar Haffen Lamm
  • Oscar Haffen Lamm

Valneva: reports Q1, full year guidance reiterated

Valneva reported its Q1 2024 results where revenues came in at EUR 32.8m (vs css EUR 43.1m), including product sales of EUR 32.1m, driven by Ixiaro (EUR 16.6m, -4.8%), Dukoral (EUR 11.3m, +10.3%), and third party products (EUR 4.1m, -8.9%). The decrease in Ixiaro sales is mainly attributed by the s

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