Adyen Q1 trading update offers no surprise

Adyen reported robust net revenue growth in Q1 2024 at +21% Y/Y, bang in line with market expectations. The unchanged guidance (low-to-high twenties' growth / >50% EBITDA margin in FY2026e) and macroeconomic environment do not call for an upward estimates revision: we stick to our +22% growth fo

GlucoTrack Inc: 1 director

A director at GlucoTrack Inc bought 182,540 shares at 1.260USD and the significance rating of the trade was 50/100. 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 clearl...

Orange : Equilibrium to be restored. Downgrade to Neutral

>France: market in need of rebalancing and the risk of a return of Altice France - Orange’s Q1 2024 results are a reminder of the market’s current disequilibrium: Iliad and Bouygues are capturing 80% of revenue growth on the market (vs Orange ~20% excluding wholesale which is down), including 100% of net internet growth (Orange 0%) and 80% of net growth in mobile contracts (Orange ~20% - cf. page 1). Admittedly, the fall in Orange’s customer base seems limited to 1% p...

HighCo : Un début d’année supérieur aux attentes, mais prudence de mis...

>MB T1 stable à 18.9 M€ (vs 17.6 M€e) - Au titre du T1 2024, HighCo a publié hier soir une Marge Brute stable à 18.9 M€ (+0.5%), alors que nous attendions une baisse de 6% à 17.6 M€. Cet écart provient essentiellement d’une performance meilleure qu’attendu du pôle Activation qui compense totalement la baisse des activités Mobile et Régie & Conseil/Retail. Dans le détail : 1/ le pôle Activation ressort en progression de 12.8% bénéficiant de la forte hausse des volumes ...

Ipsen : Feedback from Q1 2024 webcast

>Slower growth over the coming quarters? - Highlights from yesterday’s meeting:1/ Q1 was a good quarter, but growth in Q1 (+13% cc) seems unlikely to be extrapolated: i/ new generic versions of Somatuline are set to reach Europe and North America in H2 2024/early 2025, ii/ Cabometyx benefited from a cut-off effect, resulting in a favourable cumulative impact of =€ 20me in Q1.Management remains optimistic about Dysport (market share gains and indication exten...

Lectra : No rebound in orders yet but signs remain encouraging

>Bottom line below expectations but solid FCF generation - Lectra has reported Q1 revenue of € 129.6m, just above our estimate of € 128.2m, up 5% year-on-year including Launchmetrics (down 2% like-for-like). Unsurprisingly, revenue from new systems fell by 11% year-on-year, while recurring revenue remained favourable, up 14% year-on-year (up 5% like-for-like). Recurring EBITDA came to € 21.1m, reflecting a 30 bp improvement in EBITDA margin despite the dilutive imp...

INDU-3QFY24E & HCAR 4QMY24E Result Previews, (AKD Daily Apr 25, 2024)

AKD Daily INDU-3QFY24E & HCAR 4QMY24E Result Previews INDU - 3QFY24E EPS of PkR43.3 expected: Indus Motor Company Limited (INDU)’s board is scheduled to announce their 3QFY24E earnings on 26th April, where we expect earnings to clock in at PkR3.4bn (EPS: PkR43.3) vs. PkR1.7bn (EPS: PkR22.2) in the preceding quarter, an increase of 95%QoQ. The said quarterly increase is primarily driven by a 2.4x increase in sales volumes, totaling 6,503units compared to 2,687units in the previous quarter, with s...

Rubrik IPO: unsustainable moat dictates sufficient margin of safety

Ahead of Rubrik's IPO later in the day, we review the vendor's activities, positioning, efficiency metrics, financials, and valuation. While we strongly believe in the growth of data security, we question Rubrik's ability to (profitably) differentiate itself over the long term, as both hyperscalers

New financial targets in focus

Aims for adj. EPS of at least SEK 5.50 in '26. Driven by 10% EBITA CAGR and buybacks. We trim our long-term assumptions.

Strong beat in Q1

Orange : Un équilibre à retrouver. Opinion abaissée à Neutre

>France : un marché à rééquilibrer et le risque d’un retour d’Altice France - Le T1 2024 d’Orange rappelle le déséquilibre actuel du marché : Iliad et Bouygues captent 80% de la croissance de CA du marché (vs Orange ~20% en excluant le wholesale en recul), dont 100% de la croissance nette internet (Orange 0%) et 80% de la croissance nette des contrats mobile (Orange ~20% - Cf. page 1). Certes, le recul du parc d’Orange semble limité à 1% par an ; mais le risque nous s...

DSM-Firmenich : Q1 24 preview (2 May)

>We roughly expect more of the same - While reiterating that it is seeing signs of market stabilisation, DSM-Firmenich has maintained a cautious stance in its market communication in Q1 24 and is not (yet) assuming much regarding a potential inflection in trading conditions. The challenging destocking and pricing environment in mainly ANH and HNC end-markets persists, and we do not expect significant improvements in Q1 24. We estimate € 3,150bn revenues and € 469m adj...