EBITDA below on higher opex

Gensight Biologics : Capital increase of € 9.2m

>Visibility out to the second part of Q3 2024 - The company has announced a capital increase of € 9.2m through issuing ABSA (Shares with warrants) at a price of € 0.395 per share, giving a discount of c.2%. The exercise price of the share subscription warrants is set at € 0.45, giving a premium of c.13%. In the case of the exercise of warrants, the dilution would be c.37%. Note that over 50% of the offering has been subscribed to by US investors such as Armistice Capi...

Q1: encouraging subs development

Positive outlook and Rec. PTP beat

Bouygues : A Q1, with no major surprises

>Revenues up 2% vs consensus and COPA lower than expected - Bouygues this morning reported Q1 2024 revenues up 2.6% with +3.6% l-f-l, in line with consensus expectations (+1.4%e). Revenue growth came to +3.2% l-f-l in construction and services (vs +3.8% l-f-l at Vinci) driven by Colas (+2.2% l-f-l) and Bouygues Construction (+6.8% l-f-l) while real estate (-16% l-f-l) showed negative growth. Bouygues Telecom posted a decline of -2%. EBITDA was down -5.6% given fa...

Arkema : Publication trimestrielle sans surprise majeure

>EBITDA en baisse au T1 mais moins que prévu - Arkema vient de publier ses résultats T1 2024. L’EBITDA ressort en baisse de 5% à 350 M€, un niveau 3% au-dessus des attentes (ODDO BHF / consensus = 340/341 M€) et 6% au-dessus de la guidance (331 M€ correspondant au T4 2023).Le groupe a continué d’opérer dans un contexte de faible demande (volumes = 0% dont +3% pour les spécialités et -28% pour les intermédiaires – rappel T4 2023= +2%). Par division, les Adhésifs ...

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...

KSPI US (Buy, TP: $175, +45%) # INITIATION OF COVERAGE # Kaspi (Buy)...

Kaspi is a Super App the likes of which we haven’t really seen develop outside of China. Dominant in Payments, roots in lending and with group growth currently driven by triple digit top-line in the leading local E-Commerce platform. Obvious comparisons in our coverage are with MercadoLibre (Buy), which we continue to be positive on and which we benchmark Kaspi against in this note.

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...

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...