Q1 slightly below expectations, but strong Q2'24 guidance

Adj. EBITDA of USD 250m (-3% vs. ABGSCe, -1% vs cons.). FY'24 guidance narrowed, ~29% upside to cons Q2 EBITDA. Q1 below expectations, strong Q2'24 guidance, share to trade up vs. peers.

Outokumpu : Postview T1 : quelques signes encourageants mais un contex...

>T1 inférieur aux attentes à cause surtout d’Americas - Comme Acerinox et Aperam avant lui, Outokumpu a déçu le marché avec des résultats T1 inférieurs aux attentes et une guidance T2 assez modeste. Comme chez ses deux concurrents, cette situation reflète pour partie des problèmes opérationnels (grève en Finlande, maintenance plus longue que prévu aux USA) et un environnement de marché peu propice surtout en Europe. L’EBITDA ajusté T1 est ainsi ressorti à seulement 38...

Knorr-Bremse AG : Good start to 2024, guidance confirmed

>Q1 2024: organic revenue growth of 6.1% and operating EBIT margin of 12.1% - Knorr-Bremse reported its Q1 2024 results this morning. Order intake was better than expected (at € 2.1bn, or 1.07x of book-to-bill), and both divisions were ahead of expectations with organic growth of 8.2% for orders in rail (RVS), and a decline of 9.2% in trucks (CVS). The group generated revenues of € 1.974bn (consensus at € 1.962bn), up 6.1% in organic terms (css at 5.1%) and an operati...

Thredup Inc: 1 director

A director at Thredup Inc sold/sold after exercising options 424,268 shares at 1.910USD and the significance rating of the trade was 83/100. 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 ...

Better growth, weaker profitability

Q1: EBITDA slightly above, buys assets in the North Sea

SBM Offshore : Q1 consistent with full year guidance

>Revenues up 17%, in-line with full year guidance - Directional revenues in 24Q1 are up 17% to $ 871m, with Lease & Operate up 22% to $ 554m and Turnkey up 9% to $ 316m. Fleet uptime was 97.6%,2024 guidance for directional revenue is maintained at c. $ 3.5bn of which c. $ 2.2bn from Lease & Operate and c. $ 1.3bn from Turnkey. Directional EBITDA guidance is maintained at c. $ 1.2bn.Dividend & SBB. The AGM on 12 April approved the proposed $ 150m cash dividen...

Claranova : Q3 close to forecasts. Claranova begins a new chapter foll...

>Q3 2023/24 sales of € 94m (+4%, o/w +2% org), close to our forecasts - Claranova reported yesterday evening Q3 2023/24 sales of € 94m, up 4% year-on-year on a reported basis and 2% organically. This figure was close to our forecast (ODDO BHF: € 97m). By division, 1/ PlanetArt (65% of Q3 sales) reported a 2% organic decline. While this division is still not back on the organic growth path, sales have stabilised in the context of the priority given to profitability; 2/...

Moody's Ratings upgrades ratings on notes from Avanti AU Auto ABS 2023...

Moody's Ratings (Moody's) has upgraded the ratings on five classes of notes issued by Avanti AU Auto ABS 2023-1 Trust in respect of the Series 2023-1. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE RECKLESS AND INAPPROPRIATE. SEE ...

AHOLD DELHAIZE: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: Ventas: 21.728 M euros (+0,5% vs -0,4% consenso); EBIT: 861,0 M euros (-0,3% vs -4,6% consenso); BDI: 513,0 M euros (-8,6% vs -5,5% consenso).

Sinochem Hong Kong (Group) Company Limited: Update following change in...

Our credit view of Sinochem HK reflects the high likelihood of the company receiving extraordinary government support, constrained by its performance volatility in the property businesses.

Benelux Morning Notes

AB InBev: Busy BEES. Ahold Delhaize: Small beat, comforting confirmation of 2024 guidance. AMG: 1Q24 better than expected, FY guidance intact, strategic projects on schedule. Bekaert: Soft start to the year with 7% sales miss, FY guidance maintained. Euronav: Transformation at full speed. Marel: Another lacklustre quarter. Montea: 2025 guidance raised, valuations moving into positive territory. SBM Offshore: In-line Q1 trading update. Sif Group: Preview - normal quarter e...

As expected, limited revisions expected

Adj. EBITDA of USD 14m (ABGSCe at USD 13m, cons. at USD 13m). No material changes to estimates - balanced outlook. Share to trade in-line with peers.

Aurubis : Solid Q2 results, guidance confirmed but outlook comments a ...

>Good, in-line Q2 results driven by metal gains - Aurubis this morning released good, in-line Q2 2023-24 (ended 31 March) results with operating EBITDA at € 179m, 3% below ODDO BHF and 2% below company-compiled consensus. The figure improved 13% q-o-q despite lower TC/RCs for concentrate (the benchmark stepped down to $ 80 and 8ct/lb on January 1 from $ 88.8 and 8.8ct in 2023). The pick-up was mostly driven by higher metal gains on the back of recent solid development...

Ahold Delhaize N.V. : Solid Q1 2024 results (Europe and US); Outlook r...

>Q1 2024 beating expectations, driven by Europe and the US - Ahold Delhaize reported net sales and underlying EBIT of € 21,728m and € 861m in Q1 2024 (ABNe: € 21,348m and € 802m, consensus: € 21,530m and € 809m). Comparable growth amounted to 0.8% in the US and 2.8% in Europe. We had forecast 0.6% and -0.2% and consensus was 0.0% and 2.2%, respectively. The group underlying operating profit margin amounted to 4.0% (flat year on year), compared with our forecast and co...

Klöckner & Co. SE : Un début d’année légèrement inférieur aux attentes

>CA T1 de 1.7 Md€ (vs 1.9 Md€e) – Marge d’EBITDA de 2.4% (vs 3%e) - Au titre de son T1 2024, Klöckner a publié hier des résultats légèrement inférieurs à nos attentes. Le CA ressort en retrait de 5.6% à 1 737 M€ (vs 1 900 M€e, consensus à 1 804 M€) du fait d’un effet prix négatif de 10.6% alors que les volumes sont en hausse de +5%. La marge brute atteint 297 M€ représentant 17% du CA, soit une légère hausse de 20 pb. En revanche, l’EBITDA baisse de 35.4% à 42 M€ (vs ...

ROVI: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: Ventas: 151,2 M euros (-25,0% vs -25,6% BS(e) y -24,5% consenso); EBITDA: 25,9 M euros (-61,1% vs -62,9% BS(e) y -61,7% consenso); EBIT: 19,3 M euros (-68,2% vs -69,8% BS(e) y -68,0% consenso); BDI: 15,0 M euros (-68,4% vs -70,1% BS(e) y -70,5% consenso).

Ahold Delhaize: forecast beat cycle restored

Q1 sales and EBIT topped expectations in both of the group's geographies, continuing to demonstrate Ahold Delhaize's ability to preserve LfL growth and profitability during disinflationary times. We expect limited upgrades to consensus estimates prior to the CMD, but are betting more on a gradual r