EssilorLux: in-line Q1 sales performance and good vibes ahead of Q2

Yesterday evening, EssilorLux unveiled Q1 sales up 5.5% FX-n to EUR6.34bn, fairly in line with CSSe (EUR6.38bn) despite a tough comp base and unfavourable calendar effect. We see room for accelerating trends given increased tailwinds from: 1/ pricing in frames (BGe: MSD price hike), 2/ the ramp-up

Fastenal Co: 1 director

A director at Fastenal Co gave away/bought 6,700 shares at 0.000USD and the significance rating of the trade was 63/100. 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 c...

Q1 beat driven by lower costs

Amundi : Anticipated continuation of the Q4 2023 trend in Q1 2024

>A 2.2% increase in assets under management in Q1 - Amundi is due to publish its Q1 2024 net income on 26 April. We forecast assets under management of € 2,081bn at end-March (up 2.2% vs end-2023 and a 7.6% increase vs end-March 2023). Our estimate is just below the consensus (€ 2,088bn), due to our slightly more cautious forecast for inflows in the institutional clients segment. Our forecast corresponds to an average amount of assets under management excluding JV of...

US : Les risques d’un nouveau choc de taux

Jerome Powell a encore martelé cette semaine un message simple : la persistance de l’inflation rend inappropriée toute baisse de taux directeurs. On pourrait penser que si la politique monétaire est maintenue en l’état, l’effet est quasi neutre sur l’économie. En réalité, l’effet est restrictif. Primo, cela prolonge l’impact des hausses de taux passées. Secundo, cela amène à revoir les perspectives de taux futurs. Il y a quelques mois, les taux longs avaient baissé en anticipati...

Schindler Holding Ltd : A solid Q1, despite the continued deterioratio...

>A good Q1 2024 overall, with an EBIT margin above expectations at 10.9% - Yesterday morning, Schindler Q1 2024 results a shade above expectations (see our First Take published Thursday, 18 April), mainly thanks to the mix and pricing, both favourable to the margin. The order intake reflected a 2.5% increase at constant currency (cc), slightly below expectations (consensus at +4%). Revenues were up 1.1% at cc, also a shade below expectations (consensus at +2.9%). How...

Edenred : Encouraging start to 2024, to be confirmed in the next publi...

>Solid growth in Q1 2024, reassuring on underlying business - Edenred reported yesterday before the market open organic growth in Q1 operating revenues up +16.9%, ahead of expectations at 14.2%. This momentum is underpinned by all of the group’s businesses and products, including the meal voucher business, engagement platforms, mobility solutions and beyond fuel (maintenance and tolls in particular), which continue to benefit from a low penetration rate (meal voucher...

Mercialys : Continued resilient operational momentum in Q1 2024

>Favourable momentum on retailer sales at +3.3% y-o-y for Q1 2024 and modest rental activity - Mercialys has posted rental income of € 45.5m (€ 45.8m est.) for Q1 2024, i.e. +4.5% at current scope and +4.6% at constant scope reflecting favourable momentum despite the context linked to the future transfer of Casino hypermarkets:Retailer sales excluding hypermarkets up +.3% y-o-y: this figure reflects solid growth in March at +6.1% after -1.5% in January +0.8% in ...

EssilorLuxottica : Beyond the negative forex effects, solid growth and...

>Growth above 5% in Q1 on cc but negative forex effect reaches 250bp - The group reported Q1 growth of +3% or +5.5% on cc for sales of € 6.335bn. We forecast € 6.346bn reflecting y-o-y growth of 3.2% and 4.7% on cc, while the FactSet consensus saw sales of € 6.394bn with similar growth on cc. The pace of growth on cc weakened only slightly relative to the level of just above 6% seen in H2 2023 and despite a tough comparison base (two-year growth at over 20% in Q1 20...

Sodexo : Solid H1 beating expectations, FY 2023-24 guidance increased ...

>Solid H1 results slightly above the consensus with better margin improvement - Sodexo has reported H1 sales of € 12.1bn up 4.5%, 1% above the consensus. This represents organic growth of 8.5% (Q1 at +8.2% and thus Q2 at +8.8%) which is above the consensus at +7.8% (ODDO BHF 7.7%e). Organic growth was mostly driven by North America at +10% and Europe at +8.0%, as well as a +4.5% pricing effect. The LTM retention rate was at 95.5%, close to the new objective of 96%, wh...

Investment im Fokus - SYZYGY Group - 19.04.2024

Die SYZYGY GROUP ist einer der führenden Beratungs- und Umsetzungspartner für Digital Experiences. Im Jahr 1995 gegründet ist die SYZYGY GROUP in vier Ländern mit Niederlassungen in Bad Homburg, Berlin, Frankfurt, Hamburg, München, London, New York und Warschau vertreten. Seit dem Jahr 2000 ist die SYZYGY AG im Prime Standard börsennotiert. Neben der Kernmarke SYZYGY gehören der Enterprise Technologie-Spezialist SYZYGY Techsolutions, der Performance Marketing- und Media- Spezialist SYZYGY Perfor...

ABB Ltd. : Solid Q1 reassuring on orders and operational EBITA margin

>Good Q1 set to reassure the market (book-to-bill at 1.1x, operational EBITA margin of 17.9%) - ABB’s Q1 results, reported yesterday morning, were better than expected overall. Order intake came in at $ 9bn, -4% in comparable terms (consensus at -7%), underpinned by the Electrification (EL) and Motion (MO) divisions, at respectively +8% and +1%, while orders fell by 30% at RA and by 20% for Process Automation (PA). Sales came to $ 7.87bn, +2% in comparable terms vs 5%...

AXA : Robust growth in revenues expected in Q1

>Revenue growth expected in all business lines - AXA is due to report its Q1 2024 activity indicators on 2 May. We are looking for revenues of € 34.3bn in Q1 2024 (+8.0% vs Q1 2023), above the consensus (€ 33.8bn, +6.2%e), with substantial revenue growth expected across all business lines. For the P&C division, we expect revenues of € 19.8bn (+6.6%), slightly above the consensus (€ 19.6bn), still benefiting from significant price increases, particularly in personal l...

WDP : Q1 2024 results: Outlook reiterated, but no step-up in developme...

>Outlook reiterated, inline results, low number of newly identified projects - FY2024 EPRA EPS guidance reiterated at €1.47/sh.Minor positive revaluation +0.4% for Q1 (Q4 -0.5%), mainly based on stability in the existing portfolio and unrealised capital gains on projects and recent acquisitions. EPRA NIY is stable at 5.3% vs Q4.in Q1 2024, about € 200m of directly yielding assets (acquisitions, project completions) have accrued into the balance sheet at a yi...

Sodexo : Solid H1 beating expectations, FY 2023-24 guidance increased ...

>Solid H1 results slightly above the consensus with better margin improvement - Sodexo has reported H1 sales of € 12.1bn up 4.5%, 1% above the consensus. This represents organic growth of 8.5% (Q1 at +8.2% and thus Q2 at +8.8%) which is above the consensus at +7.8% (ODDO BHF 7.7%e). Organic growth was mostly driven by North America at +10% and Europe at +8.0%, as well as a +4.5% pricing effect. The LTM retention rate was at 95.5%, close to the new objective of 96%, wh...

Nokia 1Q24: Sharp slowdown in mobile. Full year guide implies strong s...