reports
- Martijn Den Drijver
Royal BAM Group : Not the expected start of the year in Q1
>Miss on EBITDA, faster deterioration trade working capital - BAM reported Q1 sales of €1.4bn, exactly in line with our estimate (no css available). Adj. EBITDA came in at €44m, a clear miss versus our expectation of €59m (Q1 2023 €58m), representing a margin of just 3.1% versus 4.2% expected (Q1 2023 4.1%). The orderbook came in at €10.7bn, roughly €1bn higher than our estimate, which was more or less in line with the orderbook at year-end. This is encouraging as it ...
- Emmanuel Matot
- Martin Marandon-Carlhian
Worldline : Start of the year lends credence to 2024 targets
>Organic growth low but ahead of expectations - Worldline reported its Q1 2024 revenues. Organic growth was weak at +2.5%, but above expectations (ODDO BHF / consensus = +1.2/+0.7%) and marks an improvement on the low point of Q4 2023 (+1.3%).Merchant Services turned out to be stronger than expected (+3.9%, of which +6.5% excluding planned merchant termination- Q4 2023 reminder = +3.2%) thanks to good results in new markets (such as Italy). Unsurprisingly, Financ...
EQS-News: CeoTronics erhält und erfasst weiteres verbindliches Auftrag...
EQS-News: CeoTronics AG Audio . Video . Data Communication / Schlagwort(e): Auftragseingänge CeoTronics erhält und erfasst weiteres verbindliches Auftragsvolumen in Höhe von ca. € 2,7 Mio. 02.05.2024 / 10:04 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Die CeoTronics Aktiengesellschaft hat ergänzend zu den am 16. und 22. April 2024 gemeldeten Auftragsvolumen einen weiteren mit dem SmG-Projekt (Sprechsatz mit Gehörschutz – für die Bundeswehr) im Zusammenhang stehenden verbindlichen Auftragseingang zu verzeichnen. Dieses zusätzliche...
Hertz Global Holdings Inc: 1 director
A director at Hertz Global Holdings Inc bought 250,000 shares at 4.456USD and the significance rating of the trade was 71/100. 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 y...
- Benoit Valleaux
- Steven Gould
CaixaBank : Good operational and capital performance in Q1 2024
>Outperform rating confirmed – target price lifted to € 6.4 (vs € 5.9) - The Q1 2024 figures for CABK confirm the favourable trend, both on the operating front, confirming and even improving guidance (RoTE now expected >16%), and on the balance sheet front (CET1 FL >12%) in 2024. This robustness, coupled with the adequate diversification of the business model, confirms the stock as one of our Top Picks in the sector in the uncertain/challenging current context (macro,...
- Gerardo Ibanez
- Steven Boumans
Aedifica SA : Q1 2024 results: Stable fair values after five quarters ...
>Outlook reiterated, stable fair values, negative rent negotiations and pipeline continues to decline - FY2024 outlook EPRA EPS 4.70 or €223m EPRA earnings reiterated.Rental income +3.3% on a like-for-like basis (FY2023: 5.2% and 3% in FY2024 budget) broken down by +3.4% indexation, -0.7% rent negotiations and +0.6% fx changes.Fair value of investment portfolio increased +0.02%, after five consecutive quarters of negative portfolio valuations. Belgian (-0.5%...
- Kenny Yong Hui Lim
PICC Property and Casualty (2328 H): 1Q24: Earnings miss on higher COR...
PICC P&C’s 1Q24 earnings plunged 38.3% yoy, below our expectation. The net profit decline was mainly due to higher CoR and lower investment income. CoR surged by 2.2ppt yoy, attributed to natural disasters and a recovery in travel frequency. Investment income was dragged by lower equity investment returns off a high base and weak FoF performance. Thus, we trimmed our CoR and total investment yield assumptions accordingly. Maintain BUY with a lower target price of HK$11.70.
- Ceilica Su Rui
- Ziv Ang Sze Champ
LONGi Green Energy Technology (601012 CH): 2023/1Q24: Below expectatio...
Longi reported 2023 earnings of Rmb10,751.4m (-27.4% yoy), below expectations. The disappointment was mainly due to the recognition of a Rmb5.2b inventory write-down. 1Q24 gross margins declined to 8.9% given the slump in module prices. 2023 module shipment volume was 67.5GW, is expected to reach 90-100GW for 2024. Capacity expansion will slow down with wafer/battery/module capacity to hit 200GW/100GW/150GW in three years’ time. Downgrade to SELL. Target price: Rmb14.38.
- Andreas Riemann
Hugo Boss : Consistent top-line growth, Q1 EBIT some 6% above the cons...
>All brands, regions and channels are growing, EBIT better than expected - This morning, Hugo Boss released Q1 2024 results. In Q1, sales increased 6% y-o-y excluding FX to € 1,014m (consensus: € 1,005m, ODDO BHFe: € 1,007m) which is 1% above the consensus. Regions: EMEA +5%, Americas +11% and Asia +4%. Channels: Retail +3%, Wholesale +8% and Digital +10%. EBIT rose 6% to € 69m (consensus: € 65m, ODDO BHFe: € 62m) and was thus 6% above the consensus with the margin up...
- Martin Marandon-Carlhian
- Sinan Doganli
Scout24 : Successful start to 2024 with over proportional adj. EBITDA ...
>Q1 results overall in line with consensus expectations - Scout24 released Q1 results that were overall in line with our and the consensus expectations. Revenue in Q1 increased by +11.7% y-o-y to € 136.1m in line with our and the consensus expectations of € 135.9m and € 137.2m respectively. Segment revenues (professional, private, and media & other) were respectively € 88.0m (+12.8% y-o-y), € 38.1m (+9.3% y-o-y) and € 10.0m (+11.4% y-o-y), all in line with our and th...
- Thijs Berkelder
Shell Plc : Strong beat of consensus expectations
>Beating Q1 adjusted EPS consensus by 20% to $ 1.20 ps - Adjusted earnings 20% ahead. Shell just published net adjusted 24Q1 earnings c. 20% better than Vara gathered consensus expectations: $ 7.73bn vs. $ 6.46bn, and primarily thanks to strong beats in Integrated Gas and Chemicals & Products:- Integrated Gas at $ 3.68bn, 27% better than consensus- Upstream at $ 1.93bn, 11% below consensus- Marketing at $ 781m, 10% above consensus- Chemicals & Prod...
Increase of the share capital in connection with the option programme ...
Increase of the share capital in connection with the option programme and subscription results The supervisory board of Coop Pank AS (hereinafter the Bank) decided on 17 April 2024 to increase the share capital of the Bank by 507 683,98 euros by way of issuing new ordinary shares. The decision to increase the share capital was adopted to enable the realisation of the options issued within the option programme that was approved with the resolution of the general meeting of the Bank on 8 November 2019, on the conditions indicated in the referred decision. The share capital shall be increa...
German Firms Set to Soar With Microsoft Copilot at the Helm
FRANKFURT, Germany--(BUSINESS WIRE)-- German enterprises could experience a surge in innovation as Microsoft pioneers the integration of AI and cloud technologies within its ecosystem, according to a new research report published today by Information Services Group () (Nasdaq: ), a leading global technology research and advisory firm. The 2024 ISG Provider Lens™ Microsoft Cloud Ecosystem report for Germany finds that 2024 could prove to be a turning point for Microsoft, its customers and partners. GenAI and various Copilot services have now become central to Microsoft's market development st...
Aktsiakapitali suurendamine seoses töötajate optsiooniprogrammi realis...
Aktsiakapitali suurendamine seoses töötajate optsiooniprogrammi realiseerimisega ning märkimistulemused Coop Pank AS (edaspidi: Pank) nõukogu otsustas suurendada Panga aktsiakapitali 507 683,98 euro võrra uute lihtaktsiate väljalaskmise teel. Aktsiakapitali suurendamise otsus võeti vastu Panga 08.11.2019. üldkoosoleku otsusega kinnitatud optsiooniprogrammi raames väljastatud optsioonide realiseerimise võimaldamiseks viidatud otsuses määratud tingimustel. Aktsiakapitali suurendamine toimub kooskõlas Panga põhikirja punktiga 3.3.5. Emissioonis oli võimalik osaleda 28 Panga praegusel ja endise...
Net asset value on April 30, 2024
Net asset value on April 30, 2024 On April 30, 2024, net asset value was SEK 369 per share. The closing price on April 30, 2024, was SEK 357.20 for the Class A shares and SEK 356.90 for the Class C shares. Stockholm, May 2, 2024 AB INDUSTRIVÄRDEN (publ) For further information, please contact: Sverker Sivall, Head of Corporate Communication and Sustainability, tel. The information was submitted for publication at 10:00 a.m. CEST on May 2, 2024. Attachment
Vaidrius Verikas becomes CFO of Novaturas Group
Vaidrius Verikas becomes CFO of Novaturas Group Novaturas Group, the leader in the Baltic tourism market, announces changes in its management team. With a solid track record, Vaidrius Verikas joins the top management as the Group CFO on 2 May. He will replace Vygantas Reifonas, who has been managing the finances of the company for more than a year and will pursue his career outside the organisation. “I’m confident that Vaidrius Verikas’s contribution will be key to further increasing financial capacity across the Group, as well as developing relationships with the investor community an...
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Inner Mongolia Yili Industrial Group (600887 CH): Q24: Earnings up 64%...
Yili’s earnings grew 64% yoy in 1Q24 due to one-off investment gains, despite a weak liquid milk revenue (-7% yoy). We expect liquid milk revenue to trend down in 2Q24 as Yili aims to reduce channel shipments amid the weak retail sales demand. Management guides for revenue growth of 3% yoy in 2024, which we think will be driven by consumption scene expansion and product innovation, and also reiterated its net profit margin target of at least 9% in 2025. Maintain BUY. Cut target price by 5% to Rm...
- Bella Lu Yifei
- Ken Lee
Ganfeng Lithium (1772 HK): 1Q24: Net loss remains, in line. Maintain S...
GFL’s 1Q24 net loss came in at Rmb439m, vs our 2024 net profit forecasts of Rmb1,194m and consensus’ Rmb5,288m. The disappointing results lies in margins. Gross margin plummeted 31.1ppt yoy to 6.2% in 1Q24 due to a drop in ASP. We expect GFL’s earnings to be dragged by falling lithium carbonate prices. We maintain our 2024-26 net profit forecasts at Rmb1,194m/Rmb934m/Rmb879m respectively. Maintain SELL. Target price: HK$15.00.
- Chris Hoare
MTN (Buy, TP: ZAR130, +42%) MTN Ghana – Q1 24: Good start to the year
MTN Ghana has reported a good set of Q1 results. Service revenue growth accelerated and continued to grow well above inflation. EBITDA trends slowed but remain solid. Capex intensity was down vs. Q1 last year. Medium guidance for Service Revenue growth (“high twenties %”) has been reiterated. The macro is expected to remain challenging in 2024. However, there has been an encouraging slow down in inflation over Q1.
- Roy Chen Chengzhi
COSCO SHIPPING Holdings (1919 HK): 1Q24: Results in line; benign suppl...
CSH’s 1Q24 net profit of Rmb6.8b (-5.2% yoy, +277.5% qoq) is broadly in line with our expectations, forming 36.6% of our full-year forecast. Management sees healthy contract signing with clients, and expects benign capacity supply-demand dynamics in the near term as a result of the on-going Red Sea attacks. We raise our 2024-26 earnings estimates by 13-15%. Maintain BUY with a slightly higher target price of HK$10.90.
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