Evotec SE : Slight miss at the adj. EBITDA level – 2024 guidance not h...

>2023 adj. EBITDA slightly below expectations - Evotec reported FY 2023, with revenue broadly in line with expectations at € 781.4m (+4%) vs cons of € 784.9m and our estimates of € 784.8m. The company’s adjusted EBITDA of € 66.4m (-34.7%) was within its guidance of € 60-80m but slightly below cons of € 69m and below our estimates of € 69.4m.2024 guidance not helpful at this stage - For 2024 the company is guiding a double digit increase of its top li...

ABGSC Shipping Daily 24 April

Tankers and LPG down, mixed dry bulk market. Shipping peer group trades at P/NAV 0.81x. HAUTO Q1: Red Sea diversions is a smaller problem than expected.

CM.com : Buckle up, CM.com is restarting its growth engines

>We cut our gross profit forecast by 10%, but increase EBITDA by 7% - FY 2023 revenues fell materially below our forecast as the shift from growth to value had a bigger impact on revenues than anticipated. This was partially mitigated by slightly higher gross margins and much better cost control. In this report we lower our revenue forecast by 15% and our gross profit forecast by 10%. Our EBITDA forecast for FY 2024-25 increases by 7%.Restarting the growt...

Roche Holding : Q1 in line - Guidance confirmed, forex less unfavourab...

>Q1 saved by Vabysmo - Q1 sales at group level were in line with the consensus, up 2% cc (-6% CHF). The pharmaceuticals (+0.9% vs cons.) business was up 2% cc (-6% CHF) largely driven by Vabysmo (96%, 11% vs cons.) and Phesgo (+61%, 23% vs cons.), to a lesser extent. Flagship products like Ocrevus (1.3%, -0.4% vs cons.), Hemlibra (0.6%, -3.1% vs cons.) and even Tecentriq (-6%, -5.5% vs cons.) delivered clearly disappointing performances. The diagnostics activity grew...

Tikehau Capital : Bonne collecte au T1, mais le groupe atrophie encore...

>Collecte nette de 1.5 Md€ et forte croissance des AUM - Tikehau Capital affiche des AuM pour le T1 2024 en AM à 44.4 Md€, en hausse de 3% (+ 1.2 Md€) vs fin 2023 et des AuM globaux (incluant le bilan) en hausse de 3% (+1.3 Md€). Cette hausse au T1 est la résultante des quatre facteurs impactant les AuM : +1.5 Md€ de collecte nette (vs. 1.2 Md€ au T1 2023), soit +6.8 Md€ sur 12 mois. - 0.5 Md€ de distribution. + 0.4 Md€ d’effets de marchés et -0.1 ...

Coffee, Croissants & Credit/Iberdrola, Enel, KPN, Heimstaden Bostad, a...

Utilities - Iberdrola: 1Q24 beats estimates. Enel misses carbon reduction target on SLB bonds

Benelux Morning Notes

ASM International: 1Q24 results - better on all fronts. Heineken: Uphill from here. KPN: 1Q24 in line, guidance slightly increased on Youfone acquisition. Melexis: 1Q24 results in line a relief. Universal Music Group: Spotify 1Q24 Results and guidance beat on margins. Vopak: Good progress to start the year. Wereldhave: 1Q24 LFL slows sharply

Weekly bulletin - 15 April - 19 April 2024

Bulgarian stock indexes ended last week on a negative note, after the tone in global markets seems to have shifted with continuing uncertainty and volatility. The leading local index SOFIX lost 0.5% to close at 805.96, as extended indexes BGBX40 (164.27) and BGTR30 (809.49) declined by -0.5% and -0.8% respectively, repeating benchmark presentation. The weekly top performer within our list of selected companies was the industrial Alcomet (ALCM, BGN 7.0, +7.7%), followed by Speedy (SPDY, BGN 165...

High Yield Bonds Daily

Intrum, Heimstaden Bostad, Heimstaden AB, Pandion

Air Liquide : Q1 2024 group comparable sales growth in line with conse...

>Q1 2024 likely to be the weakest quarter, no uptick in European LI activities yet, pricing in IM decreased to 3.7% (as expected & fuelled by energy price indexation) - Air Liquide reported Q1 2024 group comparable sales growth of 2.1% y-o-y (G&S: +2.0% vs. css: +2.4%), hence perfectly matching consensus estimate of 2.1% (FX: -3.9%, Energy: -5.5%). Europe and Asia have been the weakest regions with -1.6% and -0.9% comparable sales growth in Q1 2024, respectively. Ind...

KPN : Q1 results marginally ahead of consensus and FY guidance raised

>Q1 results show positive momentum – FY guidance raised - In its Q1 earnings release, KPN reported group revenues and adjusted EBITDAaL of €1,377m (+3.3%) and €605m (+3.6%) respectively. This compares with consensus estimates of €1,376m (we at €1,377m) and € 602m (we at €599m) respectively. So results are marginally ahead of consensus. Group capex came in at €302m (css: € 301m) and FCF at €154m (-5.8% yoy with consensus at €173m and we at € 185m, the difference is ex...

Morning Bulletin - 23 April 2024

The Bulgarian equity market met the opposite volatile moves of Monday’s session compared to Friday’s as Chimimport (CHIM, BGN 0.68, -2.86%) and Central Cooperative Bank (CCB, BGN 1.49, -3.25%) erased the gains from previous session, while Zlaten Lev Holding (HLEV, BGN 4.30, +19.44%) and M+S Hydraulic (MSH, BGN 11.10, +2.78%) recovered with the same percentages. The major indexes rebounded, reflecting the continues reactions from positive news of Bulgarian-American Bank’s (BACB, BGN 11.70, +3.54%...

Morning Bulletin - 24 April 2024

The Bulgarian equity market had a volatile session on Tuesday and finally the major indexes settled in a range between -0.18% and +0.20%. 370K shares of First Investment Bank (FIB, BGN 2.78, +4.51%) were offered in early hours and attracted significant buying interest not only in the name as 6 out 15 names registered volumes much higher than the 3-months average – Doverie United Holding (DUH, BGN 8.22, -2.61%), Shelly Group (SLYG, BGN 68.00, 0.00%). The trading activity was concentrated on the b...

INVEST SECURITIES - AIRWELL :Visions MT inchangées, prévisions CT prud...