Lack of bright signals

Unchanged market conditions from Q4. We forecast adj. EBIT of SEK -0.8bn. Reiterate HOLD, TP raised to SEK 98 (95).

Avantium: Partnership with TNO

Avantium, through its subsidiary Avantium R&D Solutions, announced yesterday a partnership with The Netherlands Organisation for Applied Scientific Research (TNO) for the manufacturing of PEM electrolyser test stations. As such, while Avantium will not supply electrolysers per se, it will be ab

B&S Group S.A. : Revenue in line and underlying EBITDA of € 113m a tad...

>Reported EBITDA margin 5.0%; underlying EBITDA margin of 5.1% in 2023 - B&S Group reported revenue of € 2,220m (ABN: € 2,230m, consensus: € 2,256m) and organic revenue growth of 4.0% (ABN: 4.6%, consensus: 5.2%) in 2023. Reported EBITDA amounted to € 110.9m (ABN: € 110.5m, consensus: € 106.1m). Net profit and EPS came in at € 33.8m and € 0.40, respectively (ABN: € 30.8m, € 0.37, consensus: € 31.4m, € 0.37). The group proposes a dividend of € 0.16 (ABN and consensus: ...

Ericsson : Better than expected margins in Q1 with few one-time elemen...

>Q1 2024 results > expectations thanks to Networks (IPR contract) and a one off - This morning, Ericsson reported Q1 2024 results that were above expectations thanks to a better-than-expected margin in Networks (44.3% vs 40.6%) notably linked to an IPR contract signed with some retroactivity of SEK3.1bn and a one-time gain of SEK 1.9bn. Revenues were SEK 53.3bn, below the consensus of SEK 54.7bn, down 15% organically. The adjusted gross margin was 42.7%, above the con...

Ericsson : Better than expected margins in Q1 with few one-time elemen...

>Q1 2024 results > expectations thanks to Networks (IPR contract) and a one off - This morning, Ericsson reported Q1 2024 results that were above expectations thanks to a better-than-expected margin in Networks (44.3% vs 40.6%) notably linked to an IPR contract signed with some retroactivity of SEK3.1bn and a one-time gain of SEK 1.9bn. Revenues were SEK 53.3bn, below the consensus of SEK 54.7bn, down 15% organically. The adjusted gross margin was 42.7%, above the con...

easyJet : H1 2023-24 unlikely to contain any surprises

>H1 in line with expectations - EasyJet is scheduled to publish its H1 trading update on 18 April. We are expecting a pre-tax loss of £ 407m (vs -£ 411m a year previously) including a contribution of +£ 54m for Holidays. Q2 is expected to post a loss of -£ 283m, integrating good resilience from i/ passenger unit revenue growth (up 4.8%e y-o-y) and ii/unit ancillary revenues (up 5.3%e y-o-y) thanks to the contribution from the Easter weekend offset by iii/ an increase ...

Titan Cement Building a green world, one brick at a time

Today, we initiate our coverage of Titan Cement which posted robust FY23 results with sales rising by 9.9% y/y to €2547.0m while EBITDA came in at €540.4m which represented a y/y increase of 63.1% and a healthy EBITDA margin of 21.2%. Since FY22, Titan Cement has experienced significant growth across the board which was mainly driven by US government spending on infrastructure projects especially on highways and bridges. US cement consumption is expected to continue to significantly outstrip sup...

Exclusive Networks: 2024 cyber overview: betting on the best tracker

Ahead of Q1 results on 29th April, we provide an overview of what can be expected for the quarter and the rest of the year, leaving our estimates unchanged. Following exceptionally high Q1 comps, and now standing at the bottom of the cyber cycle, we expect an underwhelming start to the year, offset

Eramet : Manganese prices up, SLN under pressure: TP revised to € 109 ...

>Manganese prices have at last reacted to the production stoppage at GEMCO - Manganese prices have at last reacted to the production stoppage at GEMCO with the high-grade ore index yesterday surging 12% to $ 4.8/dmtu as per the weekly FastMarkets report. To recap, Australia’a GEMCO was hit by a cyclone on 17 March which substantially damaged the mine and port terminal. It had to shut down operations and shelved its 2023-24 production guidance (year to end-June). It is...

Strong Q1 with NII up and loan loss ratio falling

Moody's affirms Joyo Bank's ratings; outlook stable

Moody's Japan K.K. has affirmed The Joyo Bank, Ltd.'s (Joyo Bank) A3 long-term (LT) domestic and foreign currency deposit ratings. Concurrently, Moody's has affirmed the bank's baa2 Baseline Credit Assessment (BCA) and Adjusted BCA, P-2 short-term (ST) domestic and foreign currency deposit ratings, ...

Moody's affirms all ratings of 77 Bank; outlook stable

Moody's Japan K.K. has affirmed The 77 Bank, Ltd.'s (77 Bank) A3 long-term (LT) domestic and foreign currency deposit ratings. Concurrently, Moody's has affirmed the bank's baa2 Baseline Credit Assessment (BCA) and Adjusted BCA, P-2 short-term (ST) domestic and foreign currency deposit ratings, A2/P...

Moody's affirms all ratings of 77 Bank; outlook stable (Japanese)

1/5NEWSContact:東京 東京小川 健輔 関 雄介主任格付アナリスト／アナリスト 格付責任者金融機関グループ アソシエイト・マネージング・ディレクタームーディーズ・ジャパン株式会社 ムーディーズ・ジャパン株式会社お客様専用電話番号：03-5408-4100報道関係者電話番号：03-5408-4110お客様専用電話番号：03-5408-4100報道関係者電話番号：03-5408-4110[MJKK]七十七銀行の格付を確認、見通しは安定的  2024年4月16日、東京、ムーディーズ・ジャパン株式会社（以下「ムーディーズ」）は、株式会社七十七銀行（以下「七十七銀行」）のA3の長期預金格付（...

Eramet : Manganèse qui rit, nickel qui pleure : OC révisé à 109 vs 94 ...

>Les cours du manganèse réagissent enfin à l’arrêt de la production de GEMCO - Les cours du manganèse ont enfin réagi à l’arrêt de la production de GEMCO puisque l’indice du minerai haute teneur a bondi hier de 12% à 4,8 $/dmtu selon le relevé hebdomadaire de FastMarkets. Pour rappel, l’australien GEMCO a subi un cyclone le 17 mars qui a endommagé significativement la mine et le terminal portuaire. Il a dû stopper son activité et a suspendu sa guidance de production 2...

easyJet : Un S1 attendu sans surprise

>Un S1 en ligne avec les attentes - EasyJet publiera son trading update pour le S1 le 18 avril. Nous attendons une perte avant taxes de 407 M£ (vs -411 M£ une année auparavant) dont une contribution de +54 M£ pour Holidays. Le T2 affichera une perte avant impôt de -283 M£ intégrant une bonne tenue i/ de la recette unitaire passager (en progression de 4.8%e yoy) et ii/ des recettes auxiliaires unitaires (en hausse de 5.3%e yoy) grâce à la contribution du WE de Pâques q...

CyanConnode (CYAN LN) - FY24 update: revenue materially ahead

CyanConnode exceeded FY24 revenue expectations and has high visibility into FY25, supported by strong deliveries and a growing backlog respectively.

Urban Renaissance Agency (Japan): Update to credit analysis

Our credit view of URA reflects a high degree of central government support and supervision, constrained by the challenges faced by the central government.