East West Bancorp Inc: 1 director

A director at East West Bancorp Inc sold 10,000 shares at 77.580USD and the significance rating of the trade was 69/100. 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...

Struggle in Europe main issue in Q1

Fresenius SE & CO KGaA : Q1 review – Bottom line beat driven by Helios...

>Q1 review – Beat on adj. EBIT level - Q1 revenues of € 5,678m (-46.6% y-o-y, 0%/-2% vs ODDO BHF/consensus) were driven by 4%growth at constant currency and 5% organic growth. Group EBIT before special items reached€ 634m (+13.4% y-o-y, margin 11.2%), 9%/7% ahead of expectations. Adjusted EPS of € 0.70compared to our € 0.66 and consensus € 0.73.Kabi -Strong growth of Biopharma, solid IV business - Kabi's Q1 revenues of € 2,051m (+3.0%...

Kapitalmarkt straft TMV-Aktie nach Q1-KPIs über Gebühr ab - Wechselkur...

Die Kursreaktion von bis zu -10%, als Reaktion auf die am eher unteren Ende der Erwartungen liegenden Q1-KPIs, scheint uns übertrieben. Immerhin gelang es TeamViewer in schwierigem Makroumfeld die Konzernumsätze um 7% (währungsbereinigt: 9%) zu steigern, das strategisch bedeutsame Enterprise-Geschäft wuchs 17% (währungsbereinigt: 19%). Das ebenfalls von Währungseffekten belastete EBITDA sank um 2%, die EBITDA-Marge (33%; Q1 23: 36%) verfehlte damit unsere Erwartungen. Für H2 ergibt sich aber all...

Safilo: Q1 less negative than feared and reassuring month of April

The Q1 sales decline of 1.8% FX-n was less damaging than our -4.6% FX-n figure (see our preview here) thanks to a stronger-than-expected performance in Europe. Q1 aEBITDA margin also surprised positively with a 20bp-improvement to 11.5% (CSSe: 11.2% / BGe: 11.3%). Management confirmed a return to p

Production has started in Örnsköldsvik

RWE : What to think of the potential divestment of Amprion?

>Why would Amprion be up for sale? - Amprion is one of Germany’s four transmission systems operators. RWE holds a stake of 25.1% in the company’s capital alongside financial investors. Rumours of a divestment have emerged following an interview of Klaus Müller, chair of the Bundesnetzagentur (the German monitoring body), suggesting that coordinating the will of the German government with an acquisition of a stake in the operators’ capital could be a solution adapted t...

Capital market overly penalises TMV shares after Q1 KPIs - exchange ra...

The share price reaction of up to -10% in response to the Q1 KPIs, which were at the lower end of expectations, seems exaggerated to us. Nevertheless, TeamViewer managed to increase consolidated revenues by 7% (currency-adjusted: 9%) in a difficult macro environment, while the strategically important Enterprise business grew by 17% (currency-adjusted: 19%). EBITDA, which was also impacted by currency effects, fell by 2%, meaning that the EBITDA margin (33%; Q1 23: 36%) fell short of our expectat...

Barco NV: 2 directors

A director at Barco NV bought 4,675 shares at 13.000EUR and the significance rating of the trade was 37/100. 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 clearly showi...

Stanley Black & Decker Inc: 1 director

A director at Stanley Black & Decker Inc sold 3,442 shares at 86.795USD and the significance rating of the trade was 50/100. 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 yea...

Netcompany Group AS: 1 director

A director at Netcompany Group AS sold 5,000 shares at 310.390DKK and the significance rating of the trade was 66/100. 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 cle...

MAREL HF : Weaker than expected Q1, 2024 adj. EBIT margin target (10%-...

>Miss on orders, sales and adj. EBIT, net debt up materially - Despite the cautious round of pre close calls, MAREL’s Q1 2024 results disappoint. Orders remain soft and have declined sequentially (albeit up yoy), missing css by 4%. This is mainlky due to customers delaying investments because of the high interest rate environment and low profitability in their own sector as well as geopolitical uncertainty. Due to the weak order intake of previous quarters, sales have...

Leonardo : B787 problems pose threat to safety net built into capex pl...

>Q1 EBITA 9% > css for the quarter, the weakest of the year - Leonardo reported solid Q1 figures, driven by the Defence Electronics segment across all areas. EBITA came in 9% ahead of expectations at € 182m (ODDO BHF: € 159m, company-compiled consensus: € 167m), +67% pro forma, for revenues of € 3.664bn (+15.3% pro forma), or a margin of 5%. Nearly all the gap with our estimates stems from the DES division and particularly the European portion (+38.2% at the EBITA lev...

Infineon Technologies AG : The low point reached = rebound, target pri...

>Outperform reiterated, target price raised to € 45 vs € 40 despite the warning - Following the publication of Q2 2024 results that came in a shade above of expectations yesterday and despite the downward revision to the guidance for 2024 (the weakness of demand in automobile and the deepening of the correction in industry) the stock rebounded strongly (+13%). Despite this revision, the market above all retained that 1/ Infineon has indicated that it has de-risked its...

Heidelberg Materials : Getting off to a good start

>A quiet Q1 2024, as expected, but an improvement in April! - The comments on Q1 2024 are available in our equity flash of 7 May (“Slow and steady wins the race”). Our takeaways from the conference call are given below. The CEO remains optimistic on the price cost differential in the context of falling fuel prices whilst sales volumes were up slightly in April. The group has activated the closure of some industrial sites in key markets. Management appears to be workin...

Solvay Model update post 1Q, reconfirming our BUY rating

We upped our FY24 adjusted EBITDA forecast by 2% following the better than expected 1Q24 results. After the recent spun off of Syensqo, Solvay is a base chemicals group with leading market and technology positions in the vast majority of its businesses. The company will be managed with a conservative financial approach, favouring dividends over aggressive growth and operating with a solid balance sheet (1.4x leverage). The stable to growing dividend flow implies a solid 7% dividend yield. Other ...

MaaT Pharma Business update and milestones ahead

MaaT Pharma provides a broad overview of its recent activities and expected milestones. We can expect a number of updates from MaaT's pipeline in the coming months, the most notable of which is the primary endpoint readout (28 day GI-ORR) from the Ph3 ARES trial of enema MaaT013 in aGvHD, which is expected mid 4Q24. We reiterate our € 15 TP and Buy rating.

Redrow: 1 director

A director at Redrow sold 4,768 shares at 695p and the significance rating of the trade was 53/100. 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 clearly showing Close ...