adidas: The best sunny terrace in sporting goods currently...

During the conference call, management tried to maintain a subtle equilibrium between presenting stronger-than-expected Q1 results and tempering somewhat analysts' optimism for FY24, as evidenced by a CSS estimate (EUR1.02bn) already standing well above ADS' revised guidance of "around EUR700m". We

Higher guidance, 15% beat on Q1 EBIT

GALP : Résultats T1 supérieurs aux attentes, outlook rassurant. Recomm...

>Upstream : un profil de croissance solide renforcé par les découvertes en Namibie - L’EBITDA T1 2024 ajusté de l’Upstream est ressorti à 591 M€ et 9% au-dessus des attentes. Le groupe guide sur un EBITDA 2024 de la division à 2.1 Md€ qui nous parait assez conservateur et une production >115 kbep/j en ligne avec nos attentes. Cette production devrait croitre de de plus de 30% (+40 kbep/j) avec le démarrage de Bacalhau au Brésil fin 2025 qui devrait atteindre son pl...

Mercedes-Benz AG : Continued erosion and risks still underestimated

>Continued erosion of Cars fundamentals - MBG reported subdued Q1 results Tuesday morning, below expectations (adjusted EBIT 5% below consensus, -10% for the Cars division), see First Take. The group reported a marked erosion of its earnings and margins in the Cars division (adjusted EBIT € 2.3bn, -44% y-o-y, margin 9.0%, -580bp y-o-y), partly offset by a still very solid performance from Vans (adjusted EBIT € 0.8bn, +11% y-o-y, margin 16.3%, -20bp y-o-y). The group ...

Savencia SA : Globalement l’amélioration du mix volume compense la bai...

>Un CA T1 stable en organique dont +1.7% de mix volume selon nos calculs. - Du contact société post publication du CA T1 (1696 M€, en hausse de 1.6% en publié et stable en organique), nous retenons les éléments suivants : La croissance organique des produits fromagers de 2.5% s’appuie sur un effet mix volume de 1% et une légère hausse des prix de 1.5%. Le groupe bénéficie des relèvements de prix obtenus en 2023 et ceux obtenus cette année sur certains marchés com...

GSK : Very good start to the year

>Q1 beat expectations - GSK reported Q1 sales (+4.4% vs consensus) and core EPS (+15.9% vs consensus) ahead of expectations. Sales were up 10% at cc (+6% GBP). All divisions turned in a good performance: Specialty Medicines (+12.8%, +1% vs css), Vaccines (+11.6%, +5.5% vs consensus) driven by Arexvy (£ 180m - launched in Q3 2023, in line) and Shingrix (+13.4%, +4.4% vs consensus) General Medicine declined less sharply than expected (-4.4%, +7.7% vs consensus). Core EB...

Cherry SE : Turnaround promised, but the proof will be in the pudding

>2023 another year to forget, but management optimistic about the future - Last year (2023) was again disappointing for Cherry, with it missing initial guidance by a mile on both revenue (€ 126.5m vs c. € 140m guidance, down 4.5% y-o-y) and adjusted EBITDA margin (1.6% vs guidance of c. 10%). The poor 2023 results were due to a mix of internal and external factors. First, management was running a business with a lack of focus (very diversified product portfolio), no d...

Fielmann AG : Activité un peu plus dynamique qu’attendu, guidance en m...

>Le CA T1 reflète une croissance plus favorable que prévu à +11% mais les marges restent du même ordre de grandeur que l’an passé sur le trimestre - Le groupe publie en même temps les résultats annuels 2023 complets (les principales données avaient déjà été communiquées le 29 février) et ceux afférents au T1 2024.  Le CA 2023 est confirmé à 1969 M€ soit une croissance de 12% et c.8% en organique (CA T4 à 7% soit quasi flat en org avec une Allemagne à -3.5%), l’EBT ...

Gulf Marine Services (GMS LN) - Forecast update

We have now updated our forecasts for the recent full year 2023 results. This sees our 2024 numbers remain unchanged, but our 2025 numbers nudge up, remaining above the existing 2025 guidance range.

Fielmann: Reassuring start to the year

With Q1 sales and EBITDA both up 11% YoY, FIE has reassured the market despite a demanding comparison base and challenging macro environment, particularly in Germany. Similarly, FY24 sales outlook highlights robust top-line trends through the year, whilst FIE's prudent EBITDA target leaves some ups

Food Retail: Leclerc's insolent outperf fuels risk of competitive irra...

Latest Kantar French market share data highlight a continued and surprising outperformance by Leclerc (+80bp) despite very tough comps vs. other independents and Lidl (slightly up) and vs. integrated groups (down 100bp). The wide gap between Leclerc and Intermarché, Systeme U and Lidl in a fast-dec

Cleveland-Cliffs Inc: 2 directors

Two Directors at Cleveland-Cliffs Inc bought 85,000 shares at between 16.761USD and 16.995USD. The significance rating of the trade was 84/100. 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 ov...

Growth and margin beat in key business'

Altarea : A strong performance from retail and progress on the road ma...

>A strong operating performance from the three business lines - Altarea reported a performance for Q1 2024 (revenues € 578.9m, +4% y-o-y) which reflects above all an outperformance from retail but also the end of the clearing of the housing supply from the previous cycle while business property is making progress.Retail (revenues € 67.3m, +11.8% y-o-y): all indicators are showing a very positive trend and above peers with: 1/ retailer sales at +7% y-o-y for foot...

BBVA : Potential M&A deal with Banco Sabadell – initial assessment

>The underlying strategic rationale is still there… - In a surprise move, BBVA announced its concrete/formal interest in Banco Sabadell the day after reporting its Q1 2024 results and probably following a leak in the media. It is still too early, in the absence of details around the terms, to properly evaluate the relevance of the move (we clearly maintain our positive stance on the stock and our target price at this stage), although we can already provide an initial ...

Capgemini : CA T1 2024 satisfaisant. FY 24 guidance réitérée mais le h...

>Croissance à cc en ligne avec les attentes. Bookings solides - Capgemini a annoncé mardi avant Bourse un CA T1 2024 satisfaisant, avec une variation cc de -3.3%, +20 pb au-dessus des attentes. L’Amérique du Nord continue à être pénalisée par un mix moins favorable (-7.1% cc) alors que l’Europe continue à faire preuve d'une plus grande résilience, enregistrant un léger ralentissement de la croissance, comme prévu (-1.8% cc). Les secteurs TMT et services financiers so...