Stockholm continue to stand out

Galapagos : Une publication sans grande surprise

>Une trésorerie solide - Galapagos publiait après la fermeture du marché US ses résultats du T1. Les revenus du groupe ressortent ainsi à 100 M€ vs 83 M€ att. L’essentiel des revenus vient de son accord avec Gilead pour 62 M€ alors que les ventes des produits nets ressortent à 37 M€. Au niveau opérationnel, les coûts sont globalement bien maitrisés ce qui conduit à avoir des dépenses totales de l’ordre de 129 M€ vs 110 M€ même si nous observons une hausse de près...

RATIONAL AG : Positive margin performance in 2024

>Conference call feedback: sales and profitability - During the conference call, management discussed the group’s developments in Q1 as well as the growth forecast for the full year. The key takeaways were :For Q1, sales were up 1% at € 293m despite a demanding comparison base (Q1 2023: +25%). By region, we note dynamic momentum in the Americas and Asia (+11% and +18% respectively) benefiting from the upturn in demand on underpenetrated markets, as well as signif...

Stable operations drove positive value changes

Q1 report: work in progress

Q1 report: drumming for clear AIR

Legrand : Un T1 en-dessous des attentes au niveau de la croissance org...

>T1 2024 : croissance organique -5.4%, marge d’EBITA ajusté 20.5% - Legrand a publié ce matin des résultats T1 2024 inférieurs aux attentes, du fait de la top-line. La croissance organique atteint -5.4% (ODDO BHF à -2.6%, consensus à -3.1%). Toutes les divisions affichent une évolution négative au T1. Contrairement à la plupart de ses pairs, les Etats-Unis n’ont pas joué leur rôle d’amortisseur avec un recul de 6.1% du CA en organique, et l’Europe est en recul de 4.7%...

Bonduelle : CA T3 en deçà des attentes. Guidance annuelle de croissanc...

>Baisse organique du CA de 1% vs +5%e avec une Europe stable et hors Europe en baisse de 3% - Bonduelle a publié hier soir un CA T3 4% en dessous de notre attente avec un effet de change moins dégradé que prévu. Le CA de 564.9 M€ (vs 588.1 M€) ressort en baisse de 1.3% en publié et de 1% en organique (vs +5%). Les ventes des deux zones sont plus faibles en organique. Les CA Europe progresse légèrement de 0.5% en publié et reste stable en organique à 378.8 M€. La cons...

Krones AG : Strong order intake momentum continues in Q1 (+3% vs cons)...

>Q1 group EBITDA up 9% y-o-y to € 125m, Process Technology surprised positively (EBITDA margin: 11.6%) - The order intake once again showed no signs of weakness in Q1 2024 by remaining almost flat y-o-y at a level of € 1,483m (against a tough base), which is 3% above the consensus estimate of € 1,438m (FactSet). The book-to-bill was maintained at >1.0x in Q1 2024 (as guided for FY 2024), which led to a continued surge in the order backlog to € 4,358m (+€ 236m q-o-q)....

Mega International Commercial Bank: Update following rating affirmatio...

Our credit view of Mega ICBC reflects its good capitalization, which provides a buffer against shocks, constrained by its greater reliance on wholesale funding than local peers.

Morning Notes : BPOST BB, GLPG NA, GBLB BB, ONTEX BB, TUB BB, SHUR BB

: BPOST BB, GLPG NA, GBLB BB, ONTEX BB, TUB BB, SHUR BB

FX Daily: Bearish dollar momentum faces key payroll test

The post-FOMC hawkish repricing of Federal Reserve rate expectations is applying pressure on the dollar, although today's US jobs figures will be the real pivotal event for FX. Our call is for a slightly softer than consensus print at 210k, which can keep the dollar soft. In Norway, Norges Bank may have some reasons to turn slightly more hawkish

PIERER Mobility AG: 1 director

A director at PIERER Mobility AG bought 40,000 shares at 37.740EUR and the significance rating of the trade was 100/100. 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...

Tejas Networks Ltd: 12 directors

Twelve Directors at Tejas Networks Ltd sold 64,369 shares at between 1,025.241INR and 1,082.947INR. 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 directo...

Yong Pyong Resort Corp: 2 directors

Two Directors at Yong Pyong Resort Corp bought/maiden bought 11,309 shares at between 2,802.351KRW and 2,810.000KRW. The significance rating of the trade was 68/100. 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 ...

Q1 highly supportive for '24e turnaround story

Ontex : Getting stronger and better

>+100bps of adjusted EBITDA margin vs FY2023 - Overall in Q1 2024, Ontex realised € 551.3m in sales which is 2% lower with consensus and 15% lower than Q1 2023 (lfl: +3%). For Core markets (continued operations) revenue, there was a 0.5% beat on consensus (css: € 458m) and 3% higher than Q1 2024 (lfl: +4%). The last includes a volume and mix of +5% yoy driven by double digit in selected categories in North America, largely based on new contracts signed in H2 2023 and ...