reports
- Maxime Dubreil
- ABGSC Oil & Oil Services Research
- John Olaisen
- Martin Mauseth
- ABGSC Healthcare Research
- Alexander Krämer
- Stephane Beyazian
- Sven Edelfelt
Bouygues : Comme un T1 sans grande surprise
>CA 2% vs consensus et ROCA inférieur aux attentes - Bouygues a publié ce matin un CA T1 2024 en hausse de 2.6% dont +3.6% lfl, en ligne avec les attentes du consensus (+1.4%e). La croissance du CA ressort à 3.2% lfl dans la construction et les services (vs +3.8% lfl chez Vinci) tirée par Colas (+2.2% lfl) et Bouygues Construction (+6.8% lfl) alors que l’immobilier (-16% lfl) est négatif. Bouygues Telecom affiche une baisse de 2%. L’EBITDA ressort en baisse de 5....
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Patrik Brattelius
- ABGSC Healthcare Research
- Sten Gustafsson
Press release: Following a court decision, Orange announces the withdr...
Press release: Following a court decision, Orange announces the withdrawal of the resolution due to be submitted to the AGM regarding the appointment of the employee shareholders representative to the Board of Directors Press releaseParis, 7 May 2024 Following a court decision, Orange announces the withdrawal of the resolution due to be submitted to the AGM regarding the appointment of the employee shareholders representative to the Board of Directors The Board of Directors of Orange met today to consider the implications of the decision rendered on 3 May by the Commercial Court of Nant...
Communiqué : Orange annonce le retrait, à son assemblée générale du 22...
Communiqué : Orange annonce le retrait, à son assemblée générale du 22 mai, de la résolution 7 visant à la désignation d’un administrateur représentant les salariés actionnaires, à la suite d’une décision de justice Orange annonce le retrait, à son assemblée générale du 22 mai, de la résolution 7 visant à la désignation d’un administrateur représentant les salariés actionnaires, à la suite d’une décision de justice Le Conseil d’administration d’Orange s’est réuni ce jour pour examiner les suites à donner au jugement rendu le 3 mai par le Tribunal de commerce de Nanterre qui a annulé le...
Aktietilbagekøb i Spar Nord Bank – transaktioner i uge 18
Aktietilbagekøb i Spar Nord Bank – transaktioner i uge 18 Selskabsmeddelelse nr. 32 Spar Nord offentliggjorde i selskabsmeddelelse nr. 10 2024 et aktietilbagekøbsprogram på op til 500 mio. kr. Aktietilbagekøbet blev indledt 12. februar 2024. Aktietilbagekøbet sker med henblik på at nedsætte bankens aktiekapital med de under programmet købte aktier, og foretages i henhold til EU-Kommissionens forordning nr. 596/2014 af 16. april 2014 (”Markedsmisbrugsforordningen”). Under aktietilbagekøbsprogrammet er der i foregående ugegennemført følgende transaktioner: Antal Ak...
Share buybacks in Spar Nord Bank – transactions in week 18
Share buybacks in Spar Nord Bank – transactions in week 18 Company announcement no. 32 In company announcement no. 10 2024, Spar Nord announced a share buyback programme of up to DKK 500 million. The share buyback was initiated on 12 February 2024. The purpose of the share buyback is to reduce the bank’s share capital by the shares acquired under the programme, and the programme is executed pursuant to Regulation (EU) No 596/2014 of 16 April 2014 (“Market Abuse Regulation”). In last week the following transactions were made under the share buyback programme. Number of sharesAverage p...
- Valens Research
WDC - Valens Credit Report - 2024 05 07
Cash bond markets are overstating credit risk with a YTW of 6.821% relative to an Intrinsic YTW of 5.461% and a CDS of 183bps relative to an Intrinsic CDS of 80bps. Furthermore, Moody's is overstating WDC's fundamental credit risk with its Baa3 credit rating two notches below Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As a positive, management members have low change-in-control compensation relative to their annual compe...
- ABGSC IT Research
- Mikkel Kousgaard Rasmussen
- ABGSC Chemicals Research
- Henric Hintze
- Lara Mohtadi
- Oscar Haffen Lamm
Valneva: reports Q1, full year guidance reiterated
Valneva reported its Q1 2024 results where revenues came in at EUR 32.8m (vs css EUR 43.1m), including product sales of EUR 32.1m, driven by Ixiaro (EUR 16.6m, -4.8%), Dukoral (EUR 11.3m, +10.3%), and third party products (EUR 4.1m, -8.9%). The decrease in Ixiaro sales is mainly attributed by the s
- Oliver Metzger
Siemens Healthineers : Q2 review – Headwind in China creates miss on e...
>Miss on top and bottom line at group level - Q2 revenues of € 5,435m (+1.7% y-o-y) were -2%/-1% below ODDO BHF/consensus estimates. The comparable sales growth was 3.0% (vs 4.3%/4.0% expected) impacted by the anti-corruption campaign in China. The equipment book-to-bill was at a level of 1.08x, following 1.14x at the Q1 results. Adjusted EBIT of € 822m (+20.7% y-o-y, margin 15.1%) was -3%/-2% vs expectations. Adjusted EPS was € 0.55 vs € 0.52/€ 0.51 expected.§hp...
- Chaima Ferrandon
- Sven Edelfelt
Heidelberg Materials : Slow and steady wins the race
>EBITDA in line with the consensus - Heidelberg Materials has published Q1 2024 EBITDA in line with forecasts. EBITDA was € 542m, down -2.6% in real terms and -2.4% l-f-l (company-compiled consensus at € 535m, i.e. 1% above). The group was penalised by the € 202m decline in volumes at the EBITDA level (sales 6% below forecasts), almost offset by the price/cost differential of +€ 189m after +€ 218m in Q4, +€ 453m in Q3 and € 140m in Q2. The EBITDA margin improved to 12...
- Martin Marandon-Carlhian
- Stephane Houri
Infineon Technologies AG : A warning as expected, but not a disaster
>Q2 2024 results above expectations - Infineon reported Q2 2024 results which were above expectations. Revenues came in at € 3,632m, above with Vara Research consensus at € 3, 604m. The adjusted gross margin stood at 41.1% in line with the consensus at 41.2%. Segment results were at € 707m, i.e. a margin of 19.5% above the consensus at € 651m and 18.1%. Adjusted EPS was € 0.41, 10.5% above the consensus at € 0.38.Q3 2024 guidance below expectations, FY 2...
- Martin Marandon-Carlhian
- Stephane Houri
Infineon Technologies AG : A warning as expected, but not a disaster
>Q2 2024 results above expectations - Infineon reported Q2 2024 results which were above expectations. Revenues came in at € 3,632m, above with Vara Research consensus at € 3, 604m. The adjusted gross margin stood at 41.1% in line with the consensus at 41.2%. Segment results were at € 707m, i.e. a margin of 19.5% above the consensus at € 651m and 18.1%. Adjusted EPS was € 0.41, 10.5% above the consensus at € 0.38.Q3 2024 guidance below expectations, FY 2...
- Carsten Brzeski
- Javier Esteban
UNICREDIT: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 1T'24 vs 1T'23: M. Intereses: 3.578 M euros (+8,5% vs +6,5% BS(e) y +6,5% consenso); M. Bruto: 6.371 M euros (+7,4% vs +1,0% BS(e) y +0,2% consenso); M. Neto: 4.065M euros (+12,8% vs +0,7% BS(e) y +0,2% consenso); BDI tras AT1: 2.495 M euros (+20,9% vs +4,5% BS(e) y -0,3% consenso). Rdos. 1T'24 vs 4T'23: M. Intereses: 3.578 M euros (-0,9% vs -2,7% BS(e) y -2,7% consenso); M. Bruto: 6.371 M euros (+6,6% vs +0,2% BS(e) y -0,6% consenso); M. Neto: 4.065 M euros (+16,5% vs +3,9% BS(e) y +3,4% ...
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