reports
Relx: 1 director
A director at Relx bought 1,630 shares at 3,229p and the significance rating of the trade was 71/100. 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 Clos...
BRP Inc: 1 director
A director at BRP Inc sold after exercising options 87,400 shares at 95.748CAD and the significance rating of the trade was 74/100. 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 ...
- Oliver Metzger
STRATEC SE : Q1 review – Weak start to the year due to higher destocki...
>Top line with positive momentum, but below expectations - Stratec’s Q1 2024 revenues of € 50.9m (-17.2% y-o-y) was impacted by a -15.7% decline at constant currencies), which were -17%/-18% below our and the consensus’ expectations. The consolidation of Natech Plastics contributed around 470bp to revenues growth. The first quarter was impacted by destocking as guided before, but the headwind was more severe than expected. Bottom line with sequential grow...
- Christophe-Raphaël Ganet
Guerbet : Q1 2024 revenue: a solid sales performance
>Q1 2024 revenue +8%: solid - Revenue increased by 8.1% in Q1 to € 194.3m (+8.8% cc.) or +7.6% after adjusting the first quarter of 2023 to include Intrasense consolidated since 01/01/2023. The EMEA region posted a decline of 5.8% (-6.2% cc), APAC delivered 20% growth (+26.8% cc) and the Americas recorded 21% growth (+20% cc). The X-ray business turned in +15%, the IRM business -4% and the II business +4.4%.Management confirmed its guidance targets (8% growt...
- Geoffroy Michalet
Cegedim : Un T1 correct, guidance réitérée
>CA T1 en hausse organique de 6% - Au titre du T1 2024, Cegedim a publié hier soir un CA de 155.9 M€ en hausse de 6.9% dont +6% en organique, +0.7% d’effet périmètre lié à l’acquisition de Visiodent (1er mars 2024) et +0.2% d’effet devises. Toutes les divisions contribuent à cette croissance sauf l’activité Logiciels & Services. Notons que les activités Cegedim Outsourcing, Audiprint et BSV (intégrées respectivement dans les divisions Logiciels & Services et Flux) on...
- Chaima Ferrandon
- Sven Edelfelt
VINCI : Solid but not brilliant start to the year
>Sales slightly above expectations (+2%) - Vinci reported a slight sales beat at € 15.7bn, up 4.8% or 4.2% LFL (consensus: € 15.4bn). The group continued to benefit from very good momentum in the energies/Cobra segments and airports. Vinci Energies sales grew 5% (3.8% LFL), driven by buoyant markets, as was the case for Cobra IS (+7.5% and 7.6% LFL). Vinci Construction (+3.8% LFL) was boosted by satisfactory trends both abroad (+4.5% LFL) and in France (+4.0% LFL) de...
- Geoffroy Michalet
Bureau Veritas : Postview T1 – Un début d’année très encourageant
>Principaux éléments de la confcall - Lors de la conférence call tenue hier, nous retenons les principaux points :La dynamique devrait rester bien orientée à travers les divisions avec une croissance organique tirée majoritairement par les volumes. Au S2, le groupe anticipe une croissance organique supérieure à celle du S1, en raison d’une base de comparaison exigeante au T2. Le groupe est revenu particulièrement sur les divisions CPS et B&I : i/ La recovery...
- Fatma Agnès Hamdani
Marie Brizard Wine & Spirits : Q1 sales in decline, impacted by destoc...
>Q1 sales down 6.9% at € 43.3m, undermined by destocking in international markets. France was flat (+0.5%) with volumes down in retail - Q1 sales came in at € 43.4m, down 6.9% in reported terms and on constant currencies. This was 5% below our forecast of € 45.7m ( -1.7% reported and on cc). Business in France saw a slight improvement of 0.5% (vs +3%e and -2.5% in Q1 2023) to € 19.5m. The embedded effect of price increases offset the decline in volumes in retail, not...
- Emna Ben Bdira
- Maxime Kogge
AngloAmerican Plc : An offer with chances of succeeding but not genero...
>A share offer that factors in no real control premium for the time being - Yesterday morning, BHP confirmed that it had submitted a share exchange offer to Anglo American's board of directors. Before this we considered that Anglo American's assets to be too heterogeneous or underperforming to be of interest to another player, particularly due to the difficulties in South Africa. However, BHP's proposed structure excludes the South African activities as it is conditio...
- Eya Drira
- Geoffroy Michalet
SGS : Un début d’année de bonne facture malgré un FX pénalisant– Guida...
>T1 2024 : 7.1% en organique vs 6.0%e tirée par I&E et NR - SGS a publié ce matin pour la première fois son CA T1 alors qu'auparavant, il ne communiquait que selon un rythme semestriel. Le CA s’élève à 1 577 MCHF en baisse de 2.1% en ligne avec nos attentes (1 576 MCHF) incluant un effet Forex très négatif de 8.6% plus important qu’attendu (-4.8%e). La croissance organique est ressortie à 7.1% au-dessus de notre attente de 6.0%e. À ce stade, les chiffres trimestriel...
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Viktor Stenlöf
- Delphine Brault
- Quentin Borie
SKF : Une marge résiliente malgré la forte baisse du chiffre d’affaire...
>T1 2024 : CA en recul organique de 7%, marge d’EBIT ajusté en hausse de 30 pb - SKF a publié ce matin des résultats T1 2024 légèrement inférieurs aux attentes au niveau du chiffre d’affaires mais supérieurs sur la marge d’EBIT.Le CA atteint 24.7 MdSEK (consensus à 24.8 MdSEK), en recul organique de 7% (consensus à -6.5%). Ce recul embarque des volumes négatifs dans les deux divisions avec un recul du CA de 7.3% pour Industrial et de 6.2% pour Automotive. Comme a...
- Jeremy Garnier
Clasquin : Q1 slightly above our expectations
>Q1 gross margin of € 34.7m (vs € 33m est) up 15.4% (2% l-f-l) - Clasquin published its Q1 gross margin yesterday evening which was up 15.4% to € 34.7m, slightly above our expectation of € 33m. Excluding the scope effect linked to Timar, organic growth stood at 2%. Still a great outperformance from the group - In Q1 the momentum was finally good for freight rates with by segment: 1/ the sea freight market which was strongly disrupted by the events oc...
- Jeremy Garnier
Roche Bobois : Q1 down sharply but 2024 outlook confirmed
>Q1 2024 sales down 9.4% to € 94.2m (vs € 104m est.) - Roche Bobois published yesterday evening its Q1 2024 sales, which came in slightly below our expectations at € 94.2m (vs. € 100m est.), down 9.4% (-9.5% cc). Slowdown across regions in Q1, upturn expected in H2 - Given the very high rate of deliveries in Q4 2023 and a slowdown in order intake at the end of the year, the group's business logically slowed down in Q1 2024 in all regions: France (-9...
- Chaima Ferrandon
- Sven Edelfelt
Saint-Gobain : In the inflection, the truth will come reveal itself
>Sales in line with expectations and improvement in underlying volumes - Q1 2024 sales of € 11,356m (-8.5% as reported, -5.8% like-for-like, of which -1.1% in prices and -4.7% in volumes), 1% above the consensus. In addition to a slight fall in prices, which penalised organic growth, the group recorded a 4.7% fall in volumes (after -4.8% in Q4 and -5.0% in Q3), penalised by new housing, especially in Europe. Q1 volumes were down 9.3% in Northern Europe, 7.7% in Southe...
- David Havrlant
CNB preview: 50bp rate cut likely while neutral real rate increases
The Czech National Bank will likely cut the key interest rate by 50bp to 5.25% as inflation has fallen towards the 2% target. Elevated price growth in services persists, limiting the likelihood of more easing. We expect a discussion on the neutral real interest rate, contributing to a higher rates outlook towards year-end
EQS-News: Performance One AG: erfolgreicher Abschluss der Barkapitaler...
EQS-News: PERFORMANCE ONE AG / Schlagwort(e): Kapitalerhöhung Performance One AG: erfolgreicher Abschluss der Barkapitalerhöhung ermöglicht zusätzliche Wachstumsinvestitionen in die E-Mental-Health-Aktivitäten 26.04.2024 / 10:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Performance One AG: erfolgreicher Abschluss der Barkapitalerhöhung ermöglicht zusätzliche Wachstumsinvestitionen in die E-Mental-Health-Aktivitäten Mannheim, 26.04.2024 – Die Performance One AG konnte eine Barkapitalerhöhung erfolgreich abschließen, die vor a...
- Fatma Agnès Hamdani
Marie Brizard Wine & Spirits : Un CA T1 en retrait, impacté par les dé...
>Un CA T1 en repli de 6.9% à 43.3 M€, pénalisé par des réductions de stocks à l’international. La France est stable (+0.5%) avec des volumes en baisse en GD - Les ventes du T1 de 43.4M€ baissent de 6.9% en publié et à taux de change constants. C’est 5% en dessous de notre prévision de 45.7 M€ ( -1.7% en publié et à ttc). L’activité en France est en légère amélioration de 0.5% (vs +3%e et -2.5% au T1 2023) à 19.5 M€. L’effet embarqué des hausses de prix compense la bai...
- Nicolas Thorez
Assystem : A good quality Q1 2024 driven by the nuclear segment. 2024 ...
>Q1 revenue of € 154.3m, up 5.5% organic, a shade above forecasts - After trading yesterday Assystem reported Q1 2024 revenues of € 154.3m (vs ODDO BHF estimate € 150.7m), showing growth of 7.2% y-o-y on a reported basis, 2% ahead of our initial forecast. Adjusted for scope effects (+1.6pts, higher than expected contribution from L&T and Keops) and forex (+0.1pts), organic growth was 5.5%, slightly higher than we expected (+4.1% organic). This performance can largely...
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