ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024 Date Performance sin...

Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/08/2024

...

Carlsberg AS: 1 director

A director at Carlsberg AS bought 200 shares at 923.800DKK and the significance rating of the trade was 54/100. 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 sh...

Sandvik AB: 2 directors

A director at Sandvik AB sold 10,708 shares at 225.100SEK and the significance rating of the trade was 64/100. 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 sho...

Superdong Fast Ferry Kien Giang Jsc: 1 director

A director at Superdong Fast Ferry Kien Giang Jsc sold 800,000 shares at 0.000VND and the significance rating of the trade was 57/100. 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 la...

Unicredit : Q1 2024 confirms the group’s strategy and guidance

>Neutral rating reiterated – target price raised to € 38 (vs € 36) - UniCredit once again beat expectations in Q1 2024, with net income of € 2.56bn before AT1/CASHES (i.e. +20% vs consensus). The beat was driven by good revenue momentum (including in NII), confirmation of good cost control and a cost of risk that was much better contained than expected. The group moreover confirmed its comfortable level of solvency with a CET1 FL ratio of 16.2% at end-March 2024, tha...

ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2024 Date Performance dep...

Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/05/2024

...

欧州の国債供給に関する最新情報

Campari : Q1 2024 results in line and FY 2024 guidance maintained

>Underperform rating maintain with the target price unchanged at € 8.6 - We are sticking with our Underperform rating and our target price of € 8.6. The valuation at 27x P/E NTM faithfully reflects the group’s fundamentals with a profile that is increasingly approaching that of a diversified pure-player in the spirits sector, like Diageo and Pernod Ricard. Moreover, in the short term, uncertainties on the trajectory of the 2024 operating margin, which has yet to retur...

RTL Group : Q1 driven by good advertising trends but impacted by Frema...

>Neutral opinion reiterated - RTL Group has reported this morning Q1 sales of € 1.32bn, below our forecast and the consensus estimate (€ 1.38bn and € 1.36bn respectively). This was mainly due to the unexpected decline at Fremantle (-9.2%). The group did not break down its performance by country. TV advertising sales grew by 10% in Q1, slightly above expectations. As a reminder, M6 (20% of sales) had already reported its Q1 sales. The start of the year was fairly solid...

Synlab : Q1 2024: solid profitability

>Underlying growth at 3.9%, high margin - Synlab reported € 682.4m in Q1 revenues, down 2.8% (+3.9% underlying growth). Adjusted EBITDA came in at € 123.1m and adjusted operating profit at € 64.8m.Adjusted net debt stood at € 1,249m (reported net debt € 1,285m) vs € 1,582m at the end of Q1 2023 (and € 1.3bn at end-2023). Reported financial leverage stands at 2.75x (vs 2.9x at end-2023).Management reiterated its 2024 guidance, namely 4% organic growth (around...

Rubis : 2024 guidance unchanged following mixed set of Q1 figures. Pen...

>Contrasting performances in Q1 depending on the business - Rubis reported its Q1 2024 revenues yesterday evening. The group posted mixed performances:For Retail & Marketing (70% of EBITDA in 2023): Trends for volumes (+4%) and adjusted unit margins (-2%) were right in line with 2023. Europe and the Caribbean are in good shape, unlike Africa, hit by lacklustre economic trends in Kenya and headwinds in bitumen in Nigeria. Some currency losses are also expected in ...

Arkema : Q1 2024 results contained some good news

>Key takeaways from the conference call - Following the publication of the Q1 2024 results yesterday morning, followed by the conference call with management, we would like to highlight the following points:The environment in terms of demand remained unchanged in Q1 2024, extending the trend seen in Q4 2023 with low volumes (0%). There are no clear signs of recovery, but there are some positive elements that need to be confirmed. Visibility is still too low to pe...

Amadeus IT Group : Strong Q1 earnings, slightly above expectations at ...

>Q1 sales up 14% y-o-y, 1.5% above expectations - Q1 revenue came to € 1,496.3m, up 14.1% y-o-y. This is 1.5% above css expectations and roughly in line with ours (vs ODDO BHF: € 1,492.7m; css: € 1,474.8m) Air Distribution revenues came in at € 764.4m, up 12.6% y-o-y but still down -9.0% vs Q1 2019. This figure is 0.5% above css expectations but -0.8% below our expectations (vs ODDO BHF: € 770.8m; css: € 760.6m). Bookings came in at 125.2m, up 2.8% y-o-y, -2.7%...

Ryanair : Does the price warning point to a slowdown in demand?

>A rather surprising warning about summer air fares - According to Reuters, Ryanair’s CEO Michael O’Leary has said that summer air fares are likely to be lower than initially expected. O'Leary expected summer air fares to rise by between 5% and 10% but his projections are now more moderate, with growth now seen coming out flat to 5% higher (the Visible Alpha consensus expects yields to rise by +3-4% over the summer). The CEO added that this downward revision was unex...

Klöckner & Co. SE : The start of the year is slightly below forecasts

>Q1 sales of € 1.7bn (vs € 1.9m est.) – EBITDA margin of 2.4% (vs 3%e) - For Q1 2024, Klöckner yesterday published earnings a shade below our estimates. Sales were down 5.6% at € 1,737m (vs € 1,900m est., consensus at € 1,804m) due to a negative price effect of 10.6%, with volumes posting an increase of +5%. The gross margin stood at € 297m representing 17% of sales, a slight increase of 20bp. However, EBITDA is down 35.4% at € 42m (vs € 60m est.), implying an EBITDA ...

SMA Solar Technology AG : Q1 beats the consensus but including one-off...

>Q1 results above company-compiled consensus but below excluding one-offs - This morning, SMA reported Q1 2024 results which beat the company-compiled consensus. Sales came in at € 362m (almost flat vs Q1 2023) slightly below expectations (consensus at €392m and our estimates at €420m) but EBITDA came in at € 50m (-17% y-o-y) above the company-compiled consensus of € 44m and in line with our expectation of €52m. The EBITDA margin came in at 14% above consensus expecta...