BONESUPPORT: debuts 2024 with strong financial results

Q1 2024 sales climbed by 54% (54% at CER) YoY and 7% QoQ, totalling SEK 184.4m. The US market, owing 77% of overall sales, was boosted by a 65% growth (65% at CER), with CERAMENT G being the major driver bringing SEK 92m sales (SEK 34.8m). EU showed a 27% YoY growth in sales, delivered by both prod

STMicroelectronics N.V. : A significant downward revision linked to au...

>Q1 2024 results below expectations driven by automotive and an acceleration of the ongoing correction - This morning, STM reported its Q1 2024 results which were clearly below expectations. Revenues were $ 3,465m, down 19,1% q-o-q and down 18.4% y-o-y, below consensus at $ 3.6bn. Guidance was for revenues at $3.6bn, a q-o-q decrease of 15.9%, +/- 350bp. The gross margin was 41.7% also clearly below consensus at 42.3% (guidance was at 42.3% +/- 200bp). EBIT stood at $...

Schneider Electric : CA T1 2024 un peu au-dessus des attentes, qui s’é...

>CA T1 : +5.3% en organique (vs css à 4.5%) - Schneider Electric a publié ce matin un chiffre d’affaires T1 à 8 606 M€, en progression de 1.3% en publié. La croissance organique affiche une hausse de 5.3% (ODDO BHF 3.7%, css 4.5%).L’écart s’est encore creusé en termes de performance, avec une division Energy Management qui reste en forte croissance (+8.9% en organique), tandis que la divison Industrial Automation affiche un recul de 6.6% en organique, 1er trimes...

Earnings growth = higher capital repatriation

Q1 was softer than our bullish expectation, but a clear cons beat. Overall estimates intact and SBB of NOK 1.1bn has started. Earnings growth should warrant higher P/E multiple - BUY.

Believe : Q1 still showing strong growth but lower than we expected

>Neutral rating reiterated, target price based on the consortium bid - Believe yesterday evening reported Q1 revenues that came in slightly below our estimate with adjusted organic growth of 16% whereas we looked for 20%. The first quarter was therefore a little softer than anticipated. The group held a conference call afterwards in which it indicated that it expects an acceleration in organic growth in the rest of the year. The management confirmed all of their grow...

Crit : Surperformance vs le marché

>Publication du CA T1 en ligne avec nos attentes - Crit publie un CA T1 de 584.5 M€ (582.1 M€ estimé) vs 583 M€ YoY en hausse de 0.3% et 0.1% en organique. Il est le reflet d’un début d’année difficile pour le marché du Travail Temporaire dans la foulée de la fin de l’année passée. Le CA TT ressort ainsi à 468.3 M€ (470.2 M€ estimé) vs 479.8 M€ YoY en repli de 2.4% et -2.5% en organique mais -1% à nombre de jours ouvrés constants (CJO). Le CA TT France ressort à 339.5...

STMicroelectronics N.V. : A significant downward revision linked to au...

>Q1 2024 results below expectations driven by automotive and an acceleration of the ongoing correction - This morning, STM reported its Q1 2024 results which were clearly below expectations. Revenues were $ 3,465m, down 19,1% q-o-q and down 18.4% y-o-y, below consensus at $ 3.6bn. Guidance was for revenues at $3.6bn, a q-o-q decrease of 15.9%, +/- 350bp. The gross margin was 41.7% also clearly below consensus at 42.3% (guidance was at 42.3% +/- 200bp). EBIT stood at $...

Lithium Americas Corp (NewCo): 1 director

A director at Lithium Americas Corp (NewCo) maiden bought 8,000 shares at 6.480CAD and the significance rating of the trade was 53/100. 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 l...

3% adj. EBIT miss on higher costs

Q1'24: strong sales and decent margin

Verallia : Gradual recovery confirmed

>Q1 2024 revenues: mirror effect - Unsurprisingly, the group was hit by a sharp decline in its revenues. They came in at € 836.4m (€ 799.2m estimated) vs. € 1,051.6m, down 20.5% and -12.7% organically (vs -20% organically estimated). The volume effect was predominant at -€ 1,25.7m (-12%) and the forex effect at -€ 85.8m (-8.1%). Lastly, the price/mix effect was more limited than expected at -€ 7.7m (-0.7%). The group published Q1 EBITDA at € 203.9m (€ 186.4m est.) v...

Adocia : 2024, un exercice potentiellement transformant pour Adocia

>Un cash burn opérationnel en net recul - Adocia a publié hier soir ses chiffres au titre de l’exercice 2023. Les produits opérationnels sur la période ressortent à 6 M€ (vs 17.3 M€ en 2022 dont un milestone de 4.8 M€ reçu dans le cadre de son partenariat en Chine). Les charges opérationnelles courantes sont en baisse de 31% à 20.3 M€ sous l’effet du recul des charges R&D à 14.8 M€ (vs 25.9 M€ en 2022). Il en résulte une perte courante de -14.2 M€ (contre -12.9 M€ un ...

Benelux Morning Notes

Azelis: Strong margin performance in weak trading results in 3% EBITA beat. BE Semiconductor Industries: 1Q24 results; prolonged downcycle. Coca-Cola Europacific Partners plc: Messy but good. DWS: Record breaking. Flow Traders: Crypto Kings. Fugro: Here we go again. Kinepolis: Weak start to the year, but a bit better than feared. UCB: Changes in the group executive committee. Unilever: Heading in the right direction. Vonovia: Disposal of 4,500 apartments for €700m. Wolters Kl...

ACERINOX: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: Ventas: 1.481 M euros (-16,9% vs -15,2% BS(e) y -14,9% consenso); EBITDA: 111,0 M euros (-50,9% vs -51,8% BS(e) y -50,9% consenso); BDI: 53,0 M euros (-61,0% vs -68,4% BS(e) y -66,9% consenso).

INVEST SECURITIES - VISIATIV : Rien de significatif à retenir du T1 24...

"Unexpectedly strong" dry bulk market

Adj. net profit of USD 7m (ABGSCe 53m, cons 62m) .FY'24 guidance reiterated, adds six capesizes. Weak share price reaction warranted.