ODDO BHF Small & MIDCAP MORNING NEWS - Date1

We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...

ODDO BHF Small & MIDCAP MORNING NEWS - 11/14/2024

We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...

Air France-KLM : Inflection on unit costs pushed back

>Unit revenue still on a positive trend - With regards to unit revenue (RASK), the environment looks more positive than we initially anticipated, in terms of both passengers and cargo. On passengers, October saw a 2% improvement in the load factor combined with a slight increase in the yield and the fact that the booking load factor in Q4 came in higher than last year despite an increase in capacity (5% on medium haul and up 10% at Transavia) bodes well for RASK. The ...

Accor : Test first take

AXA : TEST

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VINCI : Trees can reach to the sky

>Ambitious but realistic targets for VINCI Energies - Today, VINCI is to host a CMD in Paris dedicated to its Energies division, during which it will present its targets out to 2030. VINCI Energies notably forecasts: Annual revenue growth in the mid- to high single digits on average between 2024 and 2030 (consensus at low to mid-single digits for the time being). International revenue up to 65% of total revenue in 2030 (vs 58% in 2023) An operating mar...