ATOSS Software: a resilient start of the year

This morning, ATOSS Software published its Q1 2025 results, which are mostly in line with our top-line estimates and somewhat stronger on the profitability side. Group top-line is EUR46.3m, up 10.5% yoy, 1.3% below our forecast and 1.2% below Bloomberg consensus. EBIT profitability is 33.7%, versus

ATOSS Software: whatever it takes

Following the release of the 2024 annual report and the share's underperformance since our initiation of coverage at Sell last October, we have reviewed our model and investment case. We continue to view the name as a high-quality vendor, which despite impressive fundamentals faces multiple risks t

ATOSS Software: top-line miss with margin beat raises further concerns about the future

This morning, ATOSS Software published Q4 and FY 2024 results, both below and above estimates for top-line and profitability respectively. Q4 top-line was 3.3% below consensus and EBITDA margin 13.8% above. We flag that this profitability beat was driven by "prudent cost management" along with the

Negative signals for the US housing sector

Macro indicators for the construction sector, and the housing market in particular, have been poor recently. Homebuilders confidence has plummeted, housing sales and starts are stagnating at low levels. A sector so central to the economy appears to be frozen. President Trump has an idea for boosting the sector, and this would involve cutting Fed rates by 200-300bp in one fell swoop, in the hope of making the cost of mortgage borrowing bearable. His anti-Powell fury no doubt has something to do with this housing slump. It goes without saying that the Fed is not prepared to move that fast or th...

Oddo’s 2 Weeks Ahead_Friday 27 June 2025

Signaux négatifs pour le secteur immobilier US

Dernièrement, les indicateurs macro relatifs au secteur de la construction, en particulier le marché du logement, ont été mauvais. La confiance des promoteurs a chuté, les ventes et la production de logements stagnent à un bas niveau. Un secteur si central pour l’économie paraît gelé. Le président Trump a une idée pour lui redonner du tonus, ce serait de baisser les taux de la Fed de 200-300pdb d’un coup, dans l’espoir de rendre supportable le coût des emprunts immobiliers. Sa fureur anti-Powell a sans doute à voir avec ce marasme. La Fed n’est pas disposée à bouger si vite ni si fort il va sa...