Autoliv : Road show feedback: solid execution, we upgrade to Outperform

>A high quality profile and bolstered confidence on execution - On the back of the recent robust Q3 results (see our Flash), we organised a road show yesterday with Fredrik Westin, CFO of Autoliv, and Henrik Kaar, Investor Relations Director. The road show was an opportunity to discuss the LVP environment (visibility still limited, residual volatility) but also several themes specific to the group’s execution (outperformance, market share gains in China, cost reductio...

Q3 trends, estimates, valuation and top picks

Legrand : Q3 slightly weaker than expected, the 2024 margin target has been lowered

>9M 2024: sales down 0.8% on an organic basis, adjusted EBIT down -110bp - Legrand this morning reported 9M 2024 earnings slightly short of expectations. The group notably posted an organic 0.8% decline in sales (consensus at -0.7% and ODDO BHF at -0.6%). In Q3 alone, growth reached 1.7% (consensus 2.0%). By region, it remains negative in Europe in Q3 (-4.1% vs -1.2% for the consensus), despite comparison bases supposedly being more favourable. Conversely, it remains...

Amadeus IT Group : Solid set of Q3 results, in line at top-line level but 3%/6% above at EBIT/EPS levels. FY 2024 guidance reiterated despite weaker payment business

>Q3 sales in line with strong Air Distribution performance compensating for HOS - Q3 revenue was € 1,548.0m, up 11.0% y-o-y, roughly in line with Css expectations and -1.0% below our expectations (vs ODDO BHF: € 1,564.4m; Css: € 1552.6m). Air Distribution revenues came in at € 724.4m, up 8.6% y-o-y, up +2.0% vs Q3 2019. This figure is 1.6% above expectations (vs ODDO BHF: € 714.1m; Css: € 713.3m). Air Distribution Bookings came in at 117.5m, up 4.4% y-o-y, 1.9% above ...

Very strong Q3 results. Dull FY25 guidance

>Momentum improves materially on strong CDMO, ahead of optimistic estimates - Total revenues increased +10% y-o-y in Q3 2024 reaching € 235m, somewhat above our estimates and significantly above the consensus (+4% and +10% respectively), with a 10pp sequential improvement (vs 0% in Q2, -25% in Q1) thanks to a very strong CDMO quarter. The unit posted € 134m of sales which is only € 2m below its historical high-water-mark of Q4 22 beating our optimistic € 155m estimate...