Oddo BHF - Baywa AG (BYW) BayWa AG : Earnings momentum might improve following soft patch in Q1 2018

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Oddo BHF

Roland Pfaender,MBA,CFA,CCRA

BayWa AG : Earnings momentum might improve following soft patch in Q1 2018

>Model update following soft patch in Q1 2018 - Following BayWaâ€™s disappointing Q1 2018 we have reduced our adj. EPS estimate for 2018e by 5.4% to â‚¬Â 1.64; based however on improving structures in international agri trading and a strong renewables project pipeline, we lift our adj. EPS estimate for 2019e by 2.0% to â‚¬Â 2.04. We set a new DCF based TP of â‚¬Â 29 (was â‚¬Â 30) reflecting the companyâ€™s increased debt load. We reiterate our Neutral recommendation on BayWa shares.Â§...

12/06/2018 6 EN

Underlying

Baywa AG

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DE0005194005 Germany

Provider

Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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Analysts

Roland Pfaender,MBA,CFA,CCRA

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Commissioned Research: BayWa AG - Issuer profile

BayWa AG was founded in 1923 and is headquartered in Munich, Germany. The BayWa registered share is traded on the regulated market/Prime Standard regulated market on the Frankfurt am Main and Munich stock exchanges and in the XETRA trading system.

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Oddo BHF

BayWa AG : Q2 2018 results show expected catch-up effects; Q3 2018 set to benefit from rising agricultural commodity prices

>Q2 2018 results slightly ahead of our estimates - BayWa reported Q2 2018 group EBIT up 13% yoy to â‚¬ 73.1m, slightly ahead of our â‚¬ 70.0m estimate. As expected, the company benefited from weather-related catch-up effects in its segments Agri Supply & Trade (BAST), and Building Materials. H2 2018e should be propelled by the sale of Renewable Energy Projects and improving trading profits thanks to increasing agricultural commodity prices. We leave our full-year 2018 EBI...

August 13, 2018 August 13, 2018 5 EN

Oddo BHF

ODDO BHF GERMAN MORNING NEWS â€“ DETAILED COMMENTS 06.13.2018

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June 13, 2018 June 13, 2018 8 EN

Nexity : Q1 2024 down 14%, profitability to mark a low in 2024

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Nicolas David

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>Q1 2024 org growth of +0.3% marginally below Css but in line with the guidance - Q1 2024 revenue stands at € 1 587m up 13.8% y/y, roughly in line with expectations (ODDO BHF: € 1 584m; css: € 1570m).Organic growth stands at +0.3%, -5.9pts below previous quarter (vs Q4 23 +6.2% org). This figure is -50bps below expectations (ODDO BHF: 0.9 %; Css: 0.8%), impacted by a slowdown in discretionary investments in technology, high comps (9.1% growth in Q1 2023) and an u...

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BayWa AG : Earnings momentum might improve following soft patch in Q1 2018

Commissioned Research: BayWa AG - Issuer profile

BayWa AG : Q2 2018 results show expected catch-up effects; Q3 2018 set to benefit from rising agricultural commodity prices

ODDO BHF GERMAN MORNING NEWS â€“ DETAILED COMMENTS 06.13.2018

Nexity : Q1 2024 down 14%, profitability to mark a low in 2024

Deutsche Telekom : Initial (baby) steps by T-Mobile in fibre

Sopra Steria Group : Q1 sales roughly in line and FY guidance reiterated. A solid performance in the current environment

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