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...

Interparfums : Feedback from the CMD: slight downward adjustment to estimates

>Key takeaways: cautious guidance, less ambitious on Moncler and work to be done on enhancing the portfolio - 1/ Cautious guidance for 2025 (but the consensus too high), due to embedded effects. A good line-up for 2025: several launch initiatives are planned: Montblanc Explorer (new line), Jimmy Choo Man, Coach (2 new editions: Woman and Man), Solferino (new proprietary brand - niche perfumes / 10 lines listed in Paris for the story telling), Lacoste (extension of L12...

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...