Oddo BHF - IONOS GROUP SE (IOS) IONOS : Relèvement à Surperformance (vs Neutre) avec un meilleur S2 en vue

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Oddo BHF

Stephane Beyazian

IONOS : Relèvement à Surperformance (vs Neutre) avec un meilleur S2 en vue

>Opinion relevée à Surperformance après le recul de 37% depuis le 11/07 et 35% relatif aux comparables - Nous relevons notre opinion à Surperformance en raison 1/ du potentiel retrouvé par rapport à notre objectif de cours de 27 €, après le recul du titre lié à un ajustement anecdotique d’objectif (CA 2024 revu de 10% à 9% sans impact EBITDA) ; 2/ de la réaccélération au S2 2024 du CA (de 6% au S1 à 11% au S2) et de l’EBITDA (de 10% à 23%); et 3/ de l’élargissement de...

19/09/2024 1 FR

Underlying

IONOS GROUP SE

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DE000A3E00M1 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.

See profile

Analysts

Stephane Beyazian

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Oddo BHF

ODDO BHF Small & MIDCAP MORNING NEWS - 09/19/2024

After a challenging H1 for champagne, the industry expects volumes to stabilise in H2 ahead of a recovery in 2025. We lower our estimates for the current year for all champagne groups. In these conditions, we prefer Laurent-Perrier, the sector best-in-class which has many times proven its resilience in champagne market slumps, and upgrade our rating to Outperform vs Neutral. We downgrade Lanson-BCC to Neutral and remain at Neutral on Vranken Pommery given their more fragile profiles. - ...

19h / 12m 19h / 12m 1 EN

Oddo BHF

ODDO BHF Small & MIDCAP MORNING NEWS - 19/09/2024

Après un S1 difficile pour le champagne, la profession table sur une stabilisation des volumes au S2 avant une reprise en 2025. Nous révisons en baisse nos estimations pour l’année en cours pour l’ensemble des groupes. Dans ce cadre, nous privilégions le Best-in-class du secteur, Laurent-Perrier, qui a maintes fois démontré sa capacité de résilience en temps de « crise » et relevons notre opinion à Surperformance vs Neutre. Nous abaissons Lanson-BCC à Neutre et maintenons Vranken Pomm...

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IONOS : Upgrade to Outperform (vs Neutral) with a better H2 in prospect

>Recommendation upgraded to Outperform after the fall of 37% in the share price since 11 July and of 35% vs peers - We are upgrading our recommendation to Outperform on the basis of 1/ the upside regained in relation to our € 27 target price after the decline in the share price linked to an anecdotal target adjustment (2024 sales revised from 10% to 9% with no impact on EBITDA); 2/ the reacceleration in H2 2024 sales (from 6% in H1 to 11% in H2) and EBITDA (from 10% t...

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Tubacex is a solutions provider for the energy and mobility sectors through high value-added products (seamless stainless-steel tubes) and services. It has recently completed a successful transformation which should result in a much more stable results and cash flow profile going forward (EBITDA margin c.15% vs 10-year historical average of 9%) although 2024 will be a transition year ahead of the completion of the ADNOC contract and the closing of Mubadala’s transaction (acquisit...

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ODDO : August watch exports surprisingly up, looks like a misleading signal

>August exports show a growth rebound mainly driven by luxury watches - Strange things can happen in August: watch exports are growing even faster than in July at +6.9% y-o-y versus +1.8% the month before (the year-to-date growth remains negative at -1.4%) but this is entirely driven by 14.9% growth in the luxury segment, mainly fuelled by watches incorporating precious metals, according to Fédération Horlogère. The other categories show a significant decline fo...

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IONOS : Relèvement à Surperformance (vs Neutre) avec un meilleur S2 en vue

ODDO BHF Small & MIDCAP MORNING NEWS - 09/19/2024

ODDO BHF Small & MIDCAP MORNING NEWS - 19/09/2024

IONOS : Upgrade to Outperform (vs Neutral) with a better H2 in prospect

Tubacex : Middle East catalysts expected to reactivate re-rating

ODDO : August watch exports surprisingly up, looks like a misleading signal

ODDO : August watch exports surprisingly up, looks like a misleading signal

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