Oddo BHF - Prodways Group SA (PWG) Prodways Group : Vers une recovery progressive de la rentabilité mais pas encore d’inflexion dans la trajectoire de croissance à CT

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Oddo BHF

Aurelien Sivignon

Prodways Group : Vers une recovery progressive de la rentabilité mais pas encore d’inflexion dans la trajectoire de croissance à CT

>Des résultats S1 difficiles comme attendu - Pour un CA (déjà publié) de 31.1 M€ en diminution de 28% y-o-y (-4% à base comparable), l’EBITDA courant ressort en baisse de 47% à 2.5 M€ (vs 2.7 M€e) traduisant une marge de 8% (-3 pts y-o-y), bien qu’en amélioration en séquentiel (+4 pts vs S2 2023) sous l’effet des différentes mesures entreprises au cours des derniers mois (arrêt activité Solidscape, cession Cristal) qui ont résulté en une réduction des effectifs d’envi...

19/09/2024 1 FR

Underlying

Prodways Group SA

Prodways Group SA. Prodways Group SA is a France-based company engaged in the industrial machinery sector. The Company focuses its activities on the industrial three-dimensional (3D) printing market and more specifically on ''rapid manufacturing'' 3D printing for industrial series production. The Company designs, manufactures and sells products for various industries, including automotive, dental, molding, medical, jewelry and luxury, aerospace and defense, architectural and design, consumer products and academic and research. It offers its customers multi-technology, multi-application industrial solutions, 3D printing systems and a wide range of composite, hybrid and powder products. In addition, it also develops its own manufacturing for the podiatry (orthopaedic soles) and dentistry (orthodontic pieces and dental trays) markets that is sold directly to healthcare professionals. It operates through Avenao Industrie and Interson-Protac.

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FR0012613610 Euronext Paris France

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

Aurelien Sivignon

Other Reports on these Companies

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. - ...

20h / 3m 20h / 3m 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...

20h / 15m 20h / 15m 1 FR

Oddo BHF

Prodways Group : Towards a gradual recovery in profitability but still no inflection in the short-term growth trajectory

>Difficult H1 2024 results as expected - For sales (already published) of € 31.1m, down 28% y-o-y (-4% on a like-for-like basis), underlying EBITDA fell by 47% to € 2.5m (vs € 2.7m est), giving a margin of 8% (-3 pts y-o-y), although reflecting a sequential improvement (+4 pts vs H2 2023) as a result of the various measures taken in recent months (shutdown of the Solidscape business, disposal of Cristal), which led to a reduction in the workforce of around 100 people....

21h / 45m 21h / 45m 1 EN

Tubacex : Middle East catalysts expected to reactivate re-rating

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...

12h / 33m 12h / 33m 1 EN

Jean Danjou

Jean Danjou

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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Jean Danjou

Jean Danjou

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

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Prodways Group : Vers une recovery progressive de la rentabilité mais pas encore d’inflexion dans la trajectoire de croissance à CT

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

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

Prodways Group : Towards a gradual recovery in profitability but still no inflection in the short-term growth trajectory

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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