Oddo BHF - Siemens Energy AG (ENR) Siemens Energy AG : Un T3 plutôt rassurant malgré de nouvelles provisions en offshore, les objectifs sont confirmés

Report

Oddo BHF

Delphine Brault ...

Quentin Borie

Siemens Energy AG : Un T3 plutôt rassurant malgré de nouvelles provisions en offshore, les objectifs sont confirmés

>T3 2023/24 : un trimestre proche des attentes, une bonne surprise sur le FCF - Siemens Energy a publié hier matin ses résultats T3, avec un FCF meilleurs que prévu. Au niveau consolidé, les commandes s’établissent à 10.4 Md€, en baisse de 30% en comparable (dont -91% pour Siemens Gamesa, +142% pour Gas Services, -15% pour Grid Technologies et -13% pour Transformation of Industry). Le chiffre d’affaires atteint 8.8 Md€, +18.5% en comparable (1.2% pour GS, +30.5% pour ...

08/08/2024 1 FR

Underlying

Siemens Energy AG

See profile

DE000ENER6Y0 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

Delphine Brault

Quentin Borie

Other Reports on these Companies

Oddo BHF

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2024

...

13h 13h 1 EN

Oddo BHF

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/11/2024

...

13h / 15m 13h / 15m 1 FR

Oddo BHF

Siemens Energy AG : New 2028 targets, reflecting growing electrification requirements

>A reassuring end to the year and guidance for 2025 still penalised by Gamesa - The Q4 publication was reassuring (cf. our first take of yesterday morning) on two fronts: i/ the continuation of a fast pace of order intake (+42% organic with an improvement in the margin in the backlog) and ii/ better-than-anticipated FCF. The guidance for 2025 (revenue growth of 8-10% l-f-l and an adjusted EBITA margin of 3-5%) naturally embeds this acceleration in demand for most...

16h / 18m 16h / 18m 1 EN

Accelleron : Straight and smooth sailing with a compounder profile

Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong sto...

5h / 54m 5h / 54m 1 EN

Oliver Metzger ... (+2)

Oliver Metzger
Stephan Wulf

Dermapharm Holding SE : All divisions contribute to better-than-expected 9M figures

>A strong set of 9M figures beats expectations - 9M sales of € 890m (+3%) came in 1% above our (€ 886m) and 2% above the consensus compiled by the company of € 871m. Adjusted EBITDA of € 240m (-1%) is 5% above our estimates of € 229m and 8% above consensus of € 223m. The slightly lower profitability vs 9M 2023 (adjusted EBITDA margin of 27% vs 28%) still reflects the absence of sales from the extremely attractive contract with BioNTech, which still supported Q1 2023....

12h / 3m 12h / 3m 1 EN

Thijs Berkelder ... (+2)

Thijs Berkelder
Usama Tariq

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...

12h / 5m 12h / 5m 1 FR

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Siemens Energy AG : Un T3 plutôt rassurant malgré de nouvelles provisions en offshore, les objectifs sont confirmés

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/11/2024

Siemens Energy AG : New 2028 targets, reflecting growing electrification requirements

Accelleron : Straight and smooth sailing with a compounder profile

Dermapharm Holding SE : All divisions contribute to better-than-expected 9M figures

ODDO BHF Small & MIDCAP MORNING NEWS - Date1

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe