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

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

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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...

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...