Oddo BHF - SOITEC (SOH1) Soitec : Messages de confiance sur lâ€™activitÃ© mais de prudence sur les marges

Report

Oddo BHF

Emmanuel Matot

Soitec : Messages de confiance sur lâ€™activitÃ© mais de prudence sur les marges

>RÃ©sultats annuels sans surprise au niveau opÃ©rationnel - Soitec a publiÃ© hier soir ses rÃ©sultats annuels (clÃ´ture au 31 mars 2018). Aucune surprise notable nâ€™est constatÃ©e au niveau opÃ©rationnel, le CA ayant dÃ©jÃ Ã©tÃ© publiÃ© (+31% en organique dont +95% pour le 300mm et +9% pour le 200mm) et lâ€™Ebitda ressortant proche des attentes (+121% Ã 91Â Mâ‚¬ vs. consensus = 89Â Mâ‚¬ - levier de la dynamique des ventes amplifiÃ© par 10Â Mâ‚¬ de profits non rÃ©currents liÃ©s Ã des subvention...

14/06/2018 4 FR

Underlying

SOITEC

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FR0004025062 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

Emmanuel Matot

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Fives (Novafives) : Issuance Focus

Fives, a French leading global industrial group specialized in the design and supply of highly engineered machines, intends to issue new € 425m of senior secured floating rate notes maturing in five years through Nova Alexander III. The issuance proceeds, together with cash on balance sheet, will be used to refinance the existing 2025 € 325m SSNs and the 2025 € 275m senior secured FRNs, and to pay related expenses and fees. Alongside the transaction, the € 115m RCF maturing in De...

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Fatma Agnès Hamdani

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Marie Brizard Wine & Spirits : 2023 results ahead of expectations. Unsurprisingly the message is subdued on the outlook in a normalising spirits market

>EBITDA up 12.7% at € 13.3m vs € 12.4m est. and positive net income of € 8.7m vs € 7.2m est - MBWS’ results, reported yesterday evening, beat our expectations. EBITDA came in 12.7% higher at € 13.3m vs € 12.4m expected on already-reported sales of € 194.2m (+7.1% rep. and 7.2% in organic terms). The gross margin remains largely stable at € 70.7m, implying a drop in the gross margin of 270bp to 36.4%. Raw material and energy cost inflation and an unfavourable product m...

11h / 2m 11h / 2m 1 EN

Fatma Agnès Hamdani

Fatma Agnès Hamdani

Marie Brizard Wine & Spirits : Des résultats 2023 meilleurs qu’attendu. Sans surprise le message est mesuré sur les perspectives dans un marché des spiritueux qui se normalise

>UN EBITDA en hausse de 12.7% à 13.3 M€ vs 12.4 M€e et un RNpg positif de - 8.7 M€ vs 7.2 M€e - MBWS a publié hier soir des résultats au-dessus de nos attentes. L’EBITDA ressort en hausse de 12.7% à 13.3 M€ contre 12.4 M€ attendus pour un CA déjà publié de 194.2 M€ (+7.1% en publié et 7.2% en organique) La marge brute reste quasi stable à 70.7M€, impliquant une baisse du taux de marge brut de 270 pb à 36.4%. L’inflation des matières premières et du prix de l’énergie ai...

11h / 8m 11h / 8m 1 FR

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Soitec : Messages de confiance sur lâ€™activitÃ© mais de prudence sur les marges

Soitec: Extended inventory correction; strong setup for 2025

The Tech Infrastructure Quarterly Bible 4Q23

Soitec 3FQ24: Extended downcycle, but good progress on SmartSiC and POI. Buy, €200 TP

Fives (Novafives) : Issuance Focus

Marie Brizard Wine & Spirits : 2023 results ahead of expectations. Unsurprisingly the message is subdued on the outlook in a normalising spirits market

Marie Brizard Wine & Spirits : Des résultats 2023 meilleurs qu’attendu. Sans surprise le message est mesuré sur les perspectives dans un marché des spiritueux qui se normalise

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