ODDO BHF Small & MIDCAP MORNING NEWS - 10/18/2024

The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefer Acc...

ODDO BHF Small & MIDCAP MORNING NEWS - 18/10/2024

La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissance 202...

Showroomprive : Q3 2024 slightly below our expectations. Recovery expected in 2025 but visibility still lacking

>Q3 sales of € 128.7m (vs € 136.8m est.), down 5.1% - SRP yesterday evening reported Q3 sales that fell short of our estimate at € 128.7m (vs € 136.8m est.), showing a more marked fall than expected of 7.9% (vs -2%e). In the first 9 months, sales came to € 446.7m, down 5.1%. Event sales still slowing in France whereas international markets are showing better resilience - After H1 sales were down by 4% in a lacklustre consumer spending environment (w...

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...