ODDO : Monday review – Luxury sector

>Topic of the week: momentum still reigns supreme - We look this week at the YTD performance of the luxury sector and more importantly of its main constituents. There is no longer a sharp message to read in the YTD performance of the sector as a whole by now as the 10% progression broadly witnessed looks similar to the one recorded for the Stoxx 600 and the S&P 500) or in its standing versus pre-Covid in terms of multiples (we are close to parity). It is in the perfor...

ODDO : Monday review – Luxury sector

>Topic of the week: momentum still reigns supreme - We look this week at the YTD performance of the luxury sector and more importantly of its main constituents. There is no longer a sharp message to read in the YTD performance of the sector as a whole by now as the 10% progression broadly witnessed looks similar to the one recorded for the Stoxx 600 and the S&P 500) or in its standing versus pre-Covid in terms of multiples (we are close to parity). It is in the perfor...

Beating expectations again

AT&S AG : No capital increase, but medium-term sales guidance reduced ...

>No capital increase, offers for Ansan plant - AT&S announced Friday it had decided not to carry out a capital increase in the short term and that talks with potential investors had been shelved. To recap, AT&S had announced in November 2023 it was considering a capital increase of up to 50% of its capital (~€ 550m) and was in negotiations with the Austrian sovereign fund OBÄG for a potential stake of >25%. To obtain additional cash, AT&S is now instead looking to sel...

CRH : L’Amérique toujours et rien que l’Amérique

>CA T1 tiré par une bonne tendance des prix et par l’Amérique du Nord - CRH a publié pour la première fois ses résultats T1 au lieu de son IMS habituel. L’EBITDA ressort en hausse de +15% en réel (+12% à pcc) à 445 M$, tiré par une amélioration de toutes les divisions à l’exception de Europe Building Solutions. La marge ressort à 6.8%, soit +81 pb au T1. Le CA ressort à +2% en réel et de +1% à pcc, tiré par les effets prix, malgré des volumes en baisse en Europe. Par ...

WOOD Flash – TBC Bank: 1Q24 results and conference call

TBC has reported GEL 296m in net income for 1Q24, broadly in line with our estimate and the company-collected consensus of GEL 292m. We believe that 1Q24 was an uneventful quarter, with a robust 28.5% ROTE. As flagged by the bank previously, the NIM continued to normalise. Fee growth, at 13% yoy, was below our expectations, due to  the timing of the VISA and Mastercard cashback. Lower-than-expected risk costs mitigated this impact. In our view, TBC is on track to meet our full-year GEL 1.2bn est...

EDP : Une révision salutaire de la trajectoire 2026

>Opinion Surperformance conservée et OC ajusté à 5.95 € (vs 6.0 €) - A l’issue de la publication des résultats du T1 24 le jeudi 9 mai, le groupe a organisé une conférence téléphonique le vendredi 10 mai dans la laquelle il a annoncé une révision de sa trajectoire 2026, compte tenu des conditions de marchés qui diffèrent significativement par rapport aux anticipations de la présentation stratégique de mars 2023. Cette mise au point réduit l’enveloppe d’investissement ...

Iveco : T1 2024 solide, mais des signes de pic

>T1 solide, guidance 2024 confirmée - Iveco a publié vendredi matin des résultats solides et supérieurs aux attentes (+22% vs Css d’EBIT, +14% vs ODDO BHF). Le groupe fait état d’un CA stable (3,37Md€, Css 3,35 Md€, ODDO BHF 3,49 Md€), soutenu par une poursuite de la hausse des volumes (+8% y-o-y), compensé par un prix/mix négatif (baisse des bus et du poids lourd). Au niveau de la rentabilité, la performance est solide avec un EBIT ajusté de 233 M€, +34% y-o-y (effet...

De'Longhi : Bon début d’année avec une croissance organique de 7.3% et...

>CA T1 dynamique (+7.3% LFL) avec une amélioration de la marge de 190 pb - Au titre de son premier trimestre, De’Longhi publie de très bons résultats, meilleurs qu’attendu. Dans le détail, nous notons : 1/ un CA en progression de 9.4% à 658.8 M€ (ODDO BHF : 642.4 M€, Css : 652 M€), dont une croissance organique de +7.3%, ce qui est une excellente performance (nous retenions : +5%e) tirée essentiellement par un effet volume positif. Sur le T1, nous notons la consolidat...

ABGSC Shipping Daily 13 May

Elior : Qu’attendre de la publication S1 2024 ? (le 16/05 avant Bourse...

>Croissance organique et marge S1 attendues au-dessus de la guidance FY 24 (saisonnalité S1 favorable), ce qui devrait conforter les objectifs du groupe - Elior publiera ses résultats S1 24 (période octobre 2023 à mars 2024) le 16 mai avant Bourse. Nous attendons un CA de 3 100 M€ (consensus société 3 109 M€), en croissance totale de 25% dont 6.5% en organique (consensus 5.7%). Celle-ci sera tirée principalement par la division Catering (+6.6%e en organique vs +5.2% p...

Tecnicas Reunidas : Roadmap on track at the start 2024

>Neutral rating maintained, target price raised to € 10 - Based on the release and conference call, we are leaving our 2024-2026 EPS forecasts unchanged. We have raised our target price to € 10 (vs € 9) and maintain our Neutral rating on the stock. The group seems to have confirmed its EBIT margin recovery and we have lowered the discount applied to the peer multiples. At € 10, the implied P/E works out at 6.5x or a discount of close to 50% to our European sampl...

PGS : Fundamentals are improving

>Underperform recommendation, target price of NOK6 - Following the link-up with TGS, PGS shareholders will receive 0.06829 TGS shares for each PGS share held. We think this transaction makes sense for PGS shareholders, but we believe that it is more difficult to justify for shareholders of TGS shareholder whose business model of an asset-light group has proven its resilience over the past cycles. Following the Q1 2024 results publication and conference call, we maint...

EME Macro/Strategy: macro all-in-one (6-12 May)

The data flow from last week has strengthened our conviction that private spending has, finally, begun to pick up across the CE4 economies, setting the stage for better GDP dynamics later in the year. The preliminary trade data for March suggest that improvements in the current account surplus likely continued in Czechia and Hungary, but less so in Romania. In Türkiye, the CBT released its latest inflation report, with minor adjustments in its forecasts, but left the door open for further rate h...