Better guidance, but within expectations

Q1'24 EBITDA of USD 1,590m (ABGSCe at USD 1,941, cons. at USD 1,604m). Segments - miss for Ocean and Logistics & Services, beat in Terminals and Towage. Lower end of guidance lifted, share slightly up today.

Smith & Nephew : Q1 review - weaker start to the year

>Q1 revenues below expectations - Q1 2024 revenues of $ 1,386m (+2.2% y-o-y) were -2%/-1% vs ODDO BHF/consensus. Underlying growth was 2.9% (vs 4.9%/3.8% expected). Forex created a headwind of 70bp. No bottom line is reported on a quarterly base.Sports medicine & ENT solid, Advanced wound management weak - Sports medicine & ENT generated revenues of $ 441m (+4.5% y-o-y), with an underlying growth of 5.5%. Sports medicine joint repair showed an underly...

ArcelorMittal : Sound Q1 driven by NorthAm and Brazil, Europe and Mini...

>Solid Q1 thanks to NorthAm and Brazil, Europe and Mining more subdued - ArcelorMittal just released solid Q1 results with EBITDA of $ 1.96bn, 9% above the consensus and 4% above ODDO BHF. The beat was mostly driven by good price and cost development while volumes were broadly in line. EBITDA improved 35% q-o-q thanks to seasonally higher volumes and higher prices but slid 9% y-o-y as 2023 had seen even stronger prices and volumes. Net income was a stronger beat at $ ...

Brand 24 S.A.: 2 directors

Two Directors at Brand 24 S.A. sold 433,036 shares at 33.570PLN. The significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...

Continues to grab market share in cvi

Aston Martin Lagonda : Q1 offers little reassurance

>Q1 even weaker than expected; guidance confirmed but challenging - Aston Martin reported yesterday morning Q1 results below expectations. Although the group had warned that Q1 would be weak, results still missed already low forecasts, with sales down 10% year-on-year to £ 268m (css £ 290m, ODDO BHF £ 313m), EBITDA down 34% to £ 20m (css £ 30m, ODDO BHF £ 34m) and FCF negative at -£ 190m (css/ODDO BHF -£ 133m). The group was impacted by the refresh of several of its ...

ISS A/S : Broadly in line Q1 2024 with confirmation of FY guidance, no...

>Q1 2024 trading update broadly in line with expectations, DT is still weighing - ISS reported Q1 2024 sales at DKK 20,090m (+4.2% reported), i.e. 1% below the consensus expectations (DKK 20,241m), mostly due to a negative FX impact (-2.5% reported, consensus -1.7%). Organic growth came out at 6.0%, a touch above the consensus at 5.6% (ODDO BHF 6.2%e). This was supported by price increases as well as volume growth while the contribution from net contract wins and abo...

ArcelorMittal : Sound Q1 driven by NorthAm and Brazil, Europe and Mini...

>Solid Q1 thanks to NorthAm and Brazil, Europe and Mining more subdued - ArcelorMittal just released solid Q1 results with EBITDA of $ 1.96bn, 9% above the consensus and 4% above ODDO BHF. The beat was mostly driven by good price and cost development while volumes were broadly in line. EBITDA improved 35% q-o-q thanks to seasonally higher volumes and higher prices but slid 9% y-o-y as 2023 had seen even stronger prices and volumes. Net income was a stronger beat at $ ...

Redeia : Well aligned to meet annual targets, regulatory newsflow expe...

>Results in line with estimates, adequate progress towards FY guidance - Results in line with our estimates marked by the loss of pre-1998 regulated assets (end of the useful remunerative life of the pre-98 assets with a FY impact estimated at € 260m in 2024) as widely anticipated. Domestic electricity infrastructure accounted for 76% of total revenues and 70% of total EBITDA recording a decline of 16% and 22% compared to last year levels in each category, fully expla...

INVEST SECURITIES - NEMETSCHEK : Trajectoire 2024-25 confortée après u...

INVEST SECURITIES - CAPGEMINI : Point bas atteint, des cieux plus favo...

Triumph Financial Inc: 1 director

A director at Triumph Financial Inc sold 16,000 shares at 71.120USD and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...

Q1 first take: negative data point

Volkswagen (pref) : A tough start to the year, unlikely to improve sen...

>Q1 even tougher than expected but with no consequence for the year - Although VW had expected a tough Q1, earnings were nonetheless 7% below estimates (EBIT) with an operating margin of 6.1% (consensus at 6.5%) and negative FCF of close to € 3bn (vs consensus at -€ 921m). The causes were known, but had an even more negative impact than anticipated, mainly with the supply difficulties at Audi (operating margin for Progressive unit at just 3.4% vs consensus 7.7%) and, ...

Glanbia : Reprise des volumes au T1. La marge d’EBITDA de GPN attendue...

>Recul de 5.4% en organique au T1 moins fort que prévu grâce à une meilleure orientation des volumes - Glanbia a publié hier son interim trading statement sur 3 mois. L’évolution organique du CA T1 ressort meilleure que notre attente à -5.4% (vs -7.5%e). Elle s’appuie sur des volumes en hausse de 1.5% (vs +0.7%e) et un effet prix de -6.9%, principalement lié à l’évolution des cotations des produits laitiers et aux opérations de promotion pour GPN. La progression des ...

GALP : Q1 2024 results: strong beat to consensus with robust cashflow

>Q1 2024: 12% beat on EBITDA, 23% for EBIT and 28% for NI - GALP has just released its Q1 2024 results with EBITDA of € 974m, 12% above the consensus and 14% above our estimates. EBIT came in at € 776m (up 88.8% q-o-q), 23.4% above the consensus. Adjusted net income was € 337m (+18.7% q-o-q) and 28.6% above the consensus. Robust results supported by refining - Upstream: adjusted EBITDA was € 591m (vs € 599m in Q4), 9% above the consensus with lower ...

ING GROEP: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: M. Intereses: 3.825 M euros (-4,7% vs -3,7% BS(e) y -4,2% consenso); M. Bruto: 5.583 M euros (+0,3% vs -2,4% BS(e) y -2,3% consenso); M. Neto: 2.551 M euros (+2,2% vs -6,7% BS(e) y -6,2% consenso); BDI: 1.578 M euros (-0,8% vs -9,5% BS(e) y -11,2% consenso). Rdos. 1T'24 vs 4T'23: M. Intereses: 3.825 M euros (-1,3% vs -0,3% BS(e) y -0,8% consenso); M. Bruto: 5.583 M euros (+3,2% vs +0,5% BS(e) y +0,5% consenso); M. Neto: 2.551 M euros (+9,4% vs -0,2% BS(e) y +0,4% consenso);...

Government Policy – South Africa: New administration will inherit stub...

The administration that takes power following the 29 May general election faces structural issues including sluggish economic growth, chronic power shortages and very high unemployment.