reports
- Klaus Ringel
- Michael Foundoukidis
SAF-HOLLAND SE : A robust start in Q1 24 and on track to deliver on th...
>Solid Q1 24 results in a difficult environment - SAF-Holland’s Q1 24 reported group sales are +5% y-o-y to € 505m (-2% vs. ODDO BHF; -1% vs cons.) thanks to acquisition effects, while the organic growth rate is -8% y-o-y, due to the normalisation of the commercial vehicle market, particularly in the EMEA and Americas regions. The company’s group adj. EBIT is +12% y-o-y at € 48.6m (-1% vs ODDO BHF; in line with css) with a strong adj. EBIT margin of 9.6% (+10bp vs ODD...
- Anis Zgaya
- Louis Boujard
- CFA
SMA Solar Technology AG : Q1 beats the consensus but including one-off...
>Q1 results above company-compiled consensus but below excluding one-offs - This morning, SMA reported Q1 2024 results which beat the company-compiled consensus. Sales came in at € 362m (almost flat vs Q1 2023) slightly below expectations (consensus at €392m and our estimates at €420m) but EBITDA came in at € 50m (-17% y-o-y) above the company-compiled consensus of € 44m and in line with our expectation of €52m. The EBITDA margin came in at 14% above consensus expecta...
- Carole Braudeau
- Juan Ros-Padilla
Laboratorios Rovi : Q1 earnings in line, outlook maintained
>Overall sales momentum deteriorates materially on very weak CMO, as expected - Total revenues decreased -25% y-o-y in Q1 2024 reaching € 151m, broadly aligned with our estimates and the consensus (-1% and -1% respectively) and posting a 22pp sequential deterioration (vs -3% in Q4, +10% in Q3 and +2% in Q2) due to a tough comp on CMO. In the LMWH franchise, Becat posted a material sequential deterioration after a strong Q4 (-1% vs +18% in Q422) while Hibor also poste...
- Jerôme Bodin
RTL Group : Un T1 tiré par une bonne tendance publicitaire mais impact...
>Opinion Neutre réitérée - RTL Group a publié ce matin son CA T1 ressorti à 1 318 M€, inférieur à nos attentes et à celle du consensus (nous tablions sur 1 380 M€ et le consensus sur 1 362 M€). Ceci est principalement due à une baisse inattendue au niveau de Fremantle (-9,2%). Le groupe ne communique pas de détail sur ses performances par pays. Le CA publicitaire TV ressort en hausse de 10% sur le T1, légèrement supérieur aux attentes. Rappelons que M6 (20% du CA) ava...
- Maissa Keskes
- Stephane Houri
Jenoptik AG : Solid Q1 24 results, FY 2024 outlook reiterated
>Solid Q1 2024 results but order intake below expectation due to subdued demand in some markets - This morning, Jenoptik reported its Q1 2024 results above expectations. Revenues were € 256.1m above consensus at € 245.4m. EBITDA was € 44.5m, giving a margin of 17.4% above the consensus at € 40.6m and 16.5% driven by the improvement in earnings at non-photonic business and the good performance of ‘Advanced Photonic division’. EBIT came in at € 26m, i.e. a margin of 10....
- Michael B. Schäfer
Evonik Industries AG : Final Q1 EBITDA of € 522m = prelims; FY outlook...
>Final Q1 in line with strong mid-April preliminaries - Evonik reported its final Q1 results today, confirming the preliminary results issued mid-April when Q1 EBITDA of € 522m came in 16% above the consensus of € 450m thanks to much better specialty additives. The outlook for EBITDA 24 of € 1.7-2.0bn (css € 1.9bn) was already confirmed in mid-April.Final Q1 24 EBITDA of € 522m confirms preliminary results, FCF growth on tight NWC management - Evonik...
- Nicolas David
- Yan Derocles
Amadeus IT Group : Strong Q1 earnings, slightly above expectations at ...
>Q1 sales up 14% y-o-y, 1.5% above expectations - Q1 revenue came to € 1,496.3m, up 14.1% y-o-y. This is 1.5% above css expectations and roughly in line with ours (vs ODDO BHF: € 1,492.7m; css: € 1,474.8m) Air Distribution revenues came in at € 764.4m, up 12.6% y-o-y but still down -9.0% vs Q1 2019. This figure is 0.5% above css expectations but -0.8% below our expectations (vs ODDO BHF: € 770.8m; css: € 760.6m). Bookings came in at 125.2m, up 2.8% y-o-y, -2.7%...
- Olfa Taamallah
- Yan Derocles
Ryanair : Un warning sur les prix annonciateur d’un ralentissement de ...
>Un warning sur les prix de l’été assez surprenant - Selon Reuters, Michael O’Leary, PDG de Ryanair, a déclaré que les prix des billets sur l’été devraient être inférieurs aux prévisions initiales. O'Leary pensait que les prix augmenteraient entre 5 % et 10 % sur l’été mais les prévisions aujourd’hui sont plus modérées avec une croissance attendue entre stable et +5% (le consensus Visible Alpha table sur une hausse des yield de +3-4 % sur l’été). Le CEO ajoute que ce...
Notice to convene the Annual General Meeting of Shareholders of Aktsia...
Notice to convene the Annual General Meeting of Shareholders of Aktsiaselts Tallinna Vesi The Management Board of AS TALLINNA VESI (registry code 10257326, Ädala 10, 10614 Tallinn) (hereinafter also “the Company”) announces that the Annual General Meeting of Shareholders of the Company will be held on Thursday, 30 May 2024 at 10:00 (UTC+3) in the Blue Auditorium at the Water Treatment Plant at Ülemiste (Address: Järvevana Road 3, Tallinn, Estonia). Registration of the shareholders wishing to participate in the Annual General Meeting in person, will start at 09:30 (UTC+3) on 30 May 2024 at t...
Aktsiaseltsi Tallinna Vesi aktsionäride korralise üldkoosoleku kokkuku...
Aktsiaseltsi Tallinna Vesi aktsionäride korralise üldkoosoleku kokkukutsumise teade AKTSIASELTSI TALLINNA VESI (registrikood 10257326, aadress Ädala 10, 10614 Tallinn) (edaspidi ka „Selts”) juhatus teatab, et Seltsi aktsionäride korraline üldkoosolek toimub neljapäeval, 30. mail 2024 algusega kell 10.00 Ülemiste veepuhastusjaama (Järvevana tee 3, Tallinn) Sinises saalis. Korralisest üldkoosolekust füüsiliselt osa võtta soovivate aktsionäride registreerimine algab 30. mail 2024 kell 09.30 üldkoosoleku toimumise kohas. Registreerimine lõpeb kell 10:00. Palume aktsionäridel ja nende esindaja...
- Stephane Beyazian
United Internet AG : Q1 2024: IONOS ahead of expectations, 1&1 weaker
>IONOS (Outperform): strong client, revenues and EBITDA growth - For Q1 2024, 1&1 reported revenues up 5% at € 373m (consensus € 384m), including faster growth of 13% in webhosting (price increases) and 14% in cloud solutions. The company added a record 70,000 new contracts. The less good news is the 19% decline in domain name trading. Adjusted EBITDA came in sharply higher at 9%, with +22% excluding an exceptional of € 105m (cons. € 101m).Confirmation of 2024 gu...
- Maissa Keskes
- Stephane Houri
Jenoptik AG : Solid Q1 24 results, FY 2024 outlook reiterated
>Solid Q1 2024 results but order intake below expectation due to subdued demand in some markets - This morning, Jenoptik reported its Q1 2024 results above expectations. Revenues were € 256.1m above consensus at € 245.4m. EBITDA was € 44.5m, giving a margin of 17.4% above the consensus at € 40.6m and 16.5% driven by the improvement in earnings at non-photonic business and the good performance of ‘Advanced Photonic division’. EBIT came in at € 26m, i.e. a margin of 10....
- Louis Boujard
- CFA
- Philippe Ourpatian
Verbund : Results in line with expectation in all divisions
>Good set of result in all divisions - Verbund released its Q1 results this morning in line with forecast. EBITDA decreased by -9% to € 883m vs € 880m expected. The reported EBIT declined as well by -11.5% to € 745m bang in line with our forecast and the group net income was down 4% to € 506m vs € 513m expected (ODDO BHF). The group saw a much less favourable market price environment than last year with an average capture price on hydro of € 129.5/MWh (-31% y-o-y) bu...
- Ignacio Romero
Scatec ASA - Approval of Supplement to Base Prospectus
Scatec ASA - Approval of Supplement to Base Prospectus Oslo 8 May 2024: The Financial Supervisory Authority of Norway has on 6 May 2024 approved the Supplement to Base Prospectus with appendices prepared by Scatec ASA (the Company) in connection with the listing on the Oslo Stock Exchange of the Company's NOK 1,750 million senior unsecured green bond issued on 31 January 2024, with maturity in February 2028 (with ISIN: NO0013144964). The Supplement to Base Prospectus is attached and published on the Company's website: . For further information, please contact: Cecilie Engh...
- Carole Braudeau
- Virginia Romero
- Christophe-Raphaël Ganet
Synlab : T1 2024 : très bonne profitabilité
>Croissance underlying à 3,9% - Bon niveau de marge - Synlab publie un CA T1 à 682,4 M€, soit -2,8% (+3,9% underlying growth). L’EBITDA ajusté ressort à 123,1 M€ et le ROP ajusté, à 64,8 M€.La dette nette ajustée atteint 1 249 M€ (DN publiée 1 285 M€) vs 1 582 M€ fin T1 2023 (et 1 300 M€ fin 2023). Le levier financier publié ressort à 2,75x (vs 2,9x fin 2023).Le management réitère sa guidance 2024 ie. une croissance organique de 4% (env. 2 700 M€), une marge...
- Klaus Ringel
- Michael Foundoukidis
Stabilus SE : Mixed Q2 2023-24 results and guidance specified at the l...
>STM suffered from the weak macro environment in Q2 2023-24 - Stabilus released a mixed set of results for Q2 2023-24. Reported group sales were +1% y-o-y to € 314m (+1% vs. ODDO BHF & css.) with an organic growth rate of +1.0%. Sales were up strongly in APAC (+12% y-o-y), flat in EMEA and down in the Americas (-4%). In terms of market segment aerospace, marine & rail (+66% y-o-y), health, recreation& furniture (+6%) and automotive (+5%) with Powerise especially showi...
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