reports
- Andreas Riemann
Hugo Boss : Consistent top-line growth, Q1 EBIT some 6% above the cons...
>All brands, regions and channels are growing, EBIT better than expected - This morning, Hugo Boss released Q1 2024 results. In Q1, sales increased 6% y-o-y excluding FX to € 1,014m (consensus: € 1,005m, ODDO BHFe: € 1,007m) which is 1% above the consensus. Regions: EMEA +5%, Americas +11% and Asia +4%. Channels: Retail +3%, Wholesale +8% and Digital +10%. EBIT rose 6% to € 69m (consensus: € 65m, ODDO BHFe: € 62m) and was thus 6% above the consensus with the margin up...
- Martin Marandon-Carlhian
- Sinan Doganli
Scout24 : Successful start to 2024 with over proportional adj. EBITDA ...
>Q1 results overall in line with consensus expectations - Scout24 released Q1 results that were overall in line with our and the consensus expectations. Revenue in Q1 increased by +11.7% y-o-y to € 136.1m in line with our and the consensus expectations of € 135.9m and € 137.2m respectively. Segment revenues (professional, private, and media & other) were respectively € 88.0m (+12.8% y-o-y), € 38.1m (+9.3% y-o-y) and € 10.0m (+11.4% y-o-y), all in line with our and th...
- Thijs Berkelder
Shell Plc : Strong beat of consensus expectations
>Beating Q1 adjusted EPS consensus by 20% to $ 1.20 ps - Adjusted earnings 20% ahead. Shell just published net adjusted 24Q1 earnings c. 20% better than Vara gathered consensus expectations: $ 7.73bn vs. $ 6.46bn, and primarily thanks to strong beats in Integrated Gas and Chemicals & Products:- Integrated Gas at $ 3.68bn, 27% better than consensus- Upstream at $ 1.93bn, 11% below consensus- Marketing at $ 781m, 10% above consensus- Chemicals & Prod...
- Sarah Godfrey
UK REITs: Building back better
UK commercial property has been a cornerstone asset for many income-seeking investors (both retail and institutional) in recent decades, particularly since the global financial crisis of 2007/8 and the resulting ultra-low interest rate environment. However, since rates began to rise in 2022 to tackle surging inflation, meaningful returns have once more become available on lower-risk assets such as cash and government bonds, which has led to a retrenchment from alternative income assets such as p...
- Robert Jan Vos
- Salome Charamalet
ForFarmers : Noticeable profitability improvement but climate remains ...
>Negative revenue progression but profitability improving - Q1 2024 was negatively impacted by a significant drop in raw material and fertilizer prices which drove revenue down (-17.4% yoy). Total sales volume declined by 0.8% yoy (+0.2% lfl, adjusted for Belgian volumes sold in 2023 and acquired Piast volumes) of which no growth reported from compound feed sales volume. In the Netherlands ForFarmers reported stable volumes as flattening of the decline continued (it s...
- Kenny Yong Hui Lim
China Construction Bank (939 HK): 1Q24: Results in line with better NI...
CCB reported in-line results with a 2.2% yoy net profit decline. PPOP reduced by 3.4% yoy due to muted fee income and higher CIR. NIM narrowed by 2bp qoq to 1.57%, dragged by declining loan yields but offset by better liability management which resulted in a 7bp lower deposit funding cost. NPL ratio improved on a higher write-off but the gross NPL formation ratio edged up. Tier-1 capital ratio was boosted 96bp qoq to 14.11% under the New Capital Rule. Maintain BUY. Target price: HK$6.00.
- Ceilica Su Rui
- Ziv Ang Sze Champ
Baoshan Iron & Steel (600019 CH): 2023/1Q24: Above expectations; diffe...
Baosteel reported 2023 earnings of Rmb11,944.1m (-2.0% yoy), above our expectations. 4Q23 earnings of Rmb3,593.6m (+32% yoy) was boosted by the settlement of one-off tax incentives. 2023 operating profit was flattish at +0.3% yoy. The slump in ASP was offset by lower production cost, which led to flattish gross margin of 6.3%. Sales of differentiated products continued to break new highs and supported their outperformance against peers. Maintain BUY. Target price: Rmb7.90.
- James Ratzer
Liberty Global (Neutral) Q1 24 - The challenge of subscriber momentum
After the excitement of the strategic announcements in Q4, this is a quieter quarter with all FY financial guidance re-iterated. However, some of the issues that concerned shareholders with the Q4 results persist in the Q1 results: weak KPIs at VMO2 and VodafoneZiggo with limited signs of growth on the new UK nexfibre footprint. On a more positive note, Swiss broadband adds recovered to growth for the first time in a year and could help to support momentum into the Q4 demerger
Sparekassen Sjælland-Fyn leverer i 1. kvartal 2024 et resultat før ska...
Sparekassen Sjælland-Fyn leverer i 1. kvartal 2024 et resultat før skat på 226,4 mio. kr., hvilket forrenter primo egenkapitalen svarende til 20,5 % p.a. Selskabsmeddelelse nr. 19/2024 Holbæk, den 2. maj 2024 Sparekassen Sjælland-Fyn leverer i 1. kvartal 2024 et resultat før skat på 226,4 mio. kr., hvilket forrenter primo egenkapitalen svarende til 20,5 % p.a. Efter skat udgør resultatet 176,0 mio. kr., hvilket svarer til en forrentning af primo egenkapitalen på 15,9 % p.a. Perioden i overskrifter Nettorenteindtægter stiger 25 %.Gebyrer og provisionsindtægter stiger 2 %...
- ABGSC Shipping & Transport Research
- Oliver Dunvold
- Petter Haugen
- Olfa Taamallah
- Yan Derocles
Lufthansa : CASK needs to be visibly back under control for a re-ratin...
>CASK back under control by the very end of the year … but with a much bigger degree of confidence - While the comments on unit cost trends (CASK) excluding fuel were more cautious than we expected on Q2 (due to a weaker uptick in capacity to the tune of c200bp and very likely additional costs to prepare for the summer season), the level expected for FY 2024 is broadly in line with our post-strike estimate (6.55 vs a target of 6.5). This control is likely to be more ...
- Johanna Jourdain
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...
- Fatma Agnès Hamdani
Savencia SA : The improvement in the volume mix broadly offset the dro...
>Q1 sales flat organically, including a volume mix of +1.7% on our calculations - We took away the following points from a company contact after the release of Q1 sales (€ 1.7bn, up 1.6% on a reported basis and flat organically):Organic growth of 2.5% in cheese products was driven by a volume mix effect of 1% and a small rise in prices of 1.5%. The group benefited from price hikes in 2023 and those obtained this year in some markets such as France to offset persi...
- Baptiste Lebacq
Technip Energies : Q1 2024 is in line with FY targets
>Q1 results below our expectations but in line with the consensus - Adjusted Q1 sales for group stands at € 1.52bn (Project Delivery € 1.045bn < cs at € 1.15bn //TPS € 475m < cs at € 510m) < consensus expectations at € 1.54bn. Adjusted EBIT at € 110m vs consensus (disclosed by company) at € 112m or a margin at 7.3%. We were more aggressive at € 121m.Order intake at € 849.9m (or BtB at 0.56x), backlog € 15.28bn.Q1 FCF generation (excl. working capital)...
- Baptiste Lebacq
Technip Energies : Q1 2024 is in line with FY targets
>Q1 results below our expectations but in line with the consensus - Adjusted Q1 sales for group stands at € 1.52bn (Project Delivery € 1.045bn < cs at € 1.15bn //TPS € 475m < cs at € 510m) < consensus expectations at € 1.54bn. Adjusted EBIT at € 110m vs consensus (disclosed by company) at € 112m or a margin at 7.3%. We were more aggressive at € 121m.Order intake at € 849.9m (or BtB at 0.56x), backlog € 15.28bn.Q1 FCF generation (excl. working capital)...
- Hela Zarrouk
RATIONAL AG : Good start to the year – Q1 EBIT above expectations- 202...
>Q1 results above expectations: EBIT at € 71.1m (css: € 68.3m; ODDO BHF: € 65.7m) - RATIONAL just released its Q1 2024 results, which were above expectations (+4% at the css EBIT level), marked by: 1/ Q1 sales at € 286.4m, +1% y-o-y (ODDO BHF: € 290.3m; consensus: € 285m), which is satisfactory given the high comparison basis in Q1 2023 (sales: +25.3%). By country, North America was particularly successful (23% of consolidated revenue), +13% y-o-y, while revenue ...
- Damien Choplain
- Martial Descoutures
Novo Nordisk : La franchise Diabète mène la danse
>L’insuline à l’honneur - Novo Nordisk publie ce matin ses résultats du T1 2024 qui se révèlent au-dessus des attentes au niveau des ventes et de la marge : +2% au-dessus des attentes en topline (65.5 MdDKK, +24% à cc) et 9% au niveau de l’EBIT (31.9 MdDKK, +30% à cc). La franchise GLP-1 tirée par Ozempic (+65% à cc) maintient la cadence avec une hausse de part de marché dans sa franchise Diabète et une dynamique en volume positive (6% de hausse de prescriptions ...
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Apr 24 GGR down 5% mom; Downgrade To MARKET WEIGHT
Apr 24 GGR was in line with our estimate but 2% above consensus forecast. While we expect a GGR surge in the coming May Golden Week, we see margin pressures for companies under our coverage in the coming quarters, given higher marketing expenses and labour costs rising from the intensifying industry competition, and potential market share losses from the ongoing facility upgrades. Downgrade the sector to MARKET WEIGHT.
- Nicolas David
Capgemini : Satisfactory Q1 2024 revenue. FY 2024 guidance reiterated,...
>Growth at cc in line with expectations; bookings solid - Capgemini announced a satisfactory set of Q1 2024 revenue figures on Tuesday before trading, with growth at cc reaching -3.3%, +20bp higher than expected. North America was again penalised by a less favourable mix (-7.1% cc) whereas Europe remained more resilient with growth slowing only a little, as expected (-1.8% cc). The TMT and Financial Services sectors are still struggling as a result of limited spending...
- Hela Zarrouk
RATIONAL AG : Good start to the year – Q1 EBIT above expectations- 202...
>Q1 results above expectations: EBIT at € 71.1m (css: € 68.3m; ODDO BHF: € 65.7m) - RATIONAL just released its Q1 2024 results, which were above expectations (+4% at the css EBIT level), marked by: 1/ Q1 sales at € 286.4m, +1% y-o-y (ODDO BHF: € 290.3m; consensus: € 285m), which is satisfactory given the high comparison basis in Q1 2023 (sales: +25.3%). By country, North America was particularly successful (23% of consolidated revenue), +13% y-o-y, while revenue ...
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