INVEST SECURITIES – ICADE :Pas de signes d'amélioration sur les fondam...

Strong transaction income drive Q1 beat

Miss on most key items

Weak NII & fees, good costs, AQ & CET1

Adj. net profit +3%/+5% and adj. PBLL -1%/+2% vs. ABG/Infront cons. Miss PBLL from weaker NII & fees, while better PTP from lower LLP. Cons.est. -1-3% for 24e-25e (NII); stock same, but share BB mute

Margin falls short again

Randstad : Weak Q1 results with key markets still tough

>Softer conditions than expected in North America and Northern Europe - Randstad reported -7.8% organic revenue growth in its Q1 release (css -8.3%, we at -8.5%). Adjusted EBITA declined 33% in Q1 to €177m, which is 2% below consensus ( € 181m) and clearly below our forecast of € 190m. The EBITA margin fell 110 bps yoy, of which 30 bps was the result of lower permanent placement, which in itself fell by 21% (Q4: -26%). OPEX were down 7% yoy and were adjusted for € 39m...

Barco FIRST LOOK: 1Q24 orders and sales below our and CSS forecasts

As well 1Q24 orders (€ 220.1m vs 236.5m CSS) as 1Q24 sales (€ 195.9m vs € 213.3m CSS) were below our and CSS forecasts. Although 2Q24 will not show growth, Barco still confirms the FY24 guidance, assuming markets do not further deteriorate. 1Q24 was marked by an anticipated inventory destocking by Barco's customers in Meeting Experience and Healthcare. Barco expects this to be largely completed by mid-year. In Entertainment, demand was hampered by the aftermath of the strikes in the North-Americ...

Waga Energy: another commissioning in France

Waga Energy yesterday announced the commissioning of a Wagabox in Chatuzange (France) on a site operated by Veolia, one of the largest European players in the waste management and utility industry. The site has been equipped with a Wagabox able to produce up to 25GWh/year of biomethane, directly in

Novartis : Excellent Q1 results that justify an increase in the full-y...

>Q1 beats expectations for the top line (+4%) and bottom line (+7%) - Q1 came in ahead of expectations for sales (+4% vs consensus) and core EPS (+7% vs consensus). Sales grew 11% at CER (10% reported), driven by all the flagship products: Entresto (growth of 34%, +15% vs consensus), Cosentyx (23%, 10% vs cons.), Kisqali (51%, -2% vs cons.) and Kesimpta (66%, 0% vs cons.). Note that Pluvicto (47%, -3% vs cons.) once again undershot expectations and our estimates slig...

Deleveraging despite savings

Slight Q1 miss but outlook remain strong

NX Filtration Concluded refinancing buys extra time – model update

Early January NX Filtration issued a second profit warning in 6 months time and communicated a 1.5 year delay in the roll-out of its business plan. This prompted a refinancing for the loss making filtration pioneer. Late March the company announced it secured debt financing of at least €20m and completed a €25.5m capital increase via ABB. Last week, the CFO announced to step down to pursue his career outside the company.

Moody's affirms Honda Motor's A3 ratings; outlook stable

Moody's Japan K.K. has affirmed the A3 long-term issuer ratings, A3 senior unsecured ratings, (P)A3 senior unsecured shelf rating, and Prime-2 commercial paper rating of Honda Motor Co., Ltd. (Honda) and maintained the stable outlook. Moody's has also affirmed the Prime-2 backed commercial paper rat...

Implenia AG: 1 director

A director at Implenia AG sold 5,000 shares at 35.200CHF and the significance rating of the trade was 64/100. 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 show...

Lindblad Expeditions Holdings Inc: 1 director

A director at Lindblad Expeditions Holdings Inc bought 33,016 shares at 7.471USD and the significance rating of the trade was 61/100. 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 las...

AkzoNobel : Good results, with no major surprises

>Solid volume progression - AkzoNobel posted a relatively good Q1 24 with a continuation of yoy improvements, driven by positive volumes (+2%), a neutral price/mix effect, and the feed through of normalising raw material prices. Overall Q1 group revenues and adj. EBITDA came in at € 2,640m and € 363m respectively; revenues were +2% above ccs estimates and adj. EBITDA +4%, attributable to both divisions. Q1 24 volumes were up +1% yoy for Decorative Paints and +2% yoy f...

Barco NV : Q1 24 revenues even weaker than expected

>A very weak quarter (flagged, but worse than expected) - This morning Barco released a weak set of results, with revenues below ccs and our estimates. As flagged by the company, several end-markets are still showing little improvement in activity (e.g. ongoing destocking in ClickShare Europe and Healthcare in the US), Q1 24 has a tough comparison base and some customers are postponing purchases awaiting for new product introductions. This resulted in an unusually wea...

ODDO : ABI statistics (March 2024): no unpleasant surprises

>Update on the macroeconomic and banking situation in Italy - The latest statistics from the Italian Banking Association (ABI), covering March 2024, confirm the recent trend, with the overall situation remaining fragile albeit more resilient than initially expected in view of the recent indicators (GDP, industrial production, business confidence, etc.) and given the uncertainties in the short to medium term. Lending stayed on a negative trend in March 2024 after ...