There is no hiding from a soft market

Verallia : Une reprise progressive confirmée

>CA T1 2024 : un effet miroir - Sans surprise, le groupe affiche un net repli de son CA. Ce dernier ressort à 836.4 M€ (799.2 M€ estimé) vs 1 051.6 M€ soit une baisse de 20.5% et -12.7% en organique (vs -20% en organique estimé). L’effet volume a été prépondérant de -125.7 M€ (-12%) et l’effet devise de -85.8 M€ (-8.1%). Finalement, l’effet prix/mix a été plus limité qu’attendu à -7.7 M€ (-0.7%). Le groupe publie l’EBITDA du T1 à 203.9 M€ (186.4 M€e) vs 307.4 M€, -33...

Casino : Résultats T1 post restructuration, correct sur le CA, encore ...

>Un CA correct, mais des marges et FCF trop faibles… - Au titre de son T1, Casino publie un CA de 2.1 Md€ en repli de 4.6% dont -3.8% en LFL. Nous retiendrons particulièrement la performance honorable de Monoprix (LFL +0.7%) et de Franprix (LFL +0.6%). Une performance pas si mauvaise au regard des chiffres de Carrefour (LFL +0.2% sur la proximité ce trimestre). Les magasins à enseigne Casino sont eux en retrait de 2.4%, amenant les enseignes de proximité à une perfor...

Voyageurs du monde : Positive medium-term outlook but 2024 will see th...

>Feedback from SFAF meeting: 2024 will see the end of the catch-up period - At a meeting to present its 2023 annual results, Voyageurs du Monde’s management focused on the following points:- The 2023 results were marked by strong revenue growth underpinned by exceptional post-COVID demand for travel (revenue: +40%; +16.5% LFL vs 2019). We note the strong growth in the cycling business following the acquisition of EuroFun, which now accounts for 16% of consolidate...

Lectra : Pas encore l’heure du rebond des commandes mais les signaux d...

>En dessous sur la bottom line mais solide génération de FCF - Le CA T1 de Lectra est ressorti proche de nos attentes à 129.6 M€ (vs 128.2 M€e) en progression de 5% y-o-y incluant Launchmetrics (-2% à pc). Sans surprise, le CA nouveaux systèmes a diminué de 11% y-o-y alors que le CA récurrent est resté bien orienté en progression de 14% y-o-y (+5% pc). L’EBITDA courant s’est établi à 21.1 M€ traduisant une marge en hausse de 30 pb y-o-y malgré l’impact dilutif de L...

Recordati: 1 director

A director at Recordati sold 118,000 shares at 51.335EUR and the significance rating of the trade was 80/100. 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...

HelloFresh: Q1 marked by real dichotomy between ready-to-eat and meal-...

Q1 slightly topped expectations thanks to ready-to-eat (+56% YoY) while meal-kit remained in the red (-7%) and lowered the group's EBITDA margin -250bp YoY. FY 2024 guidance has been reiterated, but we stay on the sidelines as we remain concerned by "meal-kit fatigue" longer-term implications for g

Q1 results in line with expectations

Volume-driven EBIT beat

5% beat vs consensus

Miss even incl. one-off items

Moncler : Croissance toujours impressionnante au T1 mais le ton est pl...

>La marque Moncler sort encore un excellent trimestre à +20% y/y en organique - Le CA T1 groupe ressort à 818.0 M€ montrant une croissance à tcc de 16% et de 13% en publié, nous attendions c.781 M€ et le consensus Visible Alpha avant publication montrait 790 M€, la prévision est donc battue de près de 4%. Le niveau de croissance reste clairement flatteur pour la marque Moncler : après un T4 2023 à +17% en organique, le T1 sort à 20 % y/y tcc dont +26% en DTC, nous att...

Moncler : Growth still impressive in Q1 but the tone is more cautious ...

>The Moncler brand produced another excellent quarter at +20% y-o-y organic - Group Q1 sales came to € 818.0m showing growth at constant exchange rates of 16% and 13% reported. We expected around € 781m and the pre-publication Visible Alpha consensus was for € 790m. The estimate was therefore beaten by close to 4%. The level of growth remains clearly flattering for the Moncler brand: after +17% organic in Q4 2023, Q1 growth came in at 20% y-o-y at CER with +26% in D...

Voyageurs du monde : Perspectives MT positives mais 2024 marquera la f...

>Feedback réunion SFAF : 2024 marquera la fin du rattrapage - Lors d’une réunion de présentation de ses résultats annuels 2023, le management de Voyageurs du Monde est revenu essentiellement sur les points suivants :Les résultats 2023 ont été marqués par une forte progression du CA soutenue par une demande exceptionnelle en termes de demande de voyages post COVID (CA : +40% ; +16.5% LFL vs 2019). Nous notons la forte montée en puissance de l’activité vélo suite à...

Saipem : New strategy is paying off, but we remain conservative

After some rough years, the change in Saipem’s strategy towards less risky projects and a higher share of E&C Offshore activities amid the O&G industry “super-cycle” seems to be paying off. The company has been able to increase its margins, while the backlog is strong, providing good visibility over next years. The capital increase carried out in 2022 on top of positive FCF put Saipem at a better financial position than before the Covid-19 crisis. While the overall outlook is pos...

HUBC & NPL 3QFY24E Result Previews, (AKD Daily Apr 25, 2024)

AKD Daily HUBC & NPL 3QFY24E Result Previews HUBC – 3QFY24E earnings to clock in at PkR12.42/sh: We expect Hub Power Company Limited (HUBC) to post NPAT of PkR16.1bn (EPS: PkR12.42) in the third quarter of FY24, up 5%/43% on QoQ/YoY basis. The aforementioned increase in earnings on a quarterly basis is primarily attributed to higher gross margins, resulting from the non-utilization of fuel oil-based plants (Narowal and HUBCO-base utilization: nil/69 Gwh during 3QFY24). Generation profile of t...

LSL Property Services (LSL LN) - Transformation & market recovery

2023 results are, as indicated in its February pre-close update, “slightly ahead of market expectations”. Current trading continues to improve, with 1Q24 underlying operating profit up yoy, “reflecting the benefits of the Group’s transformation programme completed in 2023 as well as improving market conditions.” With net cash of £35m at end 2023, the Board approved 7.4p final DPS and £7m buy back