Strong Q1 numbers, boosted by Gross2Net

Fielmann AG : Activity a shade more dynamic than anticipated, guidance...

>Q1 sales reflect stronger growth than anticipated at +11% but margins remain around the same as the year-earlier level - At the same time as the full publication of annual results (with the key elements already communicated on 29 February) the group announced those related to Q1 2024.  FY23 sales were confirmed at € 1,969m, i.e. growth of 12% and c.8% organic (Q4 sales at 7%, i.e. more or less flat on an organic basis with Germany at -3.5%), EBT came in a shade ab...

European Large Caps List : sortie de GALP

Nous sortons GALP de notre liste ODDO BHF European Large Caps. La valeur a réalisé une performance de +31,3% depuis son entrée le 20 mars dernier. Notre analyste adopte ce jour une opinion Neutre (vs Surperformance) sur la valeur qui a atteint notre objectif de cours. >...

Worldline - not as weak as expected, but too early to jump in

Worldline reported 2.5% organic growth in Q1 2024, weak in absolute terms but better than anticipated by the market and us. We wait for a clear uptick in momentum and the confirmation of an improved profitability to turn positive on the stock; which is arguably far from expensive at 5.1x EV/NTM EBI

Wolters Kluwer : Q1 trading update confirms the ongoing strong operati...

>Ongoing strong operational performance, both margins and FCF up yoy - With Euronext closed today because of Labour day, there is no rush to absorb the content of Wolters Kluwer’s Q1 trading update. It reads well and reflects an ongoing solid operational performance. Organic revenue growth in Q1 was 6% (FY 2023: 6%) with recurring revenue growth 7%, expert solutions up 8% organically (now 59% of the group) and cloud software revenues up 16% (2023: +15%). In Q1, both t...

Neoen : Un chiffre d’affaires T1 24 parfaitement en ligne et des guida...

>Un chiffre d’affaires T1 24 parfaitement en ligne - Le groupe vient d’annoncer un chiffre d’affaires de 141,4 M€ au T1 24, en ligne avec nos attentes de 144.9 M€, en recul de 8% par rapport au T1 23 et de 6% à taux de change constants. Cette évolution s’explique principalement par un effet de base défavorable lié à la moindre contribution de plusieurs actifs ayant bénéficié de revenus en amont de contrats à long terme et entrés depuis dans le cadre contractuel de lo...

DSM-Firmenich : Slowly returning to growth

>No major surprises - DSM-Firmenich posted a relatively weak but in line quarter, with no major surprises on the group level compared to previous communication. The challenging destocking and pricing environment in mainly ANH’s and HNC’s end-markets fed into 2024, resulting in Q1 24 pro-forma revenues and adj. EBITDA of c. € 3,071m (-2% yoy) and € 463m (-11% yoy) respectively, the latter roughly reflecting ccs and AAOB estimates. In line with previous communication, D...

Siltronic AG : Better-than-expected Q1 2024 results, FY 2024 outlook r...

>Strong Q1 24 results - This morning, Siltronic reported its Q1 2024 results which were above expectations. Revenues were € 343.5m, 1% above the consensus at € 340m. They were down 4% q-o-q and down 15% y-o-y. While the wafer area sold and sales prices remained nearly stable compared to the previous quarter, the product mix had a slightly negative impact. The gross margin was 20.4% above with consensus at 14.4%. The operating results was € 36m, giving a margin of 10....

Stellantis : Back to earth

>An unexpected ‘reset’ and an unfortunate first for Stellantis… - Stellantis on Tuesday reported Q1 sales down 12% at € 41.7bn (-4% vs consensus), hurt by the decline in volumes (-10%) but also FX headwinds (-3%). Also, the OEM clearly confirmed its full-year guidance, albeit providing clarifications that suggest that H1 will be tougher than expected, with a targeted operating margin of between 10.0% and 11.0% (10.5%e) and visibly lower FCF, ahead of a hoped-for impro...

IBERIAN DAILY 02 MAY + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...

NEWS SUMMARY: AENA, ARCELORMITTAL, METROVACESA, REDEIA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’24 results to be released over the coming days in Spain. Ibex falls back below 11,000 points European stock markets posted losses ahead of the Fed meeting, where the IBEX was once again the worst performer. Within the STOXX 600 sectors, the biggest gains came in Real Esta...

WOOD Flash - National Bank of Greece: 1Q24 highlights

NBG has reported EUR 358m in net income in 1Q24, with a 9% beat vs. the EUR 328m consensus. On a one-off adjusted basis, NBG’s EUR 380m net income from continuing operations is an 11% beat vs. the consensus (EUR 343m). The beat was due mainly to trading and other income (EUR 60m actual vs. the EUR 35m consensus). There is also a small EUR 10m beat in the core revenues (NII+fees). Overall, we see this as a decent quarter, particularly from the point of view of the capital generation. The bank add...

Simmons First National Corp: 1 director

A director at Simmons First National Corp sold/sold after exercising options 15,625 shares at 17.230USD and the significance rating of the trade was 54/100. 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...

Miss on earnings due to MedTech

TKH GROUP NV : Preview Q1 2024: In line with guidance

>Not a great start of the year but in line with guidance - TKH will publish Q1 2024 results on May 6. An analyst call is scheduled for 10h CET. Although we do not have a quarterly model per business unit, we do try to forecast Q1 and Q3 based upon our detailed H1 and H2 forecasts. We forecast sales of €429m (Q1 2023 €473m or €441m restated for the divestment of TKH France) and organic growth of -2.5% (Q1 2023 +8.1%). This is driven by Smart Vision (still modest desto...

Orège : A deterioration in 2023 results – 2024 should be another trans...

>Sales of € 1.2m, down 64%, underlying operating profit of -€ 7.8m - Orège reported on Tuesday its 2023 earnings that fell short of our forecast. For sales at € 1.2m down 64%, underlying operating profit stood at -€ 7.8m and attributable net profit came to -€ 10.2m. At 31 December 2023, group net debt stood at € 45.2m (debt at € 45.8m of which € 45m is related to advances on the shareholder current account and the cash position of € 0.6m). Since end-2023, a new advan...

Metrovacesa : Q1 2024 results: Solid figures on track for their target...

>On track to meet its FY targets - Metrovacesa posted Q1 2024 results broadly in line with our expectations and its FY guidance. From the quarterly results of the company, we highlight the following:Deliveries stood at 364 units (+10% YoY) to generate €140m in revenues during the first quarter upon a higher ASP per unit of €375k due to product mix. We expect company to remain below the 2,000 units to be delivered in 2024. Residential development margin impr...