NP 3% below, cost cuts paused

Q1: Group EBITDA 0% vs cons: NP 3% below. Cost cuts paused until Media separation. Targets paused.

Unibail-Rodamco-Westfield : Positive momentum in both operations and d...

>Momentum in shopping centres remains brisk in Q1 - URW yesterday evening reported Q1 2024 revenues of € 942.8m, up +3.7% y-o-y at current scope and +10.5% at constant scope mainly reflecting still positive operating momentum in shopping centres as well as the first positive effects from the Olympic Games in Paris in the convention and exhibition (“C&E”): division:Tenant sales up + 5.5% y-o-y in Q1 2024: tenant sales remained positive with +5.8% y-o-y in continen...

Metso : Progress on margin reflected with resilience in Q1

>Q1 2024 orders in line but margin below expectations - Metso reported its Q1 2024 results yesterday morning (see first take). They were in line with expectations on order intake, but below expectations on adjusted EBITA (-7%).Order intake was down -6% on an organic basis (consensus -5.8%), but up 10.5% sequentially, confirming the rebound in activity that the group was anticipating in the Aggregates division (particularly in the US). Sales were down -7% on ...

Alten : Q1 2024 revenue below expectations. Less optimistic outlook fo...

>Q1 organic growth below expectations - Alten yesterday reported Q1 revenue of € 1,067m, with organic growth of 0.8%, below expectations (ODDO BHF: 3.1% organic; consensus: 2.3% organic; Q4: 5.8% organic). The performance was again driven by France, which posted organic growth of 6.0% (ODDO BHF: 8.0% organic), albeit at a much slower pace than in Q4 (11.3% organic). The performance was driven by the Aero, Defence, Automotive and Energy sectors, while Retail and Bank,...

Wendel : ANR T1 : 178.1 €/action, +11% YTD, tiré par BVI, et un peu le...

>ANR T1 : 178.1€/action, bonne croissance - Au titre de son T1 2024, Wendel publie un ANR de 178.1 €, en bonne croissance par rapport à fin 2023 (160.2 €). Dans le détail, la valorisation des participations cotées progresse de 20% (+0.7 Md€ dont +0.8 Md€ pour BVI et -0.1 Md€ pour IHS). La valorisation des sociétés non-cotées est en très légère hausse de 2%, (avec Stahl et CPI bien orienté, au contraire d’Acams et Scalian). La LTV reste très maitrisée, à -5.1% pro...

IMCD GROUP : Results impacted by challenging market conditions

>Yoy deterioration on almost all metrics - IMCD reported operating results that were below ccs and our estimates. Q1 24 group revenues came in at € 1,060m, roughly stable yoy and -2% below ccs. M&A continued to play an important role, helping to sustain earnings on an absolute level. IMCD’s conversion margin corrected strongly yoy, at 42.9% (Q1 23 49.5%), pushing operating EBITA down to € 127m for the quarter (-15% yoy), -8% below ccs and -15% vs our estimates. The ov...

Savencia SA : Un T1 2024 plus faible qu’escompté. La croissance organi...

>Un CA T1 de 1 696 M€ en hause de 1.6% et stable en organique à + 0.1%. La croissance organique est retraitée la situation d’hyperinflation en Argentine - Le CA T1 ressort en légère hausse de 1.6% à 1696 M€. C’est bien inférieur à nos anticipations de 1832.1 M€. La croissance organique est stable à 0.1% vs 11.5% attendus. Le différentiel de croissance concerne en particulier l’activité Autres Produits Fromager. La division affiche un CA de 762 M€ en hausse de 2.1% et...

K92 Mining Inc: 1 director

A director at K92 Mining Inc sold 89,240 shares at 7.510CAD and the significance rating of the trade was 74/100. 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 s...

LISI : An excellent start to the year – Included in our Midcap Selecti...

>Q1 sales 12% above our forecasts - Lisi has reported Q1 sales of € 449.3m (€ 430.7m est.) vs € 401.3m, up 11.9% and 12.5% organically. These sales were well above our forecasts, mainly thanks to the excellent showing in aerospace. This was also a good performance in view of the demanding comparison base (+15%). The Aerospace division posted organic growth of 27%, driven by the higher production rate of single-aisle versions of the A320. Full-year target...

Tenaris : T1 2024 solide, un déclin à venir

>EBITDA T1 24 : 12.5% > attentes du consensus - Sur le T1 2024, le groupe affiche un CA de 3 442 M$ en repli de 17% YoY (pour rappel le S1 23 était soutenu grâce aux USA), en ligne avec nos attentes (et 3% > consensus). L’EBITDA s’établit à 987 M$ soit une marge de 28.7%, il est 14% supérieur à nos attentes (et 12.5% > consensus). Le RN de 737 M$ (en repli de 35% YoY) a bénéficié d’un gain net fiscal de 104 M$ lié à l’inflation en Argentine d’où une charge d’impôt ne...

Showroomprive : Q1 in line with forecasts, 2024 will be a transition y...

>Q1 sales down 1.9% to € 152.6m (vs € 153m est.) - SRP group reported yesterday evening Q1 sales in line with our forecast at € 152.6m (vs € 153m est.), down 1.9% (vs -2%e), including an organic decline of -3% (another small scope effect linked to The Bradery). Disparities between segments – Strong momentum internationally and at The Bradery - Sales fell slightly in Q1, hit by a more demanding comparison base and a still challenging macroeconomic envi...

Proximus : Q1 results a 3% beat with FY guidance now conservative

>A clear consensus beat which makes the FY guidance look conservative - In Q1, Proximus reported domestic underlying revenue growth of 4.5% at €1,201m, some 2.4% higher than consensus. This includes 5.9% growth in Residential (customer service revenues +6.5% and convergent revenues +10.9%, both strong) and 3.1% growth in Business (IT services +7.8% and fixed voice -5.6%). Wholesale revenue growth was -4.9% in Q1, with the loss of low margin interconnect revenues (like...

ITM Power (ITM LN) - Hygen partnership agreement

ITM has announced a new preferred supplier agreement with Hygen, potentially driving new orders for 200MW of electrolysers for the company going forward.

INVEST SECURITIES - ASSYSTEM : T1 sans surprise, en phase avec les gui...

INVEST SECURITIES - DASSAULT SYSTEMES : Crédibilité écornée, confiance...