reports
- Anthony Dick
- Michael Foundoukidis
Volkswagen (pref) : Un début d’année difficile, pas de nature à amélio...
>Un T1 encore plus difficile qu’anticipé mais sans conséquence sur l’année - Si VW avait bien prévenu d’un T1 difficile, les résultats sont néanmoins ressortis inférieurs de 7% aux attentes (EBIT) avec une MOP de 6.1% (consensus à 6.5%) et un FCF négatif de près de 3 Md€ (vs consensus à -921 M€). Les causes étaient connues mais ont eu un impact encore plus négatif qu’anticipé avec, essentiellement, les difficultés d’approvisionnement chez Audi (MOP Progressive à seule...
- Ahmed Ben Salem
GALP : Q1 2024 results beat expectations, reassuring outlook – recomme...
>Upstream: solid growth profile underpinned by discoveries in Namibia - Adjusted EBITDA for upstream activities totalled € 591m in Q1, 9% above expectations. The group is guiding for divisional EBITDA of € 2.1bn for 2024, which seems fairly conservative, in our view, and output >115 kboe/d, in line with our expectations. This output should increase by over 30% (+40 kboe/d) with the start-up of Bacalhau in Brazil at end-2025 and which should reach its plateau in 202...
- Delphine Brault
- Quentin Borie
Vossloh AG : Feedback from the road show with the CFO: the new Vossloh...
>Vossloh has seen a paradigm shift in recent years - On Monday and Tuesday, we held a road show with the CFO of Vossloh Thomas Triska, and Daniel Gavranovic (IR).The group seemed confident to us on reaching its 2024 guidance. Sales are mostly secured by the backlog and the call offs that the group is anticipating (like every year) on its framework contracts. The margin should increase significantly for Customized Modules (ODDO BHF at 9.2%, +130bp), secured ...
- Luis de Toledo Heras
Vidrala : 2024 guidance reflects more supportive pricing environment a...
>Q1 2024 results above estimates on strong contribution from Brazil - Vidrala’s Q1 2024 results came a touch above our estimates favoured by strong inorganic growth (+7.9% in sales and +12% in EBITDA on the full consolidation of Vidroporto) as organic contribution was limited to +1.4% in sales and detracted -4.7% in EBITDA. EBITDA margin stands at 26.2% (40bp contraction) compared to our 25% estimate thanks to the strong contribution from Brazil (42.7% EBITDA margin) ...
- Anthony Dick
- Michael Foundoukidis
Stellantis : Retour sur terre
>Un « reset » inattendu et une première fâcheuse pour Stellantis… - Stellantis a publié un CA T1 en baisse de 12% à 41.7 Md€ (-4% vs consensus), pénalisé par la baisse de ses volumes (-10%) mais aussi un impact devises négatif (-3%). Au-delà, le constructeur a bien confirmé ses objectifs annuels, en apportant néanmoins des précisions qui suggèrent un S1 plus difficile qu’attendu avec une MOP visée entre 10.0% et 11.0% (10.5%e) et un FCF en nette baisse, avant une amél...
- Louis Boujard
- CFA
- Philippe Ourpatian
Fortum : A good publication but limited prospects
>Earnings top estimates - Comparable EBITDA totalled € 622m in Q1 2024 (-20% y-o-y), above our expectations of € 525m and the Vara consensus estimate of € 549m. Comparable EBIT was € 530m (-24%), above our forecast and the consensus of € 452m. Net profit was also better than expected, at € 430m (-11%) against an expected € 350m (ODDO BHF and the consensus). By division, the surprise came from the electricity generation business, which performed better than expected, ...
- Roland Pfaender
- MBA
- CFA
- CCRA
- Steven Gould
Deutsche Bank : Revenue momentum bodes well for further operating leve...
>Deutsche Bank reported Q1 2024 results ahead of estimates - Deutsche Bank reported Q1 2024 results ahead of our and the consensus expectations. Adj. pre-tax profit came to € 2,297m which compares to the € 2,147m consensus and our € 2,177m estimate. The beat was driven by IB activities while CB, PB and AM operating units came in modestly below consensus estimates. LLP stood at an elevated € 439m (37bp of average loans) but came in more benign than the € 470m consensus...
- Ahmed Ben Salem
GALP : Résultats T1 supérieurs aux attentes, outlook rassurant. Recomm...
>Upstream : un profil de croissance solide renforcé par les découvertes en Namibie - L’EBITDA T1 2024 ajusté de l’Upstream est ressorti à 591 M€ et 9% au-dessus des attentes. Le groupe guide sur un EBITDA 2024 de la division à 2.1 Md€ qui nous parait assez conservateur et une production >115 kbep/j en ligne avec nos attentes. Cette production devrait croitre de de plus de 30% (+40 kbep/j) avec le démarrage de Bacalhau au Brésil fin 2025 qui devrait atteindre son pl...
- Cor Kluis
Van Lanschot Kempen : Q1 results and net inflow better than expected, ...
>Conclusion: 1Q24 results and net inflow better than expected - The 1Q24 result was somewhat better than expected driven by a higher than expected commission income and a higher net interest income (NII). In Q1 the net inflows in private banking were well better than expected in both the Netherlands and in Belgium. We keep our Outperform recommendation and increase our TP to € 38 (was € 35). Despite that VLK’s total return was higher than the Euro Stoxx bank index and...
EQS-News: RBI: Consolidated profit excluding Russia and Belarus remain...
EQS-News: Raiffeisen Bank International AG / Key word(s): Quarter Results RBI: Consolidated profit excluding Russia and Belarus remains strong 02.05.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. RBI: First Quarter Report 2024 Consolidated profit excluding Russia and Belarus remains strong Consolidated profit of EUR 333 million, excluding Russia and Belarus and including EUR 109 million provisions for CHF mortgages in Poland Core revenues excluding Russia and Belarus down 4% quarter-over-quarter to EUR 1,519 million, main...
EQS-News: USA: Nordex Group erhält Auftrag über 148 MW für Turbinen de...
EQS-News: Nordex SE / Schlagwort(e): Auftragseingänge USA: Nordex Group erhält Auftrag über 148 MW für Turbinen des Typs N149/5.X 02.05.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Hamburg, 2. Mai 2024. Die Nordex Group hat einen Auftrag über 25 Turbinen des Typs N149/5.X der Delta 4000-Serie aus den Vereinigten Staaten erhalten. Die Anlagen werden auf 89 Meter hohen erdbebensicheren Türmen in einem nicht genannten Windpark in Kalifornien installiert. Die Auslieferung ist für Sommer 2025 geplant, die Inbetriebnahme bis...
EQS-News: RBI: Konzernergebnis weiter stark, auch ohne Russland und Be...
EQS-News: Raiffeisen Bank International AG / Schlagwort(e): Quartalsergebnis RBI: Konzernergebnis weiter stark, auch ohne Russland und Belarus 02.05.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. RBI: Zwischenbericht 1. Quartal 2024 Konzernergebnis weiter stark, auch ohne Russland und Belarus Konzernergebnis ohne Beiträge aus Russland und Belarus beträgt EUR 333 Millionen, inklusive Rückstellungen für CHF-Kredite in Polen in Höhe von EUR 109 Millionen Kernerträge ohne Russland und Belarus im Quartalsvergleich um 4% a...
EQS-News: BIKE24 startet mit deutlich verbesserter Profitabilität ins ...
EQS-News: BIKE24 Holding AG / Schlagwort(e): Quartalsergebnis/Quartals-/Zwischenmitteilung BIKE24 startet mit deutlich verbesserter Profitabilität ins Jahr 2024 02.05.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. BIKE24 startet mit deutlich verbesserter Profitabilität ins Jahr 2024 Umsatz lag im ersten Quartal bei EUR 49,3 Mio. (-11 Prozent gegenüber Q1 2023), bereinigtes EBITDA bei EUR -1,5 Mio. (Q1 2023: EUR -2,6 Mio.) Bruttoergebnis um 4 Prozent gesteigert trotz niedrigerer Umsätze (Bruttomarge: 25,1 Prozent gegen...
EQS-News: BIKE24 starts into 2024 with significantly improved profitab...
EQS-News: BIKE24 Holding AG / Key word(s): Quarter Results/Quarterly / Interim Statement BIKE24 starts into 2024 with significantly improved profitability 02.05.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. BIKE24 starts into 2024 with significantly improved profitability Sales of EUR 49.3 million in the first quarter (-11% compared to Q1 2023), adjusted EBITDA at EUR -1.5 million (Q1 2023: EUR -2.6 million) Gross profit increased by 4% despite lower sales (gross margin: 25.1% compared to 21.6% in Q1 2023) Growth in the l...
EQS-News: Scout24 starts 2024 with double-digit revenue growth and con...
EQS-News: Scout24 SE / Key word(s): Quarter Results/Quarterly / Interim Statement Scout24 starts 2024 with double-digit revenue growth and continued strong operating leverage 02.05.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Scout24 starts 2024 with double-digit revenue growth and continued strong operating leverage Group revenues rose 11.7% in Q1 2024, fueled by strong growth in professional memberships (+10%) and private subscriptions (+20%) Record customer numbers achieved in both segments: >22k professional customers a...
EQS-News: Formycon hosts conference call on the results of the first q...
EQS-News: Formycon AG / Key word(s): Quarterly / Interim Statement/Conference Formycon hosts conference call on the results of the first quarter 2024 02.05.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Press Release // May 02, 2024 Formycon hosts conference call on the results of the first quarter 2024 Planegg-Martinsried – Formycon AG (FWB: FYB, 'Formycon') today announced details of the conference call to release the results of the first quarter 2024 on May 08, 2024. The management board will discuss the company's develop...
EQS-News: Scout24 mit zweistelligem Umsatzwachstum und weiterhin steig...
EQS-News: Scout24 SE / Schlagwort(e): Quartalsergebnis/Quartals-/Zwischenmitteilung Scout24 mit zweistelligem Umsatzwachstum und weiterhin steigender Profitabilität in das Jahr 2024 gestartet 02.05.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Scout24 mit zweistelligem Umsatzwachstum und weiterhin steigender Profitabilität in das Jahr 2024 gestartet Konzernumsatz im ersten Quartal 2024 um 11,7 % gestiegen Treiber sind das starke Wachstum bei professionellen Mitgliedschaften (+10 %) und privaten Abonnements (+20 %) Reko...
EQS-News: Formycon veranstaltet Telefonkonferenz zu den Ergebnissen de...
EQS-News: Formycon AG / Schlagwort(e): Quartals-/Zwischenmitteilung/Konferenz Formycon veranstaltet Telefonkonferenz zu den Ergebnissen des ersten Quartals 2024 02.05.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Pressemitteilung // 02. Mai 2024 Formycon veranstaltet Telefonkonferenz zu den Ergebnissen des ersten Quartals 2024 Planegg-Martinsried – Die Formycon AG (FWB: FYB, 'Formycon') hat heute Details zur Telefonkonferenz zur Veröffentlichung der Zahlen des ersten Quartals 2024 am 08. Mai 2024 bekannt gegeben. Der ...
EQS-News: USA: Nordex Group receives order for 148 MW for N149/5.X tur...
EQS-News: Nordex SE / Key word(s): Incoming Orders USA: Nordex Group receives order for 148 MW for N149/5.X turbines 02.05.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Hamburg, 2 May 2024. The Nordex Group has received an order for N149/5.X turbines from the United States and will be supplying 25 of its Delta 4000 series models. The turbines will be installed with an 89m seismic tower at an undisclosed wind farm in California. Deliveries are scheduled for the summer of 2025 with commissioning by the end of the year. The cont...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update May 2024 : Adding Fugro, Removing Arcadis
In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fu...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
FUR FUGRO NV
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
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