Schindler Holding Ltd : A solid Q1, despite the continued deterioratio...

>A good Q1 2024 overall, with an EBIT margin above expectations at 10.9% - Yesterday morning, Schindler Q1 2024 results a shade above expectations (see our First Take published Thursday, 18 April), mainly thanks to the mix and pricing, both favourable to the margin. The order intake reflected a 2.5% increase at constant currency (cc), slightly below expectations (consensus at +4%). Revenues were up 1.1% at cc, also a shade below expectations (consensus at +2.9%). How...

Edenred : Encouraging start to 2024, to be confirmed in the next publi...

>Solid growth in Q1 2024, reassuring on underlying business - Edenred reported yesterday before the market open organic growth in Q1 operating revenues up +16.9%, ahead of expectations at 14.2%. This momentum is underpinned by all of the group’s businesses and products, including the meal voucher business, engagement platforms, mobility solutions and beyond fuel (maintenance and tolls in particular), which continue to benefit from a low penetration rate (meal voucher...

Mercialys : Continued resilient operational momentum in Q1 2024

>Favourable momentum on retailer sales at +3.3% y-o-y for Q1 2024 and modest rental activity - Mercialys has posted rental income of € 45.5m (€ 45.8m est.) for Q1 2024, i.e. +4.5% at current scope and +4.6% at constant scope reflecting favourable momentum despite the context linked to the future transfer of Casino hypermarkets:Retailer sales excluding hypermarkets up +.3% y-o-y: this figure reflects solid growth in March at +6.1% after -1.5% in January +0.8% in ...

EssilorLuxottica : Beyond the negative forex effects, solid growth and...

>Growth above 5% in Q1 on cc but negative forex effect reaches 250bp - The group reported Q1 growth of +3% or +5.5% on cc for sales of € 6.335bn. We forecast € 6.346bn reflecting y-o-y growth of 3.2% and 4.7% on cc, while the FactSet consensus saw sales of € 6.394bn with similar growth on cc. The pace of growth on cc weakened only slightly relative to the level of just above 6% seen in H2 2023 and despite a tough comparison base (two-year growth at over 20% in Q1 20...

Sodexo : Solid H1 beating expectations, FY 2023-24 guidance increased ...

>Solid H1 results slightly above the consensus with better margin improvement - Sodexo has reported H1 sales of € 12.1bn up 4.5%, 1% above the consensus. This represents organic growth of 8.5% (Q1 at +8.2% and thus Q2 at +8.8%) which is above the consensus at +7.8% (ODDO BHF 7.7%e). Organic growth was mostly driven by North America at +10% and Europe at +8.0%, as well as a +4.5% pricing effect. The LTM retention rate was at 95.5%, close to the new objective of 96%, wh...

Investment im Fokus - SYZYGY Group - 19.04.2024

Die SYZYGY GROUP ist einer der führenden Beratungs- und Umsetzungspartner für Digital Experiences. Im Jahr 1995 gegründet ist die SYZYGY GROUP in vier Ländern mit Niederlassungen in Bad Homburg, Berlin, Frankfurt, Hamburg, München, London, New York und Warschau vertreten. Seit dem Jahr 2000 ist die SYZYGY AG im Prime Standard börsennotiert. Neben der Kernmarke SYZYGY gehören der Enterprise Technologie-Spezialist SYZYGY Techsolutions, der Performance Marketing- und Media- Spezialist SYZYGY Perfor...

ABB Ltd. : Solid Q1 reassuring on orders and operational EBITA margin

>Good Q1 set to reassure the market (book-to-bill at 1.1x, operational EBITA margin of 17.9%) - ABB’s Q1 results, reported yesterday morning, were better than expected overall. Order intake came in at $ 9bn, -4% in comparable terms (consensus at -7%), underpinned by the Electrification (EL) and Motion (MO) divisions, at respectively +8% and +1%, while orders fell by 30% at RA and by 20% for Process Automation (PA). Sales came to $ 7.87bn, +2% in comparable terms vs 5%...

AXA : Robust growth in revenues expected in Q1

>Revenue growth expected in all business lines - AXA is due to report its Q1 2024 activity indicators on 2 May. We are looking for revenues of € 34.3bn in Q1 2024 (+8.0% vs Q1 2023), above the consensus (€ 33.8bn, +6.2%e), with substantial revenue growth expected across all business lines. For the P&C division, we expect revenues of € 19.8bn (+6.6%), slightly above the consensus (€ 19.6bn), still benefiting from significant price increases, particularly in personal l...

WDP : Q1 2024 results: Outlook reiterated, but no step-up in developme...

>Outlook reiterated, inline results, low number of newly identified projects - FY2024 EPRA EPS guidance reiterated at €1.47/sh.Minor positive revaluation +0.4% for Q1 (Q4 -0.5%), mainly based on stability in the existing portfolio and unrealised capital gains on projects and recent acquisitions. EPRA NIY is stable at 5.3% vs Q4.in Q1 2024, about € 200m of directly yielding assets (acquisitions, project completions) have accrued into the balance sheet at a yi...

Sodexo : Solid H1 beating expectations, FY 2023-24 guidance increased ...

>Solid H1 results slightly above the consensus with better margin improvement - Sodexo has reported H1 sales of € 12.1bn up 4.5%, 1% above the consensus. This represents organic growth of 8.5% (Q1 at +8.2% and thus Q2 at +8.8%) which is above the consensus at +7.8% (ODDO BHF 7.7%e). Organic growth was mostly driven by North America at +10% and Europe at +8.0%, as well as a +4.5% pricing effect. The LTM retention rate was at 95.5%, close to the new objective of 96%, wh...

Nokia 1Q24: Sharp slowdown in mobile. Full year guide implies strong s...

Catalyst Metals Limited: 2 directors

Two Directors at Catalyst Metals Limited bought/maiden bought 1,399,999 shares at between 0.750AUD and 0.753AUD. The significance rating of the trade was 85/100. 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 comp...

BNP Paribas : Q1 2024 net income to remain impacted by various negativ...

>A slight increase in total revenues expected, but a decline at most business lines - BNP Paribas is due to publish Q1 2024 net income on 25 April 2024. We forecast revenue of € 12,371m (+2.8% vs Q1 2023), beating the consensus (€ 12,199m, +1.4%) despite forecasts in line at the vast majority of business lines, with the difference largely stemming from a more modest decline in revenues at the market activities and corporate center. By business line, we forecast: 1/ re...

Forvia : Sometimes no news is good news

>In-line print, enough to be reassuring these days for suppliers - Forvia has reported Q1 2024 sales of € 6,531m, in line with expectations (€ 6,461m) and down 1.7% on a reported basis. This time, no drama like at the full-year release, and a release that contained no bad news and deemed reassuring (notably after Continental earlier). As expected, positive organic growth (+3.1%, an outperformance of 390bp) was more than offset by FX headwinds (-4.2%) and the slightly ...

Ipsos : Un début d’année freiné par les US

>Croissance organique mitigée au T1 au regard d’une base de comparaison favorable – Déception aux US - Ipsos a publié hier soir son CA au titre du T1 2024. Il s’établit à 558 M€, un niveau en ligne avec les attentes (ODDO/consensus = 555/559 M€). La croissance organique est mitigée (+4.5% vs ODDO/consensus = +5.2/+5%), en accélération par rapport à 2023 (+3.0%) mais à partir d’une base de comparaison favorable (rappel T1 2023 = -2.8%).La zone Amériques affiche un...

Forvia : Pas de nouvelle, bonne nouvelle

>Une publication en ligne, suffisant pour rassurer par les temps qui courent - Forvia a publié un CA T1 2024 de 6 531 M€, en ligne avec les attentes (6 461 M€) et en baisse de 1.7% en publié. Cette fois, pas de drame comme lors des annuels, et une publication, sans mauvaise nouvelle, jugée rassurante (notamment après Continental). Comme attendu, la croissance organique de 3.1% (surperformance de 390 pb) a été plus que compensée par les effets devises négatifs (-4.2%) ...

Adobe Inc.: Update to credit analysis after upgrade

Our credit view of this issuer reflects its conservative financial policies, against its acquisition appetite.