Better than feared, but adj. EBIT -37% y-o-y

Campari : Q1 24 preview: fresh downward adjustments

>Underperform rating maintained and target price cut to € 8.6 from € 9.6 - We maintain our Underperform rating on Campari. The ongoing EPS downgrades account for the stock’s performance in recent months. The main culprit is higher interest expense with the acquisition of Courvoisier, its integration being a source of uncertainty in the short term. Also, operating margins will be under pressure in FY 24e, bearing in mind the latter is still short of its pre-Covid level...

Edinburgh Investment Trust plc: 2 directors

Two Directors at Edinburgh Investment Trust plc bought 3,925 shares at between 701p and 701p. The significance rating of the trade was 52/100. 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 ove...

Ceres Power: FY24 outlook confirmed

We take advantage of yesterday's FY23 results from Ceres Power to fine-tune our revenue and margin estimates, taking into account FY24 revenue guidance, overall momentum in FC and ambitions in EC. Based on existing frameworks with Doosan, Bosch and Delta, and removing expected revenue out of the Ch

Claranova: longstanding CEO Pierre Cesarini steps down

Yesterday Claranova announced the immediate appointment of Eric Gareau as CEO further to the immediate departure of Pierre Cesarini. Eric Gareau already has deep knowledge of the company he joined in 2018 and has been the CEO of Claranova's software publishing and distribution division Avanquest si

INVEST SECURITIES - NFL BIOSCIENCE : Coûts limités en 2023, vif succès...

Sidetrade : Début d’année prometteur : T1 solide et annonce d’une acqu...

>Excellent T1 à tous les niveaux, au-dessus de nos attentes en topline et bookings - Sidetrade publie ce matin (par anticipation) un CA T1 2024 de très bonne facture, légèrement supérieur à nos attentes. Le niveau d’activité trimestriel ressort à 11.8 M€ (vs ODDO BHF 11.4 M€), en croissance de 20% y-o-y et de 15.5% en organique (hors CreditPoint Software). Cette performance reste évidemment tirée par les abonnements SaaS (82% des ventes), avec, en substance, une nouve...

Fastned 1Q24 trading update, low sales compensated by gross margin

1Q24 trading update is tracking in line with our model. Sales growth of 42.1% to EUR 18.9m is below our expectation, but gross margin came above our expectation at 77% to EUR 14.7m million (+56.4%). The latter should be a relief as competition has increased lately, but their focus on high traffic locations seems to pay off. The outlook for new stations by FY24 of 335-350 is just below our 352 expectation. Fastned predicts 420-450 stations by FY25-end vs. our expectation of 417. New secured loca...

DEME Model update as we see some ‘Wind of Change'

For DEME, we have recently seen some positive momentum as many US offshore wind project developers should be able to qualify for higher subsidies thanks to a recent rule change by the US Treasury Department in the Inflation Reduction Act. We have also seen some positive news flow specific to DEME: DEME's offshore installation vessel 'Orion' successfully completed the installation of nearly 15MW of turbine foundations in Scotland and the 'Green Jade' completed its first deployment in Taiwan. We h...

Sequoia Economic Infrastructure Income Fund Ltd: 1 director

A director at Sequoia Economic Infrastructure Income Fund Ltd maiden bought 24,519 shares at 82p and the significance rating of the trade was 68/100. 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 direct...

argenx FIRST LOOK: Additional CIDP data at AAN

argenx announced additional detail on its Phase 3 ADHERE data with Vyvgart Hytrulo, showcasing its speed of onset and depth of response. We believe that Vyvgart Hytrulo is well positioned vs. the approved standard-of-care IVIg/SCIg across patient types, and look forward to the FDA decision (PDUFA: June 21, 2024). € 435 TP and Buy rating reiterated.

Campari : Preview T1 24e : de nouveaux ajustements à la baisse

>Sous-performance maintenue et OC abaissé à 8.6 € vs 9.6 € auparavant - Nous maintenons notre opinion à Sous-performance sur Campari. L’ajustement baissier continue sur les BPA expliquant la performance du titre sur ces derniers mois. En cause d’abord, la hausse des frais financiers du fait de l’acquisition de Courvoisier dont l’intégration constitue un facteur d’incertitudes à court terme. Ensuite, le MOP sous pression en FY 24e alors que celle-ci est toujours en deç...

Sika : Un début d’année conforme

>CA T1 2024 en ligne avec les attentes - Le CA du T1 2024 ressort à 2 648 MCHF (+0.2% à pcc et +13.8% en réel), en ligne avec le consensus (2 636 MdCHFe) et 3% au-dessus de nos attentes (2 567 MCHF). Nous attendions une contribution de MBCC légèrement moindre à 17.3% contre 19.9% publiés. La croissance à pcc ressort à 0.2% après 0.8% au T4, +1.3% au T3 et +0.3% au T2. Rappelons que le nombre de jours ouvrés ressort négatif à -1.5% au T1. Dans la branche EMEA, les...