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

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

EBITDA 15% below cons

High Yield Bonds Daily

Oscar Properties/HL18,K2A, Pandion

Chile: March smolt release +24% y-o-y

March smolt release in Chile was 13.2m (+24% y-o-y), with smolt release for '25e harvest down 7% y-o-y (ABGSCe +2%). Chilean biomass down 2% y-o-y, suggesting muted harvest potential short-term

Weekly agenda 29 Apr - 3 May

Nordic reports: Novo Nordisk, Vestas, Danske bank, Maersk

Voltalia : Des échanges instructifs lors de notre roadshow virtuel

>Opinion Neutre et OC 7.70 € maintenus - Dans la foulée de la publication du chiffre d’affaires du premier trimestre, nous avons organisé un roadshow virtuel à destination des investisseurs européens, hors France. La directrice financière, Sylvine Bouan, la responsable du marketing et de la communication, Loan Duong et le responsable des relations investisseurs Armel Ahidazan étaient présents. Cet échange avec les investisseurs a essentiellement été centré sur une séa...

Corbion N.V. : Decent sales/EBITDA; € 0.10 special dividend and € 20m ...

>EBITDA in line with estimates; € 0.10 special dividend; € 20m share buyback - Corbion reported net sales of € 301m and adjusted EBITDA of € 41.4m in its core operations in Q1 2024. Our forecasts were € 306m and € 41m, respectively. Consensus was at € 309m and € 40m, respectively. Sales from the PLA joint venture amounted to € 31.6m and adjusted EBITDA came in at € 4.9m, both higher than our forecasts (€ 29.6m and € 4.7m, respectively) and consensus (€ 28.6m and € 4.6...

Manitou : Start to the year in line with full-year guidance

>Only slight growth in Q1 sales – disappointment in the US - Manitou has reported Q1 2024 sales up 3% to € 685m, below our forecast for € 750m and a sharp slowdown relative to 2023 (+22%). Europe and Asia-Pacific were in the green (+6% for the two regions – European markets more dynamic than expected by management), whereas the Americas were in decline (-9% - North American market affected by increasing customer wait-and-see attitudes and a very gradual ramp-up...

Clasquin : T1 2024 légèrement supérieur à notre attente

>Marge brute T1 de 34.7 M€ (vs 33 M€e) en croissance de 15.4% (2% lfl) - Clasquin a publié hier soir sa marge brute T1 qui ressort en croissance de 15.4% à 34.7 M€ soit légèrement supérieure à notre attente de 33 M€. Hors effet périmètre lié à Timar la croissance organique ressort à 2%. Toujours une belle surperformance du groupe - Au T1 la dynamique a finalement été bonne pour les taux de fret avec par segment : 1/ le marché du fret maritime qui a é...

Jeronimo Martins: Q1 topping expectations; price war ongoing in Poland

With Q1 topping expectations in terms of both sales and EBITDA, notably thanks to Biedronla, we foresee a positive share price reaction this morning. But reiterated gloomy FY guidance combined with no early signs of the price war easing in Poland still suggests caution is advisable.

Safran : Q1 sales 1.2% above css with positive mix – FY 2024 guidance ...

>Q1 2024 sales 1.2% above css thanks to volume recovery in Equipment and services across the board - Q1 2024 sales came out 1.2% above consensus expectations at € 6,220m (ODDO BHF: € 6,080m, company compiled css: € 6,145m), showing a 19.1% l-f-l increase. In details:Propulsion sales were up 15.4% l-f-l to € 3,097m thanks to a solid civil aftermarket growth of 27.3% (vs 24% expected) driven by stronger-than-expected growth in LTSA (CFM56 and Leap) as well as incre...

Roche Bobois : T1 en baisse conséquente mais perspectives 2024 confirm...

>CA T1 en baisse de 9.4% à 94.2 M€ (vs 104 M€e) - Roche Bobois a publié hier soir son CA T1 qui ressort légèrement inférieur à notre attente à 94.2 M€ (vs 100 M€e) soit une baisse de 9.4% (-9.5% à taux de change constant). Un ralentissement sur toutes les zones au T1 - Rebond attendu au S2 - Compte tenu d’un rythme de livraisons très élevé au T4 2023 et d’un ralentissement des prises de commandes en fin d’année, l’activité du groupe a logiquement m...

Airbus Group : A slow start to the year masks an unmatched degree of v...

>A slow start to the year… - With adjusted EBIT at € 577m (-26.9% y-o-y and margin -160bp), Q1 came out well below expectations (ODDO BHF € 715m, consensus € 789m) across all divisions. The gap between our forecasts and the actual figures was mainly attributable to i/ a more successful employee share ownership plan (ESOP), costing € 0.1bn more than in Q1 2023, ii/ an even bigger hiring effect than expected, with 12,400 additions at group level (operating effect of c10...

Gecina : Très bonne tenue de la topline et meilleure visibilité sur sa...

>Solide performance opérationnelle avec une croissance organique toujours aussi soutenue de +6.2% - Gecina a délivré une performance opérationnelle solide sur le T1 2024 dans la continuité de 2023 avec des revenus locatifs bruts à 173.8 M€ (170.9 M€e) en croissance aussi bien à périmètre courant de 4.3% qu’à périmètre constant (pc) de 6.2% sous l’effet notamment d’une indexation à +5.2% yoy, des effets liés au taux d’occupation globalement stable sur le trimestre (con...

Investment im Fokus – AHT Syngas N.V. - 26.04.2024

Das Geschäftsmodell der AHT Syngas Technology (kurz: AHT) basiert auf einer ausgereiften und robusten Technologie zur umweltfreundlichen Energieerzeugung, die auf die ehemalige Klöckner Humboldt Deutz AG zurückgeht. AHT hat sich zu einem weltweit agierenden Unternehmen entwickelt, das sich auf die Entwicklung von Technologien zur Umwandlung kohlenstoffhaltiger Brennstoffe in Synthesegase konzentriert. Konkret entwickelt, plant und vertreibt das Unternehmen weltweit innovative dezentrale Kraftwer...

INVEST SECURITIES - ALTEN : Pas de drame mais pas de signes de reprise...

Cryosite Limited: 2 directors

Two Directors at Cryosite Limited sold/bought 2,000,000 shares at 0.830AUD. The significance rating of the trade was 72/100. 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 yea...

Xior Student Housing : Q1 2024 results: Debt defeated, disposals domin...

>Additional disposals of €110m in Q1 2024, all debt maturities until Q2 2025 extended/repaid, outlook reiterated - Of the €340m disposal program €220m is now fully sold/closed, of which €100m in funds are already received and the remaining €120m will be received in cash before 30-06-2024 (YE 2023: €66m fully sold/closed; €44m under agreement/ exclusivity). All loans have been refinanced for the coming 12 months, where the (expensive) bridge loan has now been rep...

Safran : Q1 sales 1.2% above css with positive mix – FY 2024 guidance ...

>Q1 2024 sales 1.2% above css thanks to volume recovery in Equipment and services across the board - Q1 2024 sales came out 1.2% above consensus expectations at € 6,220m (ODDO BHF: € 6,080m, company compiled css: € 6,145m), showing a 19.1% l-f-l increase. In details:Propulsion sales were up 15.4% l-f-l to € 3,097m thanks to a solid civil aftermarket growth of 27.3% (vs 24% expected) driven by stronger-than-expected growth in LTSA (CFM56 and Leap) as well as incre...