Daimler Truck : Cautious tone on Europe, but North America holding up

>Robust Q1 results confirming resilient model - Daimler Truck's Q1 results, reported on Friday morning, were robust and slightly ahead of expectations (+3% vs css EBIT), see First Take here. Despite the decline in volumes (-13% y-o-y) reflecting the downturn in the truck cycle, the group managed to post stable revenues and growing earnings (EBIT +4% y-o-y), resilience that can be attributed to mix (strong US exposure, recovery in buses), prices, as well as recurring ...

Sixt SE : Q1 EBT at the lower end of the guidance- Residual Value issu...

>Q1 EBT in the lower end of the guidance -€ 27.5m (Guidance: -€ 15m/ -€ 28m) - The group published last Friday its Q1 2024 results (which are due to be published on 7 May), which came in at the lower end of the guidance. In detail, we note: 1/ Consolidated revenue totalled € 780.2m, up 12.3% y-o-y (Guidance: significant increase; css: € 754m; ODDO BHF: € 780m) driven by strong demand in the three segments: North America (28% of consolidated revenue; +21.6% y-o-y...

Societe Generale : Net earnings beat forecasts; we do not share the fe...

>Q1 earnings beat the consensus - Société Générale reported on Friday its net earnings for Q1 2024, which beat forecasts. Revenues were € 6,645m (-0.4%), 4% above the consensus (€ 6,396m) and 1% below our forecast (€ 6,729m). We note in particular revenues 2% the consensus for retail banking in France, with interest income (+3% vs Q4 2023) weaker than expected, penalised notably by an increase in the return of deposits. The trajectory of these revenues is at the lower...

Air France-KLM : Awaiting tangible signs of CASK back under control

>An improvement in CASK concentrated on Q4 - After a 4% rise in adjusted cost per available seat kilometre (CASK) in Q1 (including c1.6% of exceptional items), Air France-KLM is still forecasting an increase of between 1% and 2% for FY 2024, but with the improvement heavily concentrated in Q4... which entails a degree of risk. In addition to the reduction in costs linked to disruptions (€ 70m in Q4 2023), the improvement in the offer with the delivery of new aircraft ...

Infineon Technologies AG : A revision is virtually certain, perhaps be...

>The real question with the release is the guidance, not the figures themselves - Infineon is set to report its Q2 2024 results on Tuesday morning before trading, with a conference call at 9.30 a.m. CET. We expect results to be slightly ahead of the consensus thanks notably to a €/$ exchange rate that is slightly more favourable than anticipated, but that is not the main question. The real question with this release will be the 2024 guidance which in our view (and now...

Sixt SE : Q1 EBT at the lower end of the guidance- Residual Value issu...

>Q1 EBT in the lower end of the guidance -€ 27.5m (Guidance: -€ 15m/ -€ 28m) - The group published last Friday its Q1 2024 results (which are due to be published on 7 May), which came in at the lower end of the guidance. In detail, we note: 1/ Consolidated revenue totalled € 780.2m, up 12.3% y-o-y (Guidance: significant increase; css: € 754m; ODDO BHF: € 780m) driven by strong demand in the three segments: North America (28% of consolidated revenue; +21.6% y-o-y...

Marie Brizard Wine & Spirits : Risque de pression sur les prix dans un...

>Les déstockages à l’international sont liés à la hausse des taux ou à des effets de phasing - De nos échanges récents avec le CFO de MBWS, nous retenons les points suivants :MBWS n’a pas réduit ses prix à l’international au T1 et les a globalement maintenus en 2023. Dans certains pays il y a eu quelques ajustements à la hausse en lien avec l’évolution des prix des entrants comme les matières sèches ou l’alcool neutre début 2023. Le groupe rappelle que ses produi...

Intercontinental Hotels : Slightly disappointing start to Q1 on RevPAR

>Q1 2024 undershot expectations - IHG published a trading update for Q1 2024 on Friday, 3 May, before the start of trade, which came in slightly below expectations, including RevPAR growth of 2.6% (consensus 3.1%), marked by weakness in the Americas, which was penalised by the Easter holiday calendar (US at -1.9%). The group is nonetheless confident about its RevPAR growth prospects for 2024 and has seen a rebound in the US over the last 8 weeks, with aggregate RevPAR...

Encavis AG : Des résultats au T1 en baisse comme attendu et poursuite ...

>Résultats préliminaires T1 2024 en forte baisse comme attendu - Encavis a publié vendredi des résultats préliminaires pour le T1 2024 en baisse, comme attendu : 1/ le CA a reculé de 12% à 86.6 M€ (98.8 M€ au T1 2023), 2/ l’EBITDA ajusté de 24% à 48.5 M€ (64.3 M€ au T1 2023), 3/l’EBIT ajusté de plus de 48%, à 18.2 M€ (35.3 M€ au T1 2023) ; 4/ le BPA ajusté à -0.04 € (vs 0.09 € au T1 2023) et 5/ le flux de trésorerie opérationnel à 36.3 M€ (51.8 M€ au T1 2023). L...

Encavis AG : Q1 results down, as expected, and KRR offer still underwa...

>Preliminary Q1 2024 results down sharply, as expected - Encavis published preliminary results for Q1 2024 on Friday, down as expected: 1/ sales down 12% to €86.6 M (€98.8 M in Q1 2023); 2/ adjusted EBITDA down 24% to €48.5 M (€64. 3 M€ in Q1 2023), 3/ adjusted EBIT by more than 48%, at 18.2 M€ (35.3 M€ in Q1 2023); 4/ adjusted EPS at -0.04 € (vs 0.09 € in Q1 2023) and 5/ operating cash flow at 36.3 M€ (51.8 M€ in Q1 2023). Q1 results were expected to be lower t...

Intesa Sanpaolo : Q1 2024 provides a little more validation of the gro...

>Outperform rating confirmed – target price lifted to € 4.2 (vs € 4.0) - Q1 2024 results underpin our Outperform recommendation, with a reassuring trend on the key operating points (NII momentum, control of costs and moderate CoR), and ultimately on capital/shareholder returns. The group reiterated its guidance on 2024 (net profit > € 8bn in 2024 and 2025 vs € 7.7bn in 2023) notably thanks to its highly diversified business model (revenues linked to long-term savings)...

Air France-KLM : En attendant des signes tangibles de reprise en main ...

>Une amélioration du CASK concentrée sur le T4 - Après une hausse des coûts unitaires ajustés (CASK) de 4% sur le T1 (dont c1.6% d’éléments exceptionnels), Air France-KLM table toujours sur une augmentation comprise entre 1 et 2% sur FY 24 mais avec une amélioration fortement concentrée sur le T4… ce qui comporte un degré de risque. Au-delà de la diminution des coûts liés aux perturbations (70 M€ au T4 2023), la progression de l’offre avec l’arrivée de nouveaux appare...

Moody's Ratings affirms Members Banking Group's Baa1 ratings; outlook ...

Moody's Ratings (Moody's) has affirmed Members Banking Group Limited's long-term issuer rating of Baa1 based on the bank's solid asset quality and robust capital levels. At the same time, Moody's has maintained the stable rating outlook. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT I...

Q1 EBIT +2% on stellar Faroese performance

Infineon Technologies AG : Une révision est quasi-certaine, peut-être ...

>La vraie question de la publication est la guidance, pas les chiffres eux-mêmes - Infineon publiera ses résultats T2 24 mardi matin avant l’ouverture, avec une conférence call à 9.30 CET. Nous attendons des résultats légèrement au-dessus des attentes du consensus notamment grâce à un forex €/$ un peu plus favorable qu’anticipé, mais ce n’est pas le sujet important. Le véritable enjeu de cette publication sera la guidance 2024 qui, selon nous (et désormais le consensu...

Legrand : The activities considered more resilient did not play their ...

>Q1 with volumes down 5.9% and a broadly resilient margin - Legrand reported on Friday morning Q1 2024 results (see our First Take) below estimates, due to the top line. Organic growth reached -5.4% (ODDO BHF at -2.6% and the consensus at -3.1%). All divisions posted a negative trend in Q1. Unlike most of its peers, the US did not provide a cushion, with sales falling 6.1% on an organic basis, while Europe was down 4.7%. In Asia Pacific, the decline amounted to 5.8% a...

Intesa Sanpaolo : Le T1 2024 valide un peu plus les solides fondamenta...

>Opinion Surperformance confortée – OC porté à 4.2 € (vs 4.0 €) - Le T1 2024 vient conforter notre opinion Surperformance avec une évolution rassurante sur les points clés opérationnels (momentum NII, maîtrise des coûts & niveau modéré de CdR), et in fine sur le capital/retour à l’actionnaire. Le groupe réitère ses guidances pour 2024 (RN > 8 Md€ en 2024 & 2025 vs 7.7 Md€ en 2023), ce que nous validons grâce au business model très diversifié (revenus liés à l’épargne ...

Sustainability Weekly 29 Avril – 3 Mai 2024

La semaine passée, la quatrième réunion du Comité intergouvernemental de négociation (CIN) s'est achevée le 30 avril 2024, avec pour objectif de finaliser un instrument international juridiquement contraignant pour lutter contre la pollution plastique d'ici décembre 2024. L'UE a pris des mesures à l'encontre des compagnies aériennes soupçonnées d'écoblanchiment. Une résolution d’actionnaires sur les risques relatifs à la biodiversité a reçu 18% de votes favorables durant l'AG de ...

Sustainability Weekly 29 April – 3 May 2024

Last week, the fourth meeting of the Intergovernmental Negotiating Committee (INC) ended on 30 April 2024, with the aim of finalising a legally binding international instrument to tackle plastic pollution by December 2024. The EU has taken action against airlines suspected of greenwashing. A shareholder resolution on biodiversity risks received 18% of votes in favour at PepsiCo's AGM. According to PWC, by 2050, more than half of the world's copper mines will be located in areas a...