Siemens Energy AG : Much better-than-expected Q2 figures, even after a...

>Q2 2023-24: much better operational profit and FCF - Siemens Energy this morning reported its Q2 results, with operational profit and FCF better than expected. At the consolidated level, orders came in at € 9.5bn, down 22% in comparable terms (with -76% for Siemens Gamesa, -21% for Gas Services, and +27% for Grid Technologies). Revenues came to € 8.3bn, +3.7% on a comparable basis (-6% for GS, +25% for GT, -4.6% for Siemens Gamesa). Adjusted EBITA (before SI – speci...

Montana Aerospace : Strong margin expansion at aerostructure

>Good Q1 2024 results - Montana Aerospace has just released a good set of Q1 2024 results. Adjusted EBITDA was reported at € 38.2m on sales of € 396m leading to a margin of 9.7% (vs 6.7% the previous year). This performance was mainly driven by Aerostructures which reported an adjusted EBITDA of € 29.4m on sales of € 207.8m leading to a margin expansion to 14.1% vs 9.1% in Q1 2023 (despite supply chain issues challenges within at ASCO). However, the E-Mobility busine...

Montana Aerospace : Strong margin expansion at aerostructure

>Good Q1 2024 results - Montana Aerospace has just released a good set of Q1 2024 results. Adjusted EBITDA was reported at € 38.2m on sales of € 396m leading to a margin of 9.7% (vs 6.7% the previous year). This performance was mainly driven by Aerostructures which reported an adjusted EBITDA of € 29.4m on sales of € 207.8m leading to a margin expansion to 14.1% vs 9.1% in Q1 2023 (despite supply chain issues challenges within at ASCO). However, the E-Mobility busine...

Alstom : 1 Md€ d’augmentation de capital et 750 M€ de dette hybride po...

>Un FCF de 562 M€ au S2, en ligne avec les objectifs - Alstom publie ce matin ses résultats annuels (clôture à fin mars) 2023-24. Les commandes atteignent 19 Md€ (book-to-bill 1.08x), permettant au carnet de commandes d’atteindre les 91.9 Md€. Le chiffre d’affaires progresse de 9.4% en comparable, à 17.6 Md€ et la marge d’EBIT ajusté atteint 5.7% (+50 pb). Ces chiffres sont globalement en ligne avec les attentes. Le résultat net intègre 147 M€ de charges de restr...

Carl Zeiss Meditec : Q2 review – Miss on top line and adj. EBIT

>Q2 review – miss on top line and adj. EBIT - Q2 2024 revenues € 472.1m (-6.4% y-o-y) were driven by a constant currency decline of c. 0.7% and a forex headwind of 570bp, or -7%/-7% vs ODDO BHF/consensus. EBIT of € 64.7m (-22.7% y-o-y, margin 13.7%) was 11%/17% ahead of expectations pushed by Topcon settlement. Adj. EBIT reached € 49.0m (-43.2% y-o-y, margin 10.4%) and was -3%/-13% vs consensus. EPS of € 0.52 compares to expectations of € 0.49 and € 0.46 for the conse...

Q1 slightly below expectations, but strong Q2'24 guidance

Adj. EBITDA of USD 250m (-3% vs. ABGSCe, -1% vs cons.). FY'24 guidance narrowed, ~29% upside to cons Q2 EBITDA. Q1 below expectations, strong Q2'24 guidance, share to trade up vs. peers.

Outokumpu : Postview T1 : quelques signes encourageants mais un contex...

>T1 inférieur aux attentes à cause surtout d’Americas - Comme Acerinox et Aperam avant lui, Outokumpu a déçu le marché avec des résultats T1 inférieurs aux attentes et une guidance T2 assez modeste. Comme chez ses deux concurrents, cette situation reflète pour partie des problèmes opérationnels (grève en Finlande, maintenance plus longue que prévu aux USA) et un environnement de marché peu propice surtout en Europe. L’EBITDA ajusté T1 est ainsi ressorti à seulement 38...

Knorr-Bremse AG : Good start to 2024, guidance confirmed

>Q1 2024: organic revenue growth of 6.1% and operating EBIT margin of 12.1% - Knorr-Bremse reported its Q1 2024 results this morning. Order intake was better than expected (at € 2.1bn, or 1.07x of book-to-bill), and both divisions were ahead of expectations with organic growth of 8.2% for orders in rail (RVS), and a decline of 9.2% in trucks (CVS). The group generated revenues of € 1.974bn (consensus at € 1.962bn), up 6.1% in organic terms (css at 5.1%) and an operati...

Morning Bulletin - 8 May 2024

Bulgarian equity market registered fresh start of the week on Tuesday, landing the main indexes in a range between 0.15% and 1.16%. A positive bias drove First Investment Bank (FIB, BGN 3.36, +8.39%) to levels from the beginning of the year and attracted more investors to narrow range of names based in SOFIX (823.08, +1.16%) – M+S Hydraulic (MSH, BGN 11.70, +2.63%), Shelly Group (SLYG, BGN 69.40, +2.06%). SOFIX trading activity improved during this session and the volumes exceeded 15-days averag...

AMADEUS: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: Ventas: 1.496 M euros (+14,1% vs +12,8% BS(e) y +12,8% consenso); EBITDA: 582,0 M euros (+14,2% vs +13,2% BS(e) y +13,0% consenso); BDI: 324,0 M euros (+18,6% vs +13,1% BS(e) y +16,1% consenso).

Thredup Inc: 1 director

A director at Thredup Inc sold/sold after exercising options 424,268 shares at 1.910USD and the significance rating of the trade was 83/100. 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 ...

Better growth, weaker profitability

Q1: EBITDA slightly above, buys assets in the North Sea

SBM Offshore : Q1 consistent with full year guidance

>Revenues up 17%, in-line with full year guidance - Directional revenues in 24Q1 are up 17% to $ 871m, with Lease & Operate up 22% to $ 554m and Turnkey up 9% to $ 316m. Fleet uptime was 97.6%,2024 guidance for directional revenue is maintained at c. $ 3.5bn of which c. $ 2.2bn from Lease & Operate and c. $ 1.3bn from Turnkey. Directional EBITDA guidance is maintained at c. $ 1.2bn.Dividend & SBB. The AGM on 12 April approved the proposed $ 150m cash dividen...

Claranova : Q3 close to forecasts. Claranova begins a new chapter foll...

>Q3 2023/24 sales of € 94m (+4%, o/w +2% org), close to our forecasts - Claranova reported yesterday evening Q3 2023/24 sales of € 94m, up 4% year-on-year on a reported basis and 2% organically. This figure was close to our forecast (ODDO BHF: € 97m). By division, 1/ PlanetArt (65% of Q3 sales) reported a 2% organic decline. While this division is still not back on the organic growth path, sales have stabilised in the context of the priority given to profitability; 2/...

Moody's Ratings upgrades ratings on notes from Avanti AU Auto ABS 2023...

Moody's Ratings (Moody's) has upgraded the ratings on five classes of notes issued by Avanti AU Auto ABS 2023-1 Trust in respect of the Series 2023-1. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE RECKLESS AND INAPPROPRIATE. SEE ...

AHOLD DELHAIZE: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: Ventas: 21.728 M euros (+0,5% vs -0,4% consenso); EBIT: 861,0 M euros (-0,3% vs -4,6% consenso); BDI: 513,0 M euros (-8,6% vs -5,5% consenso).