reports
DH Autolead Co Ltd: 1 director
A director at DH Autolead Co Ltd maiden bought 48,500 shares at 3,002.196KRW and the significance rating of the trade was 73/100. 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 tw...
- Stephane Beyazian
Vodafone : Adjustments to forecasts with exit from Spain
>Disposal of Spain, ahead of the upcoming divestment of Italy - We have downgraded our forecasts to reflect the disposal of Spain (but our forecasts do not include the divestment of Italy pending the regulatory agreement): we have reduced our sales estimates by 15% from FY 2025 (to € 40bn), by 5% for EBITDAal (to € 12.2bn) and by 12% for FCFaL (to € 2.6bn). The EPS impact is, however, not significant, as the Spanish unit is not profitable.Pro-forma FY 202...
- Emmanuel Matot
- Jerôme Bodin
MFE B shares : Une bonne dynamique publicitaire sur le T1 en Italie et...
>Opinion Sous-performance réitérée - MFE a publié hier ses résultats annuels 2023 ressortis supérieurs à nos attentes avec un EBIT de 302 M€ contre 288 M€ attendus. La principale différence avec nos attentes provient d’une bonne maitrise des coûts. Rappelons le groupe avait déjà donné des indications sur la tendance publicitaire donc sans surprise, la tendance publicitaire est ressortie à +2,1% pour 2023 ce qui fait ressortir un T4 en hausse de 8%. La dynamique public...
Kofola Ceskoslovensko A.S.: 1 director
A director at Kofola Ceskoslovensko A.S. bought 3,600 shares at 275.000CZK and the significance rating of the trade was 54/100. 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 ...
- Olfa Taamallah
- Yan Derocles
Rheinmetall AG : Q1 2024 in the end set to be more in line with tradit...
>Q1 in the end more in line with traditional seasonality - In a group pre-class call, the company indicated the seasonal pattern would in the end be fairly consistent with that of previous years, with Q4 potentially accounting for around 35% of FY 24 sales. The deferral of around € 0.4bn of sales from FY 23 to FY 24 will be only partially delivered in Q1 (c € 0.1bn est.), with the remainder of the truck deliveries expected more later in the year. We forecast sales of ...
- Delphine Brault
- Quentin Borie
Schneider Electric : Schneider Electric reportedly interested in Bentl...
>Bentley Systems, software company, reportedly been approached by Schneider - According to the WSJ, Schneider Electric is in talks to acquire a controlling stake in the software engineering company Bentley Systems. Cadence Design Systems is apparently also interested.Bentley Systems has set up a special committee of its board of directors to study the options open to it, including the sale of the company or the creation of a JV.Siemens, which has formed seve...
- ABGSC Strategy Research
- Amanda Alla
- Christer Linde
- Emmanuel Matot
Ipsos : Start to the year held back by the US-Stock removed from Midca...
>Mixed organic growth in Q1 on a favourable comparison base - Disappointment in the US - Ipsos published yesterday evening its Q1 2024 revenue figures. They came in at € 558m, in line with expectations (ODDO-BHF/consensus = € 555-559m). Organic growth was mixed (4.5% vs ODDO-BHF/consensus = 5.2-5%), accelerating relative to 2023 (+3.0%) but on a favourable comparison base (Q1 2023 = -2.8%).The Americas were hit by an unexpected decline (-3.2% - 2023 = +1.7%) due ...
- Aurelien Sivignon
PulluP Entertainment : CA FY en ligne mais des one-off impacteront la ...
>Un T4 finalement bien orienté uniquement grâce au back catalogue - PulluP Entertainment (ex Focus Entertainment) publie un CA T4 en croissance de 12% y-o-y à 59 M€ (vs 56.8 M€e). Le Catalogue (37% du CA T4) affiche une baisse de 47% à 21.6 M€ (vs 29.3 M€e). Pour Banishers, malgré une notation globalement très correcte, le succès n’a pas été vraiment au rendez-vous. La sortie d’Expeditions a également contribué au T4. Globalement, la performance du catalogue est donc ...
- ING Helpdesk
Benelux Morning Notes
BAM: Preview - stable performance in difficult markets. Belgian telecoms: Telenet 3.5% price increase. Econocom: 1Q24 modest growth in line, sales guidance maintained. Philips: Preview 1Q24. Proximus: Acquires additional 5G spectrum from NRB. Signify: Preview 1Q24 - Slow start to the year. Staffing: Manpower - 1Q24 beats, 2Q24 outlook a touch above and trends stabilizing. WDP: No surprise
Orad Ltd: 1 director
A director at Orad Ltd maiden bought 9,300,000 shares at 0.520ILS and the significance rating of the trade was 100/100. 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 years cl...
Alx Oncology Holdings Inc: 1 director
A director at Alx Oncology Holdings Inc sold/sold after exercising options 50,000 shares at 14.204USD and the significance rating of the trade was 51/100. 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 d...
- ABGSC Credit Research
- Andreas Johannessen
- Bendik Fougner Engebretsen
- Glenn Kringhaug
- Haakon Amundsen
- Patrik Brattelius
- Son Thanh Luu
- Pierre Tegner
L'Oréal : Un T1 très dynamique qui prend à contre-pied la prudence réc...
>Un T1 qui devrait être doublement bien accueilli. OC relevé à 416 €- Neutre maintenu sur une valeur de très grande qualité - Neutre maintenu sur une valeur de très grande qualité avec un OC relevé à 416 €. La très forte surprise du T1 en organique devrait être doublement bien accueillie ; la prudence était de mise depuis quelques semaines vis-à-vis d’un fort ralentissement du marché de la beauté et le T1 de L’Oréal ressort clairement au-dessus des attentes avec une c...
- Chris Turner
- Francesco Pesole
- Frantisek Taborsky
FX Daily: Middle East turmoil strengthens dollar position
Israel's retaliatory strike on Iran overnight triggered an initially big reaction across asset classes, although markets appear moderately less concerned at the European market open. Safe-haven currencies are leading the pack, and there are now risks of a more structural bearish turn on EUR/USD
- Jerôme Bodin
MFE B shares : Good advertising momentum in Q1 and in Italy and in Spa...
>Underperform recommendation reiterated - MFE released FY 2023 results ahead of our expectations, with EBIT of € 302m vs € 288m forecast. The main difference with our expectations comes from the tight control of costs. Note that the group had already provided some indication of the advertising trend, so it comes as no surprise that the advertising trend for 2023 was +2.1%, giving Q4 growth of 8%. Advertising momentum was therefore particularly brisk in 2023, thanks ma...
- Olfa Taamallah
- Yan Derocles
easyJet : Favourable trends for the summer
>Solid pricing which should continue over the summer - The publication of H1 results which topped expectations, with an operating loss limited to between £ 340m and £360m, compared with a consensus expectation of -£ 407m, is explained by tight control of costs and above all by solid pricing. In Q2, easyJet posted an 8.5% increase in passenger RPS y-o-y and a 7.5% increase in ancillary unit revenues y-o-y. This performance was due notably to the contribution made by t...
- ABGSC Shipping & Transport Research
- Oliver Dunvold
- Petter Haugen
- Roelof-Jan van den Akker
Technical Analysis/Bund future
We changed our stance from, ‘Selling the rallies' into ‘Buying on weakness' last Friday, but the weekly chart still shows that there is a job to be done. Last week closed slightly higher at 132.50, a rise of 34bp, although there was a lower high at 133.05 and low at 131.31 in relation to the week before., with prices still below the flattening EMA-40 line at 133.54. It is also not ruling out new lows below 131.31 within the bottoming process, although the downside is limited with solid horizont...
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