Carbios and Hündgen sign a MoU for feedstock supply

This morning, Carbios announced the signing of a non-binding Memorandum of Understanding with Hündgen, a waste management expect in logistics, sorting and recycling services. The MoU concerns the supply of 15kt/year of post-consumer PET waste to be recycled in the company's first commercial plant f

Wenn sich Agilität auszahlt

Im ersten Quartal 2024 profitierte Alzchem von einer zweifachen Verbesserung des Umsatzmixes: Zum einen von der zunehmenden Verlagerung der Umsätze in Richtung des höhermargigen Segments Specialty Chemicals, zum anderen davon, dass innerhalb dieses Segments höhermargige Produktgruppen an Bedeutung gewannen. Damit konnte im ersten Quartal die EBITDA-Marge auf Basis der Gesamtleistung um 480bps verbessert und damit der höchste Wert in einem ersten Quartal seit dem Börsengang erzielt werden. Dies l...

USCB Financial Holdings Inc: 1 director

A director at USCB Financial Holdings Inc bought 20,276 shares at 11.157USD and the significance rating of the trade was 62/100. 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...

European Large Caps List: GALP removed

We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. >...

Aedifica EPRA result slightly ahead of guidance

Aedifica reports 1Q24 results and beats our EPRA earnings estimates on the back of slightly lower financial charges and mainly lower taxes. The FY24 guidance remains unchanged so the lower taxes are likely due to timing differences. Over FY24-26 we forecast flat earnings growth based on the current communicated pipeline. In 1Q24 Aedifica continued its wait and see modus at a debt ratio close to 40%. Over the past 1.5 month the share price recovered by approximately 17%, beating the ERPRA index. ...

Strong Q1 numbers, boosted by Gross2Net

Fielmann AG : Activity a shade more dynamic than anticipated, guidance...

>Q1 sales reflect stronger growth than anticipated at +11% but margins remain around the same as the year-earlier level - At the same time as the full publication of annual results (with the key elements already communicated on 29 February) the group announced those related to Q1 2024.  FY23 sales were confirmed at € 1,969m, i.e. growth of 12% and c.8% organic (Q4 sales at 7%, i.e. more or less flat on an organic basis with Germany at -3.5%), EBT came in a shade ab...

European Large Caps List : sortie de GALP

Nous sortons GALP de notre liste ODDO BHF European Large Caps. La valeur a réalisé une performance de +31,3% depuis son entrée le 20 mars dernier. Notre analyste adopte ce jour une opinion Neutre (vs Surperformance) sur la valeur qui a atteint notre objectif de cours. >...

Tessenderlo Solid balance sheet and FCF generation create options

We appreciate the efforts to step up investor communication as evidenced by the recent analyst & asset manager day. Whilst business conditions in a number of end markets are still challenging, we still expect Tessenderlo to generate between € 150-200m FCF per annum in the coming years. Starting from a very solid balance sheet, capital allocation is a crucial theme in the equity story. Tessenderlo has recently embarked upon a new € 69m share buyback program and we view share buybacks as an excell...

Worldline - not as weak as expected, but too early to jump in

Worldline reported 2.5% organic growth in Q1 2024, weak in absolute terms but better than anticipated by the market and us. We wait for a clear uptick in momentum and the confirmation of an improved profitability to turn positive on the stock; which is arguably far from expensive at 5.1x EV/NTM EBI

Wolters Kluwer : Q1 trading update confirms the ongoing strong operati...

>Ongoing strong operational performance, both margins and FCF up yoy - With Euronext closed today because of Labour day, there is no rush to absorb the content of Wolters Kluwer’s Q1 trading update. It reads well and reflects an ongoing solid operational performance. Organic revenue growth in Q1 was 6% (FY 2023: 6%) with recurring revenue growth 7%, expert solutions up 8% organically (now 59% of the group) and cloud software revenues up 16% (2023: +15%). In Q1, both t...

Neoen : Un chiffre d’affaires T1 24 parfaitement en ligne et des guida...

>Un chiffre d’affaires T1 24 parfaitement en ligne - Le groupe vient d’annoncer un chiffre d’affaires de 141,4 M€ au T1 24, en ligne avec nos attentes de 144.9 M€, en recul de 8% par rapport au T1 23 et de 6% à taux de change constants. Cette évolution s’explique principalement par un effet de base défavorable lié à la moindre contribution de plusieurs actifs ayant bénéficié de revenus en amont de contrats à long terme et entrés depuis dans le cadre contractuel de lo...

DSM-Firmenich : Slowly returning to growth

>No major surprises - DSM-Firmenich posted a relatively weak but in line quarter, with no major surprises on the group level compared to previous communication. The challenging destocking and pricing environment in mainly ANH’s and HNC’s end-markets fed into 2024, resulting in Q1 24 pro-forma revenues and adj. EBITDA of c. € 3,071m (-2% yoy) and € 463m (-11% yoy) respectively, the latter roughly reflecting ccs and AAOB estimates. In line with previous communication, D...

Siltronic AG : Better-than-expected Q1 2024 results, FY 2024 outlook r...

>Strong Q1 24 results - This morning, Siltronic reported its Q1 2024 results which were above expectations. Revenues were € 343.5m, 1% above the consensus at € 340m. They were down 4% q-o-q and down 15% y-o-y. While the wafer area sold and sales prices remained nearly stable compared to the previous quarter, the product mix had a slightly negative impact. The gross margin was 20.4% above with consensus at 14.4%. The operating results was € 36m, giving a margin of 10....

Stellantis : Back to earth

>An unexpected ‘reset’ and an unfortunate first for Stellantis… - Stellantis on Tuesday reported Q1 sales down 12% at € 41.7bn (-4% vs consensus), hurt by the decline in volumes (-10%) but also FX headwinds (-3%). Also, the OEM clearly confirmed its full-year guidance, albeit providing clarifications that suggest that H1 will be tougher than expected, with a targeted operating margin of between 10.0% and 11.0% (10.5%e) and visibly lower FCF, ahead of a hoped-for impro...