ODDO BHF Small & MIDCAP MORNING NEWS - 23/04/2024 Date Performance dep...

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2024

En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier  : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être les pr...

Allfunds Group Plc : Q1 2024 figures strong across the board, except f...

>Strong MtM effect due to stock market recovery, however net flows mixed - Total AuA book ended the quarter at € 1.433bn, which is 1.1% ahead of css estimate and a 3.6% acceleration QoQ. Organic book stood at € 1.028bn, 1.5% higher than css estimate and growing 4.4% vs Q4 2023. Organic AuA book grew faster vs D&A in Q1 2024, which we like as this is the higher-margin book. Most of AuA growth was driven by the market performance/MtM effect, which was strong in Q1 2024 ...

Epiroc : Weak start to the year with orders and EBIT below expectation...

>Q1 2024: orders down 3% and adjusted EBIT margin down 260bp to 20.4% - Epiroc this morning reported Q1 2024 results that were below expectations at order and adjusted EBIT levels. Order intake was SEK 14.2bn (consensus SEK 14.9bn), down 3% on an organic basis (consensus -1.2%) due to less large orders and still weak demand in construction attachments. Sales were up 3% (consensus +2.7%) on an organic basis to SEK 14.1bn.The adjusted EBIT margin decline...

Fifth Third Bancorp: 1 director

A director at Fifth Third Bancorp sold 14,857 shares at 36.383USD and the significance rating of the trade was 67/100. 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 cle...

BenevolentAI : Focus sur le développement de partenariats et sur son p...

>Une réduction d’environ 30% des effectifs - Benevolent a communiqué ce matin une mise à jour de sa feuille de route stratégique suite à laquelle nous retenons les éléments suivants : 1/ la société a confirmé donner la priorité à son activité de recherche et de conclusion de partenariats autour de sa plateforme d’IA pour la découverte de nouveaux traitements ainsi qu’à l’avancement et au développement de son pipeline d’actifs propriétaires, 2/ l’abandon de l’option st...

Epiroc : Weak start to the year with orders and EBIT below expectation...

>Q1 2024: orders down 3% and adjusted EBIT margin down 260bp to 20.4% - Epiroc this morning reported Q1 2024 results that were below expectations at order and adjusted EBIT levels. Order intake was SEK 14.2bn (consensus SEK 14.9bn), down 3% on an organic basis (consensus -1.2%) due to less large orders and still weak demand in construction attachments. Sales were up 3% (consensus +2.7%) on an organic basis to SEK 14.1bn.The adjusted EBIT margin decline...

OVHcloud : Dégradation des indicateurs de business. Situation mieux so...

>Ralentissement inattendu de la croissance organique du CA au T2 - Amélioration marquée du levier opérationnel au S1 - OVH vient de publier ses résultats semestriels (période septembre 2023 – février 2024). Ils ressortent proches des attentes (EBITDA = +18% à 184 M€ vs ODDO BHF/consensus = 182/180 M€) avec 1/ une déception sur la croissance organique du CA (+10.8% vs ODDO BHF/consensus = +11.5/12.0% - ralentissement au T2 à +9.6% vs T1 = +12.0%) et 2/ une bonne surpri...

Strong transaction income drive Q1 beat

California Holding III Limited: Update to credit analysis

Our credit view of California Holding III Limited reflects its ability to generate FCF, offset by its risk of debt-funded shareholder distribution or acquisitions.

Coffee, Croissants & Credit/Verizon, SAP, Covivio

Telecom: Verizon reports mixed 1Q24 results

Hua Nan Commercial Bank Ltd.: Update following rating affirmation, out...

Our credit view of this issuer reflects its good asset quality, offset by the weaker profitability than that of its local and regional peers.

Enagas : Q1 2024 results slightly above our estimates

>Operating results in line, slight beat in net profit towards FY 2024 objectives - Good results supported by resilient sales despite the impact of the regulatory effect (loss of continuity of supply revenues in the 2021-2026 period: c.€ 35m estimated impact in 2024e) thanks to the contribution of COPEX and the revenues from the El Musel terminal (E-Hub). Costs remain stable compared to last year (+0.2%) highlighting the focus on efficiency while the contribution of eq...

VZ (Neutral, TP: $45, Total Return +23%) Model Update

When we published our “Thoughts Following the Call” note earlier (here), we hadn’t checked in with the Company on some of our questions. Two areas where management had a different view than our early read include Broadband adds and Postpaid phone adds. We expand on these in more detail in this note. No change to thesis. Consensus EBITDA is headed higher. Neutral: $45 (+23%).

Government of Tajikistan – B3 stable: Regular update

Our credit view of this issuer reflects its high growth potential supported by infrastructure development, constrained by its heavy dependence and exposure to remittance inflows.

Technical Analysis/Bund future

No signs of a bottom in the weekly chart with a lower high and low last week. Prices closed 146bp lower at 131.04 in combination with a new low within this year's corrective phase at 130.83. Nevertheless, we are still not bearish here and recommend our view to Buy on weakness in expecting the development of a higher bottom. The downside potential is limited from here with solid support coming in between the horizontal line around 130.70 and the former upper end of the falling trend channel aroun...