Edinburgh Investment Trust plc: 2 directors

Two Directors at Edinburgh Investment Trust plc bought 3,925 shares at between 701p and 701p. The significance rating of the trade was 52/100. 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 ove...

Ceres Power: FY24 outlook confirmed

We take advantage of yesterday's FY23 results from Ceres Power to fine-tune our revenue and margin estimates, taking into account FY24 revenue guidance, overall momentum in FC and ambitions in EC. Based on existing frameworks with Doosan, Bosch and Delta, and removing expected revenue out of the Ch

Claranova: longstanding CEO Pierre Cesarini steps down

Yesterday Claranova announced the immediate appointment of Eric Gareau as CEO further to the immediate departure of Pierre Cesarini. Eric Gareau already has deep knowledge of the company he joined in 2018 and has been the CEO of Claranova's software publishing and distribution division Avanquest si

INVEST SECURITIES - NFL BIOSCIENCE : Coûts limités en 2023, vif succès...

Sidetrade : Début d’année prometteur : T1 solide et annonce d’une acqu...

>Excellent T1 à tous les niveaux, au-dessus de nos attentes en topline et bookings - Sidetrade publie ce matin (par anticipation) un CA T1 2024 de très bonne facture, légèrement supérieur à nos attentes. Le niveau d’activité trimestriel ressort à 11.8 M€ (vs ODDO BHF 11.4 M€), en croissance de 20% y-o-y et de 15.5% en organique (hors CreditPoint Software). Cette performance reste évidemment tirée par les abonnements SaaS (82% des ventes), avec, en substance, une nouve...

Sequoia Economic Infrastructure Income Fund Ltd: 1 director

A director at Sequoia Economic Infrastructure Income Fund Ltd maiden bought 24,519 shares at 82p and the significance rating of the trade was 68/100. 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 direct...

Campari : Preview T1 24e : de nouveaux ajustements à la baisse

>Sous-performance maintenue et OC abaissé à 8.6 € vs 9.6 € auparavant - Nous maintenons notre opinion à Sous-performance sur Campari. L’ajustement baissier continue sur les BPA expliquant la performance du titre sur ces derniers mois. En cause d’abord, la hausse des frais financiers du fait de l’acquisition de Courvoisier dont l’intégration constitue un facteur d’incertitudes à court terme. Ensuite, le MOP sous pression en FY 24e alors que celle-ci est toujours en deç...

Sika : Un début d’année conforme

>CA T1 2024 en ligne avec les attentes - Le CA du T1 2024 ressort à 2 648 MCHF (+0.2% à pcc et +13.8% en réel), en ligne avec le consensus (2 636 MdCHFe) et 3% au-dessus de nos attentes (2 567 MCHF). Nous attendions une contribution de MBCC légèrement moindre à 17.3% contre 19.9% publiés. La croissance à pcc ressort à 0.2% après 0.8% au T4, +1.3% au T3 et +0.3% au T2. Rappelons que le nombre de jours ouvrés ressort négatif à -1.5% au T1. Dans la branche EMEA, les...

Ekinops : Des résultats mitigés, peu de visibilité, faible croissance ...

>CA T1 24 en repli de 11% à 28.3 M€, en deçà de nos attentes - Ekinops a publié hier soir un CA T1 24 à 28.3 M€, en repli de 11% y-o-y. Ce niveau, en deçà de nos attentes (ODDO BHF 30.3 M€, -5%e), s’inscrit dans la tendance du CA T3 et CA T4 2023 (respectivement de 27.8 M€ et 30.3 M€). Cette baisse est due au Transport en recul de 27%, en raison de : 1/ d’un effet de base défavorable (+32% en N-1), 2/ des politiques de Capex prudentes et 3/ à l’existence de stocks che...

Pakuwon Jati, Tbk. (P.T.): Update following ratings upgrade to Ba1

Our credit view of this issuer reflects its solid credit metrics, constrained by its small scale.

Trading report in-line with sector peers

The results for the six-months to January are robust against a backdrop of declining confidence in both clients and candidates generally. With an improvement in the contract book during early Q3 we think this highlights that the tide is starting to turn and likely to feed through to demand for permanent hires ahead of the CY24 end. With net cash accounting for over 70% of the current market capitalisation, the operating business appears undervalued. H1 results were broadly in line with expectat...

Lack of bright signals

Unchanged market conditions from Q4. We forecast adj. EBIT of SEK -0.8bn. Reiterate HOLD, TP raised to SEK 98 (95).

Avantium: Partnership with TNO

Avantium, through its subsidiary Avantium R&D Solutions, announced yesterday a partnership with The Netherlands Organisation for Applied Scientific Research (TNO) for the manufacturing of PEM electrolyser test stations. As such, while Avantium will not supply electrolysers per se, it will be ab

B&S Group S.A. : Revenue in line and underlying EBITDA of € 113m a tad...

>Reported EBITDA margin 5.0%; underlying EBITDA margin of 5.1% in 2023 - B&S Group reported revenue of € 2,220m (ABN: € 2,230m, consensus: € 2,256m) and organic revenue growth of 4.0% (ABN: 4.6%, consensus: 5.2%) in 2023. Reported EBITDA amounted to € 110.9m (ABN: € 110.5m, consensus: € 106.1m). Net profit and EPS came in at € 33.8m and € 0.40, respectively (ABN: € 30.8m, € 0.37, consensus: € 31.4m, € 0.37). The group proposes a dividend of € 0.16 (ABN and consensus: ...

Ericsson : Better than expected margins in Q1 with few one-time elemen...

>Q1 2024 results > expectations thanks to Networks (IPR contract) and a one off - This morning, Ericsson reported Q1 2024 results that were above expectations thanks to a better-than-expected margin in Networks (44.3% vs 40.6%) notably linked to an IPR contract signed with some retroactivity of SEK3.1bn and a one-time gain of SEK 1.9bn. Revenues were SEK 53.3bn, below the consensus of SEK 54.7bn, down 15% organically. The adjusted gross margin was 42.7%, above the con...

Ericsson : Better than expected margins in Q1 with few one-time elemen...

>Q1 2024 results > expectations thanks to Networks (IPR contract) and a one off - This morning, Ericsson reported Q1 2024 results that were above expectations thanks to a better-than-expected margin in Networks (44.3% vs 40.6%) notably linked to an IPR contract signed with some retroactivity of SEK3.1bn and a one-time gain of SEK 1.9bn. Revenues were SEK 53.3bn, below the consensus of SEK 54.7bn, down 15% organically. The adjusted gross margin was 42.7%, above the con...