>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 ...
>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...
>Un pricing solide qui devrait se poursuivre sur l’été - La publication d’un S1 au-delà des attentes avec une perte opérationnelle limitée entre 340 et 360 M£ contre une attente du consensus à -407M£ s’explique par une bonne tenue des coûts mais surtout par un pricing solide. Sur le T2, easyJet a affiché un RPS passager en hausse de 8.5% yoy et une progression des recettes unitaires auxiliaires de 7.5% yoy. Cette performance est liée notamment à la contribution du WE...
>A 2.2% increase in assets under management in Q1 - Amundi is due to publish its Q1 2024 net income on 26 April. We forecast assets under management of € 2,081bn at end-March (up 2.2% vs end-2023 and a 7.6% increase vs end-March 2023). Our estimate is just below the consensus (€ 2,088bn), due to our slightly more cautious forecast for inflows in the institutional clients segment. Our forecast corresponds to an average amount of assets under management excluding JV of...
>A slight increase in total revenues expected, but a decline at most business lines - BNP Paribas is due to publish Q1 2024 net income on 25 April 2024. We forecast revenue of € 12,371m (+2.8% vs Q1 2023), beating the consensus (€ 12,199m, +1.4%) despite forecasts in line at the vast majority of business lines, with the difference largely stemming from a more modest decline in revenues at the market activities and corporate center. By business line, we forecast: 1/ re...
>Hausse modérée des revenus totaux, mais baisse dans la plupart des métiers - BNP Paribas publiera son RN du T1 2024 le 25 avril prochain. Nous prévoyons des revenus de 12 371 M€ (+2.8% vs T1 2023), supérieurs au consensus (12 199 M€, +1.4%) malgré une prévision en ligne dans la très grande majorité des métiers, l’écart provenant essentiellement d’une baisse plus modérée des revenus des activités de marché et du Corporate Center. Par ligne métier, nous prévoyons : §rc...
>Hausse de 2.2%e des actifs sous gestion au T1 - Amundi publiera son RN du T1 2024 le 26 avril prochain. Nous prévoyons un montant d’actifs sous gestion de 2 081 Md€ à fin mars dernier (en hausse de 2.2% par rapport à fin 2023 et de 7.6% par rapport à fin mars 2023). Notre estimation est très légèrement inférieure au consensus (2 088 Md€), du fait de notre prévision un peu plus prudente en termes de collecte sur le segment des clients institutionnels. Notre prévision...
>Un T1 finalement plus conforme à la traditionnelle saisonnalité - Lors d’un pre-close call groupé, la société a indiqué que la saisonnalité de l’exercice FY 24 serait finalement assez conforme à celle des autres années avec un T4 pouvant représenter de l’ordre de 35% du CA FY 24. Le décalage d’environ 0.4 Md€ de ventes de FY 23 à FY 24 ne sera que partiellement livré au T1 (c0.1 Md€e), le reliquat des livraisons de camions étant plutôt attendu plus tard dans l’exerci...
>EBITDA up 12.7% at € 13.3m vs € 12.4m est. and positive net income of € 8.7m vs € 7.2m est - MBWS’ results, reported yesterday evening, beat our expectations. EBITDA came in 12.7% higher at € 13.3m vs € 12.4m expected on already-reported sales of € 194.2m (+7.1% rep. and 7.2% in organic terms). The gross margin remains largely stable at € 70.7m, implying a drop in the gross margin of 270bp to 36.4%. Raw material and energy cost inflation and an unfavourable product m...
>UN EBITDA en hausse de 12.7% à 13.3 M€ vs 12.4 M€e et un RNpg positif de - 8.7 M€ vs 7.2 M€e - MBWS a publié hier soir des résultats au-dessus de nos attentes. L’EBITDA ressort en hausse de 12.7% à 13.3 M€ contre 12.4 M€ attendus pour un CA déjà publié de 194.2 M€ (+7.1% en publié et 7.2% en organique) La marge brute reste quasi stable à 70.7M€, impliquant une baisse du taux de marge brut de 270 pb à 36.4%. L’inflation des matières premières et du prix de l’énergie ai...
>A better-than-expected H1 performance - easyJet (Outperform, target price 670p) has just released a good trading update for H1 to end-March 2024 with a headline loss before tax expected to be £ 340-360m. We and the consensus complied by the company had been expecting a loss of £ 407m.This good performance comes on the back of i/ revenue per seat up 5% y-o-y (+3.3% on our estimate), ii/ cost per seat excluding fuel flat y-o-y in line with guidance (+0.8%e) and ii...
>A better-than-expected H1 performance - easyJet (Outperform, target price 670p) has just released a good trading update for H1 to end-March 2024 with a headline loss before tax expected to be £ 340-360m. We and the consensus complied by the company had been expecting a loss of £ 407m.This good performance comes on the back of i/ revenue per seat up 5% y-o-y (+3.3% on our estimate), ii/ cost per seat excluding fuel flat y-o-y in line with guidance (+0.8%e) and ii...
>Payments that could reach over $ 1.9bn - Medincell announced yesterday that it had entered into a strategic co-development and licensing agreement with the US group AbbVie for the formulation and development of six candidate treatments. The French biotech Medincell will conduct formulation activities and preclinical studies following which AbbVie will finance and conduct the clinical development for each programme and will be responsible for regulatory approval, manu...
>Des paiements pouvant atteindre plus de 1.9 Md$ - Medincell a annoncé hier la conclusion d’un partenariat avec l’américain AbbVie pour la formulation et le développement de 6 candidats traitements. La biotech française aura la charge de conduire les programmes en phase préclinique à la suite desquels AbbVie sera responsable des développements cliniques ainsi que de la commercialisation.Bien que les indications ciblées par cet accord ne soient pas communiquées à ...
>Traffic growth continues in March, with International assets outperforming - ADP published its traffic figures for March yesterday, with total number of passengers at Paris reaching 8.0 million: +7.7% y-o-y or -8.1% vs 2019. Paris-CDG reported traffic growth of 6.6% y-o-y, reaching 90.5% of the 2019, a bit shy of our expectations. On the contrary, Paris-Orly reported traffic growth of +10.1% (-4.8% vs 2019), which was a positive after the weak data of previous month...
>H1 in line with expectations - EasyJet is scheduled to publish its H1 trading update on 18 April. We are expecting a pre-tax loss of £ 407m (vs -£ 411m a year previously) including a contribution of +£ 54m for Holidays. Q2 is expected to post a loss of -£ 283m, integrating good resilience from i/ passenger unit revenue growth (up 4.8%e y-o-y) and ii/unit ancillary revenues (up 5.3%e y-o-y) thanks to the contribution from the Easter weekend offset by iii/ an increase ...
>Un S1 en ligne avec les attentes - EasyJet publiera son trading update pour le S1 le 18 avril. Nous attendons une perte avant taxes de 407 M£ (vs -411 M£ une année auparavant) dont une contribution de +54 M£ pour Holidays. Le T2 affichera une perte avant impôt de -283 M£ intégrant une bonne tenue i/ de la recette unitaire passager (en progression de 4.8%e yoy) et ii/ des recettes auxiliaires unitaires (en hausse de 5.3%e yoy) grâce à la contribution du WE de Pâques q...
>A first step for the financing of phase III registration - Yesterday, OSE Immunotherapeutics announced that it was to receive public funds of up to € 8.4m to support the phase III clinical study for the registration of Tedopi in 2L for the treatment of non-small cell lung cancer (NSCLC), for HLA-A2 positive patients with secondary or acquired anti-PD(L)1 resistance. This non-dilutive financing come on foot of the call for “ i-Démo” projects as part of Bpifrance's Fra...
>Une première étape pour le financement de la phase 3 d’enregistrement - OSE Immunotherapeutics a annoncé hier qu’elle recevait un financement public à hauteur de 8.4 M€ pour soutenir l’essai clinique de phase 3 d’enregistrement de Tedopi en 2L de traitement dans le cancer du poumon non à petites cellules (NSCLC), chez des patients HLA-A2 positifs, en résistance secondaire ou acquise aux anti-PD(L)1. Ce financement non dilutif fait suite à l’appel à projets « i-Démo ...
>A 3%e organic decline in spare parts in Q1 - MTU is due to publish its Q1 results on 30 April. We expect a somewhat sluggish start to the year, impacted by a disappointing performance in spare parts that we expect to fall by 3% y-o-y (vs full-year guidance ‘up low teens’) despite sustained utilisation, notably of the V2500 fleet (flight hours up 15% on average per month since the start of 2023, according to Cirium). We understand that this gap can be explained by t...
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