>Expected platform roll-out a source of collaborative innovations - We have revisited our Nemetschek (NEM) model and upgrade our rating to Neutral (Reduce) to fully incorporate major strategic initiatives now becoming more visible that should support NEM’s above-industry growth path. Within the next 6-12 months we expect NEM to roll out an all-new common software platform for full-cycle closed-loop BIM AEC workflow i.e. interweaving planning, design, construction, ope...
>Latest cost-saving measures increase visibility - We upgrade our rating on Hornbach Holding from Neutral to Buy. The company got off to a convincing start in its most important business quarter, Q1 (spring season), after the disappointing developments in 2018-19 that significantly weighed on its share price. Management is now back on track i/ coming to grips with the disproportionate rise in personnel and material expenses from Q4, ii/ reducing unnecessary investment...
>Latest cost-saving measures increase visibility - We upgrade our rating on Hornbach Holding from Neutral to Buy. The company got off to a convincing start in its most important business quarter, Q1 (spring season), after the disappointing developments in 2018-19 that significantly weighed on its share price. Management is now back on track i/ coming to grips with the disproportionate rise in personnel and material expenses from Q4, ii/ reducing unnecessary investment...
>Still hampered at group level by Americas and Asian operations - SNP’s total group revenue in Q1 2019 decreased 8.7% yoy to € 28.8m, shy of our estimate of € 30.1m, mainly due to weak economic environments in Latin America and further international reorganisation. However, management signalled that sales re-stabilized in March on significantly improved order entry. Moreover, some contracts slipped into April, providing a solid start to Q2. SNP’s higher-margin proprie...
>Active seats expansion of +45% or +27%organic - NFON reported Q1 2019 results largely in line with our estimates and street expectations. Group revenue increased 21.2% yoy to € 12.1m, close to our estimate of € 12.2m. The main drivers were i/ a strong +45.1% yoy increase in the number of active seats to 391k including the first-time consolidation of DTS, which added c.50k active seats (organically the increase was +26.5% yoy or +6.3% qoq to 341k, in line our estimat...
>Soft Q1 results as expected - QSC AG published Q1 2019 results in line with our estimates and consensus. Group revenues were down -7.1% yoy to € 87.4m, but in line with our estimates and consensus (Oddo BHFe: € 87.8m, cons: € 87.2m). The decrease was mainly due to contract expirations in its outsourcing segment and base effects in its telecom (TC) segment. EBITDA rose 72.8% yoy to € 15.9m (including an IFRS 16 effect of € 8.5 m), also in line with expectations (Oddo ...
>Better top line on expanding project flow and internationalisation - KPS published a strong set of H1 2018-19 results (6M ending 31 March). Group revenue was up 3.3% yoy to € 91.3m, beating our estimate of € 89m by 2.6%, supported by i/ the achievement of major milestones in large Scandinavian projects, ii/ acquired projects in the pharmaceutical industry, and iii/ new projects resulting from KPS’s recent internationalization initiatives in the UK and Spain. In addit...
>Q1 revenues -20% yoy on high comps; EBITDA at € -0.9m - Vectron’s Q1 2019 results were rather weak but in line with expectations. Group revenue decreased 20.7% yoy to €5.9m (Oddo BHFe: € 5.8m), still continuing to normalize after completion of the first POS fiscalization phase. With phase II starting from January 2020, we originally expected increasing revenues from POS updates/sales in H2 2019. According to management and recent industry newsflow, however, this effe...
>Slippage of US deals at DBP due to salesforce rearrangement in Q1 - Software AG (SOW) pre-released its Q1 2019 results. Group revenue came in at € 201.4m, up 6% y-o-y at constant currency (cc), thus beating our estimate of € 193.4m and the consensus of € 196.9m. The better-than-expected sales performance was mainly attributable to a surprising increase in Adabas&Natural (A&N) license sales (up 102% y-o-y cc). The anticipated S&M and R&D cost build-up was mainly linke...
>2019 on track thanks to consistent investment process - While the stock markets were hit hard in the final months of 2018, they have recovered in early 2019. ÖKOWORLD got off to a strong start in 2019 and its funds have shown significant advances. Year to date (27 March 2019), the DAX and CDAX indices have risen by 8.0% (2018: -18.0%) and 10.2% (2018: -17.9%) respectively, while ÖKOWORLD's investment funds have outperformed these benchmarks significantly. The ÖKOWORL...
>Strong 2018 group revenue growth - Highlight’s (HLG’s) group 2018 sales were up 42% yoy to CHF 531.6m. This was slightly above the midpoint of the company’s guidance corridor of CHF 520-540m and perfectly in line with our estimate (CHF 531.7). Organic sales were up 14.4% yoy driven by strong growth in both the Film segment and the Sports and Event Marketing segment. Sales at Constantin Medien AG consolidated for the first-time in 2018, contracted yoy as expected.§rch...
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