reports
- Bruno Cavalier
- Maissa Keskes
- Stephane Houri
HEIA HEINEKEN NV
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
ABB ABB LTD.
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
OR L'OREAL SA
SCHP SCHINDLER HOLDING AG PREF
EZJ EASYJET PLC
VOD VODAFONE GROUP PLC
WDP WAREHOUSES DE PAUW SCA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
AGN AEGON N.V.
- Emmanuel Matot
- Bruno Cavalier
- Maissa Keskes
- Stephane Houri
HEIA HEINEKEN NV
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
ABB ABB LTD.
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
OR L'OREAL SA
SCHP SCHINDLER HOLDING AG PREF
EZJ EASYJET PLC
VOD VODAFONE GROUP PLC
WDP WAREHOUSES DE PAUW SCA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
AGN AEGON N.V.
- Emmanuel Matot
- Emmanuel Matot
Ipsos : Start to the year held back by the US-Stock removed from Midca...
>Mixed organic growth in Q1 on a favourable comparison base - Disappointment in the US - Ipsos published yesterday evening its Q1 2024 revenue figures. They came in at € 558m, in line with expectations (ODDO-BHF/consensus = € 555-559m). Organic growth was mixed (4.5% vs ODDO-BHF/consensus = 5.2-5%), accelerating relative to 2023 (+3.0%) but on a favourable comparison base (Q1 2023 = -2.8%).The Americas were hit by an unexpected decline (-3.2% - 2023 = +1.7%) due ...
- Emmanuel Matot
Ipsos : Un début d’année freiné par les US – Sortie de la liste de Con...
>Croissance organique mitigée au T1 au regard d’une base de comparaison favorable – Déception aux US - Ipsos a publié hier soir son CA au titre du T1 2024. Il s’établit à 558 M€, un niveau en ligne avec les attentes (ODDO BHF/consensus = 555/559 M€). La croissance organique est mitigée (+4.5% vs ODDO BHF/consensus = +5.2/+5%), en accélération par rapport à 2023 (+3.0%) mais à partir d’une base de comparaison favorable (rappel T1 2023 = -2.8%).La zone Amériques af...
- Maissa Keskes
- Stephane Houri
Nokia : Q1 marks the low point, but limited visibility on the pace of ...
>Neutral rating maintained – target price € 3 - Following the publication of Nokia's Q1 2024 results, we have added a downward revision of 4% for EPS forecasts for 2024/2025, but left our target price unchanged at € 3.0. As a result, we reiterate our Neutral recommendation. Despite continued pressure on the telecom equipment market, management was keen to reassure, underlining that Q1 marked the low point with the anticipation of a recovery as of H2 2024. Proof of thi...
- Maissa Keskes
- Stephane Houri
Nokia : Le T1 est le point bas, mais visibilité limitée sur le rythme ...
>Opinion Neutre maintenue, OC 3 € - Suite à la publication des résultats T1 24 de Nokia, nous en ajustons en baisse de 4% nos BPA sur 2024/2025, mais laissons notre OC inchangé à 3.0 €. Nous réitérons par conséquent notre opinion Neutre. Malgré un marché des équipementiers télécoms toujours sous pression, le management s’est voulu rassurant en soulignant que le T1 était le point bas et en anticipant une reprise à partir du S2 24. Pour preuve, la reprise des commandes ...
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
Nokia : Slightly better results, improving orders
>Q1 2024 results above expectations thanks to Nokia technologies and a better mix in Mobile, improving orders in Networks - Revenues totalled € 4.67bn, down 19% y-o-y at cc below the consensus at € 4.96m. Non-IFRS gross margin was 48.6%, above the consensus at 43.7% thanks to a strong contribution from Nokia Technologies which benefited from significant catch-up net sales in addition to a significant improvements in Mobile Networks partly due to the regional and produ...
- Maissa Keskes
- Stephane Houri
Nokia : Slightly better results, improving orders
>Q1 2024 results above expectations thanks to Nokia technologies and a better mix in Mobile, improving orders in Networks - Revenues totalled € 4.67bn, down 19% y-o-y at cc below the consensus at € 4.96m. Non-IFRS gross margin was 48.6%, above the consensus at 43.7% thanks to a strong contribution from Nokia Technologies which benefited from significant catch-up net sales in addition to a significant improvements in Mobile Networks partly due to the regional and produ...
- Martin Marandon-Carlhian
- Stephane Houri
ASML : Weak order intake in Q1 (TSMC absent again, not set to be on th...
>Subdued Q1 24 orders, but this does not change the structural story, and we maintain our Outperform rating and € 1,100 target price - ASML yesterday reported better than expected Q1 24 results (EPS better, despite sales falling short), but importantly posted orders of € 3.6bn, well short of the consensus, due to TMSC’s virtual absence from the backlog this quarter (again). But the group confirmed 2024 is set to be a stable year, with H2 showing growth, but 2025 shou...
- Martin Marandon-Carlhian
- Stephane Houri
ASML : Commandes faibles au T1 (absence encore une fois de TSMC, qui n...
>Des commandes T1 24 faibles, mais cela ne change rien à l’histoire, nous réitérons donc notre opinion Surperformance et maintenons notre OC de 1 100 € - Hier, ASML a publié des résultats T1 24 > aux attentes (BPA >, malgré un CA
- Martin Marandon-Carlhian
- Stephane Houri
ASML : Low Q1 orders prove that the order trend can be very lumpy, but...
>Q1 24 results above expectations despite slightly lower sales, bookings way below expectations proving quarterly lumpiness - This morning, ASML reported its Q1 24 results which were above expectations despite slightly lower-than-expected sales. Revenues were € 5,290m, below the consensus at € 5,419m (vs ODDO BHF estimates at € 5,347m and the guided range of € 5-5.5bn), including €1,324m of installed base management. 49% of equipment sales were made in China vs 39% i...
- Maissa Keskes
- Stephane Houri
Ericsson : Uncertainties persist in 2024, but an improvement in margin...
>Underperform rating maintained, target price raised to SEK 52 vs SEK 50 - Following the publication of Q1 2024 results, we have raised our forecast for 2024 EPS by 7%, and our target price to SEK 52 vs SEK 50. The market and the timing of the recovery remains very uncertain. Furthermore, the group has not yet settled its cases with the US DoJ, meaning the threat of a further fine still hangs over it. Based on our new estimates, the valuation is relatively undemanding...
- Martin Marandon-Carlhian
- Stephane Houri
ASML : Low Q1 orders prove that the order trend can be very lumpy, but...
>Q1 24 results above expectations despite slightly lower sales, bookings way below expectations proving quarterly lumpiness - This morning, ASML reported its Q1 24 results which were above expectations despite slightly lower-than-expected sales. Revenues were € 5,290m, below the consensus at € 5,419m (vs ODDO BHF estimates at € 5,347m and the guided range of € 5-5.5bn), including €1,324m of installed base management. 49% of equipment sales were made in China vs 39% i...
- Maissa Keskes
- Stephane Houri
Ericsson : Les incertitudes persistent en 2024, mais amélioration des ...
>Opinion Sous-performance maintenue, OC relevé à 52 SEK vs 50 SEK - Suite à la publication des résultats T1 24, nous relevons notre BPA 2024e de 7%, ainsi que notre OC à 52 SEK vs 50 SEK. Le marché et le timing de sa reprise reste très incertain. De surcroit, le groupe n’a pas encore réglé ses affaires juridiques avec le DoJ Américain, laissant peser la menace d’une amende supplémentaire. Sur la base de nos nouvelles estimations, la valorisation est assez peu exigeant...
- Maissa Keskes
- Stephane Houri
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...
- Maissa Keskes
- Stephane Houri
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...
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