reports
- 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
- Olfa Taamallah
- Yan Derocles
easyJet : A good H1 trading update
>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...
- Olfa Taamallah
- Yan Derocles
easyJet : A good H1 trading update
>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...
- 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...
- Delphine Brault
- Quentin Borie
ABB Ltd. : A robust start to the year, part of the guidance for 2024 r...
>Q1 2024: book-to-bill of 1.14x, operational EBITA 4% above expectations - This morning, ABB published Q1 sales of $ 7,870m, up 2% l-f-l vs 5% anticipated by the consensus, an “operation EBITA” margin of 17.9% ($ 1,417m) vs 16.8% estimated ($ 1,364m) and order intake of $ 8,974m (a 4% decline l-f-l), better than expected. The book-to-bill was therefore 1.14x. By market, demand remains robust in medium-voltage but the group mentioned (for the first time) a decline in p...
- Delphine Brault
- Quentin Borie
Schindler Holding Ltd : Un début d’année légèrement supérieur aux atte...
>T1 2024 : croissance du CA à cc de 1.1%, marge d’EBIT +80 pb - Schindler a publié ce matin des résultats T1 5% au-dessus des attentes :Les commandes à changes constants sont en hausse de 2.5% au T1 (Css à 1.8% et ODDO BHF à +4.0%). Schindler indique qu’au T1, les commandes des nouveaux équipements étaient en hausse de 0/5% en volumes, dont 5/10% en Chine, mais en revanche, en valeur, les commandes étaient en recul de -5/0% (au global comme en Chine). Le déploiem...
- Delphine Brault
- Quentin Borie
Schindler Holding Ltd : Slightly better-than-expected start to the yea...
>Q1 2024: revenue growth at cc of 1.1%, EBIT margin +80bp - This morning, Schindler reported Q1 2024 results, 5% above expectations:Orders at constant currency (cc) were up 2.5% in Q1 (consensus at 1.8% and ODDO BHF at +4.0%). Schindler indicated that in Q1, orders for new equipment were up 0-5% in volumes, including 5-10% in China, but on the other hand in value terms, orders were down -5-0% (overall as well as in China). The rollout of the new modular platform ...
- 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...
- Delphine Brault
- Quentin Borie
ABB Ltd. : Un début d’année solide, le groupe relève une partie de sa ...
>T1 2024 : book-to-bill à 1.14x, EBIT opérationnel 4% au-dessus des attentes - ABB a publié ce matin un chiffre d’affaires T1 de 7 870 M$, en hausse de 2% en comparable vs 5% attendus par le consensus, une marge « operational EBITA » de 17.9% (1 417 M$) vs 16.8% attendus (1 364 M$) et des prises de commandes de 8 974 M$ (en recul de 4% en comparable), meilleures qu’attendu. Le book-to-bill atteint ainsi 1.14x. Par marché, la demande reste forte en medium-voltage mais ...
- Fehmi Ben Naamane
Hapag-Lloyd : A new strategy out to 2030, in line with the current str...
>A new 2030 road map, which shows no break with the current strategy - Hapag-Lloyd has just unveiled its new strategy out to 2030. The foundation of the new road map is broadly in line with the group’s current strategy. This is based on five pillars: 1/investment in the fleet, development in the management of terminals (target for 10 to 15 new terminals by 2030) and growth in road haulage (increasing the contribution from this activity from 18% in 2022 to 30% in 2030)...
- Fehmi Ben Naamane
Hapag-Lloyd : Une nouvelle stratégie horizon 2030, qui s’inscrit dans ...
>Une nouvelle feuille de route 2030, qui ne constitue pas une rupture avec la stratégie actuelle - Hapag-Lloyd vient de communiquer sa nouvelle stratégie à horizon 2030. Les bases de la nouvelle feuille de route, s’inscrivent globalement dans la continuité de la stratégie actuelle du groupe. Celle-ci est axée sur 5 piliers : 1/ investissements dans la flotte, développement dans la gestion des terminaux (objectif de 10 à 15 nouveaux terminaux d’ici 2030) et croissance ...
- 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...
- Jeremy Garnier
Thermador Groupe : Q1 sales below expectations. A difficult start to t...
>Q1 2024 sales down 17.2% to € 141.2m (vs € 155m est.) - Yesterday evening, Thermador Groupe published Q1 sales below our forecasts. After a 9.7% l-f-l decline in Q4 2023, the group's activity accentuated this trend in Q1 2024 with sales of € 141.2m (vs € 155m est.) down 17.2%. This fully organic decline (plus the effect linked to DPI) was largely due to volumes (-15.2%) but also a negative price effect (-2%) despite the significant price increases introduced in H1 20...
- Jeremy Garnier
Thermador Groupe : CA T1 en dessous des attentes. Un début d’année dif...
>CA T1 2023 en baisse de 17.2% à 141.2 M€ (vs 155 M€e) - Thermador Groupe a publié hier soir un CA T1 inférieur à notre attente. Après un T4 2023 en retrait de 9.7% lfl, l’activité du groupe a finalement accentué son recul au T1 2024 avec un CA de 141.2 M€ (vs 155 M€e) en baisse de 17.2%. La baisse totalement organique (plus d’effet lié à DPI) est essentiellement liée aux volumes (-15.2%) mais également à un effet prix négatif (-2%) malgré les hausses conséquentes pas...
- 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...
- Ana Arjona-Martinez
- Yan Derocles
Aeroports de Paris : Good but not outstanding start of 2024
>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...
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