reports
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Ahmed Ben Salem
TotalEnergies : Q1 results beat expectations by 2.2%, increased gearin...
>Q1 2024 beat expectations by 2.2% - Adjusted attributable net profit was $ 5,112m, 2.2% above our expectations and the consensus (ODDO BHF: $ 4,997m, consensus: $ 5,000m). Production came in at 2,461 kboe/d, flat q-o-q and down 2.5% y-o-y following the divestment in Canada. In E&P, adjusted net operating profit was $ 2,550 m (vs $ 2,802m in Q4), reflecting lower gas prices. Resilient iLNG and robust refining margins with reassuring outlook - In iL...
- Nicolas David
Sopra Steria Group : Q1 sales roughly in line and FY guidance reiterat...
>Q1 2024 org growth of +0.3% marginally below Css but in line with the guidance - Q1 2024 revenue stands at € 1 587m up 13.8% y-o-y, roughly in line with expectations (ODDO BHF: € 1 584m; css: € 1570m).Organic growth stands at +0.3%, -5.9pts below previous quarter (vs Q4 23 +6.2% org). This figure is -50bp below expectations (ODDO BHF: 0.9 %; Css: 0.8%), impacted by a slowdown in discretionary investments in technology, high comps (9.1% growth in Q1 2023) and an ...
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Nicolas David
Sopra Steria Group : Q1 sales roughly in line and FY guidance reiterat...
>Q1 2024 org growth of +0.3% marginally below Css but in line with the guidance - Q1 2024 revenue stands at € 1 587m up 13.8% y/y, roughly in line with expectations (ODDO BHF: € 1 584m; css: € 1570m).Organic growth stands at +0.3%, -5.9pts below previous quarter (vs Q4 23 +6.2% org). This figure is -50bps below expectations (ODDO BHF: 0.9 %; Css: 0.8%), impacted by a slowdown in discretionary investments in technology, high comps (9.1% growth in Q1 2023) and an u...
- Ana Arjona-Martinez
- Yan Derocles
Aeroports de Paris : Sales release above expectations driven by strong...
>Good start of the year after a strong retail development - ADP reported Q1 2024 revenues ahead of both our estimates and the consensus: € 1,324m vs € 1,265m ODDO BHFe (i.e. 4.7% or € 59m above) and € 1,284m consensus estimate (i.e. 3.1% or € 40m above). The outperformance came from 1/ a strong increase in the retail spend per passenger, with Extime SPP reaching € 32.7 (+7.8% y-o-y), clearly ahead of the +3% we were expecting ; and 2/ a better-than-expected performan...
- Ahmed Ben Salem
Equinor : Q1 2024 results top expectations thanks to solid cash flow
>Q1 2023 results 5% ahead of expectations at the operating level and 26% at the net income level - Q1 2024 adjusted EBIT totalled $ 7.5bn, 5% above the consensus, and adjusted net profit was $ 2.57bn, 26% above expectations, with an effective tax rate of 65.8% vs 78% in Q3, with a pleasant surprise in MM&P.Earnings buoyed by the good performance from MM&P - Earnings for the E&P division totalled $ 6.75bn (vs $ 8.4bn in Q4), down by 20% q-o-q and in...
- Ahmed Ben Salem
TotalEnergies : Q1 results beat expectations by 2.2%, increased gearin...
>Q1 2024 beat expectations by 2.2% - Adjusted attributable net profit was $ 5,112m, 2.2% above our expectations and the consensus (ODDO BHF: $ 4,997m, consensus: $ 5,000m). Production came in at 2,461 kboe/d, flat q-o-q and down 2.5% y-o-y following the divestment in Canada. In E&P, adjusted net operating profit was $ 2,550 m (vs $ 2,802m in Q4), reflecting lower gas prices. Resilient iLNG and robust refining margins with reassuring outlook - In iL...
- Martin Marandon-Carlhian
- Stephane Houri
BE Semiconductor Industries : Slower-than-expected upturn, acceleratio...
>Outperform recommendation reiterated, TP reduced to € 165 from € 170 - BESI’s share price fell 2% yesterday. While Q1 orders and Q2 guidance clearly indicated a slower-than-expected cyclical upturn, the group was reassuring about hybrid bonding momentum and seems to be in a good position to reach or even exceed the consensus forecast (€ 107m vs ODDO BHF estimate: € 121m which we maintain). Given the weaker-than-expected guidance for the Q2 rebound, we nevertheless cu...
- Delphine Brault
- Quentin Borie
SKF : A resilient margin despite a marked decline in sales in Q1
>Q1 2024: sales down 7% organic, adjusted EBIT margin up 30bp - This morning, SKF published Q1 2024 results that came in a shade below forecasts on sales but beat expectations on the EBIT margin.Sales were SEK 24.7bn (consensus at SEK 24.8bn), an organic decline of -7% (consensus at -6.5%). This decline resulted in negative volumes at both divisions, with a -7.3% decline in sales for Industrial and -6.2% in Automotive. As expected, the group indicates a marked sl...
- Martin Marandon-Carlhian
- Stephane Houri
ams OSRAM : Q1 2024 results in line, Q2 guidance below expectations, i...
>Q1 2024 results globally in line with expectations but above on FCF - This morning, ams OSRAM reported its Q1 2024 results which were globally in line with expectations. Revenues were € 847m, in line with the Visible Alpha consensus at € 845m. They were down 7% q-o-q and down 9% y-o-y but up 5% y-o-y on a like-for-like basis. The main drivers for this year-on-year increase are the automotive (+13% y-o-y) and consumer (+15% y-o-y) semiconductor businesses, whilst indu...
- Martin Marandon-Carlhian
- Stephane Houri
ams OSRAM : Q1 2024 results in line, Q2 guidance below expectations, i...
>Q1 2024 results globally in line with expectations but above on FCF - This morning, ams OSRAM reported its Q1 2024 results which were globally in line with expectations. Revenues were € 847m, in line with the Visible Alpha consensus at € 845m. They were down 7% q-o-q and down 9% y-o-y but up 5% y-o-y on a like-for-like basis. The main drivers for this year-on-year increase are the automotive (+13% y-o-y) and consumer (+15% y-o-y) semiconductor businesses, whilst indu...
- Florent Laroche-Joubert
Gecina : Very good topline performance, with improved visibility on fu...
>Solid operating performance, with organic growth remaining strong at 6.2% - Gecina delivered a solid operating performance in Q1 2024, in line with 2023, with gross rental income of € 173.8m (€ 170.9m), up 4.3% as reported and 6.2% on a like-for-like basis, driven in particular by indexation of +5.2% yoy, the effects of a generally stable occupancy rate over the quarter (contribution -0.2%) and the positive impact of reversion in both offices and residential properti...
- Nicolas David
TietoEVRY : Lower than expected Q1 2024 results but full-year guidance...
>Lower than expected organic growth and EBITA. Disappointing FCF - Tietoevry reported its Q1 2024 results yesterday before market opening. Organic growth was -2.0% year-on-year (vs. ODDO BHF estimate of -0.2%), which represents a slowdown relative to 1% in Q4. Growth was impacted by a poor performance in 1/ Tech Services (organic growth of -7% vs. ODDO BHF estimate of -4.8%); 2/ Create (organic growth of -5% vs. ODDO BHF estimate of -0.7%), due to the ongoing weak eco...
- Louis Boujard
- CFA
- Philippe Ourpatian
Voltalia : Instructive exchanges at the virtual road show
>Neutral rating and target price of € 7.70 maintained - Following the publication of the Q1 revenues, we organised a virtual road show for European investors, excluding France. CFO Sylvine Bouan, Head of Marketing and Communications Loan Duong and Head of Investor Relations Armel Ahidazan were present. This discussion with investors essentially centred on a Q&A session. The group obviously confirmed its 2024 and 2027 trajectory but above all provided insights into inv...
- Chaima Ferrandon
- Sven Edelfelt
VINCI : Solid but not brilliant start to the year
>Sales slightly above expectations (+2%) - Vinci reported a slight sales beat at € 15.7bn, up 4.8% or 4.2% LFL (consensus: € 15.4bn). The group continued to benefit from very good momentum in the energies/Cobra segments and airports. Vinci Energies sales grew 5% (3.8% LFL), driven by buoyant markets, as was the case for Cobra IS (+7.5% and 7.6% LFL). Vinci Construction (+3.8% LFL) was boosted by satisfactory trends both abroad (+4.5% LFL) and in France (+4.0% LFL) de...
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