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
- Olfa Taamallah
- Yan Derocles
Rheinmetall AG : Q1 2024 in the end set to be more in line with tradit...
>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 ...
- Delphine Brault
- Quentin Borie
Schneider Electric : Schneider Electric reportedly interested in Bentl...
>Bentley Systems, software company, reportedly been approached by Schneider - According to the WSJ, Schneider Electric is in talks to acquire a controlling stake in the software engineering company Bentley Systems. Cadence Design Systems is apparently also interested.Bentley Systems has set up a special committee of its board of directors to study the options open to it, including the sale of the company or the creation of a JV.Siemens, which has formed seve...
- 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 ...
- Olfa Taamallah
- Yan Derocles
easyJet : Favourable trends for the summer
>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...
- Olfa Taamallah
- Yan Derocles
easyJet : Un été bien orienté
>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...
- 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...
- Delphine Brault
- Quentin Borie
Schneider Electric : Schneider Electric serait intéressé par Bentley S...
>Bentley Systems, société de software, aurait été approchée par Schneider - Selon le WSJ, Schneider Electric est en pourparlers pour prendre le contrôle de la société de logiciels d'ingénierie Bentley Systems. Cadence Design Systems est également intéressé.Bentley Systems a constitué un comité spécial de son conseil d'administration afin d'étudier les options qui s'offrent à lui, notamment la vente de l'entreprise ou la création d’une JV.A noter que Siemens,...
- 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 ...
- Benoit Valleaux
- Steven Gould
Amundi : Anticipated continuation of the Q4 2023 trend in Q1 2024
>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...
- Delphine Brault
- Quentin Borie
Schindler Holding Ltd : A solid Q1, despite the continued deterioratio...
>A good Q1 2024 overall, with an EBIT margin above expectations at 10.9% - Yesterday morning, Schindler Q1 2024 results a shade above expectations (see our First Take published Thursday, 18 April), mainly thanks to the mix and pricing, both favourable to the margin. The order intake reflected a 2.5% increase at constant currency (cc), slightly below expectations (consensus at +4%). Revenues were up 1.1% at cc, also a shade below expectations (consensus at +2.9%). How...
- Florent Laroche-Joubert
Mercialys : Continued resilient operational momentum in Q1 2024
>Favourable momentum on retailer sales at +3.3% y-o-y for Q1 2024 and modest rental activity - Mercialys has posted rental income of € 45.5m (€ 45.8m est.) for Q1 2024, i.e. +4.5% at current scope and +4.6% at constant scope reflecting favourable momentum despite the context linked to the future transfer of Casino hypermarkets:Retailer sales excluding hypermarkets up +.3% y-o-y: this figure reflects solid growth in March at +6.1% after -1.5% in January +0.8% in ...
- Delphine Brault
- Quentin Borie
ABB Ltd. : Solid Q1 reassuring on orders and operational EBITA margin
>Good Q1 set to reassure the market (book-to-bill at 1.1x, operational EBITA margin of 17.9%) - ABB’s Q1 results, reported yesterday morning, were better than expected overall. Order intake came in at $ 9bn, -4% in comparable terms (consensus at -7%), underpinned by the Electrification (EL) and Motion (MO) divisions, at respectively +8% and +1%, while orders fell by 30% at RA and by 20% for Process Automation (PA). Sales came to $ 7.87bn, +2% in comparable terms vs 5%...
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
AXA : Robust growth in revenues expected in Q1
>Revenue growth expected in all business lines - AXA is due to report its Q1 2024 activity indicators on 2 May. We are looking for revenues of € 34.3bn in Q1 2024 (+8.0% vs Q1 2023), above the consensus (€ 33.8bn, +6.2%e), with substantial revenue growth expected across all business lines. For the P&C division, we expect revenues of € 19.8bn (+6.6%), slightly above the consensus (€ 19.6bn), still benefiting from significant price increases, particularly in personal l...
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