reports
- Fatma Agnès Hamdani
Marie Brizard Wine & Spirits : 2023 results ahead of expectations. Uns...
>EBITDA up 12.7% at € 13.3m vs € 12.4m est. and positive net income of € 8.7m vs € 7.2m est - MBWS’ results, reported yesterday evening, beat our expectations. EBITDA came in 12.7% higher at € 13.3m vs € 12.4m expected on already-reported sales of € 194.2m (+7.1% rep. and 7.2% in organic terms). The gross margin remains largely stable at € 70.7m, implying a drop in the gross margin of 270bp to 36.4%. Raw material and energy cost inflation and an unfavourable product m...
- Fatma Agnès Hamdani
Marie Brizard Wine & Spirits : Des résultats 2023 meilleurs qu’attendu...
>UN EBITDA en hausse de 12.7% à 13.3 M€ vs 12.4 M€e et un RNpg positif de - 8.7 M€ vs 7.2 M€e - MBWS a publié hier soir des résultats au-dessus de nos attentes. L’EBITDA ressort en hausse de 12.7% à 13.3 M€ contre 12.4 M€ attendus pour un CA déjà publié de 194.2 M€ (+7.1% en publié et 7.2% en organique) La marge brute reste quasi stable à 70.7M€, impliquant une baisse du taux de marge brut de 270 pb à 36.4%. L’inflation des matières premières et du prix de l’énergie ai...
- Ahmed Ben Salem
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
REP REPSOL SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
VIS VISCOFAN S.A.
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
INSD VERIMATRIX SA
CSM CORBION NV
BP. BP P.L.C.
NSI NSI N.V.
FPE3 FUCHS PETROLUB SE
ALVGO VOGO SA
SHEL SHELL PLC
CABKA CABKA N.V.
- Ahmed Ben Salem
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
REP REPSOL SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
VIS VISCOFAN S.A.
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
INSD VERIMATRIX SA
CSM CORBION NV
BP. BP P.L.C.
NSI NSI N.V.
FPE3 FUCHS PETROLUB SE
ALVGO VOGO SA
SHEL SHELL PLC
CABKA CABKA N.V.
- 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...
- Pierre Tegner
Danone : Good start to the year: l-f-l at +4.1% with volume/mix at +1....
>Better-than-expected Q1 both in reported and l-f-l terms - Danone just posted Q1 sales that came in at € 6.789bn (vs VA € 6.695bn), declining by -2.5% with organic sales growth at +4.1% with a good volume/mix effect of +1.2%, pricing at 2.9%, an FX impact of -1.5% and a negative scope effect of -5% (Russia).This is much better than both consensus and ODDO BHF expectations which were at +3.4% l-f-l with a volume/mix of +0.8% and pricing at +2.7%. Net sales ...
- Pierre Tegner
Danone : Good start to the year: l-f-l at +4.1% with volume/mix at +1....
>Better-than-expected Q1 both in reported and l-f-l terms - Danone just posted Q1 sales that came in at € 6.789bn (vs VA € 6.695bn), declining by -2.5% with organic sales growth at +4.1% with a good volume/mix effect of +1.2%, pricing at 2.9%, an FX impact of -1.5% and a negative scope effect of -5% (Russia).This is much better than both consensus and ODDO BHF expectations which were at +3.4% l-f-l with a volume/mix of +0.8% and pricing at +2.7%. Net sales ...
- Johanna Jourdain
Edenred : Q1 2024 beating estimates and reassuring on underlying growt...
>Q1 2024 revenue higher, with organic beat - Edenred has reported total Q1 2024 revenue of € 685m, 3% above forecasts (consensus at € 666m), i.e. a reported increase of 21.4%, of which +20.5% organic, +5.2% from M&A and -4.4% from the forex effect. Organic growth in operating revenues in Q1 was +16.9%, above the consensus at 14.2% (ODDO BHF 13.9%). All the regions are dynamic in organic terms, o/w Europe at +12.8% in Q1 (vs consensus +11.8%), including +7.9% in Fran...
- 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 ...
- 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 ...
- Johanna Jourdain
Edenred : Q1 2024 beating estimates and reassuring on underlying growt...
>Q1 2024 revenue higher, with organic beat - Edenred has reported total Q1 2024 revenue of € 685m, 3% above forecasts (consensus at € 666m), i.e. a reported increase of 21.4%, of which +20.5% organic, +5.2% from M&A and -4.4% from the forex effect. Organic growth in operating revenues in Q1 was +16.9%, above the consensus at 14.2% (ODDO BHF 13.9%). All the regions are dynamic in organic terms, o/w Europe at +12.8% in Q1 (vs consensus +11.8%), including +7.9% in Fran...
- Nicolas David
Capgemini : Set for lacklustre growth in Q1. The upturn will be notice...
>Towards a continued slowdown in Q1 2024: organic growth of -4%e - Capgemini is due to publish its Q1 2024 results on 30 April before the market open. In line with the company's message since the FY 2023 results release in February and given Accenture's mixed performance for its Q2 FY 2023-24 (quarter ended end of February 2024), we expect a significant deterioration in growth in Q1 (-4.0%) compared with Q4 (-0.9%), due to challenging base effects and weak demand on ...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Q1 2024 results preview – A 1% sequential increase in earnings,...
> A 1% sequential increase in earnings, the fall in gas is offset by the rise in refining margins and a favourable outlook for oil - The publication of Q1 2024 results will start on 24 April with AkerBP (see tables below) and should show a sequential increase of 1% on average. Cumulative net profit for the eight stocks covered is forecast at $ 21.1bn vs $ 20.9bn in Q4 2023 and ODDO BHF’s estimates are 3% above the consensus. We note:A slight fall in Brent of...
- Johanna Jourdain
La Française des Jeux : Q1 2024 revenues below our expectations, with ...
>Q1 2024 revenues shy of our expectations, good momentum on games in the digital segment - FDJ reported yesterday after the close of trade Q1 2024 revenues of € 710m (+7.2% on a reported basis, i.e. close to the FY 2024 guidance of c.+8%), 6% below our estimates (ODDO BHF € 759m). In detail, lottery revenue totalled € 504m (+1.4%) and benefited from the momentum of instant games (+4%), while draw games (-3%) remained penalised by the evolution of Amigo. Stripping out ...
- Nicolas David
Capgemini : Vers une croissance T1 en demi-teinte. La recovery sera su...
>Vers une poursuite du ralentissement au T1 2024 : croissance org de -4%e - Capgemini publiera son CA T1 2024 le 30 avril avant Bourse. Conformément au message de la société depuis la publication des résultats 2023 en février dernier et compte tenu de la performance mitigée d’Accenture pour son T2 FY 2024 (trimestre clos à fin février 2024), nous attendons une détérioration significative de la croissance au T1 (-4.0%) par rapport au T4 (-0.9%), en raison d’effets de ...
- Johanna Jourdain
La Française des Jeux : CA T1 24 inférieur à nos attentes, alors que l...
>CA T1 2024 inférieur à nos attentes, bon momentum sur les jeux en digital - FDJ a publié hier après Bourse un CA T1 2024 à 710 M€ (+7.2% en publié, soit proche de la guidance FY 24 de c.+8%), 6% en dessous de nos estimations (ODDO BHF 759 M€e). En détail, le CA en Loterie atteint 504 M€ (+1.4%) et bénéficie du dynamisme des jeux instantanés (+4%) alors que les jeux de tirage (-3%) restent pénalisés par l’évolution d’Amigo. Hors Amigo, le CA Loterie ressort à +4%. Le ...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Preview résultats T1 – Hausse séquentielle de 1%, outlook intac...
>Hausse séquentielle de 1% des résultats, baisse du gaz contrebalancée par la hausse des marges de raffinage et outlook favorable pour le pétrole - Les publications des résultats du T1 2024 commenceront le 24 avril avec AkerBP (voir tableau ci-après). Ils devraient marquer une légère progression séquentielle de 1% en moyenne. Le résultat net cumulé pour les huit valeurs couvertes est attendu à 21.1 Md$ vs 20.9 Md$ au T4 23 et nous sommes 3% supérieurs au consensu...
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