reports
- Delphine Brault
- Quentin Borie
Atlas Copco : Very good start to the year, positive signs for semicond...
>Q1 2024: order intake beat expectations by 9% - Yesterday Atlas Copco reported Q1 2024 results (see table page 2).Order intake was down 4% LFL yoy (consensus -12.7%) but beat the consensus by 9% (Compressor Technique -1% LFL vs the consensus estimate of -12.9%).Organic revenue growth reached 7% (consensus: 5.6%) of which 8% for Compressor Technique, 9% for Power Technique, and 19% for Industrial Technique, with volumes that we estimate were up in all divis...
- Delphine Brault
- Quentin Borie
Schneider Electric : Q1 sales slightly ahead of expectations, which ha...
>Q1 sales: +5.3% in organic terms (vs css at 4.5%) - Schneider Electric this morning reported Q1 sales of € 8.606bn, up 1.3% in reported terms. Organic growth came to 5.3% (ODDO BHF 3.7%, consensus 4.5%).The gap widened further in terms of divisional performances, with the Energy Management division continuing to see strong growth (+8.9% in organic terms), while the Industrial Automation division posted a decline of 6.6% in organic terms, the first quarter of ne...
- Delphine Brault
- Quentin Borie
Vossloh AG : A good start to the year allowing the group to confirm gu...
>Q1 2024: sales up 5% and EBIT margin of 6.7% (+120bp) - Vossloh has reported this morning Q1 2024 results ahead of forecasts at the EBIT level.The order intake totalled € 350m (+2% vs Q1 2023) with strong orders in the US (Class I and Amtrak) and for Lifecycle Solutions (China and Northern Europe).Sales came to € 269m (consensus € 265m), up 5%. Note the stability of Core Components sales and a small increase in sales in Customized Modules (driven by France ...
- Delphine Brault
- Quentin Borie
Vossloh AG : Le bon début d’année permet de confirmer la guidance
>T1 2024 : CA en hausse de 5% et marge d’EBIT de 6.7% (+120 pb) - Vossloh a publié ce matin des résultats T1 2024 supérieurs aux attentes au niveau de l’EBIT.Les prises de commandes atteignent 350 M€ (+2% vs T1 2023) avec de fortes commandes aux Etats-Unis (Class I et Amtrak) et pour Lifecycle Solutions (Chine et Europe du Nord).Le chiffre d’affaires atteint 269 M€ (consensus à 265 M€), en croissance de 5%. Notons une stabilité de l’activité pour Core Compon...
- Delphine Brault
- Quentin Borie
Schneider Electric : CA T1 2024 un peu au-dessus des attentes, qui s’é...
>CA T1 : +5.3% en organique (vs css à 4.5%) - Schneider Electric a publié ce matin un chiffre d’affaires T1 à 8 606 M€, en progression de 1.3% en publié. La croissance organique affiche une hausse de 5.3% (ODDO BHF 3.7%, css 4.5%).L’écart s’est encore creusé en termes de performance, avec une division Energy Management qui reste en forte croissance (+8.9% en organique), tandis que la divison Industrial Automation affiche un recul de 6.6% en organique, 1er trimes...
- Hela Zarrouk
- Johanna Jourdain
Voyageurs du monde : Positive medium-term outlook but 2024 will see th...
>Feedback from SFAF meeting: 2024 will see the end of the catch-up period - At a meeting to present its 2023 annual results, Voyageurs du Monde’s management focused on the following points:- The 2023 results were marked by strong revenue growth underpinned by exceptional post-COVID demand for travel (revenue: +40%; +16.5% LFL vs 2019). We note the strong growth in the cycling business following the acquisition of EuroFun, which now accounts for 16% of consolidate...
- Hela Zarrouk
- Johanna Jourdain
Voyageurs du monde : Perspectives MT positives mais 2024 marquera la f...
>Feedback réunion SFAF : 2024 marquera la fin du rattrapage - Lors d’une réunion de présentation de ses résultats annuels 2023, le management de Voyageurs du Monde est revenu essentiellement sur les points suivants :Les résultats 2023 ont été marqués par une forte progression du CA soutenue par une demande exceptionnelle en termes de demande de voyages post COVID (CA : +40% ; +16.5% LFL vs 2019). Nous notons la forte montée en puissance de l’activité vélo suite à...
- Delphine Brault
- Quentin Borie
Atlas Copco : Un très bon début d’année et des signaux positifs sur le...
>T1 2024 : prises de commandes supérieures de 9% aux attentes - Atlas Copco a publié hier, en journée, ses résultats T1 2024 (voir tableau en page 2).Les prises de commandes étaient en recul organique de 4% yoy (css à -12,7%) mais 9% au-dessus des attentes du consensus (Compressor Technique en recul de -1% en organique vs -12.9% attendus par le css).Le CA a progressé de 7% en organique (css à 5.6%), dont notamment 8% pour Compressor Technique, 9% pour Power ...
- Delphine Brault
- Quentin Borie
KONE : Un T1 qui rassure, la guidance 2024 est précisée
>Un T1 un peu meilleur qu’attendu - KONE a publié hier matin des résultats T1 un peu meilleurs qu’attendu. Les commandes progressent de 1.6% à changes constants (css à 0.9%), grâce notamment au segment modernisation qui progresse de plus de 10%. Le chiffre d’affaires a augmenté de 2.7% à changes constants au T1 (consensus : +2.3%), avec une Chine en recul de 4.9%. En termes d’activité, les nouveaux équipements reculent (-4.2% à changes constants), les services (+9%) e...
- Delphine Brault
- Quentin Borie
Assa Abloy : Start of year in decline (-4% by volume), set to mark low...
>Q1 2024: volumes at -4% for top line, but margins still very solid - The group’s Q1 2024 results, reported yesterday morning, were in line with expectations at the operating level. Revenues came in 2% lower in organic terms, with -4% of volume effect (4th straight quarter of negative volumes, after -2% in Q4) and +2% of price effect.Adjusted EBIT came to SEK 5.4bn, up 4.6%, while the margin narrowed 60bp to 15.4%, just ahead of expectations (15.2%). The acquisit...
- Delphine Brault
- Quentin Borie
KONE : A reassuring Q1, 2024 guidance fine-tuned
>A better-than-expected Q1 - Yesterday morning, KONE published Q1 results that were a shade better than expected. Order intake was up by 1.6% at constant currency (cons. at 0.9%), notably thanks to the modernisation segment which grew by more than 10%. Sales were up by 2.7% at constant currency in Q1 (consensus: +2.3%), with a 4.9% decline in China. In terms of activity, new equipment declined -4.2% at constant currency, while services (+9%) and modernisation (+5.3%)...
- Delphine Brault
- Quentin Borie
Assa Abloy : Un début d’année en recul (-4% en volumes), qui devrait m...
>Un T1 2024 : volume à -4% en topline, mais la marge reste très solide - Le groupe a publié hier matin des résultats T1 2024 en ligne avec les attentes au niveau opérationnel. Le chiffre d’affaires recule de 2% en organique, dont -4% d’effet volumes (4ème trimestre consécutif de volumes négatifs, après -2% au T4) et +2% d’effet prix.L’EBIT ajusté atteint 5.4 MdSEK, en hausse de 4.6%. La marge de 15.4% est en retrait de 60 pb et légèrement supérieure aux attentes ...
- Delphine Brault
- Quentin Borie
KONE : Q1 broadly in line, China continues to weigh. 2024 guidance fin...
>Q1 2024: sales +1.6% organic and EBIT margin at 10.2% - KONE this morning released its Q1 2024 results, which were broadly in line with consensus expectations:Orders at constant exchange rates were up 1.6% in Q1 (consensus at 0.9% and ODDO BHF at 5%), thanks notably to the modernisation segment which grew more than 10%. The gross margin on orders stabilised sequentially and relative to Q1 2023. Sales were up by 2.7% at CER in Q1 (consensus: +2.3%, ODDO BHF ...
- Hela Zarrouk
- Johanna Jourdain
Voyageurs du monde : Résultats 2023 globalement en ligne- Bonne visibi...
>Résultats FY 2023 en forte progression, en ligne avec les attentes - Voyageurs du Monde a publié des résultats annuels 2023, globalement en ligne avec les attentes, qui se caractérisent par : 1/ un CA consolidé en progression de 39.5% à 693.6 M€ (ODDO BHF :696.2 M€e) bénéficiant d’un effet de base favorable (principalement sur le S1), d’une demande soutenue pour la réalisation de voyages ainsi que l’intégration des opérations de croissance externe réalisées en 2022. ...
- Fehmi Ben Naamane
Scandic Hotels : Q1 results impacted by timing of Easter, cautious com...
>Weak Q1 2024 results, below expectations - Scandic this morning reported weak Q1 2024 results, below expectations. Group revenues amounted to SEK 4,419m, down 2.4% y-o-y (ODDO BHFe at SEK 4,642m and css Visible Alpha at SEK 4,554m). Group RevPAR in Q1 showed a slight decrease of 1.1% with a positive increase in average prices (i.e., +2%) but an occupancy rate of just 51.9% (vs 53.5% in Q1 2023), impacted by the timing of Easter falling earlier this year (the company ...
- Hela Zarrouk
- Johanna Jourdain
Voyageurs du monde : 2023 results generally in line – Good visibility ...
>Strong growth in FY 2023, in line with expectations - Voyageurs du Monde has reported 2023 full-year results generally in line with expectations, including: 1/ consolidated sales growth of 39.5% to € 693.6m (vs. ODDO BHF estimate of € 696.2m), benefiting from a favourable base effect (mainly in H1), high demand for travel and the integration of acquisitions carried out in 2022. On a like-for-like basis, 2023 sales rose by 16.5% relative to the benchmark year of 2019....
- Delphine Brault
- Quentin Borie
Assa Abloy : A rather weak start to the year, as expected
>Q1 organic revenue growth 0.4%, adjusted EBIT margin 15.5% (-20 bp) - Sales reached SEK 35.2bn, down 2.0% organically (price +2%, volume -4%) which is in line with our expectations (-1.9%) and slightly below the consensus (-1.4%). The group mentioned 3 fewer working days in March and a continued weak residential market.The Americas (thanks to the US non-residential market) and Entrance systems divisions were a bit more resilient, with revenues down 1% and stable...
- Fehmi Ben Naamane
Scandic Hotels : Q1 results impacted by timing of Easter, cautious com...
>Weak Q1 2024 results, below expectations - Scandic this morning reported weak Q1 2024 results, below expectations. Group revenues amounted to SEK 4,419m, down 2.4% y-o-y (ODDO BHFe at SEK 4,642m and css Visible Alpha at SEK 4,554m). Group RevPAR in Q1 showed a slight decrease of 1.1% with a positive increase in average prices (i.e., +2%) but an occupancy rate of just 51.9% (vs 53.5% in Q1 2023), impacted by the timing of Easter falling earlier this year (the company ...
- Delphine Brault
- Quentin Borie
Assa Abloy : A rather weak start to the year, as expected
>Q1 organic revenue growth 0.4%, adjusted EBIT margin 15.5% (-20 bp) - Sales reached SEK 35.2bn, down 2.0% organically (price +2%, volume -4%) which is in line with our expectations (-1.9%) and slightly below the consensus (-1.4%). The group mentioned 3 fewer working days in March and a continued weak residential market.The Americas (thanks to the US non-residential market) and Entrance systems divisions were a bit more resilient, with revenues down 1% and stable...
- Delphine Brault
- Quentin Borie
KONE : T1 globalement en ligne, la Chine continue de peser. Guidance 2...
>T1 2024 : CA +1.6% en organique et marge d’EBIT à 10.2% - KONE a publié ce matin des résultats T1 globalement en ligne avec les attentes du consensus :Les commandes à changes constants sont en hausse de 1.6% au T1 (css à 0.9% et ODDO BHF à 5%), grâce notamment au segment modernisation qui progresse de plus de 10%. La marge brute des commandes s’est stabilisée en séquentiel et par rapport au T1 2023. Le chiffre d’affaires a augmenté de 2.7% à changes constan...
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