reports
- Emmanuel Matot
- Aurelien Sivignon
PulluP Entertainment : Full-year sales in line but one-offs set to imp...
>Q4 actually positive, solely due to the back catalogue - PulluP Entertainment (formerly Focus Entertainment) has reported Q4 revenue growth of 12% y-o-y to € 59m (vs € 56.8m est.). The catalogue (37% of Q4 revenue) posted a decline of 47% to € 21.6m (vs € 29.3m est.). For Banishers, despite a broadly decent rating, has not really been a great success. The release of Expeditions also contributed to the Q4 performance. Broadly, the performance of the catalogue was ther...
- Emmanuel Matot
- 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 ...
- Aurelien Sivignon
PulluP Entertainment : CA FY en ligne mais des one-off impacteront la ...
>Un T4 finalement bien orienté uniquement grâce au back catalogue - PulluP Entertainment (ex Focus Entertainment) publie un CA T4 en croissance de 12% y-o-y à 59 M€ (vs 56.8 M€e). Le Catalogue (37% du CA T4) affiche une baisse de 47% à 21.6 M€ (vs 29.3 M€e). Pour Banishers, malgré une notation globalement très correcte, le succès n’a pas été vraiment au rendez-vous. La sortie d’Expeditions a également contribué au T4. Globalement, la performance du catalogue est donc ...
- 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...
- 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,...
- Aurelien Sivignon
Prodways Group : Q1 in line with expectations
>Q1 down in both divisions - Prodways Group reported yesterday evening Q1 2024 revenues down 26% YoY to € 16m, in line with our expectations. Both divisions were unsurprisingly hurt by a persistently challenging momentum, and their reported revenues were further dented by the reclassification of the group as a software business agent (Avenao - DS integrator). On a like-for-like basis, Q1 revenues would be down 7% YoY. By division, Systems (48% Q1 revenues) reported ...
- 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%...
- Delphine Brault
- Quentin Borie
ABB Ltd. : Le T1 solide rassure sur les commandes et sur la marge d’EB...
>Le bon T1 rassure (book-to-bill 1.1x, marge d’op. EBIT à 17.9%) - ABB a publié hier matin des résultats T1 globalement meilleurs qu’attendu. Les prises de commandes atteignent 9 Md$, -4% en comparable (consensus à -7%), soutenues par les divisions Electrification (EL) et Motion (MO), à respectivement +8% et +1%, tandis qu’elles reculent de 30% chez RA et de 20% en Process Automation (PA). Le CA atteint 7 870 M$, +2% en comparable vs 5% attendus par le consensus. La m...
- Delphine Brault
- Quentin Borie
Schindler Holding Ltd : Un T1 2024 solide, malgré la poursuite de la d...
>Plutôt un bon T1 2024 avec une marge d’EBIT supérieure aux attentes à 10.9% - Schindler a publié hier matin des résultats T1 légèrement supérieurs aux attentes (cf. notre first take publié hier), principalement grâce au mix et au pricing, tous 2 favorables à la marge. Les commandes sont en hausse de 2.5% à changes constants, légèrement inférieures aux attentes (consensus à +4%). Le CA progresse de 1.1% à changes constants, lui aussi légèrement inférieur aux attentes...
- Florent Laroche-Joubert
Mercialys : Maintien d’une dynamique opérationnelle résiliente sur le ...
>Bonne dynamique du CA commerçants à +3.3% yoy sur le T1 2024 et activité locative modérée - Les revenus locatifs de Mercialys s’établissent à 45.5 M€ (45.8 M€e) au T1 2024 soit +4.5% à périmètre courant et +4.6% à périmètre constant traduisant la poursuite d’une bonne dynamique malgré le contexte lié au futur transfert des hypermarchés Casino :Le CA commerçants hors hypermarchés est en progression de 3.3% yoy : ce chiffre traduit une solide progression en mars à...
- Aurelien Sivignon
Prodways Group : T1 en ligne
>T1 en baisse dans les deux divisions - Prodways Group a publié hier soir un CA T1 2024 en baisse de 26% y-o-y à 16 M€, en ligne avec nos attentes. Outre un momentum sans surprise encore compliqué sur les deux divisions, le CA publié est aussi pénalisé par la requalification en tant qu’agent de l’activité software (Avenao – intégrateur DS). Sur une base comparable, les revenus T1 seraient en baisse de 7% y-o-y. Par division, Systems (48% CA T1) affiche un CA en dimi...
- Nicolas Thorez
Verimatrix : Q1 2024 in line, makeover looks increasingly material, vi...
>Q1 2024 in line with expectations at $ 14m, virtually stable YoY (+1%) - Verimatrix turned in $ 14m in revenue in Q1 2024, with growth virtually stable at 1% YoY, in line with our expectations (ODDO BHF $ 14.1m). This revenue continues to reflect mixed trends, with a positive mix between recurring revenue (which showed better-than-expected growth) and non-recurring revenue (which were slightly weaker than expected). In detail, recurring revenue (60% of revenue) was u...
- Nicolas Thorez
Verimatrix : T1 24 en ligne. La transformation apparait de plus en plu...
>CA T1 2024 en ligne avec nos attentes à 14 M$, quasi-stable y/y (+1%) - Au T1, le CA de Verimatrix est ressorti à 14 M$, quasi-stable à +1% y-o-y, en ligne avec nos attentes (ODDO BHF 14.1 M$). Ce niveau d’activité reflète toujours des tendances contrastées avec un mix positif entre revenus récurrents (qui affichent une croissance meilleure qu’attendue) et revenus non récurrents (un peu plus faible qu’anticipé). Dans le détail, les revenus récurrents (60% des ventes)...
- 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 : 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 ...
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