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.
- 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...
- 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.
- 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 ...
- 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 ...
- 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...
- 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...
- Baptiste Salaville
- Johanna Jourdain
PLUXEE : H1 beats estimates, FY 2023-24 guidance upgraded
>Solid H1 results above consensus with beat on EBITDA - Pluxee has reported total H1 2023-24 sales of € 593m, up 22% and 1% above the consensus. This represents organic growth for total revenue of 24% (Q1 at +19.7% and thus Q2 at +25.7%) which is above the consensus at +18.3% (ODDO BHF 19.7%e). In particular, organic growth of operating revenue (i.e. excluding revenue from float) is at 17.4% for H1, significantly above consensus at 13.0%, suggesting +20% in Q2 which b...
- 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 ...
- Baptiste Salaville
- Johanna Jourdain
PLUXEE : H1 beats estimates, FY 2023-24 guidance upgraded
>Solid H1 results above consensus with beat on EBITDA - Pluxee has reported total H1 2023-24 sales of € 593m, up 22% and 1% above the consensus. This represents organic growth for total revenue of 24% (Q1 at +19.7% and thus Q2 at +25.7%) which is above the consensus at +18.3% (ODDO BHF 19.7%e). In particular, organic growth of operating revenue (i.e. excluding revenue from float) is at 17.4% for H1, significantly above consensus at 13.0%, suggesting +20% in Q2 which b...
- 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 ...
- Johanna Jourdain
Edenred : Encouraging start to 2024, to be confirmed in the next publi...
>Solid growth in Q1 2024, reassuring on underlying business - Edenred reported yesterday before the market open organic growth in Q1 operating revenues up +16.9%, ahead of expectations at 14.2%. This momentum is underpinned by all of the group’s businesses and products, including the meal voucher business, engagement platforms, mobility solutions and beyond fuel (maintenance and tolls in particular), which continue to benefit from a low penetration rate (meal voucher...
- Johanna Jourdain
Sodexo : Solid H1 beating expectations, FY 2023-24 guidance increased ...
>Solid H1 results slightly above the consensus with better margin improvement - Sodexo has reported H1 sales of € 12.1bn up 4.5%, 1% above the consensus. This represents organic growth of 8.5% (Q1 at +8.2% and thus Q2 at +8.8%) which is above the consensus at +7.8% (ODDO BHF 7.7%e). Organic growth was mostly driven by North America at +10% and Europe at +8.0%, as well as a +4.5% pricing effect. The LTM retention rate was at 95.5%, close to the new objective of 96%, wh...
- Johanna Jourdain
Sodexo : Solid H1 beating expectations, FY 2023-24 guidance increased ...
>Solid H1 results slightly above the consensus with better margin improvement - Sodexo has reported H1 sales of € 12.1bn up 4.5%, 1% above the consensus. This represents organic growth of 8.5% (Q1 at +8.2% and thus Q2 at +8.8%) which is above the consensus at +7.8% (ODDO BHF 7.7%e). Organic growth was mostly driven by North America at +10% and Europe at +8.0%, as well as a +4.5% pricing effect. The LTM retention rate was at 95.5%, close to the new objective of 96%, wh...
- Olfa Taamallah
- Yan Derocles
Rheinmetall AG : Vers un T1 2024 finalement conforme à la traditionnel...
>Un T1 finalement plus conforme à la traditionnelle saisonnalité - Lors d’un pre-close call groupé, la société a indiqué que la saisonnalité de l’exercice FY 24 serait finalement assez conforme à celle des autres années avec un T4 pouvant représenter de l’ordre de 35% du CA FY 24. Le décalage d’environ 0.4 Md€ de ventes de FY 23 à FY 24 ne sera que partiellement livré au T1 (c0.1 Md€e), le reliquat des livraisons de camions étant plutôt attendu plus tard dans l’exerci...
- Johanna Jourdain
Edenred : Démarrage 2024 encourageant, à confirmer au cours des procha...
>Solide croissance au T1 2024, rassurante sur l’activité sous-jacente - Edenred a publié hier avant Bourse une croissance organique du CA opérationnel au T1 de 16.9%, au-dessus des attentes à 14.2%. Ce dynamisme est soutenu par l’ensemble des métiers et produits, dont le Ticket Restaurant (TR), les plateformes d’engagement, les solutions de mobilité et beyond fuel (maintenance et péage en particulier), qui continuent de bénéficier d’un faible taux de pénétration (TR ...
- 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...
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
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