>Neutral rating reiterated – target price raised to € 1.70 (vs € 1.50) - Q1 2024 was another solid quarter (on the operating front as well as in terms of asset quality, capital, liquidity) and confirms the favourable trend related to the transformation plan (costs, etc.) to a contained CoR, in addition to momentum on NII that was better than initially expected. The group confirms most of its guidance, slightly improves RoTE's guidance while providing further clarific...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
>Opinion Neutre réitérée – OC porté à 1.70 € (vs 1.50 €) - Le T1 2024 ressort de nouveau solide (opérationnel, qualité d’actifs, capital, liquidité) et confirme l’orientation favorable associé au plan de transformation (coûts…) et à un CdR contenu ainsi qu’à une dynamique meilleure qu’initialement prévu sur les NII. Le groupe confirme l'essentiel de ses guidances, par ailleurs améliore un peu celle de RoTE tout en apportant plus de précision sur les NII et délivre un ...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
>Q1 revenue: organic growth of >+7% - Clariane has reported Q1 2024 revenue of € 1,308m, i.e. +7.4% and +7.4% l-f-l of which revenue in France: +8.2% and +7% organic - revenue Germany: +7.6% and +7.9% organic - revenue Benelux: +5.7% and 8.1% - revenue Italy: +3.5% and +4.3% organic - revenue Spain/UK : +13.2% and +13.6%.According to Clariane, volumes were up +€ 47m (increase in occupancy rates on the mature network, opening of additional capacity) whilst price e...
>Q1 2024 org growth of +0.3% marginally below Css but in line with the guidance - Q1 2024 revenue stands at € 1 587m up 13.8% y-o-y, roughly in line with expectations (ODDO BHF: € 1 584m; css: € 1570m).Organic growth stands at +0.3%, -5.9pts below previous quarter (vs Q4 23 +6.2% org). This figure is -50bp below expectations (ODDO BHF: 0.9 %; Css: 0.8%), impacted by a slowdown in discretionary investments in technology, high comps (9.1% growth in Q1 2023) and an ...
>Q1 down 14% to € 770m, in line with our expectations - For Q1, the Nexity group reported revenues of € 770m, down 14% YoY, in line with our estimates (we were assuming revenues of € 676.1m excluding the property management business; on a restated basis, our revenues would stand at € 765.1m). By business, we retain: 1/ Residential property revenues of € 489m, down 15% (impact of the fall in reservations over the past 2 years). 2/ Commercial property revenues were down...
>Q1 2024 org growth of +0.3% marginally below Css but in line with the guidance - Q1 2024 revenue stands at € 1 587m up 13.8% y/y, roughly in line with expectations (ODDO BHF: € 1 584m; css: € 1570m).Organic growth stands at +0.3%, -5.9pts below previous quarter (vs Q4 23 +6.2% org). This figure is -50bps below expectations (ODDO BHF: 0.9 %; Css: 0.8%), impacted by a slowdown in discretionary investments in technology, high comps (9.1% growth in Q1 2023) and an u...
>Good start of the year after a strong retail development - ADP reported Q1 2024 revenues ahead of both our estimates and the consensus: € 1,324m vs € 1,265m ODDO BHFe (i.e. 4.7% or € 59m above) and € 1,284m consensus estimate (i.e. 3.1% or € 40m above). The outperformance came from 1/ a strong increase in the retail spend per passenger, with Extime SPP reaching € 32.7 (+7.8% y-o-y), clearly ahead of the +3% we were expecting ; and 2/ a better-than-expected performan...
>Outperform recommendation reiterated, TP reduced to € 165 from € 170 - BESI’s share price fell 2% yesterday. While Q1 orders and Q2 guidance clearly indicated a slower-than-expected cyclical upturn, the group was reassuring about hybrid bonding momentum and seems to be in a good position to reach or even exceed the consensus forecast (€ 107m vs ODDO BHF estimate: € 121m which we maintain). Given the weaker-than-expected guidance for the Q2 rebound, we nevertheless cu...
>CA T1 : organique à >+7% - Le CA T1 de Clariane ressort à 1308 M€, soit +7,4% et +7,4% à ptcc. dont CA France : +8,2% et +7% organique - CA Allemagne : +7,6% et +7,9% organique - CA Benelux : +5,7% et 8,1% - CA Italie : +3,5% et +4,3% organique - CA Espagne/RU. : +13,2% et +13,6%.Selon Clariane, la hausse des volumes ressort à +47 M€ (progression des taux d’occupation sur le réseau mature, mise en service de capacités complémentaires) tandis que les effets prix ...
>Q1 2024 EBITDA: 12.5% ahead of the consensus - In Q1 2024, the group reported sales of $ 3,442m, down 17% y-o-y (as a reminder H1 2023 was brisk thanks notably to the US), in line with our expectations (and 3% above the consensus). EBITDA came to $ 987m, or a margin of 28.7%, and was 14% higher than we expected (and 12.5% above the consensus). Net income came to $ 737m (down 35% y-o-y) and benefited from a fiscal net gain of $ 104m relating to inflation in Argentina...
>Q1 2024 results globally in line with expectations but above on FCF - This morning, ams OSRAM reported its Q1 2024 results which were globally in line with expectations. Revenues were € 847m, in line with the Visible Alpha consensus at € 845m. They were down 7% q-o-q and down 9% y-o-y but up 5% y-o-y on a like-for-like basis. The main drivers for this year-on-year increase are the automotive (+13% y-o-y) and consumer (+15% y-o-y) semiconductor businesses, whilst indu...
>Q1 2024 results globally in line with expectations but above on FCF - This morning, ams OSRAM reported its Q1 2024 results which were globally in line with expectations. Revenues were € 847m, in line with the Visible Alpha consensus at € 845m. They were down 7% q-o-q and down 9% y-o-y but up 5% y-o-y on a like-for-like basis. The main drivers for this year-on-year increase are the automotive (+13% y-o-y) and consumer (+15% y-o-y) semiconductor businesses, whilst indu...
>Solid operating performance, with organic growth remaining strong at 6.2% - Gecina delivered a solid operating performance in Q1 2024, in line with 2023, with gross rental income of € 173.8m (€ 170.9m), up 4.3% as reported and 6.2% on a like-for-like basis, driven in particular by indexation of +5.2% yoy, the effects of a generally stable occupancy rate over the quarter (contribution -0.2%) and the positive impact of reversion in both offices and residential properti...
>Lower than expected organic growth and EBITA. Disappointing FCF - Tietoevry reported its Q1 2024 results yesterday before market opening. Organic growth was -2.0% year-on-year (vs. ODDO BHF estimate of -0.2%), which represents a slowdown relative to 1% in Q4. Growth was impacted by a poor performance in 1/ Tech Services (organic growth of -7% vs. ODDO BHF estimate of -4.8%); 2/ Create (organic growth of -5% vs. ODDO BHF estimate of -0.7%), due to the ongoing weak eco...
>Neutral rating and target price of € 7.70 maintained - Following the publication of the Q1 revenues, we organised a virtual road show for European investors, excluding France. CFO Sylvine Bouan, Head of Marketing and Communications Loan Duong and Head of Investor Relations Armel Ahidazan were present. This discussion with investors essentially centred on a Q&A session. The group obviously confirmed its 2024 and 2027 trajectory but above all provided insights into inv...
>Q1 2024 revenue +8%: solid - Revenue increased by 8.1% in Q1 to € 194.3m (+8.8% cc.) or +7.6% after adjusting the first quarter of 2023 to include Intrasense consolidated since 01/01/2023. The EMEA region posted a decline of 5.8% (-6.2% cc), APAC delivered 20% growth (+26.8% cc) and the Americas recorded 21% growth (+20% cc). The X-ray business turned in +15%, the IRM business -4% and the II business +4.4%.Management confirmed its guidance targets (8% growt...
>Q1 revenue of € 154.3m, up 5.5% organic, a shade above forecasts - After trading yesterday Assystem reported Q1 2024 revenues of € 154.3m (vs ODDO BHF estimate € 150.7m), showing growth of 7.2% y-o-y on a reported basis, 2% ahead of our initial forecast. Adjusted for scope effects (+1.6pts, higher than expected contribution from L&T and Keops) and forex (+0.1pts), organic growth was 5.5%, slightly higher than we expected (+4.1% organic). This performance can largely...
>Q1 organic growth below expectations - Alten yesterday reported Q1 revenue of € 1,067m, with organic growth of 0.8%, below expectations (ODDO BHF: 3.1% organic; consensus: 2.3% organic; Q4: 5.8% organic). The performance was again driven by France, which posted organic growth of 6.0% (ODDO BHF: 8.0% organic), albeit at a much slower pace than in Q4 (11.3% organic). The performance was driven by the Aero, Defence, Automotive and Energy sectors, while Retail and Bank,...
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