reports
- Charlotte Vaisse
- Emmanuel Matot
- Jean-Baptiste Rouphael
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/25/2024
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
CA CARREFOUR SA
BVI BUREAU VERITAS SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
RI PERNOD RICARD SA
ULVR UNILEVER PLC
GLE SOCIETE GENERALE S.A. CLASS A
NESN NESTLE S.A.
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
01913 PRADA S.P.A.
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
KGX KION GROUP AG
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
HFG HELLOFRESH SE
ADYEN ADYEN NV
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
- Charlotte Vaisse
- Emmanuel Matot
- Jean-Baptiste Rouphael
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/04/2024
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
CA CARREFOUR SA
BVI BUREAU VERITAS SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
RI PERNOD RICARD SA
ULVR UNILEVER PLC
GLE SOCIETE GENERALE S.A. CLASS A
NESN NESTLE S.A.
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
01913 PRADA S.P.A.
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
KGX KION GROUP AG
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
HFG HELLOFRESH SE
ADYEN ADYEN NV
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
- Nicolas David
Atos : Q1 org growth above expectations, at -2.6%, but very weak book-...
>Q1 org growth of -2.6%, above expectations thanks to Tech Foundation - Atos just released its Q1 2024 sales. Q1 2024 revenue stood at € 2,479m, 1.1% above css expectations and -2.8% below our estimates (ODDO BHF: € 2,551m; css: € 2,452m). This implies organic growth at -2.6%, 110bp above css expectations (vs ODDO BHF: -2.3% org; css: -3.7% org.), slowing down sharply vs previous quarter (vs -0.6% org in Q4 2023) due to Eviden weakness. By division, i/Tech Foundations...
- Nicolas David
Atos : Q1 org growth above expectations, at -2.6%, but very weak book-...
>Q1 org growth of -2.6%, above expectations thanks to Tech Foundation - Atos just released its Q1 2024 sales. Q1 2024 revenue stood at € 2,479m, 1.1% above css expectations and -2.8% below our estimates (ODDO BHF: € 2,551m; css: € 2,452m). This implies organic growth at -2.6%, 110bp above css expectations (vs ODDO BHF: -2.3% org; css: -3.7% org.), slowing down sharply vs previous quarter (vs -0.6% org in Q4 2023) due to Eviden weakness. By division, i/Tech Foundations...
- Olfa Taamallah
- Yan Derocles
Wizz Air : Reassuring trading update for FY 2024
>FY 2024 pretty much in line with expectations - Wizz Air has just released an unaudited post-close trading update for the FY to end-March 2024. Net income is expected in the range of € 350 - 370m for FY, in line with guidance. We were expecting € 357m and the Visible Alpha consensus €352m. Total revenue is expected to be in the range of € 5,050 - 5,100m (ODDO BHF: € 5,165m, VA € 5,154m) reflecting stronger ticket revenue and pricing, partially offset by softer ...
- Pierre Tegner
Unilever PLC : A good, high quality start to the year: +2.2% volume/mi...
>Q1 sales 2% above expectations - Q1 sales at € 14,963m were up +1.4% (vs cons. at -0.7%) with a forex effect of -2% (vs css at -3% ), a scope impact of -0.9% and organic growth of 4.4% vs the consensus at 2.9%.The outlook for 2024 is confirmed with 3% to 5% l-f-l, moderate margin improvement. The CEO highlighted increasing confidence in accelerating gross margin expansion and delivering sustained volume growth and a positive mix. On ice cream and the sepa...
- Martin Marandon-Carlhian
- Stephane Houri
BE Semiconductor Industries : Weak Q1 2024 orders and Q2 guidance poin...
>Q1 2024 results below expectations, with a disappointing order intake - BESI reported its Q1 2024 results which were below expectations, notably on the order intake. Revenues were € 146m, down 8% q-o-q and up 10% y-o-y, due primarily to lower shipments for high-performance computing and automotive end-user markets, partially offset by higher shipments for high-end mobile applications. They were in line with the consensus at € 147m (vs guidance at a q-o-q decrease of ...
- Martin Marandon-Carlhian
- Stephane Houri
BE Semiconductor Industries : Weak Q1 2024 orders and Q2 guidance poin...
>Q1 2024 results below expectations, with a disappointing order intake - BESI reported its Q1 2024 results which were below expectations, notably on the order intake. Revenues were € 146m, down 8% q-o-q and up 10% y-o-y, due primarily to lower shipments for high-performance computing and automotive end-user markets, partially offset by higher shipments for high-end mobile applications. They were in line with the consensus at € 147m (vs guidance at a q-o-q decrease of ...
- Damien Choplain
- Martial Descoutures
AstraZeneca : Very reassuring Q1 supports 2024 targets
>Symbicort and Farxiga lead the way - AZN has reported much stronger than expected Q1 2024 results, mainly thanks to Farxiga and Symbicort. Revenue increased by 19% at constant exchange rates, boosted by CVRM (cardio and metabolism) and Oncology. Sales came out 7% higher than expected. Although penalised by a recent reduction in prices for Tagrisso (June 23), Imfinzi (February 24) and Faslodex in China (November 23), revenue in China increased by 13%. However, th...
- Christophe-Raphaël Ganet
Interparfums : 2024 Q1 sales flat due to base effects, estimates uncha...
>Q1 2024 revenues flat cc - Q1 sales came in at € 212.7m, i.e. -1% and +0% cc, slightly below our expectations.Montblanc and Jimmy Choo (46% of sales) were down by 6% and 24% respectively, while Coach (22% of sales) shows a slight increase (+3%). Other brands were down.The South America, Asia, France and western Europe regions (i.e. 55% of sales) were up, the others (North America, eastern Europe, Africa, Middle East) were down.The growth delivered is ...
- Emmanuel Matot
2023 S&M Postviews: make or break
>Overall satisfactory 2023 results – entry into recession in Q4 but good margin resilience - Forsee Power has just closed the 2023 publication period for our universe of S&M Cap companies in France (annual sales < € 5bn). Despite a high comparison base, sales and margins continued to grow. However, there were two opposing half-years, with a very dynamic H1 and an H2 marking a negative break. Regarding sales, after the 2021 and 2022 financial years of strong post...
- Olfa Taamallah
- Yan Derocles
Wizz Air : Reassuring trading update for FY 2024
>FY 2024 pretty much in line with expectations - Wizz Air has just released an unaudited post-close trading update for the FY to end-March 2024. Net income is expected in the range of € 350 - 370m for FY, in line with guidance. We were expecting € 357m and the Visible Alpha consensus €352m. Total revenue is expected to be in the range of € 5,050 - 5,100m (ODDO BHF: € 5,165m, VA € 5,154m) reflecting stronger ticket revenue and pricing, partially offset by softer ...
- Arnaud Autier
- Pierre Tegner
Pernod Ricard : CA T3 23/24e : toujours pas de retour à la croissance
>Neutre maintenu avec un OC inchangé à 150 € - Nous maintenons notre opinion Neutre sur le titre Pernod Ricard avec un OC à 150 € inchangé. Bien que la valorisation du groupe soit, à ce stade, attrayante en absolu comme en relatif, les incertitudes quant au timing du retour à la croissance du groupe pèsent sur sa performance boursière. Le sentiment des investisseurs sur le titre risque de rester mitigé tant qu’aucun signal de reprise tangible ne se matérialisera. En l...
- Damien Choplain
- Martial Descoutures
Sanofi : Q1 2024 passes without a hitch
>A little better than expected - Sanofi has reported this morning Q1 2024 results a little above forecasts at the level of sales and EPS. As expected, Sanofi suffered from a deeply negative forex effect (-4.3% on the topline and -10.2% on the bottom line).In short, total group sales came to € 10.464 bn vs € 10.272 bn (+2.4%; +6.7% at cc), core EBIT to € 2.843 bn vs € 2.748 bn est. (-14.7%; -4.2% at cc) and core EPS to € 1.78 vs € 1.71 est., down 7.4% at cc (sour...
- Arnaud Autier
- Pierre Tegner
Pernod Ricard : Q3 2023/24 sales: still no return to growth
>Neutral rating maintained with an unchanged target price of € 150 - We are maintaining our Neutral rating on Pernod Ricard, with an unchanged target price of € 150. Although the group’s valuation is currently attractive in both absolute and relative terms, uncertainties over the timing of the group’s return to growth are weighing on its share price. Investor sentiment on the stock is likely to remain tepid as long as there are no tangible signs of recovery. As it hap...
- Delphine Brault
- Quentin Borie
Metso : Reassuring Q1 orders but results are below expectations
>Q1 2024: orders down -6%, sales down -7%, adjusted EBITA margin of 16.5% - Metso this morning reported Q1 2024 results that were 7% below expectations at adjusted EBITA level. Order intake was € 1,361m (consensus € 1,361), down -6% on an organic basis (consensus -5.8%). Orders were up sequentially in both divisions with improved market activity in Aggregates (driven by the US) and in Minerals (Services). Sales were down -7% (consensus -2.4%) on an organic b...
- Delphine Brault
- Quentin Borie
Metso : Reassuring Q1 orders but results are below expectations
>Q1 2024: orders down -6%, sales down -7%, adjusted EBITA margin of 16.5% - Metso this morning reported Q1 2024 results that were 7% below expectations at adjusted EBITA level. Order intake was € 1,361m (consensus € 1,361), down -6% on an organic basis (consensus -5.8%). Orders were up sequentially in both divisions with improved market activity in Aggregates (driven by the US) and in Minerals (Services). Sales were down -7% (consensus -2.4%) on an organic b...
- Chaima Ferrandon
- Sven Edelfelt
Holcim : Decent start to the year
>Q1 EBIT 3% above the consensus - EBIT came to CHF 532m (+16.3% l-f-l and -8.3% reported), beating the consensus (CHF 515m) and our estimate (CHF 491m est.). The level of growth in local currencies came to 17.1%, broadly in line with Q4 (18.3%,) driven by a contribution from acquisitions of 3.4% in Q1. Relative to our estimates, EBIT exceeded our expectations in all divisions except Solution & Products (-4% vs our estimates), and was higher in North America (+12% vs o...
- Emmanuel Matot
X-FAB : 2024 guidance points to a sharp upturn in H2
>Q1 results at the lower end of guidance - X-Fab published its 2024 Q1 results. They come in mixed, with revenues up by only 4% to $ 216m (+5% excluding IFRS 15) and an EBITDA margin down by 430bp to 23.6% (24.0% excluding IFRS 15), i.e. EBITDA down by 12% to $ 51m. These results stand at the lower end of guidance (revenues = $ 215-225m and EBITDA margin = 24-27% => EBITDA = $ 52-58m) shy of consensus (revenues = $ 221m and margin EBITDA = 25.8% => EBITDA = $ 57m...
- Martial Descoutures
- Oussema Denguir
Adocia : 2024, a potentially transforming year for Adocia
>Operational cash burn down significantly - Yesterday evening, Adocia published its FY 2023 figures. Operating profit over the period was € 6m (vs € 17.3m in 2022, including a milestone payment of € 4.8m received as part of its partnership agreement in China). Underlying operating charges were down 31% to € 20.3m, driven by the reduction in R&D charges to € 14.8m (vs € 25.9m in 2022). This resulted in an operating loss of -€ 14.2m (vs -€ 12.9m previously).The cas...
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