reports
- 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...
- Anis Zgaya
- Louis Boujard
- CFA
Befesa : Q1 in line and 2024 guidance slightly cautious
>Q1 results in line at EBITDA level - This morning, Befesa published its Q1 results, which were in line with consensus expectations. Thegroup's revenue was € 298m, down 7%. EBITDA was € 49m, -3% y-o-y and in line with the company-compiled consensus at € 48m and ODDO BHF and FactSet consensus at € 50m. Net profit came in at € 9.5m below the FactSet consensus forecast at € 14m, due to higher financial interests and higher depreciations than expected. The group's p...
- Nicolas David
Dassault Systemes : Mixed Q1 earnings but satisfactory Q2 guidance and...
>Q1 2024 earnings roughly in line: slightly below at topline level, impacted by Medidata slower growth, but above at EPS level - Total revenue came to € 1,500m up 5% on a reported basis and 6% at cc /org. This is -1% below expectations in reported terms and -2pts below at cc (ODDO BHF: € 1518m, up 8.0% cc; Css: € 1,512m up 7.9% at cc). This performance is below the lower end of the guidance (7% to 8% at cc) notably due to Services revenue up only 2% cc). Software...
- Anis Zgaya
- Louis Boujard
- CFA
La Française de l'Energie : Q3 sales below our estimate, 2024 estimate...
>Q3 2024 sales lower than expected - Yesterday evening La Française de l’Energie reported revenue for Q3 2023-2024 (January to March) which came to € 9.2m, below our estimate of € 10.5m. Revenue fell 11.5% vs Q3 2022-2023 and was in line with Q2 2024 (€ 9.5m). By business, electricity revenue came to € 5.8m, down 13% vs Q3 2023 (€ 6.7m) hurt by lower prices that were partly offset by volume growth. Gas revenue reached € 2.7m vs € 3.2m in Q3 2023 and € 3m in Q2 2024, a...
- Emmanuel Matot
X-FAB : Des guidances 2024 impliquant une nette amélioration au S2
>Résultats T1 dans le bas des guidances - X-Fab vient de publier ses résultats au titre du T1 2024. Ils ressortent mitigés, avec un CA en croissance de seulement +4% à 216 M$ (+5% hors IFRS 15) et une marge EBITDA en baisse de 430 pb à 23.6% (24.0% hors IFRS 15), soit un EBITDA en retrait de 12% à 51 M$. Ses résultats se situent dans le bas des guidances (CA = 215-225 M$ et marge EBITDA = 24-27% => EBITDA = 52-58 M$) et s’avèrent inférieures au consensus (CA = 22...
- Nicolas David
Dassault Systèmes : Mixed Q1 earnings but satisfactory Q2 guidance and...
>Q1 2024 earnings roughly in line: slightly below at topline level, impacted by Medidata slower growth, but above at EPS level - Total revenue came to € 1,500m up 5% on a reported basis and 6% at cc /org. This is -1% below expectations in reported terms and -2pts below at cc (ODDO BHF: € 1518m, up 8.0% cc; Css: € 1,512m up 7.9% at cc). This performance is below the lower end of the guidance (7% to 8% at cc) notably due to Services revenue up only 2% cc). Software...
- Chaima Ferrandon
- Sven Edelfelt
Getlink : Q1 sales: decline in traffic and normalisation of Eleclink
>Revenues 3% above market expectations - After the publication of shuttle traffic data for Q1 2024, Getlink has published Q1 revenues of € 391m, down 23% vs Q1 2023 (above our forecast for € 353m and 3% above the consensus at € 380m). Penalised by LV traffic still 6% below the Q1 2023 level and -2% for HGVs, shuttle revenues came in 5% below the Q1 2023 level due to the price war with ferry companies. Rail revenues came in 10% above the Q1 2023 level with Eurosta...
- Martin Marandon-Carlhian
- Stephane Houri
Aixtron SE : Q1 24 orders and Q2 guidance below expectations, 2024 tar...
>Q1 2024 results below expectations, with a weaker-than-expected order intake - This morning, Aixtron reported its Q1 2024 results which were below expectations, with a weaker-than-expected order intake. The order intake was € 120m, down 14% y-o-y, 21% below the Visible Alpha consensus at € 153m and our estimates at € 150m, with Micro LED applications accounting for 37% of the equipment order intake. Revenues totalled € 118m, up 53% y-o-y above the consensus at € 111m...
- Martin Marandon-Carlhian
- Stephane Houri
Aixtron SE : Q1 24 orders and Q2 guidance below expectations, 2024 tar...
>Q1 2024 results below expectations, with a weaker-than-expected order intake - This morning, Aixtron reported its Q1 2024 results which were below expectations, with a weaker-than-expected order intake. The order intake was € 120m, down 14% y-o-y, 21% below the Visible Alpha consensus at € 153m and our estimates at € 150m, with Micro LED applications accounting for 37% of the equipment order intake. Revenues totalled € 118m, up 53% y-o-y above the consensus at € 111m...
- Chaima Ferrandon
- Sven Edelfelt
Getlink : CA T1 2024 : baisse du trafic et normalisation d’Eleclink
>CA 3% au-dessus des attentes de la place - Après avoir publié le 9 avril son trafic navettes pour le T1 2024, Getlink a publié un CA T1 à 391 M€, en baisse de 23% par rapport au T1 2023 (au-dessus de nos attentes de 353 M€ et 3% du consensus à 380 M€). Pénalisé par un trafic VL encore 6% inférieur au niveau du T1 2023 et -2% pour les PL, le CA navettes ressort 5% inférieur au T1 2023 compte tenu de la guerre des prix avec les ferrys. Le CA ferroviaire ressort lu...
- Louis Boujard
- CFA
- Philippe Ourpatian
Voltalia : Q1 2024 sales broadly in line and guidance for 2024 and 202...
>Neutral rating and target price of € 7.70 maintained - Q1 2024 sales were broadly in line with our estimates (€ 111.1m vs € 100.4m) buoyed by an increase in installed capacity (+47% vs Q1 2023) partly offset by low resources in wind in Brazil (utilisation rate of 27% vs 40%). The EBITDA target for around € 255m, of which some € 230m stemming from energy sales in 2024, has once again been confirmed. We maintain our Neutral rating and our target price of € 7.70, still ...
- Louis Boujard
- CFA
- Philippe Ourpatian
Voltalia : CA T1 24 globalement en ligne et guidances 2024 et 2027 réa...
>Opinion Neutre et OC 7.70 € maintenus - Le chiffre d’affaires du T1 24 est ressorti globalement en ligne avec nos attentes (111.1 M€ vs 100.4 M€) porté par les capacités installées en croissance (+47% vs T1 23) en partie compensées par une faiblesse des ressources dans l’éolien brésilien (taux d’utilisation de 27% vs 40%). L’objectif d’EBITDA d’environ 255 M€, dont autour de 230 M€ provenant des ventes d’énergie en 2024, a été confirmé à nouveau. Notre recommandation...
- Martin Marandon-Carlhian
- Stephane Houri
STMicroelectronics N.V. : A significant downward revision linked to au...
>Q1 2024 results below expectations driven by automotive and an acceleration of the ongoing correction - This morning, STM reported its Q1 2024 results which were clearly below expectations. Revenues were $ 3,465m, down 19,1% q-o-q and down 18.4% y-o-y, below consensus at $ 3.6bn. Guidance was for revenues at $3.6bn, a q-o-q decrease of 15.9%, +/- 350bp. The gross margin was 41.7% also clearly below consensus at 42.3% (guidance was at 42.3% +/- 200bp). EBIT stood at $...
- Martin Marandon-Carlhian
- Stephane Houri
STMicroelectronics N.V. : A significant downward revision linked to au...
>Q1 2024 results below expectations driven by automotive and an acceleration of the ongoing correction - This morning, STM reported its Q1 2024 results which were clearly below expectations. Revenues were $ 3,465m, down 19,1% q-o-q and down 18.4% y-o-y, below consensus at $ 3.6bn. Guidance was for revenues at $3.6bn, a q-o-q decrease of 15.9%, +/- 350bp. The gross margin was 41.7% also clearly below consensus at 42.3% (guidance was at 42.3% +/- 200bp). EBIT stood at $...
- Anis Zgaya
- Louis Boujard
- CFA
La Française de l'Energie : CA T3 au-dessous de nos attentes et révisi...
>CA T3 2024 au-dessous de nos attentes - La Française de l’Energie a publié hier soir son CA T3 23/24 (de janvier à mars). Celui-ci est ressorti à 9.2 M€, en dessous de nos attentes à 10,5 M€, en baisse de 11.5% par rapport au T3 22/23 et en ligne par rapport au T2 2024 (9.5 M€). Par activité, le CA électricité est ressorti à 5.8 M€ en baisse de 13% par rapport au T3 2023 (6.7 M€) impacté par la baisse des prix en partie compensée par la croissance des volumes. Le C...
- Chaima Ferrandon
- Sven Edelfelt
Holcim : Un début d’année honorable
>EBIT T1 >3% au consensus - L’EBIT ressort à 532 MCHF (+16.3% à pcc et -8.3% en réel), au-dessus du consensus (515 MCHF) et de nos attentes (491 MCHFe). Le niveau de croissance en monnaie locale ressort à 17.1%, soit globalement en ligne avec le T4 (18.3%,) tiré par une contribution des acquisitions de 3.4% au T1. Par rapport à nos estimations, l’EBIT est supérieur à nos attentes dans toutes les divisions à l’exception de la branche Solution & Products (-4% vs nos est...
- Emmanuel Matot
Vantiva : A very disappointing start to the year
>Q1 revenues plunge despite the integration of Commscope Home Networks - Vantiva reported yesterday evening its 2024 Q1 revenues. These proved very disappointing, down 20% to € 458m (vs. ODDO BHF = € 607m) despite the integration of Commscope Home Networks (contribution undisclosed vs. € 221m in our initial model). The Connected Home division (down 22% to € 358m vs. ODDO BHF = € 506m) suffered from a high comparison base, destocking and a slowdown in operator inv...
- 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...
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