reports
- Arnaud Riverain
DELTA PLUS (ALDLT) - CA T1 : Une double lecture s'impose / Achat - Obj...
CA T1 2024 consolidé -10,7% à 95,9 M€ (-4,2% tcc) Europe 50 M€ -7,8% (-8,2% tcc) Hors Europe 45,9 M€ -13,6% (-0,1% tcc) Par rapport au T1 2023 retraité des « effets argentins », CA T1 2024 en baisse de -8,7% (-7,6% tcc) Europe -7,8% (-8,2% tcc) Hors Europe -9,6% (-7% tcc)
- Aurore Aventin (IDMidCaps)
Delta Plus Group - Record results and good cash generation in 2023, bu...
2023 results up, in line with our expectations and even slightly ahead of management's expectationsThe Group forecasts continued organic growth and maintained margins in 2024, but the start of the year is proving more difficult with a demanding base effectWe maintain our forecast scenario for 2024 and our target price of €76/share.The sharp rise in the share price in recent months has resulted in high multiples, prompting us to adopt a Reduce opinion on the stock (vs. Add previously), espec...
- Baptiste Lebacq
FP TOTAL SE
AMS AMS AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
WAF SILTRONIC AG
XIL XILAM ANIMATION SA
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WOLF SOCIETE LDC SOCIETE ANONYME
ALKAL KALRAY SA
JEN JENOPTIK AG
TMV TEAMVIEWER AG
INPST INPOST S.A.
HDF HYDROGENE DE FRANCE
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
- Baptiste Lebacq
- Emmanuel Matot
FP TOTAL SE
AMS AMS AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
WAF SILTRONIC AG
XIL XILAM ANIMATION SA
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WOLF SOCIETE LDC SOCIETE ANONYME
ALKAL KALRAY SA
JEN JENOPTIK AG
TMV TEAMVIEWER AG
INPST INPOST S.A.
HDF HYDROGENE DE FRANCE
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
- Fatma Agnès Hamdani
LDC : Q4 broadly in line. Volume recovery for the poultry France divis...
>Organic decline in Q4 sales of 1.5% vs -0.3%e due to more negative price effects. Volumes in the poultry France division recovered by +5.5% - LDC yesterday evening reported Q4 2023-24 sales close to our expectations. Sales were up a slight 1.6% to € 1,645.4m (vs cons. € 1,648m and ODDO BHF € 1,653m est.). Organic growth was a bit weaker at -1.5% versus -0.3% expected, reflecting bigger price decreases in poultry. Q4 sales in the poultry France division excluding...
- Fatma Agnès Hamdani
LDC : Un T4 globalement en ligne. Redressement des volumes pour le pôl...
>Décroissance organique du CA T4 de 1.5% vs -0.3%e en raison des effet prix plus négatifs. Les volumes se redressent pour le pôle volaille France de +5.5% - LDC a publié hier soir un CA T4 2023/24 proche de nos attentes. Les ventes ressortent en légère hausse de 1.6% à 1645.4 M€ (vs cons. 1648 M€ et 1653 M€e). La croissance organique est un peu plus faible à -1.5% contre -0.3% attendus, reflétant une baisse des prix plus élevée en volaille. Le CA T4 du pôle Volai...
- Arnaud Riverain
- Fatma Agnès Hamdani
LDC : More visibility over the anticipated upturn in volumes in 2024-2...
Against a backdrop of sluggish consumer spending and declining purchasing power, we believe LDC has what it takes to get through this period of uncertainty. The fall in raw material prices should give the group leeway to boost its volumes in 2024-25 while shielding its profitability. Strong FCF generation means it can easily finance its investments and make a more transformational acquisition if the opportunity arises. The recent fall in the share price should be seen an opportun...
- Fatma Agnès Hamdani
LDC : Plus de visibilité sur le redressement des volumes en 2024/25
Dans un contexte de consommation atone marquée par la baisse du pouvoir d’achat, nous pensons que LDC a des atouts pour traverser cette période d’incertitudes. La baisse des matières premières lui confère de la latitude pour redresser ses volumes en 2024/25 tout en préservant sa rentabilité. En outre, la forte génération de FCF lui permet aisément de financer ses investissements et de réaliser une acquisition plus transformante si l’opportunité se présente. La baisse récente du c...
- Bruno Cavalier
- Olfa Taamallah
- Yan Derocles
RR. ROLLS-ROYCE HOLDINGS PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ALV ALLIANZ SE
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
AENA AENA SME SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WOLF SOCIETE LDC SOCIETE ANONYME
- Olfa Taamallah
- Yan Derocles
- Bruno Cavalier
- Olfa Taamallah
- Yan Derocles
RR. ROLLS-ROYCE HOLDINGS PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ALV ALLIANZ SE
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
AENA AENA SME SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WOLF SOCIETE LDC SOCIETE ANONYME
- Olfa Taamallah
- Yan Derocles
- Arnaud Riverain
- Aurore Aventin (IDMidCaps)
Delta Plus Group - Towards organic growth in 2024 in line with 2023, e...
Q4 in line with our organic guidance, driven by good performance outside EuropeFull-year guidance confirmed, with Q1 expected to be in line with Q4 in organic terms, excluding ArgentinaADD opinion maintained, with an unchanged target price of €76/share.
- Robin Leclerc (IDMidCaps)
- Arnaud Riverain
DELTA PLUS (ALDLT) - Impact peso argentin / Achat - Obj. 96,9 € - Pot....
Contribution attendue 15 M€ (3,5% du CA) vs 23 M€ (5,5% du CA) du fait de la dévaluation du peso de 50% le 13 décembre ; CA 2023 groupe attendu stable ; Confirmation de l’amélioration de la rentabilité opérationnelle et du bilan.
- Fatma Agnès Hamdani
- Baptiste Salaville
- Charlotte Vaisse
- Fatma Agnès Hamdani
- Fatma Agnès Hamdani
LDC : Q3 a shade below expectations due to a more limited volume effec...
>Organic sales down 0.8% vs +1.8% estimated due to a more limited volume effect in poultry - LDC reported Q3 2023-24 sales of € 1,530.7m, up 2.6%, some 2% below our forecast (€ 1,568.9m). Organic growth came in a shade below -0.8% (vs +1.8% est.). The difference with our estimate essentially stems from a less favourable volume effect, specifically at the poultry France division and internationally. Volumes were broadly stable (+0.1%) vs the anticipated +2.7%. Trends b...
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