SOMFY - BUY | EUR155 Better 1H22 margin than expected, attractive valuation despite weakening demand Margins proved more resilient than expected in 1H22 despite lower 2Q22 demand As expected, volumes should remain negatively oriented in 2H22 BUY reiterated, TP EUR155
As a summary of the 1Q22 publications of our industrial coverage, we believe Schneider features the best fundamentals given (i) its strong industry automation focus, (ii) a product portfolio resolutely focused on sustainability and resource frugality in a context of tense supply chains, and (iii) its diversified geographical exposure. Schneider’s valuation, at par with building-focused players, is in our view not justified given its better fundamentals. Regarding Legrand and Somfy, players almos...
Smart Industries How to play capital goods stocks in a tense geopolitical context I – Lasting Geopolitical tensions could significantly impair growth and margins II – Schneider seems the most resilient player to an economic slowdown III – Metals, energy and labor inflation to weigh on costs IV - Currency risks V- Limited exposure to the Russian and Ukrainian economies VI – We adjust our risk perception, TP and rating to reflect risks
SOMFY - CONVICTION BUY | EUR200 VS. EUR195 (+26%) Surprisingly resilient Q4 on tough comparison basis 4Q21 topline growth is +7pts above our forecasts Tough comparison basis in 4Q21 Upgraded EBITA margins thanks to better growth and one-off savings Conviction buy reiterated. TP upgraded to EUR200.
SOMFY CONVICTION BUY TOP PICKS | EUR195 VS. EUR190 Better than expected September. Guidance Upgraded (company contact) A decent Q3 on the back of a resilient September New chips improving visibility for 2022 New guidance, new estimates, new valuation Positive rating reiterated.
SOMFY - Conviction BUY | EUR190 VS. EUR180 (+10%) Solid long term outlook beyond short term headwinds Prudent guidance on the FY top line performance… … as well as for the 2021 current operating profitability Beyond 2021 looks fine New estimates above guidance but not that aggressive
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
SOMFY - Conviction BUY | EUR170(+13%) A fine change in governance, on the back of buoyant end markets (company contact) Very strong start to the year Supply chain likely to take its toll, but this will be temporary Surprising, but fine change of governance announcement Positive stance maintained
SOMFY - CONVICTION BUY vs. BUY | EUR170 VS. EUR165 (+22%) Count on it for the Home of the future They did it again: EBIT is slightly stronger than expected Guidance with a safety cushion, despite solid underlying market trends An acquisition to take care of the excess cash? Conviction Buy (vs Buy) for a natural leader in Smart Homes
SOMFY - BUY | EUR165 VS. EUR155 (+9%) A big winner of the pandemic Strong top line performance in Q4 Some catch-up but also confirmation of solid underlying trends Excellent operating margin in 2020 but partly due to one-off savings Buy confirmed. TP further raised to EUR165 following estimates update
SOMFY - BUY | EUR139 vs. EUR123 (+15%) Could it be better ? Strong growth in Q3, better than management expectations On the back of a balanced performance by zone Smart Home as one of the sector to benefit from the pandemic Guidance upgraded. New target price at EUR139
SOMFY - BUY vs. NEUTRAL | EUR106 vs. EUR98 (+22%) A pandemic ? which pandemic ?. Decent top line thanks to a strong rebound post lockdown Combined with reassuring guidance on H1 current EBIT Momentum should continue to be positive Upgraded to BUY. FV to EUR106
SOMFY - NEUTRAL | EUR92 (+19%) March revenues down after a strong start of the year Strong volatility of sale during Q1 But some countries did much better than others Timing is unfortunate Neutral keep but this is a stock to keep in mind
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