reports
- Thijs Berkelder
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - Date1
We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
ITP INTERPARFUMS
SDF K+S AG
NEX NEXANS SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ADN1 ADESSO AG
GNFT GENFIT SA
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
NVG NAVIGATOR COMPANY SA
ASS APPLUS SERVICES S.A.
S92 SMA SOLAR TECHNOLOGY AG
CLA CLARANOVA SE
SRAIL STADLER RAIL AG
KTA KNAUS TABBERT
UPG UNIFIEDPOST GROUP
DEME DEME GROUP NV
AF AIR FRANCE - KLM
- Thijs Berkelder
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 11/14/2024
We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
ITP INTERPARFUMS
SDF K+S AG
NEX NEXANS SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ADN1 ADESSO AG
GNFT GENFIT SA
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
NVG NAVIGATOR COMPANY SA
ASS APPLUS SERVICES S.A.
JST JOST WERKE AG
S92 SMA SOLAR TECHNOLOGY AG
CLA CLARANOVA SE
SRAIL STADLER RAIL AG
KTA KNAUS TABBERT
UPG UNIFIEDPOST GROUP
DEME DEME GROUP NV
AF AIR FRANCE - KLM
- Delphine Brault
- Quentin Borie
Stadler Rail AG : Profit warning on 2024, 2025 and 2026 guidance scrap...
>A host of factors behind the warning, some of them external - The group yesterday evening announced a downgrade to its 2024 guidance, citing a range of reasons, among them:The flooding that severely affected production, particularly the flooding in Valencia (30 subcontractors for the Valencia plant affected, difficulty accessing the plant for some employees), the flooding of the plant of a supplier aluminium profiles, Constellium, in the Valais area (stoppage fo...
- Delphine Brault
- Quentin Borie
Stadler Rail AG : Profit warning sur 2024, guidance 2025 & 2026 abando...
>Une multitude de facteurs derrière le warning, certains exogènes - Le groupe a annoncé hier soir la révision en baisse de ses objectifs 2024, il met en avant une multitude de raisons, parmi lesquelles :Les intempéries qui ont fortement affecté la production, notamment les inondations à Valence (30 sous-traitants de l’usine de Valence touchés, accès à l’usine difficile pour certains salariés), l’inondation de l’usine du sous-traitant en aluminium Constellium dans...
- Delphine Brault
- Quentin Borie
ODDO : US elections: between continuity and disruption, the benefits/r...
Accounting for an average of 19% of revenues for European capital goods groups (over 40% in some cases), the US is clearly a central factor in growth strategies, both organically and inorganically. Based on our analysis of the programmes of the two candidates running for the White House and the positioning of the various groups, we have established two scenarios through which to play the sector depending on the winner in November's election. In this still uncertain US election co...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- Delphine Brault
- Quentin Borie
ODDO : Election US : entre continuité et rupture, les bénéfices/risque...
Représentant 19% en moyenne du CA des groupes de biens d’équipement européens (plus de 40% pour certains), les Etats-Unis sont inévitablement au cœur des stratégies de croissance, tant organique qu’externe. Après analyse des programmes des deux candidats à la Maison Blanche, croisée avec celle du positionnement des groupes, nous avons établi 2 scénarios permettant de se positionner en fonction du candidat qui sera élu en novembre. Dans ce contexte électoral américain encore incer...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- Juan Ros-Padilla
EO FAURECIA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALCAR CARMAT SA
ALO ALSTOM SA
TRI TRIGANO SA
NEX NEXANS SA
01913 PRADA S.P.A.
SHA SCHAEFFLER AG
MONC MONCLER SPA
FYB FORMYCON AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
WAGA WAGA ENERGY SA
FLOW FLOW TRADERS LTD
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
STM STMICROELECTRONICS NV
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
STLA STELLANTIS N.V.
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
STM STMICROELECTRONICS NV
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
STLA STELLANTIS N.V.
- Juan Ros-Padilla
EO FAURECIA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALCAR CARMAT SA
ALO ALSTOM SA
TRI TRIGANO SA
NEX NEXANS SA
01913 PRADA S.P.A.
SHA SCHAEFFLER AG
MONC MONCLER SPA
FYB FORMYCON AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
WAGA WAGA ENERGY SA
FLOW FLOW TRADERS LTD
- Delphine Brault
- Quentin Borie
ODDO : Feedback Innotrans: demand is here to stay
>UNIFE sees 3% growth p.a. between 2022 and 2028 - As we did two years ago, we attended Innotrans in Berlin last week. The rail show brought together 2,940 exhibitors (more than 2022) and close to 140,000 visitors. At the event, UNIFE presented its growth forecasts with 3% expected per year between the period 2021-2023 and 2027-2029 (after 2.7% seen in 2021-2023). In practice, sector groups see stronger growth than the 3% anticipated by UNIFE.Insight...
- Delphine Brault
- Quentin Borie
ODDO : Feedback Innotrans : la demande est là pour durer
>Unife prévoit 3% de croissance annuelle par an entre 2022 et 2028 - Comme il y a 2 ans, nous avons assisté la semaine dernière au Salon Innotrans à Berlin. Ce salon ferroviaire a rassemblé 2 940 exposants (> à 2022) et près de 140 000 visiteurs. Lors de ce salon, Unife a présenté ses prévisions de croissance avec 3% attendus par an entre les périodes 2021-2023 et 2027-2029 (après 2.7% réalisés sur la période 2021-2023). En pratique, les groupes du secteur prévoi...
- Julian Dobrovolschi
- Wim Gille
- Julian Dobrovolschi
- Wim Gille
- Delphine Brault
- Quentin Borie
Stadler Rail AG : Margins and FCF disappoint in H1
>H1 well short of expectations margin-wise - Stadler’s H1 2024 results, reported yesterday morning, fell nearly 35% short of expectations for EBIT (see our first take). Order intake came in at CHF 2.55bn (vs css at CHF 2.72bn), down 45% after a strong showing in H1 2023 (CHF 4.7bn). Revenues came in slightly higher (+0.3%, +1.3% on constant currencies) at CHF1,293m, in line with expectations. EBIT and FCF were the two main negative aspects with this release....
- Delphine Brault
- Quentin Borie
Stadler Rail AG : La marge et le FCF déçoivent au premier semestre
>Un S1 2024 largement en-dessous des attentes sur la marge - Stadler a publié hier matin des résultats S1 2024 inférieurs de près de 35% aux attentes au niveau de l’EBIT (cf. notre first take). Les prises de commandes atteignent 2.55 MdCHF (vs css à 2.72 MdCHF), en baisse de 45% après un S1 2023 élevé (4.7 MdCHF). Le chiffre d’affaires est en légère hausse (+0.3%, +1.3% à changes constants) à 1 293 MCHF, en ligne avec les attentes. L’EBIT et le FCF sont les ...
- Martijn Den Drijver
ODDO BHF Small & MIDCAP MORNING NEWS - 08/28/2024
We initiate the coverage of Ypsomed with a target price of CHF 495 and an Outperform rating. As a leading developer and manufacturer of a broad portfolio of injection systems for the self-medication of liquid drugs, Ypsomed will benefit from major trends in the healthcare industry. The company is currently in a transformation process to exit non-core activities and to focus on the fast-growing and highly profitable Delivery Systems business. This is expected to lead on our estimates t...
- Martijn Den Drijver
ODDO BHF Small & MIDCAP MORNING NEWS - 28/08/2024
We initiate the coverage of Ypsomed with a target price of CHF 495 and an Outperform rating. As a leading developer and manufacturer of a broad portfolio of injection systems for the self-medication of liquid drugs, Ypsomed will benefit from major trends in the healthcare industry. The company is currently in a transformation process to exit non-core activities and to focus on the fast-growing and highly profitable Delivery Systems business. This is expected to lead on our estimates t...
- Delphine Brault
- Quentin Borie
Stadler Rail AG : H1 results miss expectations, 2024 guidance confirme...
>H1 results lower than expected, notably on the margin - Stadler this morning reported H1 2024 results that came in below expectations. Orders were down 45% to CHF 2.55bn (css at CHF 2.72bn). The level of orders remains relatively high with the book-to-bill reaching 2x, but the group said that some orders were postponed to H2.Revenues were stable (+0.3% with +1.3% at constant exchange rates) at CHF 1,293m, in line with expectations (CHF 1,289m). The group un...
- Delphine Brault
- Quentin Borie
Stadler Rail AG : Un S1 inférieur aux attentes, la guidance 2024 est c...
>Un S1 2024 inférieur aux attentes, notamment sur la marge - Stadler a publié ce matin des résultats S1 2024 inférieurs aux attentes. Les commandes sont en baisse de 45% à 2.55 MdCHF (css à 2.72 MdCHF). Le niveau de commandes reste relativement élevé avec un book-to-bill atteignant 2x, mais le groupe indique que des commandes potentielles ont été reportées au S2.Le chiffre d’affaires est stable (+0.3% dont +1.3% à change constant) à 1 293 MCHF, en ligne avec...
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