>We cut our gross profit forecast by 10%, but increase EBITDA by 7% - FY 2023 revenues fell materially below our forecast as the shift from growth to value had a bigger impact on revenues than anticipated. This was partially mitigated by slightly higher gross margins and much better cost control. In this report we lower our revenue forecast by 15% and our gross profit forecast by 10%. Our EBITDA forecast for FY 2024-25 increases by 7%.Restarting the growt...
CM.com's 1Q24 update was largely inline with our expectations with lower gross profit compensated by better OPEX control. We expect this trend to continue and as a result we have limited changes to EBITDA estimates. We believe the company is well on track to become structurally profitable on a FCF basis from 2H24 onwards. This should mitigate any balance sheet uncertainty. We keep our BUY rating and €10.50 target price.
NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - ...
NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - ...
>Meeting our low expectations for 1Q - Revenues declined 11% yoy and came in at €63.5mln, which is in line with our expectations. Gross profits increased 3% yoy, which is 3% below our expectations. In addition the company unexpectedly reported €3.3mln in EBITDA (no estimate) for 1Q24, which compares to our 1H24 fc of €5.9mln. Annual Recurring Revenues (SaaS) are up 6% yoy, which is in line with our expectations. When looking at the operational KPIs we note that the co...
ASML: 1Q24 Results; weak orders but case intact. CM.com: Reasonable 1Q24 trading update, positive EBITDA surprise. Just Eat Takeaway.com: 1Q24 trading update - slowly creeping back to order growth. Staffing: Dutch period 3 - March volume and revenue seeing slight recovery in the trend. TomTom: 1Q24 results - touch weaker but no major surprises
>4Q23 results were disappointing on top line, better on the bottom line - For 4Q revenues missed expectations by a wide margin and came in at €65.7mln vs implied consensus at €85.8mln (miss 23%) and AAOB estimate of €72.7m (miss of 10%). Gross profit came in at €20.4mln vs implied consensus at €21.9mln (miss 7%) and AAOB estimate of €20.9m (miss of 2%). Bear in mind consensus had a limited number of estimates and a wide margin, so we suspect one outlier skewed the ave...
The 27th ODDO BHF forum was held in the form of physical meetings (11-12 January) and digital meetings (15-16 January). It was attended by 325 companies (compared with 322 in 2023 and 314 in 2022): ~40% French, 30% German and 30% from the rest of the EU (except one from US). - Our 2024 Forum welcomed 910 investors (vs. 781 in 2023) 53% of whom were French (vs. 58% in 2023) working for 378 institutions in 20 countries. We organised the equivalent of 8,196 investor meetings (vs. 7,...
Notre 27ième Forum vient de se dérouler de manière présentielle (11-12 janvier), à Lyon, et en digital (les 15-16 janvier). Il a réuni 325 sociétés (vs 322 sociétés en 2023 et 314 en 2022), originaire à ~40% de France, à 30% d’Allemagne et les 30% restant venant du reste de l’Europe (sauf une société américaine). - L’édition 2024 de notre Forum a accueilli 910 investisseurs (781 en 2023) dont 53% français (vs 58% en 2023) travaillant pour 378 institutions de 20 pays. Nous avons ai...
Eramet: Q3 2023 turnover penalised by lower prices and lower 2023 adjusted EBITDA targetNexity: weak Q3 results but no further deterioration; 2023 guidance confirmedPlastic Omnium surprises with major downward guidance revisionUAW and Ford reach agreement in principle, end of strike imminent?>...
Eramet : un T3 2023 pénalisé par la baisse des prix et une dégradation de l'objectif d'EBITDA ajusté 2023Nexity : T3 faible mais qui ne traduit pas de nouvelle dégradation ; guidance 2023 confirméePlastic Omnium surprend avec une importante révision à la baisse de sa guidanceL’UAW et Ford parviennent à un accord de principe, fin de grève imminente ?>...
>CPaaS volumes down, SaaS, Ticketing and Payments growing - CPaaS volumes under pressure with a 5% decline in messages and a 24% decline in voice minutes. Both falling well short of our expectations (no consensus available for 3Q23). Non-CPaaS volumes doing well. Tickets up 24% yoy and Payment TPV up 13% yoy. Both broadly in line with our expectations. Annual recurring revenue increased 9% yoy and came in 1% ahead of our expectations. Due to the mix revenues disappoin...
>The company announced the launch of its proprietary Generative AI engine - This morning CM.com issued a press release to announce the successful launch of its Generative AI?capabilities. At the core of this release is?CM.com's Generative AI Engine. This is a dynamic AI engine consolidating various business-specific knowledge sources (such as CM.com’s customer data platform or any other CRM like tool a client is running), contextually enriched by external Large Langua...
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