reports
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
A1XEH4 CROSSJECT SA
TFI TELEVISION FRANCAISE 1 SA
ISS ISS A/S
NRG NRJ GROUP SA
ALTA ALTAREA SCA
BOSS HUGO BOSS AG
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
GLB GLANBIA PLC
SAVE SAVENCIA SA
FIE FIELMANN AG
VID VIDRALA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
AED AEDIFICA SA
BEZ BERENTZEN GRUPPE
WAF SILTRONIC AG
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
LNSX SIXT LEASING AG
FFARM FORFARMERS
MVC METROVACESA SA
VOS VOSSLOH AG
NEOEN NEOEN S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
C3RY CHERRY AG
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 02/05/2024
Nous sortons GALP de notre liste ODDO BHF European Large Caps. La valeur a réalisé une performance de +31,3% depuis son entrée le 20 mars dernier. Notre analyste adopte ce jour une opinion Neutre (vs Surperformance) sur la valeur qui a atteint notre objectif de cours. - ...
A1XEH4 CROSSJECT SA
TFI TELEVISION FRANCAISE 1 SA
ISS ISS A/S
NRG NRJ GROUP SA
ALTA ALTAREA SCA
BOSS HUGO BOSS AG
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
GLB GLANBIA PLC
SAVE SAVENCIA SA
FIE FIELMANN AG
VID VIDRALA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
AED AEDIFICA SA
BEZ BERENTZEN GRUPPE
WAF SILTRONIC AG
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
LNSX SIXT LEASING AG
FFARM FORFARMERS
MVC METROVACESA SA
VOS VOSSLOH AG
NEOEN NEOEN S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
C3RY CHERRY AG
- Anthony Dick
- Michael Foundoukidis
Aston Martin Lagonda : Q1 offers little reassurance
>Q1 even weaker than expected; guidance confirmed but challenging - Aston Martin reported yesterday morning Q1 results below expectations. Although the group had warned that Q1 would be weak, results still missed already low forecasts, with sales down 10% year-on-year to £ 268m (css £ 290m, ODDO BHF £ 313m), EBITDA down 34% to £ 20m (css £ 30m, ODDO BHF £ 34m) and FCF negative at -£ 190m (css/ODDO BHF -£ 133m). The group was impacted by the refresh of several of its ...
- Anthony Dick
- Michael Foundoukidis
Aston Martin Lagonda : Un T1 2024 qui offre peu d’assurance
>Un T1 encore plus faible qu’attendu ; guidance confirmée mais challenging - Aston Martin a publié hier matin des résultats T1 inférieurs aux attentes. Si le groupe avait déjà prévenu que le T1 serait faible, celui-ci déçoit tout de même les attentes déjà basses, avec un CA en baisse de 10% y-o-y à 268 M£ (css 290 M£, ODDO BHF 313 M£), un EBITDA en baisse de 34% à 20 M£ (css 30 M£, ODDO BHF 34 M£), et un FCF négatif à -190 M£ (css/ODDO BHF -133 M£). Le groupe est not...
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
BMW BAYERISCHE MOTOREN WERKE AG
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
RNO RENAULT SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
DAI DAIMLER AG
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
VOW3 VOLKSWAGEN AG PREF
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
STLA STELLANTIS N.V.
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Anthony Dick
- Michael Foundoukidis
Aston Martin Lagonda : Change of risk profile, rating downgraded to Ne...
>EBITDA there, but cash still absent - AML yesterday morning reported a mixed set of Q4 results, with, on the one hand, solid and better-than-expected EBITDA (£ 175m, +13% y-o-y vs css/ODDO BHF at £ 164m), but, on the other, still-negative FCF (-£ 63m), short of expectations (css at +£ 26m and ODDO BHF +£ 48m) and of management’s guidance which was for positive FCF in the quarter. Downward revision to our 2024 EBITDA forecast, FCF breakeven pushed out - §...
- Anthony Dick
- Michael Foundoukidis
Aston Martin Lagonda : Changement du profil de risque, nous passons à ...
>EBITDA au rendez-vous, mais cash toujours absent - AML a publié hier matin des résultats T4 mitigés, avec d’un côté un EBITDA solide et supérieur aux attentes (175 M£, +13% y-o-y vs css/ODDO BHF à 164 M£), mais de l’autre un FCF toujours négatif (-63 M£), inférieur aux attentes (css à +26 M£ et ODDO BHF +48 M£) et à la guidance du management qui visait un FCF positif sur le trimestre. Révision à la baisse de notre EBITDA 2024e, décalage du breakeven de ...
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 30/01/2024 Date Performance dep...
A date, il nous semble un peu tôt pour pleinement repondérer les Midcaps en raison du timing de la baisse des taux que nos économistes/stratégistes situent à mi-2024, mais : i/ les valorisations (PE 24e : 12,5x - VE/EBITDA 24e : 6,3x) offrent, ponctuellement au moins, des opportunités (décote proche de 30% par rapport aux Large caps), ii/ la croissance attendue est de ~4% (CA 24e) et 8% sur l’EBITDA 24e, iii/ l’approche de la détente des taux amorce un changement dans la perception gé...
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 01/30/2024 Date Performance sin...
To date, we believe it is a bit early to fully reweight midcaps due to the timing of the interest rate cut which our economists/strategists are expecting in mid-2024, but: i/ valuations (P/E 2024e: 12.5x - 2024e EV/EBITDA: 6.3x) offer, at least occasionally, a number of opportunities (discount close to 30% compared to large caps), ii/ expected growth is at ~4% (2024e sales) and 8% in 2024e EBITDA and iii/ the approach of easing interest rates initiates a change in the general risk per...
- Sinan Doganli
Software AG : Q4 results below our expectations on the bottom line
>Digital Business performed better than expected while A&N fell below expectations - This morning, Software AG released its Q4 2023 and full year results. Software AG reported € 312.6m in group revenue for Q4 (-2.0% y-o-y), above our expectations of € 299.6m. The major driver of revenue was the digital business which increased by +14% y-o-y to € 203.9m, +4.9% above our expectations of € 194.4m. But A&N saw a decline of -29% y-o-y to € 69.1m, in line with our expectat...
- Sinan Doganli
- Sinan Doganli
- Sinan Doganli
Software AG : Mosel Bidco SE requests merger squeeze-out of minority s...
>Software AG to be merged into Mosel Bidco SE - In a press release on Friday, Software AG announced that its management board has received a formal request from the Silverlake controlled entity Mosel Bidco SE for a merger squeeze-out. According to Section 62 para. 1 and para. 5 sentence 1 of the German Transformation Act (Umwandlungsgesetz – UmwG) if an acquiring corporation owns at least 90% of the share capital, minority shareholders can be squeezed out for an appro...
- TMT Team
- Sinan Doganli
Software AG : Silverlake to offer to buy remaining SOW shares and Soft...
>Webmethods and Stremsets to be sold for € 2.13bn to IBM - Silverlake has offered to buy all remaining outstanding shares at € 32 per share with the goal of delisting the company. On top of that, Software AG agreed to sell its Webmethods and Streamsets business to IBM for € 2.13bn. Webmethods is an integration and application programming interface (API) management platform and Streamsets a cloud-native data operations and ingestion platform. Together the products...
AMS AMS AG
ATO ATOS SE
ISS ISS A/S
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
GLB GLANBIA PLC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
DR0 DEUTSCHE ROHSTOFF AG
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
IVG IVECO GROUP
ARM ARM HOLDINGS PLC
AMS AMS AG
ATO ATOS SE
ISS ISS A/S
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
GLB GLANBIA PLC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
DR0 DEUTSCHE ROHSTOFF AG
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
IVG IVECO GROUP
ARM ARM HOLDINGS PLC
- Anthony Dick
- Michael Foundoukidis
Aston Martin Lagonda : Some initial delays new DB12 ramp-up which does...
>Q3 2023 results in line overall apart from deliveries - AML's Q3 2023 results reported yesterday morning were broadly in line with expectations, apart from disappointing deliveries due to delays in ramping up production of the new DB12. These delays have prompted the group to lower its volumes guidance for the year (from 7k to 6.7k units), although it points out that the difficulties encountered (integration of new software systems) have now been resolved. At the sa...
- Anthony Dick
- Michael Foundoukidis
Aston Martin Lagonda : Un peu de retard sur la nouvelle DB12, sans rem...
>T3 globalement conforme hormis les livraisons - Les résultats d’AML publiés hier matin sont ressortis globalement conformes aux attentes sauf sur les livraisons qui déçoivent du fait de retards dans la montée en cadence de la nouvelle DB12. Ces retards amènent le groupe à abaisser sa guidance de volumes pour l’années (de 7k à 6,7k unités) même s’il précise que les difficultés rencontrées (intégration de nouveaux systèmes logiciels) sont désormais résolues. Les autre...
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