reports
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 04/25/2024
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
ATO ATOS SE
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MMB LAGARDERE SCA
ITP INTERPARFUMS
HCO HIGHCO SA
MRN MERSEN SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
EBRO EBRO FOODS SA
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
ALVIV VISIATIV SA
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ADOC ADOCIA SA
VLTSA VOLTALIA
SPIE SPIE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
COPN COSMO PHARMACEUTICALS NV
SAE SHOP APOTHEKE EUROPE NV
XFAB X-FAB SILICON FOUNDRIES SE
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
FUR FUGRO NV
RWI RENEWI PLC
FLOW FLOW TRADERS LTD
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 25/04/2024
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
ATO ATOS SE
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MMB LAGARDERE SCA
ITP INTERPARFUMS
HCO HIGHCO SA
MRN MERSEN SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
EBRO EBRO FOODS SA
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
ALVIV VISIATIV SA
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ADOC ADOCIA SA
VLTSA VOLTALIA
SPIE SPIE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
COPN COSMO PHARMACEUTICALS NV
SAE SHOP APOTHEKE EUROPE NV
XFAB X-FAB SILICON FOUNDRIES SE
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
FUR FUGRO NV
RWI RENEWI PLC
FLOW FLOW TRADERS LTD
- Luis de Toledo Heras
SOLTEC : Adapting estimates to strategic realignment
>Updating estimates on strategic realignment - We are updating our estimates (-10% in average EBITDA 2024-25e) and valuation (-26%) of Soltec following the reclassification of 2023 results and its strategic realignment (stricter focus on the tracker segment with a reduction in the construction service activity and more selective approach in Energy projects). The company will update its financial guidance for 2024 when releasing Q1 2024 results and could update its lon...
- Luis de Toledo Heras
SOLTEC : Accounting reclassification reflecting only timing issues in ...
>Revenue recognition criteria defer revenues to 2024 - Soltec has restated its financial accounts for 2023 following a change of criteria by the auditor regarding IFRS15 (Revenue from Contracts with Customers) on the recognition of revenues and expenses booked in 2023 associated with bill and hold agreements on 36 contracts for the supply of solar trackers. The modification implies a reduction in FY 2023 revenues of € 192m (33% of initially reported revenues) and € 14...
- 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
- Luis de Toledo Heras
SOLTEC : New corporate structure to fine-tune project development stra...
>Operating results in line, higher financial costs weigh on net profit - Soltec’s operating results came in slightly above our estimates at the operating level (higher EBITDA margin at the Trackers division: 8.5% in 2023 and up to 16.4% in Q4 2023) on strong industrial activity levels (2.6 GW supplied in Q4 vs 1.7 GW in 9M 2023: 4.3 GW in 2023, +23% vs our 3.5 GW estimate) but significantly below our estimates at the net level on higher financial costs (average cost o...
- Luis de Toledo Heras
- Luis de Toledo Heras
- Luis de Toledo Heras
SOLTEC : Strong results acceleration to deliver on guidance levels
>Frenetic activity in Q4 to deliver on guidance levels - Soltec will release FY 2023 results on 28 February. Q4 2023 results should materially expand to allow the group to reach its recently reiterated financial guidance (EBITDA € 45m to € 60m) considering the weak H1 2023 results (EBITDA of € -10.2m) and limited progress in 9M 2023 (EBITDA of € 0.6m, implying € 10.8m in Q3 2023). Industrial activity (95% of the group’s revenues) strongly accelerated in Q4 as reflecte...
- Jerôme Bodin
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
GYC GRAND CITY PROPERTIES SA
F3C SFC ENERGY AG
PSM PROSIEBENSAT.1 MEDIA SE
ENI ENI S.P.A.
DEQ DEUTSCHE EUROSHOP AG
ORP ORPEA SA
REP REPSOL SA
ERG ERG S.P.A.
ECV ENCAVIS AG
EDR EDREAMS ODIGEO SA
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
COFA COFACE SA
TLGO TALGO SA
BP. BP P.L.C.
SOL SOLTEC POWER HOLDINGS
NA9 NAGARRO
C3RY CHERRY AG
FUR FUGRO NV
VTSC VITESCO TECHNOLOGIES GRP AG
SHEL SHELL PLC
- Jerôme Bodin
FP TOTAL SE
PUB PUBLICIS GROUPE SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
GYC GRAND CITY PROPERTIES SA
F3C SFC ENERGY AG
PSM PROSIEBENSAT.1 MEDIA SE
ENI ENI S.P.A.
DEQ DEUTSCHE EUROSHOP AG
ORP ORPEA SA
WPP WPP PLC
REP REPSOL SA
ERG ERG S.P.A.
ECV ENCAVIS AG
EDR EDREAMS ODIGEO SA
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
COFA COFACE SA
TLGO TALGO SA
BP. BP P.L.C.
SOL SOLTEC POWER HOLDINGS
NA9 NAGARRO
C3RY CHERRY AG
FUR FUGRO NV
VTSC VITESCO TECHNOLOGIES GRP AG
SHEL SHELL PLC
- Luis de Toledo Heras
SOLTEC : On the right path to recovery, Q4 2023 earnings to flourish
>Turning point confirmed - Soltec’s Q3 2023 earnings came significantly above our estimates (>50% EBITDA, € 3.8m higher) with an EBITDA margin of 9% compared to our 5% estimate. Margins were supported by the Industrial segment performance (8.6% EBITDA margin in Q3 2023 vs -4.3% in H1 2023) due to volume growth (0.7GW supplied in Q3 2023 and 1.7GW in 9M 2023) and product mix improvements. Sales were however below our estimates (€ 120m vs € 140m, -15%).We expect a ...
- Emira Sagaama
- Michael B. Schäfer
- Thomas Zlowodzki
- Emira Sagaama
- Michael B. Schäfer
- Thomas Zlowodzki
- Luis de Toledo Heras
SOLTEC : Contracting momentum in H2 2023 to the rescue, FY 2023 guidan...
>Uninspiring results as anticipated on weak industrial performance - Soltec results were broadly in line with estimates (EBITDA H1 2023 of -€ 10m) with weak activity levels at the Industrial segment (-25% y-o-y) due to the late release of the IRA guidelines in the US and the postponement of administrative milestones in the permitting segment in Spain (regional and national elections). The industrial segment (95% of consolidated revenues) recorded 1 GW of tracker suppl...
- Luis de Toledo Heras
OLG OLYMPIQUE LYONNAIS GROUPE
DEQ DEUTSCHE EUROSHOP AG
ERG ERG S.P.A.
NDA AURUBIS AG
WIE WIENERBERGER AG
PAT PATRIZIA AG
AALB AALBERTS N.V.
SAX STROEER SE & CO. KGAA
LNSX SIXT LEASING AG
TLGO TALGO SA
DKG DEUTSCHE KONSUM REIT-AG
MEL MELIA HOTELS INTERNATIONAL S.A.
ALD ALD SA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
AEIN ALLGEIER HOLDING AG
SOL SOLTEC POWER HOLDINGS
MRX MISTER SPEX SE
YOU ABOUT YOU HLDG AG
HGEA HGEARS AG
IVG IVECO GROUP
- Luis de Toledo Heras
OLG OLYMPIQUE LYONNAIS GROUPE
DEQ DEUTSCHE EUROSHOP AG
ERG ERG S.P.A.
NDA AURUBIS AG
WIE WIENERBERGER AG
PAT PATRIZIA AG
AALB AALBERTS N.V.
SAX STROEER SE & CO. KGAA
SIFG SIF HOLDING NV
LNSX SIXT LEASING AG
TLGO TALGO SA
DKG DEUTSCHE KONSUM REIT-AG
MEL MELIA HOTELS INTERNATIONAL S.A.
ALD ALD SA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
AEIN ALLGEIER HOLDING AG
SOL SOLTEC POWER HOLDINGS
MRX MISTER SPEX SE
YOU ABOUT YOU HLDG AG
HGEA HGEARS AG
IVG IVECO GROUP
- Luis de Toledo Heras
SOLTEC : Slow start of the year as widely anticipated; FY 2023 guidanc...
>Solar tracker demand to materialise in H2 2023 - Soltec’s Q1 2023 results were weak, as expected, with Soltec’s Industrial figures (-46% in revenues y-o-y and negative adjusted EBITDA margin of -4.5%) dragging the group’s results on seasonality factors as results are expected to be significantly back-end loaded in 2023 (IRA guidelines release in the US and RTB status of approved capacity in Spain). Adjusted EBITDA margins are affected by low activity levels and linea...
- Luis de Toledo Heras
SOLTEC : Well on track to capture the solar PV growth opportunity
We initiate coverage on Soltec with an Outperform recommendation and a target price of € 7.35 (the average of peer multiples and sum-of-the-parts: 16.1x implied EV/EBITDA 2023e, 12.6x 2024e). We are impressed by its sound positioning in the solar PV industry, particularly in the solar tracker segment (15.6 GW installed, #4 globally, 24 GW pipeline), its track record in Project development (14.4 GW pipeline), and the outstanding growth profile of the Assets segment. We expect Sol...
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