reports
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 30/04/2024 Date Performance dep...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2024
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Anthony Dick
- Michael Foundoukidis
Nokian Renkaat Oyj : Début d’année plus difficile que prévu
>Résultats inférieurs aux attentes mais guidance confirmée - Nokian Tyres a publié des résultats T1 2024 nettement inférieurs à nos attentes et celles du consensus avec un CA seulement stable à 237 M€ (consensus 265 M€) et un EBIT ajusté de -15 M€ (consensus +4 M€, ODDO BHF -3 M€), notamment pénalisé par des facteurs externes (grèves en Finlande, impacts Mer Rouge) qui ont davantage impacté sa production que ce que nous anticipions (impact CA de ~25 M€ au T1) et qui ...
- Anthony Dick
- Michael Foundoukidis
Nokian Renkaat Oyj : A tougher start to the year than expected
>Earnings short of estimates but guidance confirmed - Nokian Tyres reported Q1 2024 earnings far below our estimates and those of the consensus with sales merely stable at € 237m (consensus € 265m and adjusted EBIT of -€ 15m (consensus +€ 4m, ODDO BHF -€ 3m), notably penalised by external factors (strikes in Finland, disruptions in the Red Sea) which have hit the group’s production harder than we expected (sales impact of ~€ 25m in Q1), and which should continue to af...
- Miika Ihamaki
Nokian Tyres (Hold, TP: EUR9.00) - Soft Q1, with or without setbacks
The Q1 results were below our expectations, even after adjusting for the negatives on the group profit from the political strikes in Finland and the Red Sea conflict. On a positive note, the PCT price/mix was guided to hold up well, partly offsetting our revised lower sales expectations, while the Romanian factory appears to be ramping up on schedule. We reiterate our HOLD but have cut our target price to EUR9.0 (9.5), after lowering our 2024–2026e clean EBIT by c6% on average.
- Miika Ihamaki
Nokian Tyres (Hold, TP: EUR9.50) - Directionally better
For 2024, Nokian Tyres is set to see a boost in capacity, but most of the increase should stem from less-profitable contract manufacturing, leaving limited upside potential to consensus, in our view. For Q1, we expect reiterated 2024 guidance on slightly improved sell-in trends and an update on capacity expansion. We reiterate our HOLD but have nudged up our target price to EUR9.5 (9.0).
- Martin Marandon-Carlhian
- Stephane Houri
FP TOTAL SE
EQNR EQUINOR ASA
DBK DEUTSCHE BANK AG
FORTUM FORTUM OYJ
QIA QIAGEN NV
SCR SCOR SE
WHA WERELDHAVE N.V.
VOE VOESTALPINE AG
VASTN VASTNED RETAIL NV
BC8 BECHTLE AG
ASSA B ASSA ABLOY AB CLASS B
BP. BP P.L.C.
EVD CTS EVENTIM AG & CO. KGAA
AKZA AKZO NOBEL N.V.
ENR SIEMENS ENERGY AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
SHUR SHURGARD SELF STORAGE LIMITED
- Aurelien Sivignon
MERY MERCIALYS SA
TYRES NOKIAN RENKAAT OYJ
ABVX ABIVAX SA
WHA WERELDHAVE N.V.
LNA LNA SANTE SA
MBB MBB INDUSTRIES SE
BAMNB KONINKLIJKE BAM GROEP NV
VASTN VASTNED RETAIL NV
AALB AALBERTS N.V.
MELE MELEXIS NV
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
JEN JENOPTIK AG
TMV TEAMVIEWER AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ECMPA EUROCOMMERCIAL PROPERTIES NV
- Aurelien Sivignon
MERY MERCIALYS SA
TYRES NOKIAN RENKAAT OYJ
ABVX ABIVAX SA
WHA WERELDHAVE N.V.
LNA LNA SANTE SA
MBB MBB INDUSTRIES SE
BAMNB KONINKLIJKE BAM GROEP NV
VASTN VASTNED RETAIL NV
AALB AALBERTS N.V.
MELE MELEXIS NV
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
JEN JENOPTIK AG
TMV TEAMVIEWER AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ECMPA EUROCOMMERCIAL PROPERTIES NV
- Emna Ben Bdira
- Maxime Kogge
voestalpine : Soft Q3 underlying performance ex one-offs, FY guidance ...
>Q3 in line but boosted by one-offs, underlying performance subdued - Voestalpine just reported its Q3 2023-24 results (to end-December) with EBITDA down 10% vs Q2 at € 368m, in line with the consensus estimates (€ 367m) and slightly ahead of our estimates (€ 363m). The performance was however boosted by € 44m of one-offs (mainly government energy subsidies) without which EBITDA would have been down 21% at its lowest level since late 2020. The Steel division was the m...
- Anthony Dick
- Michael Foundoukidis
Nokian Renkaat Oyj : Making headway but still a long way to go
>Q4 earnings slightly below expectations, low end of the FY guidance range - Nokian Tyres reported Q4 2023 earnings that slightly missed our estimates and the consensus with sales up 2% to € 368m (consensus € 369m) and adjusted EBIT of € 44.5m (consensus € 47m), buoyed by progress in passenger tyres (although less than hoped). Over the full year, the performance therefore came in at the lower end of the guidance range, which was revised down at the end of October (sal...
- Anthony Dick
- Michael Foundoukidis
Nokian Renkaat Oyj : Des progrès mais la route est encore longue
>T4 légèrement inférieur aux attentes, bas de la fourchette de la guidance annuelle - Nokian Tyres a publié des résultats T4 2023 légèrement inférieurs à nos attentes et celles du consensus avec un CA en hausse de 2% à 368 M€ (consensus 369 M€) et un EBIT ajusté de 44.5 M€ (consensus 47 M€), porté par les progrès dans le tourisme (bien que moindres qu’espéré). Sur l’année, la performance ressort donc en bas de la fourchette de la guidance qui avait été abaissée fin o...
EQS-News: voestalpine AG: Economic slowdown impacts voestalpine earnin...
EQS-News: voestalpine AG / Key word(s): Quarterly / Interim Statement voestalpine AG: Economic slowdown impacts voestalpine earnings for Q3 2023/24 07.02.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Economic slowdown impacts voestalpine earnings for Q3 2023/24 At EUR 12.4 billion, revenue for Q1 to Q3 2023/24 is 8.8% lower than in the previous year (EUR 13.6 billion) EBITDA fell by 31.7% to EUR 1.3 billion (previous year: EUR 1.9 billion) EBIT decreases year-over-year from EUR 1.1 billion to EUR 713 million (–37.4%) Prof...
EQS-News: voestalpine AG: Konjunktureintrübung dämpft voestalpine-Erge...
EQS-News: voestalpine AG / Schlagwort(e): Quartals-/Zwischenmitteilung voestalpine AG: Konjunktureintrübung dämpft voestalpine-Ergebnis zum Q3 2023/24 07.02.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Konjunktureintrübung dämpft voestalpine-Ergebnis zum Q3 2023/24 Umsatz Q1 bis Q3 2023/24 mit 12,4 Mrd. EUR um 8,8 % niedriger als im Vorjahr (13,6 Mrd. EUR) EBITDA fiel um 31,7 % auf 1,3 Mrd. EUR (Vorjahr: 1,9 Mrd. EUR) EBIT ging im Vorjahresvergleich von 1,1 Mrd. EUR auf 713 Mio. EUR zurück (-37,4 %) Ergebnis vor S...
- Miika Ihamaki
Nokian Tyres (Hold, TP: EUR9.00) - Mixed Q4, but better direction
Nokian Tyres expects a better 2024 ahead, driven by improved sell-in activity and higher supply. However, in our view overall Q4 results were soft and the outlook involves an element of uncertainty, while 2024 guidance also seemed vague. We reiterate our HOLD but have raised our target price to EUR9.0 (8.5), with a c6% dividend yield lending solid support for the share price.
- Emira Sagaama
- Jean-Baptiste Rouphael
- Julian Dobrovolschi
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/24/2024
The ESG themes addressed during this year’s forum centred around the 3 “T”s: Transparency, with the implementation of the CSRD; Talent, a theme where the issues of attraction and retention are as relevant as ever; and Transition, with some companies in the process of adapting their business models to embrace sustainability-related topics. Our favorite ESG profiles are those of GEA Group, Intertek, Carbios, SPIE, Elis, UCB and, to a certain extent, Bekaert. - ...
- Emira Sagaama
- Jean-Baptiste Rouphael
- Julian Dobrovolschi
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/01/2024
Cette année, les thématiques ESG abordées lors du Forum se dessinent autour des 3 « T » : Transparence, avec la mise en œuvre de la CSRD, Talents : les enjeux d’attraction et de rétention restent prégnants ; Transition : un virage des modèles d’activité vers des thématiques de durabilité est engagé pour certains acteurs. Côté valeurs, nous apprécions le profil ESG de GEA Group, Intertek, Carbios, SPIE, Elis, UCB et dans une certaine mesure, Bekaert. - ...
- Emna Ben Bdira
- Maxime Kogge
voestalpine : Q3 2023-24 preview: towards another mixed quarter before...
>Towards a relatively soft Q3 due to Steel and HPM - Voestalpine is due to publish its Q3 results on 7 February (year to end-December). In our view, the quarter should be relatively weak in line with the previous quarter. In the context of a generalised economic slowdown in Europe, the unfavourable seasonal effect in Q4 (a generally quiet quarter for the group unlike other European players) should be even more pronounced this year. This is notably due to the slowdown ...
- Emna Ben Bdira
- Maxime Kogge
voestalpine : Preview T3 2023/24 : vers un nouveau trimestre mitigé av...
>Vers un T3 plutôt faible à cause de Steel et HPM - voestalpine publiera le 7 février ses résultats T3 (clos au 31 décembre). Le trimestre devrait voir, selon nous, une activité relativement faible en ligne avec le trimestre précédent. Dans un contexte de ralentissement économique généralisé en Europe, la saisonnalité défavorable du T4 (un trimestre généralement creux pour le groupe contrairement aux autres acteurs européens) devrait être encore plus prononcée cette a...
- Miika Ihamaki
Nokian Tyres (Hold, TP: EUR8.50) - More optimistic on 2024e
We reiterate our HOLD but have raised our target price to EUR8.5 (7.5) to reflect our c2–3% higher clean EBIT for 2024–2025e and peers’ re-rating since our last update. We expect a soft Q4, but dwindling dealer stocks and potentially lower interest rates should allow for a more positive 2024e demand picture. However, we find the current valuation fair.
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