Rheinmetall AG : Headed for an abundant H2 2024

>Still on track for record order intake in FY 2024 - After € 3.9bn in Q1, Rheinmetall, confirmed that nominations in FY 2024 should stand at the upper end of the range announced previously of € 28-36bn, nonetheless with a delay in the finalisation of some orders. The highly anticipated framework contract for ammunition for the German army is still expected for an amount of around € 10bn, but should be separated into several contracts with a first call for c.€ 1bn (thi...

Rheinmetall AG : Vers un dense S2 2024

>Toujours en route pour un record de prises de commande en FY 24 - Après 3.9 Md€ sur le T1, Rheinmetall a confirmé que les nominations pour FY 24 devraient s’établir dans le haut de fourchette dévoilé précédemment de 28 à 36 Md€ avec toutefois un décalage dans la finalisation de certaines commandes. Le très attendu contrat cadre de munitions pour l’armée allemande est toujours anticipé dans une enveloppe d’environ 10 Md€ mais devrait être séparé en plusieurs contrats ...

Rheinmetall AG: 2 directors

A director at Rheinmetall AG bought 100 shares at 509.420EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...

Deck Cleared? Kevin Plank Rebases Sales/EPS In His First Call Back As ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024

With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024

Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...

thyssenkrupp : Q2 adj. EBIT above cons, FY 23-24 sales outlook revised...

>Q2 23-24 adj. EBIT 28% above consensus, flat adj. EBIT margin in MX and recovery in SE (raw mat cost driven) - Q2 23-24 adj. EBIT decreased by 10% y-o-y to € 184m (last year's Q2 was inflated by € 55m one-off in AT), which is 28% above consensus estimate of € 144m. In Q2 23-24, we have seen flat adj. EBIT margin of 2.2% in MX fuelled by lower freight costs but offset by lower shipments (-9% y-o-y) and prices. Adj. EBIT margin of 2.4% in SE (up 2.8pp y-o-y, cons: 2.6%...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/05/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2024

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Rheinmetall AG : Slow start to the year – 2024 guidance reiterated but...

>Q1 EBIT c7% below css – Higher cash burn than expected in order to prepare the production increase - Q1 2024 earnings came in 6.6% below Vara expectations with an operating result at € 134m (ODDO BHF: € 151m, Vara consensus: € 143.4m) on sales of € 1,581m, up 16% (10% l-f-l), representing a margin of 8.5% (+239bp) mainly driven by Weapon & Ammunition (margin up 380bp) and in particular the strong contribution from Expal with a 36.6% margin. The gap with our forecast ...

Sonova Holding AG : FY review – results in line, outlook a notch bette...

>FY review – in line on top and bottom line - Sonova’s FY 2023-24 revenues of CHF 3,626.9m (-3.0% y-o-y, in line vs ODDO BHF/consensus) were driven by weak organic growth of 1.6% (vs 2.1%/2.1%% expected). External growth was 1.6% supported by the expansion of the acoustic care network. Forex created a headwind of 620bp. Group adj. EBITA of CHF 771.4m (-8.2% y-o-y, margin 21.3%) was 1%/0% compared with expectations. EPS reached CHF 10.06, which is3%/11% ahead of expect...

Rheinmetall AG : Slow start to the year – 2024 guidance reiterated but...

>Q1 EBIT c7% below css – Higher cash burn than expected in order to prepare the production increase - Q1 2024 earnings came in 6.6% below Vara expectations with an operating result at € 134m (ODDO BHF: € 151m, Vara consensus: € 143.4m) on sales of € 1,581m, up 16% (10% l-f-l), representing a margin of 8.5% (+239bp) mainly driven by Weapon & Ammunition (margin up 380bp) and in particular the strong contribution from Expal with a 36.6% margin. The gap with our forecast ...

CRH : Still America and nothing but America

>Q1 sales underpinned by good pricing trends and by North America - CRH reported its Q1 results for the first time instead of its usual IMS. EBITDA came in +15% higher in real terms (+12% l-f-l) at $ 445m, driven by an improvement for all divisions except for Europe Building Solutions. The margin came in at 6.8%, or +81bp in Q1. Sales came in +2% higher in real terms and +1% l-f-l, driven by price effects, despite the volume decline in Europe. By division, Americas Ma...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2024

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CRH : L’Amérique toujours et rien que l’Amérique

>CA T1 tiré par une bonne tendance des prix et par l’Amérique du Nord - CRH a publié pour la première fois ses résultats T1 au lieu de son IMS habituel. L’EBITDA ressort en hausse de +15% en réel (+12% à pcc) à 445 M$, tiré par une amélioration de toutes les divisions à l’exception de Europe Building Solutions. La marge ressort à 6.8%, soit +81 pb au T1. Le CA ressort à +2% en réel et de +1% à pcc, tiré par les effets prix, malgré des volumes en baisse en Europe. Par ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2024

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