reports
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024 Date Performance sin...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2024 Date Performance dep...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Olfa Taamallah
- Yan Derocles
Montana Aerospace : Strong margin expansion at aerostructure
>Good Q1 2024 results - Montana Aerospace has just released a good set of Q1 2024 results. Adjusted EBITDA was reported at € 38.2m on sales of € 396m leading to a margin of 9.7% (vs 6.7% the previous year). This performance was mainly driven by Aerostructures which reported an adjusted EBITDA of € 29.4m on sales of € 207.8m leading to a margin expansion to 14.1% vs 9.1% in Q1 2023 (despite supply chain issues challenges within at ASCO). However, the E-Mobility busine...
- Olfa Taamallah
- Yan Derocles
Montana Aerospace : Strong margin expansion at aerostructure
>Good Q1 2024 results - Montana Aerospace has just released a good set of Q1 2024 results. Adjusted EBITDA was reported at € 38.2m on sales of € 396m leading to a margin of 9.7% (vs 6.7% the previous year). This performance was mainly driven by Aerostructures which reported an adjusted EBITDA of € 29.4m on sales of € 207.8m leading to a margin expansion to 14.1% vs 9.1% in Q1 2023 (despite supply chain issues challenges within at ASCO). However, the E-Mobility busine...
- Marc Lavaud
- Maxime Kogge
ODDO : The Copper Rush
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). - >Our copper ...
- Marc Lavaud
- Maxime Kogge
ODDO : La ruée vers le cuivre
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) ...
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 03/04/2024
La solidité de l’économie américaine et l’amélioration du sentiment macroéconomique en Europe nous conduisent à maintenir nos calls gagnants : long USA vs Europe et - en Europe - long Cycliques vs Défensives. Toujours en Europe, nous basculons long Value vs Growth et modifions en profondeur notre allocation sectorielle ; nous y intégrons également une analyse chartiste. Nos secteurs préférés sont : Banks, Financial Services, Insurance, Media, Energy, Industrial Goods & Services, Tra...
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 04/03/2024
America’s solid economy and Europe’s improving macro sentiment have prompted us to reiterate our winning calls: long USA vs Europe and - within Europe - long Cyclicals vs Defensives. Also within Europe, we are switching to long Value vs Growth and have overhauled our sector allocation ; furthermore it nows incorporates a chart analysis. Our favourite sectors are as follows: Banks, Financial Services, Insurance, Media, Energy, Industrial Goods & Services, Travel & Leisure, Constructio...
- Olfa Taamallah
- Yan Derocles
Montana Aerospace : Nice surprise coming from FCF and confidence on 20...
>Strong FCF generation - Montana Aerospace has just released strong FY2023 results notably with regards to FCF generation which came in well above expectations. Adjusted EBITDA was reported at € 137.7m (Visible Alpha consensus was expecting € 141.2m) on sales of € 1.43bn leading to a margin of 9.6% (vs 9.8% for VA consensus and 10.3% in 2022). This performance was mainly driven by Aerostructures which reported an adjusted EBITDA of € 89.2m on sales of € 704.5m leadin...
- Olfa Taamallah
- Yan Derocles
Montana Aerospace : Nice surprise coming from FCF and confidence on 20...
>Strong FCF generation - Montana Aerospace has just released strong FY2023 results notably with regards to FCF generation which came in well above expectations. Adjusted EBITDA was reported at € 137.7m (Visible Alpha consensus was expecting € 141.2m) on sales of € 1.43bn leading to a margin of 9.6% (vs 9.8% for VA consensus and 10.3% in 2022). This performance was mainly driven by Aerostructures which reported an adjusted EBITDA of € 89.2m on sales of € 704.5m leadin...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 01/26/2024
Although Argentina was only an anecdotal factor in Puma's profit warning, it has rekindled investors' questions about the impact of the peso's (official) depreciation following the election of Javier Milei last November. Here we recap on the risks faced by the twenty or so companies and sectors with a presence in Argentina within our universe of coverage. While the potential impact is marginal in most cases, it is more significant for: Prosegur, Prosegur Cash, Tenaris, Verallia, Save...
DEC JCDECAUX SA
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
MRN MERSEN SA
MTU MANITOU BF SA
GLO GL EVENTS SA
ATE ALTEN SA
ALLAN LANSON-BCC
PNL POSTNL NV
WIZZ WIZZ AIR HOLDINGS PLC
DLG DE'LONGHI S.P.A.
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
LIGHT SIGNIFY NV
RBO ROCHE BOBOIS INTERNATIONAL SAS
BAR BARCO NV
AERO MONTANA AEROSPACE AG
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 26/01/2024
Même si l’Argentine n’est qu’un élément accessoire du profit warning de Puma, il a ravivé les interrogations des investisseurs sur l’impact de la dépréciation du peso (officiel) à la suite de l’élection de Javier Milei en novembre dernier. Nous revenons ici sur les risques encourus par la vingtaine de sociétés et secteurs ayant une présence en Argentine au sein de notre univers de couverture. Si l’impact potentiel est le plus souvent marginal, il est plus matériel chez : Prosegur, Pro...
DEC JCDECAUX SA
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
MRN MERSEN SA
MTU MANITOU BF SA
GLO GL EVENTS SA
ATE ALTEN SA
ALLAN LANSON-BCC
PNL POSTNL NV
WIZZ WIZZ AIR HOLDINGS PLC
DLG DE'LONGHI S.P.A.
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
LIGHT SIGNIFY NV
RBO ROCHE BOBOIS INTERNATIONAL SAS
BAR BARCO NV
AERO MONTANA AEROSPACE AG
- Olfa Taamallah
- Yan Derocles
Montana Aerospace : Adjustment to guidance for 2023 but confidence on ...
>Downgrade to net income and FCF guidance for 2023 … - Montana Aerospace yesterday reported its preliminary results for 2023, confirming adjusted EBITDA in the middle of the guidance range of € 130-150m although sales are short of its forecasts (at over € 1.43bn vs guidance of over € 1.5bn) and thanks to margin improvement given the operating leverage. The E-mobility division accounts for this difference on the top line with still visible pressure on sales of billets...
- Olfa Taamallah
- Yan Derocles
Montana Aerospace : Ajustement de la guidance sur 2023 mais confiance ...
>Ajustement à la baisse de la guidance de résultat net et de FCF sur 2023… - Montana Aerospace a publié hier ses résultats préliminaires 2023 confirmant un EBITDA ajusté en milieu de fourchette de la guidance de 130-150 M€ même si le CA ressort en deçà de ses prévisions (à plus de 1.43 Md€ au lieu d’une guidance supérieur à 1.5 Md€) et grâce notamment à une amélioration de marge compte tenu du levier opérationnel. La division E-mobility explique ce décalage sur la to...
- Anthony Dick
- Michael Foundoukidis
PUB PUBLICIS GROUPE SA
FGA FIGEAC AERO SA
HOT HOCHTIEF AG
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
WPP WPP PLC
ERG ERG S.P.A.
ECV ENCAVIS AG
GREEN GREENYARD NV
TEG TAG IMMOBILIEN AG
PAT PATRIZIA AG
TWEKA TKH GROUP N.V. CERT
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
UNI UNICAJA BANCO S.A.
VAR1 VARTA AG
MEDCL MEDINCELL SA
AERO MONTANA AEROSPACE AG
FUR FUGRO NV
VTSC VITESCO TECHNOLOGIES GRP AG
- Anthony Dick
- Michael Foundoukidis
PUB PUBLICIS GROUPE SA
FGA FIGEAC AERO SA
HOT HOCHTIEF AG
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
WPP WPP PLC
ERG ERG S.P.A.
ECV ENCAVIS AG
GREEN GREENYARD NV
TEG TAG IMMOBILIEN AG
PAT PATRIZIA AG
TWEKA TKH GROUP N.V. CERT
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
UNI UNICAJA BANCO S.A.
VAR1 VARTA AG
MEDCL MEDINCELL SA
AERO MONTANA AEROSPACE AG
FUR FUGRO NV
VTSC VITESCO TECHNOLOGIES GRP AG
- Olfa Taamallah
- Yan Derocles
Montana Aerospace : A robust publication - The Visible Alpha consensus...
>A robust Q3 driven by e-mobility - Montana has just reported robust Q3 2023 earnings above forecasts. Adjusted EBITDA stood at € 34.6m vs € 31m for the Visible Alpha consensus (i.e. a margin of 10.2% in Q3, stable on a sequential basis). Aerostructures posted adjusted EBITDA of € 18.2bn with a margin showing slight sequential growth of +20bp for sales down 6% y-o-y (scope effect after the partial divestment of Alpine Metal Tech and supply chain issues still visible a...
- Olfa Taamallah
- Yan Derocles
Montana Aerospace : Une publication solide - Le consensus VA se situe ...
>Un T3 solide tiré par l’E-mobility - Montana vient de publier des résultats solides au T3 2023 au-dessus des attentes. L’EBITDA ajusté ressort à 34.6 M€ vs 31 M€ pour le consensus Visible Alpha (soit une marge de 10.2% au T3, stable en séquentiel). L’Aérostructure affiche un EBITDA ajusté de 18.2 M€ avec une marge en légère progression séquentielle de 20 pb pour un CA en recul de 6% yoy (effet scope après la cession partielle de Alpine Metal Tech et problématiques su...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 11/13/2023
We are adding CaixaBank and Deutsche Börse to the ODDO BHF European Large Caps List. At the same time, we are removing Accor (market scepticism on the hotel sector, valuation drivers behind us) and Ryanair (same market scepticism on travel, very good Q3 results having already helped the stock rally). We are also downgrading the Travel & Leisure sector from Overweight to Market Weight. Since its creation, the ODDO BHF European Large Caps List has recorded a total return of +8.5% compar...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 13/11/2023
Nous faisons entrer CaixaBank et Deutsche Börse dans notre liste de Valeurs recommandées Large Caps. Inversement, nous faisons sortir Accor (scepticisme du marché sur le secteur de l’hôtellerie, catalyseurs derrière nous) et Ryanair (même scepticisme du marché sur les voyages, les très bons résultats T3 ont permis le rebond du titre). Nous dégradons également le secteur du Travel & Leisure de Surpondérer à Neutre. Depuis sa création, notre liste enregistre un total return de +8,5% vs ...
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