reports
- Michael B. Schäfer
ODDO BHF Small & MIDCAP MORNING NEWS - 05/17/2024
Growth momentum remains solid, and the publication of Q1 sales bodes well for the future (12.5% organic growth, including 27% for Aerospace). Margins are set to pick up in 2024 (by an estimated 110bp), with the underlying operating profit expected to jump 33%. With good visibility for Aerospace, medium-term potential for Automotive and profitable growth for Medical, we estimate the potential for margin improvement at no less than 500bp in the medium term. We are raising our underlying...
DBG DERICHEBOURG SA
ALCAR CARMAT SA
TPE PVA TEPLA AG
NEX NEXANS SA
ERG ERG S.P.A.
WIE WIENERBERGER AG
GREEN GREENYARD NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
NVG NAVIGATOR COMPANY SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SIFG SIF HOLDING NV
TMV TEAMVIEWER AG
VK VALLOUREC SA
FPE3 FUCHS PETROLUB SE
- Michael B. Schäfer
ODDO BHF Small & MIDCAP MORNING NEWS - 17/05/2024
La dynamique de croissance reste solide et la publication du CA T1 est de bon augure (croissance organique de 12.5% dont 27% pour l’Aerospace). 2024 devrait voir un redressement des marges (+110 pb estimés) pour un ROC attendu en hausse de 33%. A l’appui d’une bonne visibilité pour l’aéronautique, d’un potentiel MT pour l’automobile et d’une croissance profitable pour le Médical, nous estimons le potentiel d’amélioration des marges à au moins 500 pb à MT. Nous relevons nos estimations...
DBG DERICHEBOURG SA
ALCAR CARMAT SA
TPE PVA TEPLA AG
NEX NEXANS SA
ERG ERG S.P.A.
WIE WIENERBERGER AG
GREEN GREENYARD NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
NVG NAVIGATOR COMPANY SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SIFG SIF HOLDING NV
TMV TEAMVIEWER AG
VK VALLOUREC SA
FPE3 FUCHS PETROLUB SE
- Michael B. Schäfer
FUCHS SE (pref) : CFO roadshow feedback: 'From record to record' firml...
>Volume recovery continues with a strong April, heading to seasonally strongest Q3, FUCHS on track for € 448m vs € 430m guidance - Our roadshow with the CFO of FUCHS was reassuring, confirming that flat reported Q1 2024 y-o-y volumes were primarily linked to the timing of Easter with April showing 'much stronger' growth including a catch-up in Europe. Volume recovery trends in China continued with the CFO indicating m-o-m growth YTD. The typical Q3-peak seasonal effec...
- 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
- 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
- Michael B. Schäfer
FUCHS SE (pref) : Q1 EBIT in line with css; € 430m EBIT 2024 outlook (...
>Flat volumes in Q1 2024 on fewer March working days (Q4 2023: c. 3%); organic sales declined by 3.5% y-o-y - Flat volumes in Q1 24 on lower March working days (Q4 2023: c. 3%) while organic sales declined by 3.5% y-o-y (ODDO BHF: -2%) on lower prices and -3% FX pushing sales down 6% y-o-y to € 877m (css/ODDO BHF € 903m). -3% y-o-y estimated price erosion mirrors raw materials pass-through clauses partially baked into contracts. The latter primarily reflects base oil...
EQS-News: FUCHS with good start into financial year 2024
EQS-News: FUCHS SE / Key word(s): Quarterly / Interim Statement/Interim Report FUCHS with good start into financial year 2024 30.04.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. FUCHS with good start into financial year 2024 Decrease in sales revenues of 6% to EUR 877 million due to price adjustments and negative currency effects EBIT improved by 4% or EUR 4 million to EUR 107 million Full-year outlook 2024 confirmed Agreement signed on the acquisition of the international LUBCON Group FUCHS at a glance in EUR million ...
EQS-News: FUCHS mit gutem Start ins Geschäftsjahr 2024
EQS-News: FUCHS SE / Schlagwort(e): Quartals-/Zwischenmitteilung/Zwischenbericht FUCHS mit gutem Start ins Geschäftsjahr 2024 30.04.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. FUCHS mit gutem Start ins Geschäftsjahr 2024 Umsatzrückgang um 6% auf 877 Mio EUR aufgrund von Preisanpassungen und negativen Währungseffekten EBIT verbessert sich um 4% oder 4 Mio EUR auf 107 Mio EUR Ausblick für das Gesamtjahr bestätigt Vereinbarung über den Erwerb der international tätigen LUBCON-Gruppe unterzeichnet FUCHS auf einen B...
EQS-News: FUCHS erwirbt Hersteller für Hochleistungs-Spezialschmiersto...
EQS-News: FUCHS SE / Schlagwort(e): Ankauf FUCHS erwirbt Hersteller für Hochleistungs-Spezialschmierstoffe (News mit Zusatzmaterial) 22.04.2024 / 16:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Die weltweit im Schmierstoffbereich tätige FUCHS-Gruppe hat eine Vereinbarung über den Erwerb der international tätigen LUBCON-Gruppe unterzeichnet, vor allem mit dem Ziel der gemeinsamen innovativen Weiterentwicklung hochwertiger Spezialschmierstofflösungen. Das familiengeführte deutsche Unternehmen mit Hauptsitz in Maintal, Hessen, verf...
EQS-News: FUCHS acquires manufacturer for high-performance specialty l...
EQS-News: FUCHS SE / Key word(s): Acquisition FUCHS acquires manufacturer for high-performance specialty lubricants (news with additional features) 22.04.2024 / 16:30 CET/CEST The issuer is solely responsible for the content of this announcement. The FUCHS Group, which operates globally in the lubricants industry, has signed an agreement to acquire the international LUBCON Group, primarily with the aim of jointly innovating and advancing high-quality specialty lubrication solutions. The family-run German company that operates out of Maintal in Hessen, Germany has many year...
- Ahmed Ben Salem
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
REP REPSOL SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
VIS VISCOFAN S.A.
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
INSD VERIMATRIX SA
CSM CORBION NV
BP. BP P.L.C.
NSI NSI N.V.
FPE3 FUCHS PETROLUB SE
ALVGO VOGO SA
SHEL SHELL PLC
CABKA CABKA N.V.
- Ahmed Ben Salem
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
REP REPSOL SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
VIS VISCOFAN S.A.
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
INSD VERIMATRIX SA
CSM CORBION NV
BP. BP P.L.C.
NSI NSI N.V.
FPE3 FUCHS PETROLUB SE
ALVGO VOGO SA
SHEL SHELL PLC
CABKA CABKA N.V.
- Michael B. Schäfer
FUCHS SE (pref) : Preview Q1 – On track for records
>Q1 results due 30 April – project 11% EBIT growth y-o-y to € 114m (cons € 112m) - We expect upcoming Q1 2024 results of FUCHS to continue on its growth path and annual y-o-y EBIT recovery trend that started in Q2 2022. EBIT including at equity may come in at € 114m, 11% above the previous year’s level of € 103m and seasonally weaker € 100m in Q4 2023. This leaves us 2% ahead of the € 112m at current Visible Alpha consensus.Volume recovery continues, posi...
EQS-News: FUCHS SE and Mercedes-Benz AG announce strategic business pa...
EQS-News: FUCHS SE / Key word(s): Contract FUCHS SE and Mercedes-Benz AG announce strategic business partnership to drive a quality collaboration in the Automotive After-Sales 04.04.2024 / 09:30 CET/CEST The issuer is solely responsible for the content of this announcement. FUCHS SE and Mercedes-Benz AG announce strategic business partnership to drive a quality collaboration in the Automotive After-Sales FUCHS SE and Mercedes-Benz Global Customer Service & Parts are pleased to announce a strategic business partnership aimed at fostering innovation, technology, and susta...
EQS-News: FUCHS SE und Mercedes-Benz AG geben strategische Partnerscha...
EQS-News: FUCHS SE / Schlagwort(e): Vertrag FUCHS SE und Mercedes-Benz AG geben strategische Partnerschaft im Bereich Automotive After-Sales bekannt 04.04.2024 / 09:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. FUCHS SE und Mercedes-Benz AG geben strategische Partnerschaft im Bereich Automotive After-Sales bekannt FUCHS SE und Mercedes-Benz Global Customer Service & Parts freuen sich, eine strategische Geschäftspartnerschaft bekanntzugeben, die Innovation, Technologie und Nachhaltigkeit im Bereich Automotive After-Sales fördern...
- Michael B. Schäfer
ODDO : Glass half full – Volume recovery started after almost 2 years ...
As Spring approaches, we see industry-wide destocking coming to an end, emerging recovery trends in China gaining momentum and European spot energy cost relief rolling in, all helping to restore plant utilisation and earnings. We add more cyclicality to our preferred names, upgrading BASF to Outperform (Neutral). Momentum being regained in specialties chemicals distribution triggers our upgrade of IMCD to Outperform (Neutral). ‘From record to record’ remains our mantra at FUCHS. ...
1COV COVESTRO AG
AI AIR LIQUIDE SA
WCH WACKER CHEMIE AG
LXS LANXESS AG
SDF K+S AG
BAS BASF SE
SOLB SOLVAY SA
BAYN BAYER AG
SY1 SYMRISE AG
KWS KWS SAAT SE & CO KGAA
EVK EVONIK INDUSTRIES AG
BNR BRENNTAG SE
INX IMCD N.V.
2HRA H&R GMBH & CO KGAA
AKZA AKZO NOBEL N.V.
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
LIN LINDE PUBLIC LIMITED COMPANY
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Jean-François Granjon
ODDO BHF Small & MIDCAP MORNING NEWS - 12/03/2024 Date Performance dep...
We raise our price target for Arcadis to € 68.5 (DCF based) and maintain our Outperform rating. Although Arcadis’s shares have already performed well over the last 12 months (+43%), we see further upward potential as the delta in terms of peer multiples has only marginally diminished (still c. 35% lower EV/EBITDA, was c. 40%) and we see no reason to expect an industry multiples contraction. Given the GEC and automation/digitisation components of the company’s strategy, which come on t...
- Jean-François Granjon
ODDO BHF Small & MIDCAP MORNING NEWS - 03/12/2024 Date Performance sin...
We raise our price target for Arcadis to € 68.5 (DCF based) and maintain our Outperform rating. Although Arcadis’s shares have already performed well over the last 12 months (+43%), we see further upward potential as the delta in terms of peer multiples has only marginally diminished (still c. 35% lower EV/EBITDA, was c. 40%) and we see no reason to expect an industry multiples contraction. Given the GEC and automation/digitisation components of the company’s strategy, which come on t...
- Michael B. Schäfer
FUCHS SE (pref) : Q4 EBIT 5% ahead; much stronger € 465m for FCF 2023;...
>Organic sales growth of 3.4% y-o-y was fuelled by sequentially improving 3% volume recovery - Organic sales growth of 3.4% y/y was fuelled by sequentially improving 3% volume recovery vs 2% in Q3 but hit by -7% FX, pushing sales down 4% y-o-y to € 843m (cons/ODDO BHF € 868m/€ 893m). Flat pricing and continuing volume recovery in APAC shaped Q4, adding to the 1st time volume recovery of 2% reported in Q3 after six quarters of decline.Q4 EBIT incl. at equ...
EQS-News: FUCHS schließt Geschäftsjahr 2023 mit neuen Höchstmarken ab
EQS-News: FUCHS SE / Schlagwort(e): Jahresbericht/Jahresergebnis FUCHS schließt Geschäftsjahr 2023 mit neuen Höchstmarken ab 12.03.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. FUCHS schließt Geschäftsjahr 2023 mit neuen Höchstmarken ab Umsatz mit Anstieg um 4% auf 3.541 Mio EUR EBIT mit 413 Mio EUR um 13% über Vorjahr Freier Cashflow vor Akquisitionen in Höhe von 465 Mio EUR 22. Dividendenerhöhung in Folge: um 4% auf 1,11 EUR je Vorzugsaktie und 1,10 EUR je Stammaktie Prognose 2024: Umsatz um 3,6 Mrd. EUR und EBI...
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