reports
- Anis Zgaya
- Philippe Ourpatian
ODDO BHF Small & MIDCAP MORNING NEWS - 27/03/2024 Date Performance dep...
Rieter est leader mondial dans les équipements de filature à fibres courtes destinés au marché textile. Il s’agit d’une activité à cycles courts (4 ans en moyenne) dont l’exercice 2024 devrait représenter un point bas avec un CA proche de 1 MdCHF (-28% y-o-y). Le programme de performance « Next Level », présenté en juillet 2023, devrait permettre de réduire la cyclicité du business model et de revenir sur des niveaux normatifs de rentabilité (c. 6% de marge d’EBIT). Rieter est donc en...
- Anis Zgaya
- Philippe Ourpatian
ODDO BHF Small & MIDCAP MORNING NEWS - 03/27/2024 Date Performance sin...
Rieter is the world’s leading supplier of short-staple fibre spinning equipment designed primarily for textile, a short-cycle business that spans four years on average. The group is set to hit a low in 2024 with close to CHF 1bn in revenues, down 28% YoY. Next Level, a performance programme presented in July 2023, should enable the group to reduce the cyclicality of its business model and return to normal profitability with around 6% in EBIT margin. Rieter is indeed on track to embark...
- Martijn Den Drijver
hGears : Cautious 2024 guidance and lowered mid-term guidance understa...
>Full 2023 results reveal lower gross profit margin but good opex management - hGears, which had already published the key elements of its 2023 results on February 6 (sales a tad weaker than guidance, adj. EBITDA in line, FCF much better than expected), has now published full results. The details of the results are of less interest although we note that the 2023 gross profit margin was 49.8% versus our expectation of 51.0% implying a weak Q4 gross margin offset by sol...
EQS-News: hGears AG Konzern: Branchenweiter Abbau von Lagerbeständen w...
EQS-News: hGears AG / Schlagwort(e): Jahresbericht hGears AG Konzern: Branchenweiter Abbau von Lagerbeständen wirkt sich auf die Ergebnisse für das Gesamtjahr 2023 aus; Fokus liegt weiterhin auf der Steigerung der operativen Flexibilität im gesamten U 27.03.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. hGears AG Konzern: Branchenweiter Abbau von Lagerbeständen wirkt sich auf die Ergebnisse für das Gesamtjahr 2023 aus; Fokus liegt weiterhin auf der Steigerung der operativen Flexibilität im gesamten Unternehmen HIGHLIGHT...
EQS-News: hGears AG Group: Full Year 2023 performance impacted by indu...
EQS-News: hGears AG / Key word(s): Annual Report hGears AG Group: Full Year 2023 performance impacted by industry-wide destocking; focus remains on driving operational flexibility across the business 27.03.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. hGears AG Group: Full Year 2023 performance impacted by industry-wide destocking; focus remains on driving operational flexibility across the business FULL YEAR 2023 HIGHLIGHTS Group revenues at EUR 112.5 million, down 16.9 % y-o-y Gross profit at EUR 56.0 million, down 19.8...
- Ahmed Ben Salem
ODDO BHF Small & MIDCAP MORNING NEWS - 03/19/2024 Date Performance sin...
With momentum around electrification less favourable of late, we have seen a major shift in perception, from doubtless overly rose-tinted optimism to what looks to be similarly excessive pessimism. While we have reduced our BEV assumptions, we nonetheless still anticipate growth in the next few years (including this year), well ahead of that of the automotive market as a whole. In the face of these changes, the players in the value chain (mines, semiconductors, auto) are differently p...
- Ahmed Ben Salem
ODDO BHF Small & MIDCAP MORNING NEWS - 19/03/2024 Date Performance dep...
Le momentum autour de l’électrification, moins favorable dernièrement, a conduit à un changement profond de perception, passant d’un optimisme sans doute excessif à un pessimisme qui le semble tout autant. En effet, si nous avons revu en baisse nos hypothèses, nous visons néanmoins toujours une croissance dans les années à venir (y compris cette année), bien supérieure à celle du marché automobile dans son ensemble. Face à ces changements, tous les acteurs au sein de la chaîne de vale...
- Martijn Den Drijver
hGears : 2024 not expected to be the year of recovery, TP to €2.80
>Preview 20223 results – preliminary results already published - hGears will report full 2023 results on March 27 at 07.30h CET. However, the company has already released preliminary sales (€113m), EBITDA (€5.6m) and FCF (€-3.1m), which were in line (EBITDA) or better (FCF) than expected. There will be more granular data on sales per segment (E-mobility still the main culprit for the decline in sales, we assume, next to a weak E-tools) as well as the details on workin...
- Juan Ros-Padilla
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 02/06/2024
Today we are adding CRH to the ODDO BHF European Large Caps Convictions List. It is exposed to the US economy, which we believe will continue to outperform the European economy, as borne out by the very robust job creation figures released last Friday. CRH generates 75% of its EBITDA in the 10 fastest-growing US states, and also has positive technical catalysts such as its future inclusion in the S&P TMI and Russell 1000 indices. - ...
- Martijn Den Drijver
hGears : Preliminary 2023 results: better earnings, much better FCF
>2023 results beat consensus, FCF much better than expected and guided for - hGears has just reported preliminary results for 2023. Sales in 2023 beat consensus by 1% with sales coming in at €113m, just below guidance of €115-120m. Bloomberg css was at €111.7m and we were at €111.2m. Adjusted EBITDA came in at €5.6m vs guidance of €5 to €9m and Bloomberg css of €4.7m which represents a beat of 19%. hGears says that destocking caused a material decline in E-bike, that ...
EQS-News: hGears AG Konzern: Vorläufiger Free Cashflow 2023 deutlich b...
EQS-News: hGears AG / Schlagwort(e): Vorläufiges Ergebnis hGears AG Konzern: Vorläufiger Free Cashflow 2023 deutlich besser als vom Management prognostiziert; bereinigtes EBITDA trotz marginaler Abweichung vom Umsatzziel im Rahmen der Erwartungen 06.02.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. hGears AG Konzern: Vorläufiger Free Cashflow 2023 deutlich besser als vom Management prognostiziert; bereinigtes EBITDA trotz marginaler Abweichung vom Umsatzziel im Rahmen der Erwartungen VORLÄUFIGE ERGEBNISSE FÜR DAS ...
EQS-News: hGears AG Group: Preliminary 2023 free cash flow significant...
EQS-News: hGears AG / Key word(s): Preliminary Results hGears AG Group: Preliminary 2023 free cash flow significantly better than Management’s guidance; adjusted EBITDA in line despite marginal revenues miss 06.02.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. hGears AG Group: Preliminary 2023 free cash flow significantly better than Management’s guidance; adjusted EBITDA in line despite marginal revenues miss FULL YEAR 2023 PRELIMINARY RESULTS Preliminary 2023 Group revenues EUR 112.5 million Preliminary 2023 adjuste...
- Baptiste Salaville
- Jean-Baptiste Rouphael
- Marc Lavaud
- Melek Laabidi
- Stephane Houri
VCT VICAT-CIMENTS VICAT SA
TNG TRANSGENE SA
ALCLA CLASQUIN SA
WHA WERELDHAVE N.V.
LNA LNA SANTE SA
JCQ JACQUET METALS SA
HOT HOCHTIEF AG
ALTA ALTAREA SCA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
BRE BREMBO S.P.A.
PAT PATRIZIA AG
TWEKA TKH GROUP N.V. CERT
ARG ARGAN SA
DIC DIC ASSET AG
ALVAL VALBIOTIS SA
RUI RUBIS SCA
DUE DURR AG
GEST GESTAMP AUTOMOCION S.A.
AEIN ALLGEIER HOLDING AG
VRLA VERALLIA SAS
KTA KNAUS TABBERT
AG1 AUTO1 GROUP
SYAB SYNLAB AG
HGEA HGEARS AG
- Baptiste Salaville
- Jean-Baptiste Rouphael
- Marc Lavaud
- Melek Laabidi
- Stephane Houri
VCT VICAT-CIMENTS VICAT SA
TNG TRANSGENE SA
ALCLA CLASQUIN SA
WHA WERELDHAVE N.V.
LNA LNA SANTE SA
JCQ JACQUET METALS SA
HOT HOCHTIEF AG
ALTA ALTAREA SCA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
BRE BREMBO S.P.A.
PAT PATRIZIA AG
TWEKA TKH GROUP N.V. CERT
ARG ARGAN SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
DIC DIC ASSET AG
ALVAL VALBIOTIS SA
RUI RUBIS SCA
DUE DURR AG
GEST GESTAMP AUTOMOCION S.A.
WOLF SOCIETE LDC SOCIETE ANONYME
AEIN ALLGEIER HOLDING AG
VRLA VERALLIA SAS
KTA KNAUS TABBERT
AG1 AUTO1 GROUP
SYAB SYNLAB AG
HGEA HGEARS AG
- Martijn Den Drijver
hGears : Q3 2023 results mixed
>Sales a beat, margins a miss - hGears’s Q3 2023 sales beat consensus by 3%, driven by E-mobility, which offset a miss by E-Tools. Despite that positive sales mix, the gross profit margin was lower than expected (48.3% vs 49.8% expected and 51.1% in Q3 2022). In absolute terms, gross profit was in line and as opex came in as expected (and lower than in Q2 and Q1), adjusted EBITDA was in line as well in absolute terms. However, the adj. EBITDA margin was 3.7% versus 4...
EQS-News: Nine-month 2023 performance in line with expectations amid o...
EQS-News: hGears AG / Key word(s): 9 Month figures/9 Month figures Nine-month 2023 performance in line with expectations amid ongoing industry-wide destocking; focus remains on driving efficiencies 08.11.2023 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. hGears AG Group: Nine-month 2023 performance in line with expectations amid ongoing industry-wide destocking; focus remains on driving efficiencies NINE-MONTHS 2023 HIGHLIGHTS Group revenues at EUR 84.1 million, down 18.8% y-o-y Ongoing supply and demand imbalances persisted...
EQS-News: Ergebnisse der ersten neun Monate 2023 entsprechen den Erwar...
EQS-News: hGears AG / Schlagwort(e): 9-Monatszahlen/9-Monatszahlen Ergebnisse der ersten neun Monate 2023 entsprechen den Erwartungen angesichts des anhaltenden Abbaus von Lagerbeständen in der Branche; Fokus liegt weiterhin auf Effizienzsteigerungen 08.11.2023 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. hGears AG Konzern: Ergebnisse der ersten neun Monate 2023 entsprechen den Erwartungen angesichts des anhaltenden Abbaus von Lagerbeständen in der Branche; Fokus liegt weiterhin auf Effizienzsteigerungen HIGHLIGHTS IN DEN ...
- Juan Ros-Padilla
- Juan Ros-Padilla
- Martijn Den Drijver
hGears : Preview Q3 + Lowering estimates 2023-2025, TP to €4 per share
>Preview Q3 2023: A weak quarter in terms of sales and adj. EBITDA - hGears will publish Q3 2023 results on November 8 at 07.30h CET. An analyst call is scheduled for 10h CET. We assume that the destocking in E-bike has continued to weigh on the E-mobility segment as many bike players reported strong sales declines in Q3 2023, such as Shimano (-25% yoy ), Merida (-29%) and Bafang (-43%). We also assume that E-Tools has weakened as consumers halt purchases or trade dow...
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