reports
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2024
Les mesures annoncées par Michel Barnier correspondent à une augmentation de l’impôt sur les sociétés pour les 2 prochaines années de 31% (+773 pb) pour les entreprises réalisant plus de 3 Md€ de CA en France et de 15,5% (+258 pb) pour celles avec un CA France entre 1 et 3 Md€. L’impact sera négatif pour les actions françaises, en particulier pour les plus grandes capitalisations avec un CA France > 3 Md€ et une base fiscale française importante. - ...
- Julian Dobrovolschi
- Luis de Toledo Heras
- Philippe Ourpatian
- Thomas Zlowodzki
ODDO BHF Sm all & MIDCAP MORNING NEWS - 10/11/2024
The measures announced by Michel Barnier correspond to a Corporate Tax increase on companies for the next two years of 31% (+773bp) for companies generating more than € 3bn in revenues in France and 15.5% (+258bp) for those generating revenues in France between € 1bn and € 3bn. The impact will be negative for French equities, in particular for the largest capitalisations with France revenues in excess of € 3bn and a significant French tax base. - ...
- Geoffroy Michalet
SMCP : Q3 set to show the same trends as Q2, pending progress on the t...
>Q3: organic growth still negative, but a sequential improvement, at -0.6% - For Q3, we believe that SMCP is set to report a slight organic decrease in Q3 sales (-0.6%), which would represent a slight sequential improvement (-2.3% in Q2 and -5.1% in Q1), but with a less demanding base effect (-1.9% in Q3 2023 vs 9.0% in Q2 2023 and 6.7% in Q1 2023). In short, despite a much more favourable base effect, consolidated momentum is slowing, due mainly to the Asia region (C...
- Geoffroy Michalet
SMCP : Vers un T3 dans les mêmes tendances que le T2, dans l’attente d...
>T3 : encore un organique négatif, mais en amélioration séquentielle, à -0.6% - Au titre de son T3, nous pensons que SMCP devrait publier un CA T3 en légère décroissance organique (-0.6%), en légère amélioration séquentielle (-2.3% au T2 et -5.1% au T1), mais avec un effet de base plus facile (-1.9% au T3 2023 vs 9.0% au T2 2023 et 6.7% au T1 2021). En synthèse, malgré un effet de base beaucoup plus favorable, la dynamique consolidée décélère, en raison majoritairemen...
- Wim Gille
TomTom : Weak operational Automotive data for 3Q
>3Q IFRS results in line with consensus – operational Automotive big miss - TomTom results offer a mixed bag. IFRS revenues miss consensus by 1%, gross profit is in-line, OPEX 1% below consensus and as a result EBITDA beat by 5% (small numbers). Also the company mentioned they turned cash flow positive in 3Q. On the 3Q revenues on IFRS Automotive missed by 4%, Enterprise beat by 8% and Consumer was a miss of 5%. While we are truly excited by the momentum in Enterprise...
- ING Helpdesk
Benelux Morning Notes
Just Eat Takeaway.com: Preview of 3Q24. Kinepolis: Peer Cineplex September box office revenue at 79% of 2019 level, up 3% YoY. Randstad: Preview of 3Q24F results due 22 October, consensus released. Staffing: Hays' 1Q24/25 trading update; 1Q24/25 growth slightly better on easier comps. TomTom: 3Q24 results - Enterprise partly saves the day. Coverage change
- Nicolas Thorez
WALLIX : H1 results hit by further losses (unsurprisingly), operating ...
>Accounts still in negative territory in H1 (losses stable YoY) - Wallix published H1 2024 results slightly below expectations. After reporting H1 2024 revenues of € 15.1m, up 8.7% YoY (o/w “a mere” +4.6% in Q2 due to lower licence sales), EBIT came in at -€ 6.2m (vs -€ 6.1m in H1 2023), missing our initial expectations (vs ODDO BHF -€ 5.0m) The difference is attributable a time lag in licence sales in the French public sector and a greater increase in the opex base ...
- Jeremy Garnier
ID Logistics : Consolidation that is set to continue in the logistics ...
>Competitor GXO Logistics (US) announces the reception of takeover bids - Yesterday, GXO Logistics announced that it had received offers for a potential takeover. Neither the name nor the offer price has been released for the time being. The group is working with an advisory bank to respond to acquisition interest from suitors, which include rival logistics service providers. The board has said that it will consider the offers but that there is nothing to suggest that...
- Bruno Bulic
- Oscar Haffen Lamm
Valneva Investor Day feedback
Valneva provided an update on the company's strategy and value drivers yesterday, successfully conveying its high confidence in both the pipeline and commercial portfolio in our opinion. Regarding commercial performance, note that Valenva reiterated its 2024 guidance for EUR160-180m in revenue, as
- Sinan Doganli
Allgeier SE : Allgeier sells part of its staffing business to Danish I...
>Private staffing business generated € 52m in revenue - Allgeier has been restructuring its staffing business for over a year now as it has very low margins and is diluting the company's overall profitability. The staffing business generated an estimated € 150m in revenue for Allgeier in 2023 at a profit of roughly € 5m. Since the restructuring process affected the business by € 20m in H1 2024 and was not expected to affect it in H2, we estimated the staffing busines...
- Damien Choplain
- Martial Descoutures
Valneva : CMD confirms guidance for short to medium term
>VLA15: phase III results still expected at end-2025 - Valneva yesterday held a CMD which provided an update on the various developments in the portfolio. For VLA15 (Lyme), it confirmed that the phase III programme is on track with 100% of patients (9,000) having received the first three doses (primary vaccination), which points to results by end-2025. If the results are positive, the group will file an approval application in 2026 for launch in 2027, which will trigg...
- Nicolas Thorez
WALLIX : Résultats S1 encore déficitaires (sans surprise). La société ...
>Des comptes toujours dans le rouge au 1er semestre (pertes stables vs N-1) - Wallix a publié des résultats S1 2024 légèrement inférieurs aux attentes. Après avoir enregistré un CA S1 2024 de 15.1 M€, en croissance de 8.7% y/y (dont un T2 à ‘seulement’ +4.6% compte tenu d’une baisse des ventes de licences), l’EBIT ressort à -6.2 M€ (vs – 6.1 M€ au S1 2023), inférieur à notre attente initiale (vs ODDO BHF -5.0 M€). L’écart s’explique surtout par le décalage de ventes d...
- Damien Choplain
- Martial Descoutures
Valneva : CMD confirmant les objectifs à CT/MT
>VLA15 : résultats de phase 3 attendus toujours fin 2025 - Valneva a tenu hier un CMD qui a été l’occasion de faire un point sur le différents actifs du portefeuille. Concernant VLA15 (lyme), la société confirme que le programme de phase 3 est sur les rails avec 100% des patients (9 000) ayant reçu les trois premières doses (primovaccination), permettant d’espérer des résultats fin 2025. En cas de résultats positifs la société déposera un dossier de demande d’AMM en 2...
- Jeremy Garnier
ID Logistics : Une consolidation qui devrait se poursuivre dans le sec...
>Le concurrent GXO Logistics (US) annonce avoir reçu des offres de rachat - GXO Logistics a annoncé hier avoir reçu des offres pour une potentielle OPA sur son titre. A ce stade aucun nom de repreneur n’est cité et aucun chiffre n’est donné. Le groupe travaille avec une banque conseil pour répondre à l'intérêt d'acquisition de prétendants, qui comprennent des fournisseurs de services logistiques rivaux. Le board précise qu’il va étudier les offres mais que rien ne dit...
- Julian Dobrovolschi
Allfunds Group Plc : Platform business better due to decent flows, but...
>Q3 24 AuA up 3.1% QoQ to € 1,512bn, flows improving across the board - Allfunds will publish its Q3 2024 figures on 23 October 2024. Overall, we expect a positive volume trend in the quarter across the board, and forecast at EoP AuA of € 1,512bn, an acceleration of 3.1% and up 14.3% YoY. We talked to the company recently, and understand that flows from existing clients remained in the positive territory, and are likely to end even slightly higher vs Q2 (up 22.8% QoQ,...
- Juan Ros-Padilla
Viscofan : Q3 preview: exiting destocking more slowly
>Operating momentum improving… - The company is due to report its Q3 2023 results on 23 October before the market opens. We expect total sales to grow 2% y-o-y to € 304m (vs -5% in Q2 and -6% in Q1) with some momentum improvement as the destocking seen in previous quarters starts to fade. At the EBITDA level, we expect a y-o-y improvement of +13% to € 71m (vs +4% in Q2), materially better than the top-line trend as raw material/energy deflation starts to surface, offs...
- Michael B. Schäfer
Lanxess : Showing the money: disposals on track, cash flow recovery/de...
>Q3 due 7 November – Summer weighs, as expected - History may not repeat in Q3 compared to a strong consensus beat reported at the Q2 2024 results. Summer takes its toll, weighing on the momentum shown in Q2. We project Q3 2024 adjusted EBITDA coming in 6% below Q2 2024 at € 170m (cons. € 169m) and 42% above last year. Sequential stabilisation at Specialty Additives and Consumer Protection may not fully compensate plant turnover-related headwinds in Advanced Intermedi...
Valneva organise une journée investisseurs aujourd’hui à New York
Valneva organise une journée investisseurs aujourd’hui à New York Évènement en présentiel et retransmis en direct à 16h00 CET Saint Herblain (France), le 10 octobre 2024 – (Nasdaq: VALN; Euronext Paris: VLA), société spécialisée dans les vaccins, organise aujourd’hui une journée investisseurs à New York au cours de laquelle seront abordés les principaux leviers de création de valeurs de la Société sur les 12 à 18 prochains mois et au-delà. Le directeur général de Valneva, Thomas Lingelbach, et son directeur financier, Peter Bühler, ainsi que d’autres membres de l’équipe de direction, s’e...
Valneva Hosts Investor Day in New York City
Valneva Hosts Investor Day in New York City Live event and webcast TODAY at 10 AM ET Saint Herblain (France), October 10, 2024 – (Nasdaq: VALN; Euronext Paris: VLA), a specialty vaccine company, is hosting an investor day today in New York City to discuss the Company’s key value drivers over the next 12-18 months and beyond. Valneva’s Chief Executive Officer Thomas Lingelbach, Chief Financial Officer Peter Bühler, and other members of the Company’s senior leadership team will highlight the Company’s substantial opportunity for its Lyme disease vaccine candidate led by partner Pfizer, Val...
- Rafael Bonardell
VISCOFAN: PRE 3T’24 - POTENCIAL REVISIÓN DE OBJETIVOS’24 (ANÁLISIS BAN...
Pre Rdos. 3T'24: potencial revisión a la baja de objetivos'24. SOBREPONDERAR A pesar de que se esperaba una mejora operativa en el 3T’24 tras un 1S’24 débil, creemos que no va a ser suficiente para alcanzar los objetivos’24. Así, todo apunta a que la evolución de APAC va a seguir siendo discreta, así como la debilidad en los precios del pool eléctrico. Esperamos unos ingresos 3T’24 de c. 310 M euros (312 consenso) con una mejora del EBITDA de c. +11% (70 M euros vs 73 consenso) lo que implica un...
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