reports
- Anne-Barbara Nicco
Fnac Darty : Credit update following successful takeover bid for Unieu...
Fnac Darty has announced the success of its takeover bid for Italy's Unieuro. The deal is expected to strengthen the group's operating profile with limited financial impact. Shortly beforehand, the group also raised its 2024 current operating profit target, which should ultimately be slightly higher than the low point in 2023. In this new report, we review our recommendations in the light of current bond yields, the performance of the 2024 financial year which will soon draw to a...
- Anne-Barbara Nicco
Fnac Darty : Update sur le crédit après le succès de l’OPA sur Unieuro
Fnac Darty vient d’annoncer le succès de son offre d’achat sur le groupe italien Unieuro. L’opération devrait renforcer le profil opérationnel du groupe pour un impact financier limité. Peu de temps auparavant, le groupe avait, en outre, relevé son objectif de ROC 2024, qui devrait in fine être un peu supérieur au point bas de 2023. Dans cette nouvelle étude, nous passons en revue nos recommandations à la lumière des rendements obligataires actuels, des performances de l’exercice...
- Carole Braudeau
- Carole Braudeau
Fnac Darty and Ruby successfully reach 91.1% of the share capital of U...
Fnac Darty and Ruby successfully reach 91.1% of the share capital of Unieuro, which will be delisted - final results PRESS RELEASEIvry-sur-Seine, France — November 12, 2024, 5:45 pm CEST THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS PRESS RELEASE IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IS NOT PERMITTED IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER COUNTRY WHERE SUCH COMMUNICATION WOULD VIOLATE THE RELEVANT APPLICABLE REGULATION FINAL RESULTS OF THE REOPENING OF THE TENDER PERIOD FNAC DARTY AND RUBY SECURE 91.15% OF THE SHARE CAPITAL OF UNIEURO, W...
Fnac Darty e Ruby raggiungono con successo il 91,1% del capitale socia...
Fnac Darty e Ruby raggiungono con successo il 91,1% del capitale sociale di Unieuro, le cui azioni saranno revocate dalla quotazione - risultati definitivi COMUNICATO STAMPAIvry-sur-Seine, Francia —15 novembre 2024, 5:45 CEST È VIETATA LA DIVULGAZIONE, LA PUBBLICAZIONE O LA DISTRIBUZIONE DEL PRESENTE COMUNICATO, IN TUTTO O IN PARTE, IN O VERSO GLI STATI UNITI D’AMERICA, L’AUSTRALIA, IL CANADA, IL GIAPPONE O QUALSIASI ALTRO PAESE IN CUI TALE COMUNICAZIONE VIOLEREBBE LA NORMATIVA APPLICABILE RISULTATI FINALI DELLA RIAPERTURA DEI TERMINI FNAC DARTY E RUBY SI ASSICURANO IL 91,15% DEL CAPITA...
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Stephane Beyazian
Vodafone : Better FCF in H1 2025 but record low in Germany
>H1 2025 EBITDA in line with expectations - Q2 2025 group sales were up 4.6% y-o-y to € 9,240m, above expectations (consensus € 9,071m, ODDO BHF € 9,226m), and still helped by hyperinflation in Turkey (sales +89% y-o-y). H1 2025 EBITDAaL was up 2.5% y-o-y to € 2,730m. The targets for 2025 were confirmed (as expected): Vodafone is targeting adjusted pro forma EBITDAaL of € 11bn and adjusted FCF of at least € 2.4bn (consensus: € 2.47bn). These pro forma targets are...
- Christophe-Raphaël Ganet
- Marc Lavaud
- Martin Marandon-Carlhian
- Stephane Houri
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Christophe-Raphaël Ganet
- Marc Lavaud
- Martin Marandon-Carlhian
- Stephane Houri
- Stephane Beyazian
Vodafone : Better FCF in H1 2025 but record low in Germany
>H1 2025 EBITDA in line with expectations - Q2 2025 group sales were up 4.6% y-o-y to € 9,240m, above expectations (consensus € 9,071m, ODDO BHF € 9,226m), and still helped by hyperinflation in Turkey (sales +89% y-o-y). H1 2025 EBITDAaL was up 2.5% y-o-y to € 2,730m. The targets for 2025 were confirmed (as expected): Vodafone is targeting adjusted pro forma EBITDAaL of € 11bn and adjusted FCF of at least € 2.4bn (consensus: € 2.47bn). These pro forma targets are...
- Michael B. Schäfer
- Stephan Wulf
Bayer : Weaker-than-expected Q3 results and cut in group’s adj. EBITDA...
>Group’s adj. EBITDA significantly below expectations - At a group level, Bayer’s Q3 sales of € 9.97bn (-3.6%), were below our (€ 10.2bn) and consensus estimates (€ 10.1bn), the group’s EBITDA of € 1,251m (-26%) came in 9% weaker than we expected (€ 1,376m) and was 5% below the consensus (€ 1,313m). The significant group’s EBITDA decline vs Q3 2023 was driven by the Pharma division, which came in at € 1,102m (23.4% below Q3 2023). Adjusted EPS of € 0.24 was 37% below ...
- Carole Braudeau
- Carole Braudeau
- Fehmi Ben Naamane
NH Hoteles : Good-quality Q3 numbers, upgrade of 8% to our 2024 EPS se...
>Good-quality Q3 results - NH Hoteles yesterday evening reported good-quality Q3 2024 results, slightly beating expectations. Group revenues came in at € 644m, up 10.5% y-o-y (or the same pace as in Q2), and 2% ahead of our estimates (and +3% better than the company-compiled consensus). L-f-l RevPAR, with growth of 9.0%, was mostly driven by price growth of 7.3%, with occupancy rates up by 1.0 pt. Scope effects were significant in the quarter, with the contribution fr...
- Fehmi Ben Naamane
NH Hoteles : Un T3 de bonne facture, relèvement de 8% de notre séquenc...
>Des résultats T3 de bonne facture - NH Hoteles a publié hier soir des résultats T3 2024, de bonne facture, légèrement au-dessus des attentes. Les revenus groupe ressortent à 644 M€, en croissance de 10.5% yoy (soit le même rythme que le T2), et supérieurs de 2% à nos estimations (et de +3% par rapport au consensus collecté par la société). Les RevPAR en augmentation de 9.0% sont tirés majoritairement par des hausses de prix de 7.3%, les taux d’occupation progressant ...
- Rafael Bonardell
BAYER: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 9.968 M euros (-3,6% vs -1,7% BS(e) y -2,2% consenso); EBITDA: 1.251 M euros (-25,8% vs -18,0% BS(e) y -22,1% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 34.877 M euros (-2,5% vs -2,0% BS(e) y -2,1% consenso); EBITDA: 7.774 M euros (-10,5% vs -9,0% BS(e) y -9,8% consenso).
- Rafael Bonardell
MINOR HOTELS: RDOS. 3T’24 Y CAMBIO DE P.O. AL ALZA (ANÁLISIS BANCO SAB...
Rdos. 3T'24 vs 3T'23: Ventas: 644,2 M euros (+10,0% vs +9,5% BS(e) y +6,7% consenso); EBITDA: 200,1 M euros (+11,2% vs +8,7% BS(e) y +6,4% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 1.789 M euros (+10,9% vs +10,8% BS(e) y +9,7% consenso); EBITDA: 498,1 M euros (+11,3% vs +10,3% BS(e) y +9,4% consenso).
- Research Department
INFORME DIARIO 12 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER, CAIXABANK, MINOR HOTELS, SECTOR INMOBILIARIO, SECTOR SEGUROS. EUROPA: BAYER. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. Los mercados se estabilizan En una jornada de pocos catalizadores las bolsas europeas rebotaron, compensand...
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