Credit Morning 11/20/2024

Grifols: the board considers that Brookfield’s indicative price undervalues the company Teva: S&P upgrades the rating to BB/positive from BB/positiveElior: Results recovered in 2023-24, exceeding expectations. Debt reduction is making headway as planned.Tereos: Sharp decline in EBITDA in Q2 24/25. The financial position is stable thanks to the generation of FCF.>...

Morning Crédit 20/11/2024

Grifols : le conseil d’administration estime que le prix indicatif proposé par Brookfield sous-évalue la sociétéTeva: S&P upgrades the rating to BB/positive from BB/positiveElior: les résultats se sont redressés 2023/24, dépassant les attentes. Le désendettement progresse comme prévu.Tereos : fort repli de l'EBITDA au T2 24/25. La situation financière est stable grâce à la génération de FCF.>...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Odigeo, Engineering Group, Teva, Versuni (formerly Philips Domestic Appliances), Alain Afflelou, Eircom, Iliad, Borr Drilling, Ithaca Energy, Tullow Oil, Victoria, TUI Cruises, Axactor, McLaren, EVOCA, Flos B&B Italia (formerly International Design Group)

ODDO BHF Small & MIDCAP MORNING NEWS - 11/19/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 19/11/2024

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eDreams ODIGEO : Q2 in line with estimates. Outperform reiterated

>Q2 results broadly in line with expectations - eDreams ODIGEO’s Q2 2024-25 results to end-September, reported this morning, were broadly in line with estimations. Group revenues totalled € 167.8m, virtually flat y-o-y (vs our estimates of € 175.9m). Group revenues including the contribution of the Prime loyalty programme (i.e., cash revenue) came to € 187.7m in the quarter, broadly in line with the company-compiled consensus of € 188.2m and our estimates of € 188.9m....

eDreams ODIGEO : Q2 in line with estimates. Outperform reiterated

>Q2 results broadly in line with expectations - eDreams ODIGEO’s Q2 2024-25 results to end-September, reported this morning, were broadly in line with estimations. Group revenues totalled € 167.8m, virtually flat y-o-y (vs our estimates of € 175.9m). Group revenues including the contribution of the Prime loyalty programme (i.e., cash revenue) came to € 187.7m in the quarter, broadly in line with the company-compiled consensus of € 188.2m and our estimates of € 188.9m....

INVEST SECURITIES - VALBIOTIS : S1 24 conforme, visibilité faible sur ...

INVEST SECURITIES - BIGBEN : Bon T2 mais à l'impact limité sur le refi...

INVEST SECURITIES - NACON : T2 24/25 rassurant, mais le problème reste...

ODDO BHF Small & MIDCAP MORNING NEWS - 31/10/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 10/31/2024

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Wavestone : Q2 sales in line, but downward revision to FY targets seem...

>Q2 revenue close to expectations at € 225.4m (+3% org,; zero economic growth) - Wavestone reported Q2 2024-25 revenues (to end September) in line with our expectations at € 225.4m (vs ODDO BHF € 227m), up 69% y-o-y on a reported basis (including Q_Perior and Aspirant) and +3% organically on a pro forma basis, close to our initial expectations (ODDO BHF +3.2% organically). As expected, this highlights a slight acceleration in sequential organic growth (vs Q1 at +1% or...

Wavestone : CA T2 en ligne, mais une révision en baisse des objectifs ...

>CA T2 proche des attentes à 225.4 M€ (+3% org, ; croissance économique nulle) - Wavestone a publié un CA T2 2024/25 (à fin septembre) conforme aux attentes à 225.4 M€ (vs ODDO BHF 227 M€), en progression de 69% y/y en publié (incluant Q_Perior et Aspirant), et +3% en organique sur une base pro forma, proche de notre prévision initiale (ODDO BHF +3.2% org). Comme attendu, cela fait ressortir une légère accélération de la croissance org. en séquentiel (vs T1 à +1% org)...

ODDO BHF Small & MIDCAP MORNING NEWS - 10/29/2024

Temenos, the European leader in core banking solutions with significant market share with Tier 3, 4 and 5 banks, faces structural challenges that impair its growth outlook: 1/ the reticence of major banking groups to renew their core banking system; 2/ fierce competition in the digital segment; and 3/ the slowdown in the launch pace for new neo-banks. Indeed, the group is set to scale back its medium-term targets at its CMD on 12 November. Moreover, the support for the stock offered b...

ODDO BHF S all & MIDCAP MORNING NEWS - 29/10/2024

Temenos, leader européen des solutions Core Banking avec une part de marché significative auprès des banques Tiers 3, 4 et 5, fait face des défis structurels qui réduisent ses perspectives de croissance : 1/ la réticence des grands acteurs bancaires à renouveler leur Core banking system; 2/ la forte compétition sur le segment Digital et 3/ le ralentissement du rythme de lancement de nouvelles néo-banques. Aussi, le groupe devrait abaisser ses objectifs MT lors du CMD du 12 novembre. E...

Nacon : Test Drive disappoints

>Strong growth in Q2 but revenue from Test Drive remained well below expectations - Yesterday after trading Nacon published Q2 revenue up 39% y-o-y to € 45m, albeit below our forecast of € 56m est. The catalogue (33% of revenue in Q2) grew by 99% in Q2 to € 15m (vs € 28m est.) but the contribution from Test Drive (12 September), which underpinned the catalogue this quarter, remained below forecasts with a difficult start (numerous bugs) and a broadly negative receptio...

Bigben Interactive : Momentum still lacklustre for historical operatio...

>Q2 lower than expected in both divisions - Bigben’s Q2 2024-25 revenues, reported after trading yesterday, saw growth of 21% y-o-y to € 78m, below our expectations (€ 93m) for both divisions. Audio-Vidéo/Telco (42% of Q2 revenues) posted growth of 3% in Q2 at € 33m, below our expectations (€ 37m est.) with i/ growth for the mobile accessory business of 5% (easy comps) in a sluggish smartphone market, ii/ the audio/video segment still in decline at € 7.8m in Q2. The N...

Bigben Interactive : Momentum toujours poussif sur les activités histo...

>T2 inférieur aux attentes sur les deux divisions - Bigben a publié hier après bourse un CA T2 2024/25 en progression de 21% y-o-y à 78 M€, inférieur à nos attentes (93 M€), sur les deux divisions. Audio-Vidéo/Telco (42% du CA T2) était en hausse de 3% au T2 à 33 M€, en dessous de nos prévisions (37 M€e) avec i/ une activité Accessoires mobiles en progression de 5% (effet de base facile) dans un marché du smartphone qui reste atone, ii/ un segment Audio/vidéo toujours...

Nacon : Test Drive pas au rendez-vous

>T2 en croissance marquée mais les ventes de Test Drive restent bien en deçà - Nacon a publié hier après bourse un CA T2 en progression de 39% y-o-y à 45 M€, mais néanmoins inférieur à notre prévision de 56 M€e. Le Catalogue (33% du CA T2) a progressé de 99% au T2 à 15 M€ (vs 28 M€e) mais la contribution de Test Drive (12/09), qui porte le catalogue sur ce trimestre, reste en-deçà des attentes avec des débuts difficiles (nombreux bugs) et accueil globalement négatif (...