Brunel International/Comforting 1Q24/BUY

We reiterate our BUY rating and leave our TP of €15.50 unchanged. Brunel reported a comforting set of 1Q24 results with a beat of 5% on EBIT. Germany was a positive surprise being more resilient than feared while offshore wind perm also recovered sharply. We do leave our estimates unchanged given that we remain cautious with regard to some expected gross margin pressure when new contract terms kick in as from 1 April while Brunel sees some phasing of (large) projects into FY25F. We thus see limi...

Benelux Morning Notes

Aalberts: Preview - steady in difficult markets. ABN AMRO: 1Q24 overshadowed by weaker capital, even if a strong set. AEGON: 1Q24 Preview (trading update). Alfen: Preview - clarity on one-off Pacto costs crucial. B&S Group: Bolt-on acquisition in Personal Care. Belgian telcos: BIPT notes that fibre cooperation negotiations not ready by 15 May. EVS: 1Q24 preview. Euronext: Another record, with Beats by Boujnah. Montea: €12m acquisition in the Port of Ghent. Staffing: Dutch Perio...

ODDO BHF Small & MIDCAP MORNING NEWS - 03/05/2024

Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...

ODDO BHF Small & MIDCAP MORNING NEWS - 05/03/2024

Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...

Benelux Morning Notes

Aperam: In-line 1Q24 EBITDA, FCF marked by WC build, 2Q24 guidance below consensus. Ayvens: Taking the brakes off. BAM: Not the best start to the year. bpost: 1Q24 in line with consensus but beat vs INGF, no outlook yet. Brunel International: good set of 1Q24 results – 5% beat on EBIT, comforting trends. B&S Group: Preview - should be a non-event. DEME Group: Preview - should be a non-event. D'Ieteren: Febiac April registrations flat YoY, VW brands up 8.4%. GBL: NAV per share in ...

Brunel : One day…one day….but probably not today

>13% organic revenue growth, fewer working days but perm recovering - Brunel reported 13% organic revenue growth in Q1, with EBIT down 9% at €14.3m, compared with our forecast of €13.7m. Organic EBIT growth was 14% but two fewer working days in Germany and one less working day in the Netherlands impacted EBIT growth by 24%, some €2m. Revenue growth was driven by growth in renewable energy (11% of group), conventional energy (40%), mining (10%) and life science (6%). P...

Prosegur Compania De Securidad: 1 director

A director at Prosegur Compania De Securidad sold 43,602,149 shares at 1.630EUR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last...

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). - ...

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...

Bigben Interactive : Unsurprising Q4

>As usual, Nacon lifted growth, even though Audio/Telco did slightly better - Bigben Interactive published yesterday evening Q4 (January-March) revenues up 7% YoY to € 69.7m, in line with our expectations (€ 68.9m est.). FY revenues were up 3% YoY to € 291.9m. In detail: Audio/Telco (41% of Q4 revenues) came in slightly up by 2% at € 28.8m (€ 26.2m est.), driven by a resilient Mobile Accessories business (81% of the division's revenues), up 8% to € 23.3m, desp...

INVEST SECURITIES - BIGBEN : Levier moindre de revalorisation que sur ...

INVEST SECURITIES - NACON : Retombe dans ses travers - ACHAT, OC 3€ vs...

Nacon : Q4 in line and outlook for 2024-25 unchanged

>A more positive trend in H2 - Yesterday, Nacon published Q4 revenue that was close to our estimates at € 41m (vs € 42.6m est.), i.e. up 10% y-o-y which confirms the more favourable momentum in H2 (+37% vs -6% in H1). For 2023-24, full-year revenue was therefore € 168m, representing growth of 10%. The games division (64% of Q4 revenue) posted € 26m for Q4 up 8% with i/ catalogue revenues up 16% thanks to a line-up of five new games in Q4. For the full-year, the catalo...

Bigben Interactive : T4 2023/2024 sans surprise

>Nacon tire comme d’habitude la croissance même si la division audio/telco est légèrement mieux orientée - Bigben Interactive a publié hier soir un CA T4 (janvier-mars) en progression de 7% y-o-y à 69.7 M€, en ligne avec nos attentes (68.9 M€e). Sur l’ensemble de l’exercice, le CA ressort en hausse de 3% y-o-y à 291.9 M€. Dans le détail : La branche Audio/Telco (41% du CA T4) ressort à 28.8 M€ (26.2 M€e) en légère hausse de 2% tirée par la résilience des Accesso...

Prosegur : Q1 2024 operating performance in line, earnings somewhat be...

>Progressively recovering from Argentina’s devaluation - Group sales grew -5% y-o-y in Q1 (vs -8% in Q4 and +2% in Q3), reaching € 1.1bn, broadly in line with our estimate and the consensus. There was a material negative forex impact (-38pp vs -77pp in Q4 2023) with the group still posting very solid organic growth of +45% (vs +70% in Q4 and +42% in Q3). Reported sales for the cash division declined -1% y-o-y in Q1 (vs -20% in Q4 and -3% in Q3), with organic sales a...

Nacon : T4 en ligne et perspectives inchangées pour 2024/25

>Un niveau d’activité mieux orienté au S2 - Nacon a publié hier soir un CA T4 proche de nos attentes à 41 M€ (vs 42.6 M€e) soit une progression de 10% y-o-y, ce qui confirme un meilleur momentum sur le second semestre (+37% vs -6% au S1). Sur l’exercice 2023/24, le CA annuel s’établit ainsi à 168 M€ traduisant une croissance de 10%. La division Jeux (64% du CA T4) s’établit à 26 M€ au T4 en hausse de 8% avec i/ des revenus Catalogue en croissance de 16% grâce à un lin...