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...

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). - ...

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 ...

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...

Never change a losing team

We cut '24-'26e adj. EBITA by ~3%. Banking spin-off cancelled– negative for the equity story. Still a BUY, but TP down to EUR 26 (33)

ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...

Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...

Credit Morning 04/26/2024

Ardagh reports very weak Q1 2024 results, confirms guidance and gives details about Apollo deal>...

ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024

Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...

Clariane : Q1 2024 revenue: a good level of activity aided by price ef...

>Q1 revenue: organic growth of >+7% - Clariane has reported Q1 2024 revenue of € 1,308m, i.e. +7.4% and +7.4% l-f-l of which revenue in France: +8.2% and +7% organic - revenue Germany: +7.6% and +7.9% organic - revenue Benelux: +5.7% and 8.1% - revenue Italy: +3.5% and +4.3% organic - revenue Spain/UK : +13.2% and +13.6%.According to Clariane, volumes were up +€ 47m (increase in occupancy rates on the mature network, opening of additional capacity) whilst price e...

Morning Crédit 26/04/2024

Ardagh publie un T1 2024 très faible, confirme sa guidance et donne quelques détails sur le deal avec Apollo>...

Clariane : CA T1 2024 : bon niveau d’activité aidé par les effets tari...

>CA T1 : organique à >+7% - Le CA T1 de Clariane ressort à 1308 M€, soit +7,4% et +7,4% à ptcc. dont CA France : +8,2% et +7% organique - CA Allemagne : +7,6% et +7,9% organique - CA Benelux : +5,7% et 8,1% - CA Italie : +3,5% et +4,3% organique - CA Espagne/RU. : +13,2% et +13,6%.Selon Clariane, la hausse des volumes ressort à +47 M€ (progression des taux d’occupation sur le réseau mature, mise en service de capacités complémentaires) tandis que les effets prix ...

TietoEVRY : Lower than expected Q1 2024 results but full-year guidance...

>Lower than expected organic growth and EBITA. Disappointing FCF - Tietoevry reported its Q1 2024 results yesterday before market opening. Organic growth was -2.0% year-on-year (vs. ODDO BHF estimate of -0.2%), which represents a slowdown relative to 1% in Q4. Growth was impacted by a poor performance in 1/ Tech Services (organic growth of -7% vs. ODDO BHF estimate of -4.8%); 2/ Create (organic growth of -5% vs. ODDO BHF estimate of -0.7%), due to the ongoing weak eco...

TietoEVRY : Résultats T1 2024 inférieurs aux attentes mais guidance an...

>Croissance org. et EBITA, inférieurs aux attentes. FCF décevant - TietoEVRY a publié hier avant Bourse ses résultats T1 2024. La croissance org. ressort à -2.0% y/y(vs ODDO BHF :-0.2% org), en décélération par rapport au T4 (1% org.). La croissance a été impactée par une faible performance sur les segments 1/ Tech Services (-7% org. vs ODDO BHF : -4.8% org.); 2/ Create (-5% org. vs ODDO BHF : -0.7% org.), en raison de la faiblesse persistante de l'environnement écon...