reports
- Arnaud Riverain
- Arnaud Riverain
DELTA PLUS (ALDLT) - RN S1 : Delta Plus garde le cap / Achat - Obj : 9...
CA S1 193,9 M€ -8,9% (+0,7% pc&tcc) S1 retraité de l’effet « Argentine » -6,8% (-5,8% pc&tcc) Marge opérationnelle courante 12,5% vs 13,3% au S1 2023 Marge nette 6,3% vs 9,2% Gearing 62% vs 64% au 31/12 (53% vs 54% hors dettes locatives)
- Arnaud Riverain
DELTA PLUS (ALDLT) - CA T2 : Un T2 qui ressemble au T1 en mieux / Acha...
CA T2 2024 consolidé -7,2% vs -10,7% au T1 (+5,7% tcc vs -4,2%) Europe 47,5 M€ -7% (-7,2% tcc) vs -7,8% au T1 Hors Europe 50,5 M€ -7,4% (+17,8% tcc) vs -13,6% au T1 Par rapport au T2 2023 retraité des « effets argentins », CA T2 2024 en baisse de -4,9% (-4% tcc) vs -8,7% au T1 Europe -7% Hors Europe -2,8% (-0,9% tcc) vs -9,6% au T1
- Aurore Aventin (IDMidCaps)
Delta Plus Group - A tougher than expected start to the year, but impr...
Q1 below our organic forecasts, due to a less dynamic economic environment than expected at the start of the yearFull-year guidance confirmed, with a rebound expected in H2Our opinion is unchanged from our April rating: the fundamentals are solid (steady organic and external growth, high OMC with low volatility), but the valuation is demanding in a less dynamic business environment in the short term.Reduce opinion maintained, with an unchanged target price of €76/share.
- Arnaud Riverain
DELTA PLUS (ALDLT) - CA T1 : Une double lecture s'impose / Achat - Obj...
CA T1 2024 consolidé -10,7% à 95,9 M€ (-4,2% tcc) Europe 50 M€ -7,8% (-8,2% tcc) Hors Europe 45,9 M€ -13,6% (-0,1% tcc) Par rapport au T1 2023 retraité des « effets argentins », CA T1 2024 en baisse de -8,7% (-7,6% tcc) Europe -7,8% (-8,2% tcc) Hors Europe -9,6% (-7% tcc)
- Aurore Aventin (IDMidCaps)
Delta Plus Group - Record results and good cash generation in 2023, bu...
2023 results up, in line with our expectations and even slightly ahead of management's expectationsThe Group forecasts continued organic growth and maintained margins in 2024, but the start of the year is proving more difficult with a demanding base effectWe maintain our forecast scenario for 2024 and our target price of €76/share.The sharp rise in the share price in recent months has resulted in high multiples, prompting us to adopt a Reduce opinion on the stock (vs. Add previously), espec...
- Arnaud Riverain
- Arnaud Riverain
- Aurore Aventin (IDMidCaps)
Delta Plus Group - Towards organic growth in 2024 in line with 2023, e...
Q4 in line with our organic guidance, driven by good performance outside EuropeFull-year guidance confirmed, with Q1 expected to be in line with Q4 in organic terms, excluding ArgentinaADD opinion maintained, with an unchanged target price of €76/share.
- Arnaud Riverain
DELTA PLUS (ALDLT) - Impact peso argentin / Achat - Obj. 96,9 € - Pot....
Contribution attendue 15 M€ (3,5% du CA) vs 23 M€ (5,5% du CA) du fait de la dévaluation du peso de 50% le 13 décembre ; CA 2023 groupe attendu stable ; Confirmation de l’amélioration de la rentabilité opérationnelle et du bilan.
- Arnaud Riverain
DELTA PLUS (ALDLT) - CA T3 / L'Argentine perturbe la lecture - Achat -...
CA T3 -3,1% à 99,3 M€ (+9,2% à périmètre & taux de change constants) ; Europe -3,7% à 46,2 M€, -4% pc&tcc / Hors Europe -2,6% à 53,1 M€, +20,8% pc&tcc ; Confirmation de la progression du CA annuel en organique ; Retour sur les niveaux de rentabilité pré-covid.
- Aurore Aventin (IDMidCaps)
Delta Plus Group - A solid Q3 in organic terms and a Q4 that looks set...
Sustained activity in Q3, particularly outside Europe, as has been the case since the beginning of the yearFull-year guidance confirmed and Q4 organic sales well on track, despite uncertainties over currency impactADD opinion and target price maintained at €76/share.
- Arnaud Riverain
- Arnaud Riverain
- Aurore Aventin (IDMidCaps)
Delta Plus Group - Ahead of annual guidance thanks to solid Q2 perform...
Continued good organic momentum, thanks to the purging of orders in ArgentinaBut lower sales volumes in some regions, penalized by slowdown in construction demand2023 guidance confirmed, with growth continuing and margins returning to normal levelsWe maintain our faire value at €76/share and our Add opinion.
- Arnaud Despre
- Clément Bassat
- Gaetan Calabro
- Jeremy Sallee
- Maxence Dhoury
- Mohamed Kaabouni
- Nicolas Delmas
- Nicolas Montel
- Nicolas Royot
La Matinale - 11-05-2023
LA VALEUR DU JOUR : BENETEAU : Maintient le rythme au T1 / Contact – Acheter (1), obj. 23.0€ Cours: 15.2€ au 10/05/23 2CRSI : Contrat R&D avec Thales Alenia Space – Acheter (1), obj. 3.60€ .......................Cours: 1.50€ au 10/05/23 BASTIDE : CA T3 en ligne, guidance confirmée / Confcall – Acheter (1), obj. 40.0€ ..................Cours: 28.1€ au 10/05/23 CLARANOVA : Croissance toujours erratique chez PlanetArt / Contact – Acheter (1), obj. 5.18€ ..........Cours: 2.39€ au 10/05/23 DELTA PLU...
- Arnaud Riverain
- Arnaud Riverain
DELTA PLUS - Résultats 2022 en ligne avec nos attentes - Achat - Obj. ...
Résultats en ligne – Objectif 2023 : retour progressif sur les niveaux de rentabilité pré-covid CA 420,2 M€ +22,1% (+2,9% pc & tcc) ; Marge opérationnelle courante 12,5% vs 14% en 2021 Marge nette 8,3% vs 9,5% Gearing 90,5% vs 66,5% attendue (77,9% hors dettes locatives) Dividende stable à 1,10 €
- Augustin Socié
- Jeremy Sallee
- Nicolas Delmas
- Nicolas Montel
- Arnaud Riverain
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