reports
- Bruno Cavalier
- Emira Sagaama
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 09/04/2024 Date Performance dep...
Nous réitérons notre recommandation Surperformance (conviction Midcap Europe) avec un objectif de cours et des prévisions de résultats relevés. L’optimisme est de rigueur sur les perspectives d’activité, les marges offrent encore un potentiel d’amélioration, le bilan est sous-leveragé, les multiples de valorisation restent attractifs et le fondateur achète des actions. - ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
SDG SYNERGIE SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BAMNB KONINKLIJKE BAM GROEP NV
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
ALFEN ALFEN NV
DRI 1&1 DRILLISCH AG
DEME DEME GROUP NV
LHYFE LHYFE S.A.
- Bruno Cavalier
- Emira Sagaama
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 04/09/2024 Date Performance sin...
We reiterate our Outperform recommendation on the stock (European midcap top pick). We have revised up our target price and earnings forecasts. Bright prospects ahead for revenues, still room for margin improvement, the balance sheet is underleveraged, valuation multiples remain attractive and the founder is buying shares. - ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
SDG SYNERGIE SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BAMNB KONINKLIJKE BAM GROEP NV
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
ALFEN ALFEN NV
DRI 1&1 DRILLISCH AG
DEME DEME GROUP NV
LHYFE LHYFE S.A.
- Jean-François Granjon
- Louis Boujard
- CFA
Lhyfe : A less capital-intensive model that must prove its worth
>Market shift towards larger-scale projects - The group’s pipeline of projects is confirmed at a high level to currently stand at 9.9 GW of capacity. Some 60% of this backlog concerns industrial projects and 38% network-related projects. This is resulting in larger-scale projects of at least 100 MW. The projects currently under development are more particularly smaller-scale projects (2.5 MW for the Bouin site, 5/10 MW, etc.) intended for mobility. The needs of the ma...
- Jean-François Granjon
- Louis Boujard
- CFA
Lhyfe : Le modèle moins capitalistique doit faire ses preuves
>Une évolution du marché vers des projets de plus grande taille - Le pipeline des projets de la société est confirmé à un niveau élevé pour atteindre actuellement 9.9 GW de capacités. 60% de ce backlog concerne des projets industriels et 38% des projets liés aux réseaux. Cela se traduit par des projets de plus grande ampleur d’au moins 100 MW. Les projets actuellement en cours de développement concernent plus particulièrement des projets de plus petites dimensions (2....
- Andreas Riemann
- Jean Danjou
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 03/28/2024
With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a substantia...
OSE OSE IMMUNOTHERAPEUTICS SA
ZIL2 ELRINGKLINGER AG
SBS STRATEC SE
F3C SFC ENERGY AG
HCO HIGHCO SA
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
LNA LNA SANTE SA
TRI TRIGANO SA
BCP BANCO COMERCIAL PORTUGUES S.A.
QDT QUADIENT SA
SESL SES-IMAGOTAG SA
BEZ BERENTZEN GRUPPE
ALBFR SIDETRADE SA
SMHN SUESS MICROTEC AG
JUN3 JUNGHEINRICH AG PREF
S92 SMA SOLAR TECHNOLOGY AG
RBO ROCHE BOBOIS INTERNATIONAL SAS
JEN JENOPTIK AG
KTA KNAUS TABBERT
INPST INPOST S.A.
MRX MISTER SPEX SE
LHYFE LHYFE S.A.
- Andreas Riemann
- Jean Danjou
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 28/03/2024
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la Chin...
OSE OSE IMMUNOTHERAPEUTICS SA
ZIL2 ELRINGKLINGER AG
SBS STRATEC SE
TNG TRANSGENE SA
F3C SFC ENERGY AG
HCO HIGHCO SA
CGM CEGEDIM SA
NTG NETGEM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
LNA LNA SANTE SA
TRI TRIGANO SA
BCP BANCO COMERCIAL PORTUGUES S.A.
QDT QUADIENT SA
SESL SES-IMAGOTAG SA
BEZ BERENTZEN GRUPPE
ALBFR SIDETRADE SA
SMHN SUESS MICROTEC AG
JUN3 JUNGHEINRICH AG PREF
S92 SMA SOLAR TECHNOLOGY AG
RBO ROCHE BOBOIS INTERNATIONAL SAS
JEN JENOPTIK AG
KTA KNAUS TABBERT
INPST INPOST S.A.
MRX MISTER SPEX SE
LHYFE LHYFE S.A.
- Jean-François Granjon
- Louis Boujard
- CFA
Lhyfe : Introducing a new add-on model
>FY results close to our expectations - Lhyfe published FY revenues of € 1.3m, compared with € 0.6m in 2022, reflecting a gradual ramp-up of the first production unit to be commissioned (Bouin site). As expected, losses are significantly higher than the previous year, with EBITDA of -€ 28.1m (-€ 30.6m estimated, -€ 31.9m for consensus) vs -€ 16.3m YoY and operating profit of -€ 34.4m (-€ 31.6m estimated, -€ 35.4m for consensus) vs -€ 19.2m YoY, reflecting the company'...
- Jean-François Granjon
- Louis Boujard
- CFA
Lhyfe : Mise en place d’un nouveau modèle complémentaire
>Résultats annuels proches de nos attentes - Lhyfe a publié un CA annuel de 1.3 M€ vs 0.6 M€ en 2022, traduisant la montée en puissance progressive de la 1ère unité de production mise en service (site de Bouin). Comme attendu, les pertes sont sensiblement plus importantes que l’année précédente avec un EBITDA de -28.1 M€ (-30.6 M€ estimé, -31.9 M€ pour le css) vs -16.3 M€ YoY et un RO de -34.4 M€ (-31.6 M€ estimé, -35.4 M€ pour le css) vs -19.2 M€ YoY reflétant la pou...
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Lhyfe: unsurprising FY23 results, revised 2024-2026 outlook
Lhyfe has announced FY23 results and provided indications for FY24 revenue guidance. Whereas FY23 revenue was already communicated at EUR1.3m (+30% vs cons. at EUR1m), Lhyfe has reported a lower than expected EBITDA loss at EUR28.1m (9% ahead of cons. at -EUR31.0m), even with continued structuring
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Lhyfe: large subsidy support
Lhyfe yesterday announced confirmation of French State support in the form of a grant of up to EUR149m for the construction of a green hydrogen production facility in Gonfreville-L'Orcher. The plant would be located near Yara's ammonia facility close to Le Havre, in France, and equipped with 100MW
- Paul de Froment
- Thomas Mordelle
Large CPPA with EDPR
Lhyfe yesterday announced a large corporate PPA with its shareholder EDP Renewables (EDPR), a leading player in the development of renewable energy in Europe. For a 15-year period, Lhyfe will therefore buy renewable electricity from EDPR out of a 39MWac (55MWp) solar project in Germany which is exp
- Paul de Froment
- Thomas Mordelle
Reassuring syndicated loan
Lhyfe announced yesterday that it had secured a corporate syndicated loan as well as a green loan for a cumulated amount of EUR28m. This demonstrates strong lender confidence in Lhyfe's ramp-up, supported by public initiatives to facilitate the development of green hydrogen infrastructure in Wester
- Paul de Froment
- Thomas Mordelle
Massive 2029 project
Lhyfe yesterday announced during market hours that it expects to build an 800MW green hydrogen plant in Lubmin, Germany. Implementation of the project is subject to plot allocation as well as the obtention of both operating authorisations and construction permits, therefore potentially leading to a
- Paul de Froment
- Thomas Mordelle
Headed for 210MW in Saint-Nazaire
Following a call for proposals launched at the end of 2022 by the Great Port of Saint-Nazaire, Lhyfe was selected on Friday and allocated a 14ha plot of land located at the heart of this industrial and logistics ecosystem in order to build a 210MW green hydrogen plant. Implementation of the project
- Paul de Froment
- Thomas Mordelle
A great step forward in Spain
Lhyfe yesterday announced it has secured a EUR14m grant from H2 Pioneros for a 15MW project in Tarragona, Spain. Together with Barcelona and Huelva, Tarragona is one of Spain's most important chemical clusters, concentrating 44% of plastics and 25% of chemical industry production in the country (DM
- Paul de Froment
- Thomas Mordelle
Correction overdone
We upgrade Lhyfe from Sell to Neutral, leaving our estimates unchanged and sticking to our EUR3.9 PT. We consider the market reaction to our sector note released at the beginning of the week was overdone. Manoeuvring in an early-stage market with a regulatory-led pace of development, and pragmastis
- Paul de Froment
- Thomas Mordelle
Unreachable 2026 guidance
Following the publication of our industry note entitled "H2’oween: Trick or treat in green hydrogen", we have downgraded Lhyfe from Buy to Sell and cut our price target from EUR14.3 to EUR3.9. Whereas Lhyfe could leverage valuable projects such as Delfzijl (200MW) and unique deep-sea offshore devel
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
H2’oween: Trick or treat in green hydrogen
Decarbonisation must ultimately abide by economic laws. In a maturing market with many competing technologies, those with the most efficient power-to-power ratios generating the highest energy returns on investment are the ones that should succeed. This contrasts with the earlier stages of green hy
- Emira Sagaama
- Michael B. Schäfer
- Thomas Zlowodzki
- Emira Sagaama
- Michael B. Schäfer
- Thomas Zlowodzki
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