reports
- Saïma Hussain
FY23: IDI rewards its shareholders
FY23: IDI rewards its shareholders EARNINGS/SALES RELEASES After 2 successive years of solid results, IDI delivered another set of impressive earnings in FY-23, marked by an 11% increase in NAV. The positive developments were driven by the robust operating performance of the Private Equity Europe portfolio and brilliant divestments in spite of the unfavourable environment. IDI is spoiling its shareholders with a dividend of €5 per share (incl. €2.25 extraordinary) and confirms that it is uniqu...
- Amira Manai
IDI : ANR en progression de 11.4% sur 2023 - Versement d’un dividende ...
>ANR à fin 2023 en croissance de 11.4% à 96.86 € par action – Dividende de 5€ - IDI publie ce matin son ANR à fin décembre 2023 qui s’établit à 96.86 € par action en progression de 11.4% par rapport à fin 2022 (89.45 € par action avant dividende). Cette dynamique s’explique principalement par la bonne performance des participations du portefeuille et les forts retours des participations cédées. Pour rappel, l’exercice a été marqué par le closing de deux cessions avec...
- Amira Manai
IDI : NAV up 11.4% in 2023 - Payment of a € 5 dividend
>NAV at end 2023 up 11.4% to € 96.86 per share - € 5 dividend - - IDI published this morning its NAV at end-December 2023, which stood at € 96.86 per share, up 11.4% since end-2019 (€ 89.45 per share before dividend). This momentum is mainly due to a good performance from portfolio holdings and strong returns from divested holdings. As a reminder, the year was marked by the closing of two disposals with significant returns on investment, namely FCG (sale multiple >12...
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/14/2024
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
BFIT BASIC-FIT NV
PBB DEUTSCHE PFANDBRIEFBANK AG
IDL ID LOGISTICS GROUP
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
SAB BANCO DE SABADELL SA
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 14/03/2024
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
IDL ID LOGISTICS GROUP
INF INFOTEL SA
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Jerôme Bodin
- Amira Manai
IDI : Disposal of stake in Ateliers de France
>Exit from the Ateliers de France group ownership structure after more than 6 years with a disposal multiple of 2.1x - One week after the publication of its Q3 NAV, through which the group confirmed its brisk portfolio rotation momentum, IDI announced this morning its 15th transaction and 4th disposal since the beginning of the year. Specifically, IDI, Raise Invest (a private equity company investing in French SMEs with € 600m under management), Tikehau Capital (...
- Jerôme Bodin
- Amira Manai
IDI : Cession de la participation Ateliers de France
>Sortie du groupe Ateliers de France après plus de 6 ans de détention avec un multiple de cession de 2.1x - Une semaine après la publication de son ANR T3 à travers laquelle le groupe confirme sa bonne dynamique de rotation de portefeuille, l’IDI annonce ce matin sa 15ème opération et sa 4ème cession depuis le début de l’année. Précisément, l’IDI, Raise Invest (société de capital investissement investissant dans les ETI françaises avec 600 M€ sous gestion), Tikeh...
- Saïma Hussain
Ending Q3 with firepower at its peak
Ending Q3 with firepower at its peak EARNINGS/SALES RELEASES IDI enjoyed another active quarter. Although the NAV has fallen slightly qoq (-0.9%) since June 30, 2023 (note that only the liquid assets and listed securities were revalued), it has nevertheless risen by 11.4% YTD for the first 9 months of 2023, reflecting the strength of IDI’s business model. 2023 is proving to be a banner year for IDI, which has completed a number of structuring transactions, including the creation of a third-par...
- Baptiste Salaville
- Jean-Baptiste Rouphael
- Jean-François Granjon
ODDO BHF Small & MIDCAP MORNING NEWS - 11/27/2023 Date Performance sin...
In a stainless steel sector that has been considerably weakened since Indonesia burst onto the scene, we welcome the recent strengthening of customs tariffs in Europe which should have a significant impact with the recovery in demand expected in 2024. The US retains a robust but effective protectionist system, while Brazil looks more exposed. With the sector at a trough, we believe the time is right to reinvest and prefer Outokumpu (Outperform vs Neutral) attractive valuation) and Ace...
- Baptiste Salaville
- Jean-Baptiste Rouphael
- Jean-François Granjon
ODDO BHF Small & MIDCAP MORNING NEWS - 27/11/2023 Date Performance dep...
Sur un secteur mondial considérablement fragilisé par l’irruption de l’Indonésie, nous saluons le renforcement récent des barrières douanières en Europe qui devrait avoir un impact significatif avec le redressement de la demande prévu en 2024. Les USA conservent un système protectionniste robuste mais efficace, le Brésil parait plus fragile. Alors que le secteur se trouve à un creux, le moment nous paraît opportun pour réinvestir en privilégiant Outokumpu (Surperformance vs Neutre, va...
- Amira Manai
IDI : NAV growth of 11.4% in the first 9 months
>NAV at end-September: € 96.85 per share, up 11.4% - IDI this morning reported its NAV at end-September which reached € 96.85 / share, up 11.4% since the start of the year, supported by the good performance of the group’s holdings. The group has put in place a free share allocation plan with a co-investment condition for the youngest employees, equity stake heads and analysts. The target concerns growth in NAV out to the end of 2026.4 deals carried o...
- Amira Manai
IDI : ANR en hausse de 11.4% sur 9 mois
>ANR à fin septembre : 96.85 € par action, en croissance de 11.4% - IDI publie ce matin son ANR à fin septembre qui atteint 96.85 € / action, en croissance de 11.4% depuis le début d’année soutenue par la bonne performance des participations du portefeuille. Le groupe a mis en place un plan d’actions gratuites avec condition de coinvestissement pour les collaborateurs les plus jeunes, directeurs de participations et analystes. L’objectif porte sur la croissance d...
- Saïma Hussain
Adjustment following the completion of the sale of Flex Composite Grou...
Adjustment following the completion of the sale of Flex Composite Group EPS CHANGE CHANGE IN EPS 2023 : € 9.22 vs 6.45 +42.9% 2024 : € 8.17 vs 8.13 +0.51% Our EPS 2023 resets significantly higher due to the inclusion of the sale of Flex Composite Group (FCG) to Michelin, which has driven up the change in fair value to €89m in H1-23. CHANGE IN DCF € 61.4 vs 45.2 +35.9% Our DCF has improved significantly following the sale of FCG to Michelin. We have estimated the total proceeds at €278.4m (...
- Saïma Hussain
Masters the value creation playbook
Masters the value creation playbook M&A /CORP. ACTION IDI announced today that it has completed, alongside Andera Partners, the sale of Flex Composite Group to Michelin. This operation, unveiled in June, will enable IDI to realise a capital gain of around €255m and to pocket close to €278m, corresponding to an investment multiple of 12 times the initial €23.2m outlay. Not only will this deal fill IDI’s pockets, it also further demonstrates IDI’s ongoing ability to create value. FACT IDI mad...
- Saïma Hussain
Shielded against macro-economic turmoil
Shielded against macro-economic turmoil EARNINGS/SALES RELEASES The uncertain macro-economic environment has left IDI unscathed, with NAV growth of 12.4% in H1 23 to €97.73 per share. The first half was particularly active for IDI, which announced 14 transactions, including the sale of Flex Composite Group to Michelin for more than 12x IDI’s initial investment, representing an IRR of 38%. All in all, these are outstanding results for IDI, which ended H1 23 with shareholders’ equity of €730m (+...
- Nicolas David
- Amira Manai
IDI : Robust NAV at end-June 2023: good portfolio rotation that is set...
>NAV at end-June up 12.4% to € 97.7 per share - IDI this morning reported NAV at end-June 2023 of € 97.7 per share, up a strong 12.4% on end-December 2022 (€ 87 after factoring in the dividend) driven mainly by the good performance of the equity stakes owned and the disposal value of Flex Composite Group. All told, NAV came to € 730.7m.9 deals carried out in H1 and 14 deals since January – Investment capacity still robust - In line with recent...
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