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...
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). - ...
>Sales in line with the consensus and 3% below our forecast - Q1 2024 sales of € 911m, up 7.9% l-f-l (+1.2% in real terms) and 3% below our forecast (€ 941m). The Visible Alpha consensus anticipated sales of € 917m. By business line, volumes at the cement (+4.1%) and concrete activities (+5.4%) showed an improvement, whereas the aggregates business (-5.4%) posted a decline. Another significant element, the group has reduced the level of detail reported in the quarter...
>CA en ligne avec le consensus et 3% inférieur à nos attentes - CA T1 2024 à 911 M€, en hausse de 7.9% à pcc (+1.2% en réel) et 3% inférieur à nos attentes (941 M€). Le consensus Visible Alpha tablait sur un CA de 917 M€. Par métier, les volumes des activités Ciment (+4.1%) et Béton (+5.4%) sont en amélioration alors que les Granulats (-5.4%) affichent une baisse. Autre élément marquant, le groupe a réduit le détail des éléments communiqués lors du CA trimestriel (pa...
L’ISLE D’ABEAU, France--(BUSINESS WIRE)-- Regulatory News: Vicat (Paris:VCT): Chiffre d’affaires consolidé par zone géographique au 1er trimestre 2024 : (En millions d’euros) 31 mars 2024 31 mars 2023 Variation publiée Variation à pcc* France 270 297 -8,8% -8,8% Europe (hors France) 92 81 +14,2% +9,7% Amériques 222 198 +12,5% +12,4% Asie 120 112 +6,8% +8,9% Méditerranée 104 104 +0,7% +58,9% Af...
>Q1 2024: more detail but not that much even so... - Comments on results are available in our flash of 25 April (“A decent start to the year”). From the conference call, we note a degree of optimism going forward after a slightly soft quarter due to challenging weather conditions and a negative working days effect. During the Q&A, management did not wish to share the volume/price or price/cost effects, arguing the high value-added products sold that are in particular ...
>T1 2024 : plus de détails mais pas trop quand même … - Les commentaires sur les résultats du T1 sont disponibles dans le flash du 25/04 (« Un début d’année honorable »). Nous retenons de la conférence téléphonique, un certain optimisme pour la suite après un trimestre un peu léger compte tenu de conditions climatiques difficiles et un effet jours ouvrés négatif (-1.5%). Lors du Q&A, le management n’a pas souhaité partager les effets volumes/prix ou prix/coûts, arguan...
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
>Q1 EBIT 3% above the consensus - EBIT came to CHF 532m (+16.3% l-f-l and -8.3% reported), beating the consensus (CHF 515m) and our estimate (CHF 491m est.). The level of growth in local currencies came to 17.1%, broadly in line with Q4 (18.3%,) driven by a contribution from acquisitions of 3.4% in Q1. Relative to our estimates, EBIT exceeded our expectations in all divisions except Solution & Products (-4% vs our estimates), and was higher in North America (+12% vs o...
>EBIT T1 >3% au consensus - L’EBIT ressort à 532 MCHF (+16.3% à pcc et -8.3% en réel), au-dessus du consensus (515 MCHF) et de nos attentes (491 MCHFe). Le niveau de croissance en monnaie locale ressort à 17.1%, soit globalement en ligne avec le T4 (18.3%,) tiré par une contribution des acquisitions de 3.4% au T1. Par rapport à nos estimations, l’EBIT est supérieur à nos attentes dans toutes les divisions à l’exception de la branche Solution & Products (-4% vs nos est...
DUBLIN--(BUSINESS WIRE)-- CRH plc, the leading provider of building materials solutions, will publish its Q1 2024 financial results on Friday, May 10, 2024 at 2:00 a.m. (New York) / 7:00 a.m. (Dublin) followed by a conference call and webcast presentation at 8:00 a.m. (New York) / 1:00 p.m. (Dublin). CRH's results and the related presentation will be available at . CRH invites investors and members of the public to register for the event at . Upon registration a link to join the call and dial-in details will be made available. A replay of the webcast will be available on . About CRH CR...
L’ISLE D’ABEAU, France--(BUSINESS WIRE)-- Regulatory News: L’Assemblée Générale des actionnaires du groupe Vicat (Euronext Paris : FR0000031775 – VCT) s’est tenue aujourd’hui sous la présidence de Guy Sidos, Président du Conseil d'Administration et Directeur Général. Les résolutions présentées à l’Assemblée Générale ont été toutes adoptées, notamment le versement d’un dividende de 2,0 euros par action, conformément aux recommandations du Conseil d’Administration. Ce dividende sera détaché de l’action le 29 avril 2024 et sera mis en paiement le 2 mai 2024. Le compte rendu détaillé de l’As...
DUBLIN--(BUSINESS WIRE)-- CRH plc, a leading provider of building materials solutions, today provides quarterly information under U.S. GAAP for the financial year ended December 31, 2023. Quarterly financial information is now available at Appendix 1 and at . About CRH CRH (NYSE: CRH, LSE: CRH) is a leading provider of building materials solutions that build, connect and improve our world. Employing approximately 78,500 people at approximately 3,390 operating locations in 29 countries, CRH has market leadership positions in both North America and Europe. As the essential partner for tran...
Holcim Group Services Ltd / Key word(s): Acquisition Holcim to acquire Tensolite 05.04.2024 / 07:00 CET/CEST Leading manufacturer and distributor of innovative precast and pre-stressed concrete systems in fast-growing Latin America region Expands Holcim’s Solutions & Products portfolio in Argentina Holcim has signed an agreement to acquire Tensolite, a leading manufacturer of innovative precast and pre-stressed concrete construction systems with $22 million of net sales in 2023 and a strong presence in fast-growing Latin American markets. With plants and a distribution network ...
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 subst...
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