reports
- Steven Boumans
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 02/27/2024
The start of the earnings season has halted EPS erosion, which was marked in Europe and more limited in the US. In 2024, EPS should grow twice as fast on the S&P 500 (+10%) vs the Stoxx 600 (+5%). In Europe, the fastest-growing sectors are travel & leisure, banks and industrials. - ...
- Steven Boumans
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 27/02/2024
L’ouverture de la saison des résultats a mis fin à l’érosion des BPA, qui était forte en Europe et plus limitée aux Etats-Unis. Les BPA devraient ainsi croître en 2024 deux fois plus vite sur le S&P 500 (+10%) que le sur le Stoxx 600 (+5%). En Europe, les secteurs ayant la meilleure dynamique sont le Travel & Leisure, les Banques et l’Industrie. - ...
- ING Helpdesk
- Kristof Samoy
- Sharad Kumar S.P
- Thijs Berkelder
CFE : Offshore wind saved 2023 performance, but will be much less in 2...
>H2 results helped by temporary strength in offshore wind - Revenues in 2023 were up 7% y-o-y to € 1,249m (BB consensus € 1,214m, AAOB € 1,223m)EBITDA declined by 22% y-o-y to € 49.5m (BB consensus € 52.2m, AAOB € 34.5m)Group EBIT was down 35% y-o-y to € 33.0m (BB consensus of € 24.1m probably mix of in-and excluding associates, AAOB € 27.6m)Looking at the segment breakdown of Group EBIT it was "Investments & Holding" contributing € 20.1m (AAOB € 15.0m)...
- Luuk Van Beek
CFE - H2-23 and outlook confirm challenging period
H2-23 results were roughly in line thanks to a strong contribution from investments, which more than offset shortfalls elsewhere2024 guidance for a revenue decline and better margins in line with DPNo major changes to estimates expected, Hold reiterated with EUR 8.5 TP
- ING Helpdesk
Benelux Morning Notes
ASM International: 4Q23 preview, good year ahead. CFE: Preview - focus on quality of order book. CM.com: Preview 2H23/FY23. Just Eat Takeaway.com: Preview FY23, more profits ahead. PostNL: FY23 results, FY24 outlook well below, looks to improve LT performance. Proximus: BICS CEO let go after Telesign tensions, Niel/Iliad invest €1.2bn in Tele2. Retail Estates: Sound operational trends and portfolio valuation
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 21/11/2023
Les faibles valorisation et endettement de Wendel et de BVI, permettent pour la première fois depuis 20 ans, d’envisager un scenario original mais créateur de valeur pour Wendel-Participations (WP). Il s’agirait d’une OPA sur les 60% non détenus de Wendel, financée par un dividend recap de BVI, Stahl et Wendel ainsi qu’une cession d’un bloc de BVI. Elle permettrait à Wendel 1/ d’éliminer la forte décote sur l’ANR (52%), 2/ d’offrir une porte de sortie aux minoritaires (prime de 35%e),...
PUB PUBLICIS GROUPE SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BFIT BASIC-FIT NV
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
ELE ENDESA S.A.
RWE RWE AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
WPP WPP PLC
CFEB COMPAGNIE D'ENTREPRISES CFE SA
GAS NATURGY ENERGY GROUP S.A.
SIGHT GENSIGHT BIOLOGICS SA
SHOT SCANDIC HOTELS GROUP
IBE IBERDROLA SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
XFAB X-FAB SILICON FOUNDRIES SE
UN01 UNIPER SE
ATRY ATRYS HEALTH
MOR MORPHOSYS AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 11/21/2023
Les faibles valorisation et endettement de Wendel et de BVI, permettent pour la première fois depuis 20 ans, d’envisager un scenario original mais créateur de valeur pour Wendel-Participations (WP). Il s’agirait d’une OPA sur les 60% non détenus de Wendel, financée par un dividend recap de BVI, Stahl et Wendel ainsi qu’une cession d’un bloc de BVI. Elle permettrait à Wendel 1/ d’éliminer la forte décote sur l’ANR (52%), 2/ d’offrir une porte de sortie aux minoritaires (prime de 35%e),...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BFIT BASIC-FIT NV
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
ELE ENDESA S.A.
RWE RWE AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
GAS NATURGY ENERGY GROUP S.A.
SIGHT GENSIGHT BIOLOGICS SA
SHOT SCANDIC HOTELS GROUP
IBE IBERDROLA SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
XFAB X-FAB SILICON FOUNDRIES SE
UN01 UNIPER SE
ATRY ATRYS HEALTH
MOR MORPHOSYS AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
- Thijs Berkelder
CFE : Economic downturn continues to bite harder than expected
>Q3 revenues and order backlog confirm further slowdown - Revenues 9M23 up 7.4% to € 904.3m, which after H1 up 9.5% to € 641.7m implies Q3 was up 2.6% to € 262.6m (AAOBe € 255.2m, 22Q3 € 255.9m). Looking at the segment breakdown in Q3 revenues, it confirms growth is slowing down in all segments:- Real Estate Development was flat y-o-y at € 24.1m (22Q3 € 24.0m, H1 still +135% to € 73.1m, AAOBe € 25.0m)- Multi-technics down 4.3% to € 75.0m (22Q3 € 78.3m, H1 -0...
- Michiel Declercq
- Sharad Kumar S.P
- Luuk Van Beek
CFE - Q3 highlights ongoing challenges
Q3 revenues under pressure due to challenging markets, and pressure on profits due to bleedersBacklog under pressure, now guides for a ‘considerably lower' profit in 2023.We will further reduce our estimates and cut our target price from EUR 10.50 to EUR 8.50. Hold reiterated
- ING Helpdesk
Benelux Morning Notes
Arcadis: Upbeat story. Bekaert: 3Q23 miss - on the back of inflation and energy surcharges normalizing. CFE: Preview - same market conditions in 3Q as in 1H. DEME Group: New contracts in Africa. EVS: Guiding to the high end of the sales and EBIT ranges, CMD next week. Orange Belgium: Nethys to swap its 25% VOO stake for 11% stake in Orange Belgium. Universal Music Group: Peer Warner Music Group 4Q23 shows strong streaming growth
- Tijs Hollestelle
CFE/Earnings visibility decreased/HOLD
CFE's interim results were negatively impacted by problematic projects in the construction and technical services business units, temporarily low demand in the Belgium rail market and higher interest rates weighing negatively on the property development results. Luckily relative favourable weather conditions in 1H23 increased participations income from CFE's stakes in offshore wind parks. We expect most of the above-mentioned factors, except for the weather, to have an impact on the second half ...
- Bruno Cavalier
- Damien Choplain
- Jean-Baptiste Rouphael
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 08/30/2023 Date Performance sin...
The economic outlook for the eurozone deteriorated over the summer. The gloom is no longer exclusively confined to Germany and the manufacturing sector but now also extends to other countries and sectors. The bank lending tap has been closed for more than six months, portending a sharp correction in investment spending. To date, the labour market has held up well but some cracks are now emerging. Disinflation is not yet advanced enough to restore purchasing power (we will have to wait...
- Bruno Cavalier
- Damien Choplain
- Jean-Baptiste Rouphael
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 30/08/2023 Date Performance dep...
Les perspectives économiques de la zone euro se sont dégradées cet été. La morosité n’est plus seulement confinée à l’Allemagne et au secteur manufacturier, elle s’étend aux autres pays et secteurs. Le robinet du crédit bancaire est fermé depuis plus de six mois, présageant une correction marquée des dépenses d’investissement. A ce jour, le marché du travail résiste mais quelques craquements se font jour. La désinflation n'est pas encore assez avancée pour redonner du pouvoir d’achat ...
- ING Helpdesk
Benelux Morning Notes
Ageas: 1H23 Results - China +45% NB growth, Solvency 2 220%, strong outlook. ASR: 1H23 results - preparing for the integration. CFE: Contracting units face operational execution issues. IBA: 1H23 preview. Montea: New e-commerce delivery centre with Delhaize. Randstad: Launches a new business - ‘Randstad Digital'. Sligro: Merging Dutch and Belgian foodservice activities. Staffing: Belgium staffing - July volume trend improved to -7.3% YoY (June: -12.6%)
- Guy Sips
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Thijs Berkelder
CFE : As expected, construction sector affected by macro conditions
>H1 results lower y-o-y and cautioning outlook - Revenues are up 9.5% to € 641.7m implyign Q2 up 8.0% to € 338.5m after Q1 up 11.1% to € 303.2m. with Real Estate Development revenues up 135% to € 73m, Multi-technics down 0.6% to € 171m and Construction & Renovation up 14.5% to € 455m.EBITDA is down by 28% y-o-y to € 20.0m from € 27.8m a year ago, equivalent to an EBITDA margin of 3.1% (4.7% in 22H1). Note Bloomberg FY23 consensus is € 64.8m, up from € 63.1m in 2...
- Luuk Van Beek
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