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). - ...
>Soft Q1 2024 results in line with pre-released KPIs from early April - Grammer pre-released weak Q1 2024 KPIs in early April and today’s full release is in line with those: group sales are -6% y-o-y to € 557m, with the decline said to be driven by weaker demand from customers in response to the significant and continuing macroeconomic and industry-specific uncertainties, which led to lower sales vs internal expectations in EMEA (-12% y-o-y) and APAC (+3% y-o-y) in t...
EQS-News: GRAMMER Aktiengesellschaft / Schlagwort(e): Quartalsergebnis/Quartals-/Zwischenmitteilung GRAMMER AG veröffentlicht Ergebnisse für das erste Quartal 2024 29.04.2024 / 09:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. GRAMMER AG veröffentlicht Ergebnisse für das erste Quartal 2024 Umsatz der GRAMMER Gruppe mit einem Minus von 5,5 % auf 556,6 Mio. EUR im ersten Quartal 2024 rückläufig Operatives EBIT liegt mit 2,4 Mio. EUR deutlich unter dem Vorjahresquartal (Q1 2023: 13,9 Mio. EUR) Geschäftsentwicklung von schwäche...
EQS-News: GRAMMER Aktiengesellschaft / Key word(s): Quarter Results/Quarterly / Interim Statement GRAMMER AG publishes results for the first quarter of 2024 29.04.2024 / 09:00 CET/CEST The issuer is solely responsible for the content of this announcement. GRAMMER AG publishes results for the first quarter of 2024 GRAMMER Group revenue down 5.5% at EUR 556.6 million in the first quarter of 2024 Operating EBIT significantly lower than same quarter of previous year at EUR 2.4 million (Q1 2023: EUR 13.9 million) Business performance impacted by weaker demand owing to gen...
>Grammer released weak preliminary KPIs for Q1 24 - Grammer surprisingly released a weak set of Q1 24 KPIs during yesterday’s trading session. Group sales are -6% y-o-y to € 557m, with the decline said to be driven by weaker demand from customers in response to the significant and continuing macroeconomic and industry-specific uncertainties, which led to lower sales vs internal expectations in EMEA and APAC in the quarter under review. Grammer’s adj. EBIT declined fro...
>Q4 2023 finally developed less bad than feared - Grammer’s FY 2023 reported group sales are +7% y-o-y to € 2.30bn (ODDO BHF: € 2.26bn) with an organic revenue growth of +10.4%. Top-line growth was driven by the regions EMEA (+7% y-o-y) and APAC (+25%), while sales in the Americas were slightly declining (-2%). In terms of customer industry, Automotive was up by 8% y-o-y and Commercial Vehicles by 4%. Grammer’s FY 2023 group adj. EBIT is +60% y-o-y to € 57m (ODDO-BHF:...
EQS-News: GRAMMER Aktiengesellschaft / Schlagwort(e): Jahresergebnis GRAMMER AG steigert Umsatz und Ergebnis im Geschäftsjahr 2023 und bestellt COO Guoqiang Li zum Vorstand 28.03.2024 / 09:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. GRAMMER AG steigert Umsatz und Ergebnis im Geschäftsjahr 2023 und bestellt COO Guoqiang Li zum Vorstand GRAMMER Gruppe steigert Umsatz um 6,8 % auf 2.304,9 Mio. EUR Free Cashflow steigt auf 48,2 Mio. EUR (Vj. 31,3 Mio. EUR) Operatives EBIT liegt mit 56,8 Mio. EUR ebenfalls deutlich über dem Vo...
EQS-News: GRAMMER Aktiengesellschaft / Key word(s): Annual Results GRAMMER increases revenue and earnings in FY 2023 and appoints COO Guoqiang Li to the Executive Board 28.03.2024 / 09:00 CET/CEST The issuer is solely responsible for the content of this announcement. GRAMMER increases revenue and earnings in FY 2023 and appoints COO Guoqiang Li to the Executive Board GRAMMER Group increases revenue by 6.8% to EUR 2,304.9 million Free cash flow climbs to EUR 48.2 million (previous year: EUR 31.3 million) Operating EBIT of EUR 56.8 million also clearly above previous ye...
Si le discours de Christine Lagarde a déçu par sa timidité, celui de Jérôme Powell a, lui, clairement contenté les marchés, qui ont salué (trop ?) fortement le rapprochement des perspectives de baisses de taux de la Fed. Nous mettons à jour notre allocation sectorielle tactique pour prendre en compte ces nouvelles perspectives sur son score de Valeur Relative vs Taux et sur la dynamique du consensus sur les BPA. Nous dégradons le secteur Autos & Parts de MW à UW, les Télécommunication...
Whereas Christine Lagarde's speech was disappointingly timorous, Jerome Powell's clearly went down well with the markets, which hailed (over enthusiastically?) the prospects for the Fed’s rate cuts materialising sooner than initially expected. We are updating our tactical sector allocation to factor in this new outlook, regarding its Relative Value vs Rates score and the momentum of the consensus on EPS. We are revising down autos & parts from Marketweight (MW) to Underweight (UW), te...
>Warning that Q4 2023 profitability could be worse than expected - Grammer has released a warning that the group’s Q4 2023 earnings performance is currently significantly below last year's level (Q4 2022 operating EBIT: € 34m; ODDO BHF Q4 2023e: € 32m). Accordingly, the FY 2023 forecast for operating EBIT of ~€ 70m (ODDO BHF: € 70m) is not achievable from today's perspective. However, Grammer expects FY 2023 operating EBIT to be significantly above last year's level (...
>9M 2023 full release overall in-line with the pre-released KPIs - Grammer already pre-released KPIs for its 9M 2023 performance on 10 October, which were a touch below our expectations on reported group sales and ~2% shy of our expectations on adj. EBIT. The full release of Q3 2023 is in line with group sales +9% y-o-y to € 1.73bn (organic growth +11.9%). Top-line growth is driven by both divisions with Automotive +11.2% organically and Commercial Vehicles +6.5%. Gr...
EQS-News: GRAMMER Aktiengesellschaft / Schlagwort(e): 9-Monatszahlen/Quartals-/Zwischenmitteilung GRAMMER AG nach den ersten neun Monaten 2023 auf Kurs 30.10.2023 / 09:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. GRAMMER AG nach den ersten neun Monaten 2023 auf Kurs Umsatzerlöse der GRAMMER Gruppe steigen um 8,9 % auf 1.734,5 Mio. EUR APAC mit deutlicher Umsatzsteigerung von 25,0 %; EMEA erzielt Umsatzplus von 8,3 % Beide Divisionen mit Erlöszuwächsen: Automotive +10,5 % auf 1.127,7 Mio. EUR; Commercial Vehicles +5,9 % au...
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