reports
- Anis Zgaya
- Louis Boujard
- CFA
ODDO BHF Small & MIDCAP MORNING NEWS - 03/06/2024
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
- Anis Zgaya
- Louis Boujard
- CFA
ODDO BHF Small & MIDCAP MORNING NEWS - 06/03/2024
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
- Anthony Dick
- Michael Foundoukidis
Brembo : A profile that fails to stand out, except at the valuation le...
>2023 results in line with forecasts, 2024 guidance incomplete - Yesterday during trading, Brembo published Q4 results that came in line with expectations on the P&L and above for FCF thanks to working capital. For 2024, the group is targeting mid-single-digit revenue growth, in line with expectations (cons./ ODDO BHF at +5% y-o-y), but has provided no indications on profitability. Moreover, there were no news on the commercial front, notably the Sensify technology (...
- Anthony Dick
- Michael Foundoukidis
Brembo : Un profil qui ne se démarque plus, sauf sur la valorisation
>Résultats 2023 conformes aux attentes, guidance 2024 incomplète - Brembo a publié hier en séance des résultats T4 conformes aux attentes sur le P&L et supérieurs sur le FCF grâce au BFR. Pour 2024, le groupe vise une croissance « mid-single-digit », en ligne avec les attentes (css / ODDO BHF à +5% y-o-y), mais ne donne aucune indication sur la rentabilité. Pas de nouveautés non plus sur le plan commercial, notamment la technologie Sensify (toujours un seul contrat à...
- Baptiste Salaville
- Jean-Baptiste Rouphael
- Marc Lavaud
- Melek Laabidi
- Stephane Houri
VCT VICAT-CIMENTS VICAT SA
TNG TRANSGENE SA
ALCLA CLASQUIN SA
WHA WERELDHAVE N.V.
LNA LNA SANTE SA
JCQ JACQUET METALS SA
HOT HOCHTIEF AG
ALTA ALTAREA SCA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
BRE BREMBO S.P.A.
PAT PATRIZIA AG
TWEKA TKH GROUP N.V. CERT
ARG ARGAN SA
DIC DIC ASSET AG
ALVAL VALBIOTIS SA
RUI RUBIS SCA
DUE DURR AG
GEST GESTAMP AUTOMOCION S.A.
AEIN ALLGEIER HOLDING AG
VRLA VERALLIA SAS
KTA KNAUS TABBERT
AG1 AUTO1 GROUP
SYAB SYNLAB AG
HGEA HGEARS AG
- Baptiste Salaville
- Jean-Baptiste Rouphael
- Marc Lavaud
- Melek Laabidi
- Stephane Houri
VCT VICAT-CIMENTS VICAT SA
TNG TRANSGENE SA
ALCLA CLASQUIN SA
WHA WERELDHAVE N.V.
LNA LNA SANTE SA
JCQ JACQUET METALS SA
HOT HOCHTIEF AG
ALTA ALTAREA SCA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
BRE BREMBO S.P.A.
PAT PATRIZIA AG
TWEKA TKH GROUP N.V. CERT
ARG ARGAN SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
DIC DIC ASSET AG
ALVAL VALBIOTIS SA
RUI RUBIS SCA
DUE DURR AG
GEST GESTAMP AUTOMOCION S.A.
WOLF SOCIETE LDC SOCIETE ANONYME
AEIN ALLGEIER HOLDING AG
VRLA VERALLIA SAS
KTA KNAUS TABBERT
AG1 AUTO1 GROUP
SYAB SYNLAB AG
HGEA HGEARS AG
- Anthony Dick
- Michael Foundoukidis
Brembo : Slowdown confirmed
>Q3 below expectations and 2023 sales guidance downgraded - Brembo’s Q3 results, reported yesterday during trading, fell short of expectations (-2% for sales, -8% for EBITDA, -18% for net income). The group posted lower sales (-1% y-o-y, -2% q-o-q), reflecting forex impacts (impact of -3.8 pts y-o-y) but also a slowdown in commercial momentum (performance broadly in line with the market). Margins also showed sizeable deterioration in the quarter (EBITDA 16.1%, -190bp...
- Anthony Dick
- Michael Foundoukidis
Brembo : Confirmation du ralentissement
>T3 nettement inférieur aux attentes et guidance 2023 abaissée - Les résultats T3 de Brembo publiés hier en séance sont ressortis inférieurs aux attentes (-2% sur le CA, -8% sur l’EBITDA, -18% sur le RNpg). Le groupe affiche un CA en baisse (-1% y-o-y, -2% q-o-q), traduisant l’effet changes (impact de -3.8 pts y-o-y) mais aussi un ralentissement de la dynamique commerciale (performance globalement conforme au marché). Les marges sont également en net retrait sur le t...
- Anthony Dick
- Klaus Ringel
- Michael Foundoukidis
ODDO : Les catalyseurs moins évidents à l’approche de 2024
Après un exercice 2023 bien meilleur qu’anticipé initialement sur le plan de la production automobile (+6% vs +2%), les catalyseurs nous semblent plus limités pour les équipementiers, à l’approche de 2024. L’environnement ne devrait pas être particulièrement porteur (nous abaissons nos estimations EBIT de 8% en moyenne) et les enjeux structurels pourraient peser durablement. Face à cela, nous préférons les constructeurs et resserrons davantage notre hiérarchie au sein des équipem...
- Anthony Dick
- Klaus Ringel
- Michael Foundoukidis
ODDO : Less obvious triggers heading into 2024
After a much better year than initially expected in 2023 in terms of light vehicle production (+6% vs +2%), we see less catalysts for suppliers as we head towards 2024. The environment is not likely to be particularly supportive (we reduce our EBIT estimates by an average of 8%) and structural challenges could prove a lasting drag for them. Given this, we prefer OEMs and further narrow our hierarchy among suppliers: we downgrade Forvia to Neutral after its good run YTD and now ba...
Brembo S.p.A.: 1 director
A director at Brembo S.p.A. bought 41,100 shares at 12.270EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
- Anthony Dick
- Gautier Le Bihan
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
EO FAURECIA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
KORI KORIAN SA
ALCLA CLASQUIN SA
CGM CEGEDIM SA
NTG NETGEM SA
EKI EKINOPS SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
LSS LECTRA SA
FNAC FNAC DARTY SA
ALTA ALTAREA SCA
ATE ALTEN SA
FR VALEO SE
AF AIR FRANCE-KLM SA
ICAD ICADE SA
COFB COFINIMMO SA
BRE BREMBO S.P.A.
MBWS MARIE BRIZARD WINE & SPIRITS SA
CTAC CTAC N.V.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
PAT PATRIZIA AG
MCPHY MCPHY ENERGY SA
BRNL BRUNEL INTERNATIONAL N.V.
ONTEX ONTEX GROUP N.V.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
TEC TECHNIPFMC PLC
TKO TIKEHAU CAPITAL SCA
XFAB X-FAB SILICON FOUNDRIES SE
UNI UNICAJA BANCO S.A.
SMCP SMCP SA
CGG CGG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
NEOEN NEOEN S.A.
THEP THERMADOR HOLDING SA
TITC TITAN CEMENT INTERNATIONAL N.V.
HAG HENSOLDT AG
VK VALLOUREC SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
FPE3 FUCHS PETROLUB SE
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
- Anthony Dick
- Gautier Le Bihan
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
EO FAURECIA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
KORI KORIAN SA
ALCLA CLASQUIN SA
CGM CEGEDIM SA
NTG NETGEM SA
EKI EKINOPS SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
LSS LECTRA SA
FNAC FNAC DARTY SA
ALTA ALTAREA SCA
ATE ALTEN SA
FR VALEO SE
AF AIR FRANCE-KLM SA
COFB COFINIMMO SA
BRE BREMBO S.P.A.
MBWS MARIE BRIZARD WINE & SPIRITS SA
CTAC CTAC N.V.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
PAT PATRIZIA AG
MCPHY MCPHY ENERGY SA
BRNL BRUNEL INTERNATIONAL N.V.
ONTEX ONTEX GROUP N.V.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
TEC TECHNIPFMC PLC
TKO TIKEHAU CAPITAL SCA
XFAB X-FAB SILICON FOUNDRIES SE
UNI UNICAJA BANCO S.A.
SMCP SMCP SA
CGG CGG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
NEOEN NEOEN S.A.
THEP THERMADOR HOLDING SA
TITC TITAN CEMENT INTERNATIONAL N.V.
HAG HENSOLDT AG
VK VALLOUREC SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
FPE3 FUCHS PETROLUB SE
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
- Anthony Dick
- Michael Foundoukidis
Brembo : Normalisation should cool sentiment, downgrade to Underperfor...
>Slowdown in Q2, FY2023 guidance confirmed - Yesterday during trading hours Brembo reported Q2 sales of € 988m, +11% yoy but just +3% qoq. EBITDA came to € 176m, +14% yoy, but +4% qoq. Management blamed the slowdown on a demanding comparison base, raw material price deflation, and forex (120bp impact on growth). As regards the outlook, management said on the conference call that Q3 should be similar to Q2 (flat q-o-q and y-o-y), but that it expected acceleration in Q4...
- Anthony Dick
- Michael Foundoukidis
Brembo : Vers une normalisation qui risque de calmer les ardeurs, nous...
>T2 en ralentissement, guidance confirmée - Brembo a publié hier en séance un CA T2 de 988 M€, +11% y-o-y mais seulement +3% q-o-q. L’EBITDA s’inscrit à 176 M€, +14% y-o-y, mais +4% q-o-q. Le groupe explique ce ralentissement par des effets de bases exigeants, la déflation des matières premières, et l’effet changes (impact de 120 pb sur la croissance). Au niveau des perspectives, le management précise lors du call que le T3 devrait s’inscrire dans la même lignée que ...
- Aurelien Sivignon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - Date1
Nous pensons que nous sommes à veille d’un rebond des Small Caps relativement aux Large Caps. Leur valorisation relative au Large Caps n’a jamais été aussi attractive, et leurs perspectives de croissance des BPA sont bien plus enthousiasmantes (47% en 2024e vs 2022) que celles des Large Caps (+6%). De plus, les Small Caps pricent un niveau de stress du marché excessif. Leurs ratios de crédit restent moins solides que ceux des Large Caps mais se sont nettement améliorés. Cette stratégi...
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
KPN ROYAL KPN NV
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
SZG SALZGITTER AG
LXS LANXESS AG
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
HOT HOCHTIEF AG
DTE DEUTSCHE TELEKOM AG
BRE BREMBO S.P.A.
INH INDUS HOLDING AG
GREEN GREENYARD NV
OHB OHB AG
AED AEDIFICA SA
TIT TELECOM ITALIA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ROTH ROTHSCHILD & CO. SCA
DUFN DUFRY AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
GEST GESTAMP AUTOMOCION S.A.
ALFEN ALFEN NV
DRI 1&1 DRILLISCH AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
SYAB SYNLAB AG
HGEA HGEARS AG
TUI TUI AG
- Aurelien Sivignon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 05/10/2023
We think that we are on the verge of a rebound in small caps relative to large caps. Their valuation relative to large caps has never been so attractive, and their EPS growth prospects are far more exciting (47% in 2024e vs 2022) than those of the large caps (+6%). In addition, small caps have an excessively high level of market stress incorporated in their valuations. Their credit ratios are still less solid than those of the large caps but have improved significantly. This small cap...
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
KPN ROYAL KPN NV
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
SZG SALZGITTER AG
LXS LANXESS AG
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
HOT HOCHTIEF AG
DTE DEUTSCHE TELEKOM AG
BRE BREMBO S.P.A.
INH INDUS HOLDING AG
GREEN GREENYARD NV
OHB OHB AG
AED AEDIFICA SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ROTH ROTHSCHILD & CO. SCA
DUFN DUFRY AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
GEST GESTAMP AUTOMOCION S.A.
ALFEN ALFEN NV
DRI 1&1 DRILLISCH AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
SYAB SYNLAB AG
HGEA HGEARS AG
TUI TUI AG
- Anthony Dick
- Michael Foundoukidis
Brembo : Robust and already well-appreciated Q1 2023 results
>Sales still dynamic driven by the geomix and robust commercial momentum - Brembo published yesterday during trading robust Q1 results ahead of our expectations. Q1 sales came to € 962m, up +12% y-o-y, in line with our expectations (€ 960m), reflecting an outperformance of 6 pts vs global LVP, driven by a favourable geomix (overexposed to the recovery in Europe and to a lesser extent in the US) and commercial momentum that was still robust. By division, growth wa...
- Anthony Dick
- Michael Foundoukidis
Brembo : Résultats T1 2023 solides et déjà appréciés à leur juste vale...
>CA toujours dynamique tiré par le mix géographique et une dynamique commerciale solide - Brembo a publié hier en séance des résultats T1 assez solides. Le CA T1 est ressorti à 962 M€, +12% y-o-y, en ligne avec nos attentes (960 M€), traduisant une surperformance de 6 pt vs production automobile mondiale, tirée par un mix géographique favorable (surexposé au rebond de l’Europe et à moindre mesure les USA) et une dynamique commerciale toujours solide. Par division...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 21/03/2023
Avec un retour de la FDA attendu dans les prochaines semaines (T2 2023), l’approbation suivie du lancement commercial d’Uzedy (mdc-IRM) constituent le principal catalyseur pour le titre à court terme. Cette consécration marquera à la fois le passage de Medincell d’une biotech R&D à une société commerciale mais aussi crédibilisera d’autant plus sa plateforme BEPO pour l’obtention de nouveaux partenariats. La mise à jour de nos estimations d’Uzedy, en amont du verdict et du lancement, n...
BMW BAYERISCHE MOTOREN WERKE AG
SOP SOPRA STERIA GROUP SA
RNO RENAULT SA
EO FAURECIA SA
ZIL2 ELRINGKLINGER AG
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
BOSS HUGO BOSS AG
NOEJ NORMA GROUP SE
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
SHA SCHAEFFLER AG
GMM GRAMMER AG
BRE BREMBO S.P.A.
PFV PFEIFFER VACUUM TECHNOLOGY AG
LEO LEONI AG
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
LIVS AUTOLIV INC. SDR
HLE HELLA GMBH & CO. KGAA
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
SFQ SAF-HOLLAND SE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
NVM NOVEM GROUP SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
STM STABILUS SE
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