reports
- Juan Ros-Padilla
NK IMERYS SA
SOP SOPRA STERIA GROUP SA
F3C SFC ENERGY AG
POM PLASTIC OMNIUM SE
ISS ISS A/S
FII LISI SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ATE ALTEN SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
BRNL BRUNEL INTERNATIONAL N.V.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TEC TECHNIPFMC PLC
CASH PROSEGUR CASH SA
2CRSI 2CRSI SA
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Juan Ros-Padilla
NK IMERYS SA
SOP SOPRA STERIA GROUP SA
F3C SFC ENERGY AG
POM PLASTIC OMNIUM SE
ISS ISS A/S
FII LISI SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ATE ALTEN SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
BRNL BRUNEL INTERNATIONAL N.V.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TEC TECHNIPFMC PLC
CASH PROSEGUR CASH SA
2CRSI 2CRSI SA
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Luis de Toledo Heras
Corticeira : Cash flow recovery ahead on capex cycle and cork cost nor...
>Operating results in line despite lower volumes on stronger margins - FY 2023 operating results came out in line with our estimates (+1.7% vs ODDO and -4% vs consensus in EBITDA) despite weaker sales, pressured by subdued volumes and negative FX effects (-1.3% impact). These were offset by higher EBITDA margins (18.0% vs 17.2% expected) on improved sales mix and significant savings in terms of operating costs (lower electricity and transport prices, higher grinding y...
- Ahmed Ben Salem
ODDO BHF Small & MIDCAP MORNING NEWS - 29/01/2024 Date Performance dep...
Après 5 années compliquées pour l’univers small caps, les raisons d’espérer sont plus tangibles en 2024 (retour à la collecte, valorisations cohérentes et prime de croissance vs large caps) mais le timing reste encore incertain et le couple momentum/visibilité restera encore clé pour la performance. Notre liste European Nextcap S1 2024 intègre : Compagnie des Alpes, Ence, Esker, Exail Technologies, Schoeller Bleckmann, SFC Energy, TFF Group, et Xior Student Housing. - ...
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
ALCAR CARMAT SA
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
COR CORTICEIRA AMORIM SGPS SA
SOC SUBSEA 7 S.A.
KRN KRONES AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
CSM CORBION NV
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
SMCP SMCP SA
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
NXFIL NX FILTRATION HLDG BV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
STM STABILUS SE
SCHOTT PHARMA AG
TEN TENARIS S.A.
- Ahmed Ben Salem
ODDO BHF Small & MIDCAP MORNING NEWS - 01/29/2024 Date Performance sin...
After five challenging years for the small cap universe, the reasons for hope should be more perceptible in 2024 (return to inflows, consistent valuations and growth premium vs large caps) but the timing is still uncertain, and the momentum/visibility pair will still be key to performance. Our H1 2024 European Nextcap list includes: Compagnie des Alpes, Ence, Esker, Exail Technologies, Schoeller Bleckmann, SFC Energy, TFF Group, and Xior Student Housing. - ...
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
ALCAR CARMAT SA
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
COR CORTICEIRA AMORIM SGPS SA
SOC SUBSEA 7 S.A.
KRN KRONES AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
CSM CORBION NV
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
SMCP SMCP SA
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
NXFIL NX FILTRATION HLDG BV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
STM STABILUS SE
SCHOTT PHARMA AG
TEN TENARIS S.A.
- Luis de Toledo Heras
Corticeira : Weaker end of the year, cash flow recovery expectations i...
>Weak end of the year, recovery trends in place - Corticeira will release FY 2023 earnings on February 22. Q4 2023 business dynamics have been slightly worse than anticipated with a continued decline in volumes at the Cork Stoppers segment (78% of consolidated sales) and persistent fragility at the Floor and Wall Coverings units. Q4 is typically the weakest quarter (two weeks lower contribution) but we previously considered that the weakness of the Q3 (-20% sequential...
- Benoit Valleaux
- Steven Gould
EURN EURONAV NV
NOEJ NORMA GROUP SE
TPE PVA TEPLA AG
BCP BANCO COMERCIAL PORTUGUES S.A.
COR CORTICEIRA AMORIM SGPS SA
KRN KRONES AG
BRNL BRUNEL INTERNATIONAL N.V.
SIFG SIF HOLDING NV
SPIE SPIE SA
GLPG GALAPAGOS NV
FFARM FORFARMERS
MEL MELIA HOTELS INTERNATIONAL S.A.
DUFN DUFRY AG
ALD ALD SA
NEOEN NEOEN S.A.
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
SYAB SYNLAB AG
- Benoit Valleaux
- Steven Gould
EURN EURONAV NV
NOEJ NORMA GROUP SE
TPE PVA TEPLA AG
BCP BANCO COMERCIAL PORTUGUES S.A.
COR CORTICEIRA AMORIM SGPS SA
KRN KRONES AG
BRNL BRUNEL INTERNATIONAL N.V.
SIFG SIF HOLDING NV
SPIE SPIE SA
GLPG GALAPAGOS NV
FFARM FORFARMERS
MEL MELIA HOTELS INTERNATIONAL S.A.
DUFN DUFRY AG
ALD ALD SA
NEOEN NEOEN S.A.
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
SYAB SYNLAB AG
- Luis de Toledo Heras
Corticeira : Weaker volumes largely offset by price, product mix and c...
>Results affected by weaker volumes, positive price and mix effects - 9M 2023 results came in slightly below our estimates (-3% in EBITDA, +7% y-o-y) on weaker sales mainly at the Floor & Wall Coverings (-33% y-o-y) and Composite Cork (-8%) business units but also affecting the Cork Stoppers segment (+1.7%, 78% and 87% of the group’s sales and EBITDA respectively) as the destocking process continues and consumption at the low-end wine segment declined. Sales are suppo...
- Stephane Beyazian
PROX PROXIMUS SA DE DROIT PUBLIC
NK IMERYS SA
KPN ROYAL KPN NV
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
EURN EURONAV NV
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
KCO KLOECKNER & CO SE
FAGR FAGRON SA
GAMA GAMMA COMMUNICATIONS
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
WIZZ WIZZ AIR HOLDINGS PLC
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
COR CORTICEIRA AMORIM SGPS SA
AIXA AIXTRON SE
DOKA DORMAKABA HOLDING AG
SIGHT GENSIGHT BIOLOGICS SA
TIT TELECOM ITALIA S.P.A.
DIC DIC ASSET AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ALD ALD SA
DUE DURR AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
VOS VOSSLOH AG
NFN NFON AG
ALFEN ALFEN NV
DRI 1&1 DRILLISCH AG
CLA CLARANOVA SE
AG1 AUTO1 GROUP
BLV BELIEVE SA
IVG IVECO GROUP
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
STM STABILUS SE
- Stephane Beyazian
PROX PROXIMUS SA DE DROIT PUBLIC
NK IMERYS SA
KPN ROYAL KPN NV
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
EURN EURONAV NV
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
KCO KLOECKNER & CO SE
FAGR FAGRON SA
GAMA GAMMA COMMUNICATIONS
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
WIZZ WIZZ AIR HOLDINGS PLC
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
COR CORTICEIRA AMORIM SGPS SA
AIXA AIXTRON SE
DOKA DORMAKABA HOLDING AG
SIGHT GENSIGHT BIOLOGICS SA
TIT TELECOM ITALIA S.P.A.
DIC DIC ASSET AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ALD ALD SA
DUE DURR AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
VOS VOSSLOH AG
NFN NFON AG
ALFEN ALFEN NV
DRI 1&1 DRILLISCH AG
CLA CLARANOVA SE
AG1 AUTO1 GROUP
BLV BELIEVE SA
IVG IVECO GROUP
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
STM STABILUS SE
- Luis de Toledo Heras
Corticeira : Good H1 2023 results on stronger profitability at core bu...
>Good operating performance offsets light volumes - Corticeira’s H1 2023 results came in slightly above our estimates (+5% at EBITDA level) thanks to a stronger EBITDA margin (20.0% in Q2 2023 and 19.2% in H1 2023 vs 18.0% in H1 2022). Consolidated EBITDA totalled € 104m, +5.8% vs H1 2022, mainly reflecting significant savings in terms of operating costs, particularly resulting from lower energy prices, which more than offset higher cork consumption prices and higher ...
- Emira Sagaama
- Olfa Taamallah
- Yan Derocles
- Emira Sagaama
- Olfa Taamallah
- Yan Derocles
- Luis de Toledo Heras
Corticeira : Higher margin in core units offsets top-line weakness and...
>Weaker sales on flattish volumes, cork stoppers outperform smaller divisions - Corticeira’s Q1 2023 results slightly beat our operating results estimates (EBITDA +6.4%, +8.6% y-o-y) despite lower-than-expected revenues (-5.5%, -1.4% y-o-y). Weaker sales are fully attributable to the lower contribution of the floor & wall covering (-33% y-o-y) and cork composite (-6.3% y-o-y) businesses while the combined raw materials and cork stoppers segments grew in line with est...
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
SBMO SBM OFFSHORE NV
ALCLA CLASQUIN SA
ISS ISS A/S
FII LISI SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ATE ALTEN SA
FR VALEO SE
FIE FIELMANN AG
COR CORTICEIRA AMORIM SGPS SA
ORDI ORDINA N.V.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
TEC TECHNIPFMC PLC
HAG HENSOLDT AG
SFQ SAF-HOLLAND SE
AG1 AUTO1 GROUP
FUR FUGRO NV
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
SBMO SBM OFFSHORE NV
ALCLA CLASQUIN SA
ISS ISS A/S
FII LISI SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ATE ALTEN SA
FR VALEO SE
FIE FIELMANN AG
COR CORTICEIRA AMORIM SGPS SA
ORDI ORDINA N.V.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
TEC TECHNIPFMC PLC
HAG HENSOLDT AG
SFQ SAF-HOLLAND SE
AG1 AUTO1 GROUP
FUR FUGRO NV
- Luis de Toledo Heras
Corticeira : Uninspiring financial results, significant strategic prog...
>EBITDA margin contraction as expected, positive one-off tax effects - Corticeira FY 2022 results were in line with estimates (organic sales growth of +5.9% excluding SACI consolidation and FX effects; EBITDA of € 164m, +22% y-o-y) at the operating level but with a significant beat (>30%) at the bottom level due to a positive impact (€ 11.4m) by a favourable decision related to a tax contingency. Excluding this effect, net results still beat our estimates. Net debt st...
- Anis Zgaya
- Philippe Ourpatian
- Anis Zgaya
- Philippe Ourpatian
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