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Konrad Zomer
  • Konrad Zomer

RELX Group PLC : Higher growth the new norm

>6% underlying organic revenue growth the new norm – we see 8% in 2024 - Underlying group average annual revenue growth has been 7-8% in the last three years, significantly above the longer term trajectory of 4%. In its guidance, management has now stopped referring to 6% growth in Legal and 8% in Risk as ‘above historic average’ growth rates. Higher growth has become the new norm, fuelled by structurally higher demand for analytical services in both divisions, higher...

Konrad Zomer
  • Konrad Zomer

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/15/2024

GALP, TotalEnergies and Shell have discovered vast oil deposits off the coast of Namibia. Oil services companies see this as a new Eldorado. FPSO-type solutions seem to be favoured, making SBM Offshore a key player, not forgetting subsea companies such as TechnipFMC. The whole sector could help local economic development... and/or have major negative impacts on local communities, biodiversity or the fight against corruption. Not to mention the carbon lock-in. We would therefore urge i...

Konrad Zomer
  • Konrad Zomer

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/02/2024

GALP, TotalEnergies ou Shell ont découvert de colossaux gisements de pétrole au large des côtes namibiennes. Les sociétés de services y voient un nouvel eldorado. Les solutions de type FPSO semblent être privilégiées, mettant ainsi SBM Offshore en position d’acteur incontournable, sans oublier ceux liés au subsea comme TechnipFMC. Tout le secteur pourrait aider au développement économique local… et/ou avoir des impacts négatifs importants sur les communautés locales, la biodiversité o...

Konrad Zomer
  • Konrad Zomer

RELX Group PLC : Strong results, good growth, an 8% dividend increase ...

>Strong overall results, an 8% dividend increase and new £1,000m SBB - RELX reported FY23 results which reflect the continuation of above-historic average growth rates for the company in the second half of last year. Organic revenue growth came in at 8%, compared with our forecast of 7% for the year (it was 8% for 9M23). Group adjusted operating profit increased 13% in 2023 at £3,030m, which is 1% ahead of consensus and our forecast of £2,994m and £3,008m respectively...

Jerôme Bodin
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/30/2024

We see the FY 2024 order intake consensus of € 11.1bn as too bearish (ODDO BHFe: € 11.9bn), given resilient momentum in ITS (not back-end loaded & positive Jinan ramp-up impact), while SCS has reached an inflection point (recovery as of H2 2024). We expect sticky pricing in ITS (January +1-2% up again) to provide 8% upside to the FY 2024 group adj. EBIT consensus (ODDO BHFe: € 909m). Our raised adj. EBIT estimates (+7%/+14% for 2024/25) leads to a TP of € 61 (€ 35). We upgrade to Outp...

Jerôme Bodin
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/01/2024

We see the FY 2024 order intake consensus of € 11.1bn as too bearish (ODDO BHFe: € 11.9bn), given resilient momentum in ITS (not back-end loaded & positive Jinan ramp-up impact), while SCS has reached an inflection point (recovery as of H2 2024). We expect sticky pricing in ITS (January +1-2% up again) to provide 8% upside to the FY 2024 group adj. EBIT consensus (ODDO BHFe: € 909m). Our raised adj. EBIT estimates (+7%/+14% for 2024/25) leads to a TP of € 61 (€ 35). We upgrade to Outp...

Konrad Zomer
  • Konrad Zomer

RELX Group PLC : More added value leads to higher growth at higher mar...

>Structurally higher growth rates in sound end markets - The strong momentum that RELX benefited in the first nine months of last year seems to have continued in Q4. For the full year, we expect the company to report organic revenue growth of 8%, clearly above the historical average level of 4%. For 2024, we expect trading conditions to remain benign, and when the company reports its FY results on 15 February, we expect management to sound very confident about the cu...

Baptiste Salaville ... (+3)
  • Baptiste Salaville
  • Maissa Keskes
  • Stephane Houri
REL RELX PLC
FP TOTAL SE ... (+25)

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/10/2023

Les phénomènes climatiques extrêmes de cet été, conséquences du changement climatique, sont amenés à se multiplier. Encore plus fréquents et intenses à l’avenir, ceux-ci auront des impacts transverses sur le capital humain, la sécurité alimentaire et l’eau. Il en va de même des impacts directs sur les secteurs agroalimentaire, énergie, semiconducteurs, tourisme, aéroports et assurance. Ces risques ne nous semblent pas encore suffisamment reflétés dans les modèles économiques. - ...

Baptiste Salaville ... (+3)
  • Baptiste Salaville
  • Maissa Keskes
  • Stephane Houri
REL RELX PLC
FP TOTAL SE ... (+25)

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/19/2023

The extreme climate events of this summer, a consequence of climate change, are only bound to multiply. Due to become even more frequent and intense in the future, they will have interrelated impacts on human capital and on food and water security. The same applies to direct impacts on the agri-food, energy, semiconductors, tourism, airport and insurance sectors. Our view is that these risks are not yet sufficiently reflected in economic models. - ...

Konrad Zomer
  • Konrad Zomer

RELX Group PLC : Strong underlying revenue has continued

>Underlying revenue growth of 8% remains encouraging - In its nine-month trading update, RELX reported underlying revenue growth for the first nine months of 8%, which is marginally above our forecast of 7% and in line with the H1 growth rate. Management reiterated its outlook for the full year, which reflects strong momentum across the group. It expects underlying growth rates in revenue and adjusted operating profit to remain above historical trends, driving another...

Konrad Zomer
  • Konrad Zomer

RELX Group PLC : Confidently setting new highs

>Keep calm and carry on - RELX is set to release its nine-month trading update on Thursday, 19 October. We spoke with the company recently and believe management will reiterate its positive view on operational momentum, and we expect the company’s underlying growth trends in both revenue and adjusted operating profit have remained above historical trends in the last few months.Lexis+ AI, Business Services and Open Access journals growing strong - For ...

Relx : 1 director

A director at Relx bought 950 shares at 2,604p and the significance rating of the trade was 53/100. 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 clearly showing Close...

Konrad Zomer
  • Konrad Zomer

RELX Group PLC : Earnings quality continues to improve, supported by A...

>Adjusted H1 operating profit came in 3% ahead of consensus - RELX reported strong interim results, with 8% organic revenue growth and 16% growth in adjusted operating profit, which was 3% ahead of consensus expectations (£ 1,486m versus consensus of £ 1,443m). The operating margin improved by 180bps, to 33.0%; adjusted EPS growth was 14% organically, and as a result, management raised its interim dividend to 17.0p per share. Margins in Exhibitions more t...

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