ODDO BHF Small & MIDCAP MORNING NEWS – 11/26/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 26/11/2024

Trigano : 2023-24 results broadly in line. Reassuring comments for 202...

Trigano : Résultats 2024 globalement en ligne. Des propos rassurants p...

ODDO BHF Small & MIDCAP MORNING NEWS - 11/20/2024

Efforts to revitalise the five brands that make up the Lanvin Group are under way and should pay off in the medium term. However, at this stage of development (critical mass not yet achieved for some brands, negative profitability and cash burn) and in a consumer environment that does not yet point to a rebound, we prefer to remain cautious on the share. We are initiating coverage with a Neutral rating, with a target price of $ 1.80, based on a DCF valuation. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 20/11/2024

Les efforts de redynamisation sont en cours pour les 5 marques qui constituent Lanvin Group et devraient porter leurs fruits à moyen terme. Toutefois, à ce stade de développement (taille critique encore non atteinte sur certaines marques, rentabilité négative et consommation de cash) et dans un environnement de consommation n’indiquant pas encore de rebond, nous préférons rester encore prudents sur le titre. Nous initions à Neutre, avec un OC à 1.8 $ résultant d’une valorisation par D...

Figeac Aero : Cadences monocouloirs et effet prix tirent la croissance...

>CA T2 en croissance l-f-l de 23.4% mais de 7.5% en sous-jacent - Figeac a publié un CA de 106.4 M€ sur son T2 2024/25, ressortant 13.7% au-dessus de nos attentes. La croissance organique de 23.4%, à première vue en forte accélération par rapport aux quatre derniers trimestres, s’explique par des éléments récurrents mais également par un impact exceptionnel lié à un rééquilibrage des stocks pour un montant de 14 M€, soit l’équivalent de c15.9% de croissance. Du côté ...

Figeac Aero : Narrowbody production rates and price effect driving gro...

>Q2 revenues up 23.4% l-f-l but +7.5% on an underlying basis - Figeac posted revenues of € 106.4m for Q2 2024-25, beating our expectations by 13.7%. Organic growth of 23.4%, at first glance showing a marked acceleration on the last four quarters, can be attributed to recurrent factors but also an exceptional impact related to inventory rebalancing for € 14m, or the equivalent of c15.9% of growth. From a recurrent perspective (or around 7.5% l-f-l, still above our fore...

ODDO BHF Small & MIDCAP MORNING NEWS - Date1

We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...

ODDO BHF Small & MIDCAP MORNING NEWS - 11/14/2024

We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...

Interparfums : Feedback from the CMD: slight downward adjustment to es...

>Key takeaways: cautious guidance, less ambitious on Moncler and work to be done on enhancing the portfolio - 1/ Cautious guidance for 2025 (but the consensus too high), due to embedded effects. A good line-up for 2025: several launch initiatives are planned: Montblanc Explorer (new line), Jimmy Choo Man, Coach (2 new editions: Woman and Man), Solferino (new proprietary brand - niche perfumes / 10 lines listed in Paris for the story telling), Lacoste (extension of L12...

Interparfums : Feedback CMD : estimations légèrement abaissées

>Principaux éléments : guidance prudente, moins ambitieux sur Moncler et un travail à réaliser pour enrichir le portefeuille - 1/ Guidance 2025 prudente (mais CSS trop haut), compte tenu des effets embarqués. Bon line-up en 2025: plusieurs initiatives de lancements sont prévues : Montblanc Explorer (nouvelle ligne), Jimmy Choo Man, Coach (2 nouvelles déclinaisons : Woman et Man), Solferino (nouvelle marque propriétaire - parfums de niche / 10 lignes en référence à Par...

Interparfums: cautious prospects for 2025

Interparfums management released cautious sales prospects for 2025 yesterday with limited growth despite the roll-out of Lacoste Original. Although we are slightly more aggressive than management, we have notched down our FY25 sales estimate from EUR960m to EUR950m. Buy reiterated with EUR54 vs EUR

ODDO BHF Small & MIDCAP MORNING NEWS - 11/13/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 13/11/2024

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Interparfums : CMD and guidance: 2024 landing confirmed, cautious 2025...

>The management guides to 2025 growth of “just” 4%e - Ahead of its CMD today, Interparfums announced:1/ The fine tuning of its 2024 guidance: i/ 2024 sales are maintained in a range of between € 880-890m), ii/ the 2024 underlying operating margin is now projected to exceed 19%e, or >€ 170m est. (vs close to 19%, i.e. € 167-170m est. previously),2/ 2025 sales between € 910m and € 930m est. (i.e. +4% at the midpoint) , vs css >€ 950m est.;3/ A 2025 operat...

Interparfums : CMD et guidances : atterrissage 2024 conforté, perspect...

>Le management guide sur une croissance 2025 de « seulement » 4%e - En amont de son CMD, qui se tiendra aujourd’hui, Interparfums communique sur :1/ Le fine tuning de sa guidance 2024 : i/ le CA 24e est maintenu à une fourchette comprise entre 880-890 M€ précédemment), ii/ la MOp. courante 2024 devrait désormais dépasser les 19%e, soit >170 M€e (vs proche de 19% ie. 167-170 M€e jusqu’ici).2/ Un CA 2025 compris entre 910 et 930 M€e (ie. +4% en milieu de fourc...