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Nicolas David ... (+2)
  • Nicolas David
  • Nicolas Thorez

ODDO : Accenture voit une reprise plus limitée qu’attendu pour son T3 ...

>Croissance T2 flat à cc, légèrement inférieure aux attentes - Accenture a publié hier avant l’ouverture de la Bourse US, ses résultats T2 2024 (trimestre clos à fin février). La croissance ressort flat y/y à cc, en ligne avec le milieu de fourchette de sa guidance (-2% à 2% y/y à cc) mais légèrement en-dessous des attentes (+0.7% y/y à cc). Il s'agit d'un nouveau ralentissement par rapport au T1 2024 (+1% à cc). Ce ralentissement est notamment lié au déclin des acti...

Nicolas David ... (+2)
  • Nicolas David
  • Nicolas Thorez

ODDO : Accenture sees a more limited recovery than expected for its FY...

>Q2 growth flat at cc, a shade below forecasts - Yesterday before trading started on the US market, Accenture reported its Q2 2024 earnings (quarter to end-February). Growth was flat y-o-y at constant currency, in line with the middle of the guidance range (-2% to 2% y-o-y at cc) but a shade below forecasts (+0.7% y-o-y at cc). This was a fresh slowdown relative to Q1 2024 (+1% at cc). This slowdown is due notably to the downturn in the operations activities, with a ...

Nicolas David ... (+2)
  • Nicolas David
  • Nicolas Thorez

ODDO : Accenture expects a further slowdown in Q2 2024 but reiterates ...

>Organic growth Q1 of +1% cc, a shade above expectations - Accenture reported its Q1 2023-24 results (quarter closed on 30 November) before the start of trade on the US stock market. Growth was 1% y-o-y at constant currency (cc), slightly above the middle of the guidance range (-2% to 2% y-o-y at cc) and in line with forecasts (+0% y-o-y at cc). This marks another slowdown vs Q4 2022-2023 (+4% at cc). This slowdown is mainly due to the fall-off in activity in Operatio...

Nicolas David ... (+2)
  • Nicolas David
  • Nicolas Thorez

ODDO : Accenture prévoit un nouveau ralentissement au T2 FY 2024 mais ...

>Croissance org. T1 de +1% cc, légèrement supérieure aux attentes - Accenture a publié hier avant l’ouverture de la Bourse US, ses résultats T1 2023/2024 (trimestre clos à fin novembre). La croissance ressort à 1% y/y à cc, légèrement au-dessus du milieu de fourchette de la guidance (-2% à 2% y/y à cc) et des attentes (+0% y/y à cc). Il s'agit d'un nouveau ralentissement par rapport au T4 2022/2023 (+4% à cc). Ce ralentissement est principalement lié au coup d’arrêt d...

Nicolas David
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 14/12/2023 Date Performance dep...

We reiterate our Neutral rating, price target to €0.80 per share. The material additional investment requirements for Accoya USA caught us by surprise. The proceeds of the share issue and the convertible loan plus the amendment of the RCF and term loan ensure that the Accoya USA plant can be completed (>80% done) and that sufficient sales and marketing power can be applied to develop demand in the US to ensure that sales match the envisaged output. In a scenario where demand in Europe...

Nicolas David
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 12/14/2023 Date Performance sin...

We reiterate our Neutral rating, price target to €0.80 per share. The material additional investment requirements for Accoya USA caught us by surprise. The proceeds of the share issue and the convertible loan plus the amendment of the RCF and term loan ensure that the Accoya USA plant can be completed (>80% done) and that sufficient sales and marketing power can be applied to develop demand in the US to ensure that sales match the envisaged output. In a scenario where demand in Europe...

Nicolas David ... (+2)
  • Nicolas David
  • Nicolas Thorez

ODDO : Scenario of a soft landing for 2024 confirmed by Numeum

>Growth of 5.9% in the digital sector anticipated for 2024...thanks to software - On Wednesday, Numeum (formerly Syntec Numérique) hosted its twice-yearly conference on trends in the digital sector in France, based on the survey conducted this autumn by IDC on a large panel of sector players. The summary of this exercise has prompted Numeum to: 1/ edge-up its scenario for 2023 with growth in the French market forecast at +6.5% (raised 20bp vs the forecast issued ...

Nicolas David ... (+2)
  • Nicolas David
  • Nicolas Thorez

ODDO : Scenario de soft landing pour 2024 confirmé par Numeum

>Croissance de 5.9% du secteur numérique attendue en 2024… grâce au software - Numeum (ex-Syntec Numérique) a tenu mercredi sa conférence semestrielle sur les tendances pour le secteur du numérique en France, se basant sur une enquête réalisée fin octobre/début novembre par PAC auprès d’un large panel d’acteurs du secteur. La synthèse de cet exercice a conduit Numeum à 1/ ajuster légèrement son scénario pour 2023 avec une croissance du marché français attendue à ...

Nicolas David ... (+3)
  • Nicolas David
  • Nicolas Thorez
  • Sinan Doganli

ODDO : On track for a decent Q3 but deterioration in activity should c...

Ahead of the Q3 publications, we are confident on the sector, which should confirm a soft-landing scenario which limits risks of a warning. However, we fear the market’s reaction as comments are likely to indicate a continuing slowdown in Q4, resulting in weak embedded growth in early 2024. This leads us to lower our growth forecasts for several companies and limits sector momentum. In this context, our Top Picks are: Sopra Steria, Indra, Alten, Bechtle, Wavestone and Assystem. - ...

Nicolas David ... (+3)
  • Nicolas David
  • Nicolas Thorez
  • Sinan Doganli

ODDO : Vers un T3 décent mais la dégradation de l’activité devrait se ...

En amont des publications T3, nous sommes confiants pour le secteur, qui devrait confirmer le scenario de soft landing, ce qui limite les risques de warning. Toutefois, nous redoutons la réaction du marché alors que les commentaires devraient indiquer une poursuite du ralentissement au T4 menant à des croissances embarquées faibles début 2024. Ceci nous conduit à abaisser nos prévisions de croissance de plusieurs titres et limite le momentum du secteur. Dans ce contexte, nos top ...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Belgian telcos: BIPT open to FTTH cooperation agreements under conditions. Exor: Announces oversubscribed €750m SBB tender offer, strike price at VWAP. Kinepolis: Cineplex Sept box office revenue at 77% of 2019, opens 6 new IMAX screens. NN Group: Share buyback acceleration, 97% complete. NSI: Dividend cut as expected, strategic review on-going. Ordina: Offer declared unconditional, termination of coverage. SBM Offshore: Whiptail FEED. TomTom: In line 3Q23 results, guidance reitera...

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