reports
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Carole Braudeau
LHN LAFARGEHOLCIM LTD.
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
ATO ATOS SE
BFIT BASIC-FIT NV
SK SEB SA
NXI NEXITY SA CLASS A
MF WENDEL SE
KORI KORIAN SA
CGM CEGEDIM SA
GRF GRIFOLS S.A. CLASS A
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
DIC DIC ASSET AG
CLNX CELLNEX TELECOM S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Carole Braudeau
LHN LAFARGEHOLCIM LTD.
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
ATO ATOS SE
BFIT BASIC-FIT NV
SK SEB SA
NXI NEXITY SA CLASS A
MF WENDEL SE
KORI KORIAN SA
CGM CEGEDIM SA
GRF GRIFOLS S.A. CLASS A
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
DIC DIC ASSET AG
CLNX CELLNEX TELECOM S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
- Arnaud Autier
- Pierre Tegner
Remy Cointreau : FY 2023-24 sales ahead of forecasts: return to growth...
>Outperform maintained, target price unchanged at € 125 - We maintain our Outperform rating on Rémy Cointreau and have left our € 125 target price unchanged. The valuation of 24x for PE NTM is compelling for a stock with robust fundamentals and given that the inflection point seems to be in the rearview mirror.These FY 2023-24e sales are set to go down well with the market. 1/ Q4 sales beat expectations with 2/ strong growth for the cognac division at +15% in org...
- Arnaud Autier
- Pierre Tegner
Rémy Cointreau : CA 23/24 au-dessus des attentes : retour de la croiss...
>Surperformance maintenue, OC inchangé à 125 € - Nous maintenons notre opinion Surperformance sur Rémy Cointreau et laissons notre OC inchangé à 125 €. La valorisation à 24x de PE NTM est attrayante pour un titre dont les fondamentaux sont robustes et pour lequel le point d’inflexion semble bien derrière nous.La publication du CA 23/24e devrait être bien accueillie par le marché. 1/ Le CA T4 ressort au-dessus des attentes avec 2/ une forte croissance de la divisi...
- Pierre FerraguÊ
Infineon: Near-term downside priced in. Attractively valued for the lo...
As a follow-up to the work we published two weeks ago, which called for a downcycle in the auto semiconductor market, we review our expectations for Infineon. In summary, we expect Infineon to outperform the broader market, driven by a favorable exposure to xEVs and microcontroller share gains. We still see downside to expectations over the next 12 months, but from a stock perspective, we find the company attractively valued ahead of another leg of strong secular growth beyond this year.
- Martin Marandon-Carlhian
- Stephane Houri
ams OSRAM : Q1 2024 results in line, Q2 guidance below expectations, i...
>Q1 2024 results globally in line with expectations but above on FCF - This morning, ams OSRAM reported its Q1 2024 results which were globally in line with expectations. Revenues were € 847m, in line with the Visible Alpha consensus at € 845m. They were down 7% q-o-q and down 9% y-o-y but up 5% y-o-y on a like-for-like basis. The main drivers for this year-on-year increase are the automotive (+13% y-o-y) and consumer (+15% y-o-y) semiconductor businesses, whilst indu...
- Martin Marandon-Carlhian
- Stephane Houri
ams OSRAM : Q1 2024 results in line, Q2 guidance below expectations, i...
>Q1 2024 results globally in line with expectations but above on FCF - This morning, ams OSRAM reported its Q1 2024 results which were globally in line with expectations. Revenues were € 847m, in line with the Visible Alpha consensus at € 845m. They were down 7% q-o-q and down 9% y-o-y but up 5% y-o-y on a like-for-like basis. The main drivers for this year-on-year increase are the automotive (+13% y-o-y) and consumer (+15% y-o-y) semiconductor businesses, whilst indu...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
PERNOD RICARD: POURSUITE DU PROGRAMME DE RACHAT D’ACTIONS
PARIS--(BUSINESS WIRE)-- Regulatory News: Pernod Ricard (Paris:RI): Communiqué – Paris, 26 avril 2024 Dans le cadre de son programme de rachat d’actions pour l’exercice 2023/24 (c.€300m pour l’exercice 2023/24 confirmé lors des résultats du 1er semestre 2023/2024), Pernod Ricard a signé avec un prestataire de services d’investissement un contrat portant sur l’acquisition de ses propres actions, pour un montant maximum d’env. 150M€ sur une période débutant le 26 avril 2024 et pouvant s’étendre jusqu’au 21 juin 2024. Le prix des actions achetées dans le cadre de ce mandat ne pourra pas d...
- Guy Sips
X Fab Silicon Foundries EV The Specialty foundry for the analog world
We updated our X-Fab model after the 1Q24 results and we lowered our 2Q24 revenue forecast as X-Fab indicated this is expected to come in within a range of $ 200-210m with an EBITDA-margin in the range of 20-23%. Positive on the other hand was that FY24 guidance was reiterated with revenue in a range of $900-970m (KBCSe from $ 948m to $930.0m after this update) and an EBITDA margin in the range of 25-29% (KBCSe from 26.8%, to 26.7%). We lower our Target Price to € 10 (from € 11), in line with ...
- Martin Marandon-Carlhian
- Stephane Houri
STMicroelectronics N.V. : Significant reset in expectations, with a lo...
>We lower our estimates by 33% to take into account the new scenario for 2024 and cut our target price to € 48 (vs € 50), but remain at Outperform - Following the publication of lower-than-expected Q1 2024 results, Q2 guidance that was also lower than expected and a drastic downward revision to the 2024 guidance, we cut our estimates by an average of 33%, and lower our target price (average of a DCF and SOP) to € 48 (vs € 50). The reset is significant and Q2 2024 shou...
- Martin Marandon-Carlhian
- Stephane Houri
STMicroelectronics N.V. : Un ‘reset’ significatif des attentes, avec u...
>Révision en baisse de nos prévisions de 33% pour prendre en compte le nouveau scenario 2024 et de notre OC à 48 € (vs 50 €), mais nous restons à Surperformance - Suite à la publication de résultats T1 24 inférieurs aux attentes, d’une guidance T2 également inférieure et d’une révision en baisse drastique de la guidance 2024, nous abaissons nos prévisions de 33% en moyenne, ainsi que notre OC (moyenne d’un DCF et d’une SOP) à 48 € (vs 50 €). Le ‘reset’ est significati...
Rémy Cointreau : Chiffre d’affaires annuel 2023-24 : -19,2% en organiq...
PARIS--(BUSINESS WIRE)-- Regulatory News: Rémy Cointreau (Paris:RCO) a réalisé en 2023-24 un chiffre d’affaires de 1 194,1 millions d’euros, en baisse de -19,2% en organique1 (soit +16,2% par rapport à 2019-20). En données publiées, le chiffre d’affaires a reculé de -22,9%, incluant un effet négatif des devises de –3,7%, principalement lié à l’évolution du renminbi chinois et du dollar américain. Cette performance inclut une évolution organique quasi stable (-0,7%) du chiffre d’affaires au quatrième trimestre 2023-24, soit une progression de +14,3% en organique par rapport au quatrième tri...
- Marc Hesselink
- CFA
- Thymen Rundberg
Melexis/Slower growth period/HOLD
Melexis reported a comforting 1Q24 update pointing towards an end of destocking. The company is performing relatively well taking into account the weakness in automotive production. This is supported by R&D driving good levels of design wins. We leave our estimates largely unchanged but we still expect below average growth for 2024-25F on the back of limited car production growth and above-average price pressure. We reiterate our HOLD rating and maintain our DCF-based target of €85.
Aixtron AG: 1 director
A director at Aixtron AG bought 3,000 shares at 21.899EUR and the significance rating of the trade was 57/100. 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 sho...
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