CIE Automotive : Still best-in-class yet still under appreciated

>Very solid Q1 2024 results, scenario confirmed - CIE’s Q1 results, reported yesterday during trading hours, came in strong and ahead of expectations (+7% vs css EBIT, +15% at net income level). The group posted solid growth in revenues (€ 1.0bn, +3% y-o-y, +4% org.), but also, importantly, further margin expansion (EBIT € 146m, +9% y-o-y, i.e. margin of 14.0%, +70bp y-o-y) and solid FCF (€ 79m, 8% of revenues). The group still has not given detailed financial guida...

CIE Automotive : Un best-in-class loin d’être apprécié à sa juste vale...

>Résultats T1 2024 très solides, scénario confirmé - CIE a publié hier en séance des résultats T1 très solides et supérieurs aux attentes (+7% vs EBIT css, +15% au niveau du RNpdg). Le groupe a fait état d’une progression solide de son CA (1,0 Md€, +3% y-o-y, +4% org.), mais aussi et surtout d’une nouvelle expansion de ses marges (EBIT 146 M€, +9% y-o-y, soit une marge de 14,0%, +70bp y-o-y) et d’un FCF solide (79 M€, 8% du CA). Le groupe ne fournit toujours pas de ...

Continental : Sharp improvement now required as early as Q2

>Q1 results already known, management confident on capacity to recover from Q2 - With Continental having already reported its preliminary Q1 2024 results, yesterday’s focus was more on the group’s explanations regarding the underwhelming performance at the start of the year and, importantly, on its capacity to improve it over the next few quarters in order to meet the full-year guidance. The improvement expected from Q2 in Automotive unit (with CFO suggesting operatin...

Vitesco : EV slowdown clearly visible in Q1, as expected

>Q1: sales at -7.5% org and adjusted EBIT up slightly (operating margin of 1.7%) - Vitesco’s Q1 2024 figures, reported yesterday, confirmed the slower momentum in electrification, which is also visible at its peers (and even more so at Valeo for example). Despite this, the auto supplier nonetheless fully confirmed its full-year guidance, suggesting, again, significant seasonality between H1 and H2, particularly as the message remains cautious on Q2 with the market env...

Continental : Une nette amélioration désormais requise dès le T2

>Résultats T1 connus, le management confiant sur sa capacité à rebondir dès le T2 - Continental ayant déjà publié des résultats T1 2024 préliminaires, le focus d’hier était plus dans les explications du groupe quant à la contre-performance du début d’année et, surtout, sa capacité à progresser dans les trimestres à venir afin d’atteindre les objectifs annuels. L’amélioration attendue dès le T2 dans l’automobile (MOP positive possible si succès dans les négociations pr...

BMW : Correct en relatif, mais ce n’est peut-être pas assez

>T1 légèrement inférieur sur l’Auto, guidance 2024 confirmée - BMW a publié hier matin des résultats T1 conformes aux attentes au global, mais légèrement inférieurs sur la partie Auto (-6% vs css d’EBIT), voir First Take. Alors que les volumes sont ressortis globalement stables sur le trimestre, le groupe affiche, comme la plupart de ses pairs, une baisse de ses résultats (EBIT -25% y-o-y dont -28% dans l’Auto), pénalisés par la baisse des prix (véhicules neufs + occ...

Vitesco : Le ralentissement EV bien visible au T1, comme attendu

>T1 : CA à -7.5% en organique et EBIT ajusté en légère progression (MOP de 1.7%) - Le T1 2024 publié, hier, par Vitesco a, notamment, confirmé le ralentissement du momentum sur l’électrification, également visible chez les pairs (et encore davantage chez Valeo par exemple). Face à cela, l’équipementier a, néanmoins, pleinement confirmé ses objectifs annuels, suggérant à nouveau une forte saisonnalité entre S1 et S2, d’autant plus que le message est resté prudent sur l...

CIE AUTOMOTIVE: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'24 vs. 1Q'23 Results Sales: € 1.04 Bn (+2.8% vs. -1.0% BS(e) and +0,1% consensus); EBITDA: € 192 M (+6.9% vs. -0.4% BS(e) and +1.5% consensus); Net Profit: € 93 M (+3.3% vs. -14.4% BS(e) and -10.0% consensus).

CIE AUTOMOTIVE: RDOS. 1T'24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: Ventas: 1.036 M euros (+2,8% vs -1,0% BS(e) y +0,1% consenso); EBITDA: 192 M euros (+6,9% vs -0,4% BS(e) y +1,5% consenso); BDI: 93 M euros (+3,3% vs -14,4% BS(e) y -10,0% consenso).

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/08/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/05/2024

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Credit Morning 05/08/2024

Stada : Reportedly potential IPO in Q3 24Continental / Q1 24 results: Weak set of results subject to volume losses and labour inflationCrédit Logement published FY 2023 annual resultsBanco BPM published strong Q1 results>...

Morning Crédit 08/05/2024

Crédit Logement publie ses résultats annuels 2023Banco BPM publie de solides résultats trimestriels Continental / Q1 24 results: Weak set of results subject to volume losses and labour inflation Stada : Reportedly potential IPO in Q3 24>...

BMW : Q1 2024 results broadly in line overall but slight miss on Autos...

>Q1 results broadly in line overall but slight miss on Autos EBIT - BMW this morning reported Q1 results that came in broadly in line with expectations overall, but again helped by Eliminations with a slight miss on Autos EBIT. Q1 revenues came in at € 36.6bn, -1% y-o-y, on flattish volumes and negative FX, in line with expectations (css € 36.9bn, ODDO BHF € 37.0bn). Adj. EBIT was € 4.05bn, -25% y-o-y, slightly ahead (css € 3.96bn, ODDO BHF € 3.91bn), with Autos ...

BMW : Q1 2024 results broadly in line overall but slight miss on Autos...

>Q1 results broadly in line overall but slight miss on Autos EBIT - BMW this morning reported Q1 results that came in broadly in line with expectations overall, but again helped by Eliminations with a slight miss on Autos EBIT. Q1 revenues came in at € 36.6bn, -1% y-o-y, on flattish volumes and negative FX, in line with expectations (css € 36.9bn, ODDO BHF € 37.0bn). Adj. EBIT was € 4.05bn, -25% y-o-y, slightly ahead (css € 3.96bn, ODDO BHF € 3.91bn), with Autos ...

BMW: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: Ventas: 36.614 M euros (-0,6% vs +0,2% BS(e) y -0,1% consenso); EBIT: 4.054 M euros (-24,6% vs -25,8% BS(e) y -26,3% consenso).

Infineon Technologies AG : The low point reached = rebound, target pri...

>Outperform reiterated, target price raised to € 45 vs € 40 despite the warning - Following the publication of Q2 2024 results that came in a shade above of expectations yesterday and despite the downward revision to the guidance for 2024 (the weakness of demand in automobile and the deepening of the correction in industry) the stock rebounded strongly (+13%). Despite this revision, the market above all retained that 1/ Infineon has indicated that it has de-risked its...

Infineon 2FQ24: Autos slowing, in line with our thesis. Buy, €50 TP