Never change a losing team

We cut '24-'26e adj. EBITA by ~3%. Banking spin-off cancelled– negative for the equity story. Still a BUY, but TP down to EUR 26 (33)

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. - ...

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. - ...

TietoEVRY : Lower than expected Q1 2024 results but full-year guidance...

>Lower than expected organic growth and EBITA. Disappointing FCF - Tietoevry reported its Q1 2024 results yesterday before market opening. Organic growth was -2.0% year-on-year (vs. ODDO BHF estimate of -0.2%), which represents a slowdown relative to 1% in Q4. Growth was impacted by a poor performance in 1/ Tech Services (organic growth of -7% vs. ODDO BHF estimate of -4.8%); 2/ Create (organic growth of -5% vs. ODDO BHF estimate of -0.7%), due to the ongoing weak eco...

TietoEVRY : Résultats T1 2024 inférieurs aux attentes mais guidance an...

>Croissance org. et EBITA, inférieurs aux attentes. FCF décevant - TietoEVRY a publié hier avant Bourse ses résultats T1 2024. La croissance org. ressort à -2.0% y/y(vs ODDO BHF :-0.2% org), en décélération par rapport au T4 (1% org.). La croissance a été impactée par une faible performance sur les segments 1/ Tech Services (-7% org. vs ODDO BHF : -4.8% org.); 2/ Create (-5% org. vs ODDO BHF : -0.7% org.), en raison de la faiblesse persistante de l'environnement écon...

Discontinues banking spin-off

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/03/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 03/22/2024

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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...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/22/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 22/03/2024

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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 ...

ODDO BHF Small & MIDCAP MORNING NEWS - 02/16/2024

Indra should continue its positive sequence, with Q4 results and FY 2024 guidance set to be solid. The subsequent CMD will be an opportunity to set out new targets for 2024-2026 which we hope will beat the market’s cautious outlook. We also expect strategic announcements that could crystallise the value of some assets and/or reduce the factors underpinning the discount. We have raised our target price to € 21. Outperform rating reiterated. The stock joined our ODDO BHF European Midcap...

ODDO BHF Small & MIDCAP MORNING NEWS - 16/02/2024

Indra devrait poursuivre sa séquence positive, avec des résultats T4 2023 et des guidances 2024 attendues solides. Le CMD à suivre sera l’occasion d’annoncer de nouveaux objectifs 2024-26 que nous espérons supérieurs aux attentes prudentes du marché. Nous y attendons également des annonces stratégiques permettant de cristalliser la valeur de certains actifs et/ou de réduire les facteurs de décote. Nous relevons notre OC à 21 €. Surperformance réitérée. Le titre est entré dans note lis...

TietoEVRY : Résultats T4 et guidance 2024 inférieurs aux attentes. Pro...

>Croissance org. T4 et EBITA inférieures aux attentes. FCF 2023 déçois - TietoEVRY a publié hier avant Bourse ses résultats T4 2023. La croissance org. ressort à 1%, en dessous des attentes (+1.6% org) et marquant une décélération vs T3 (2.0% y/y org) notamment car la division Banking affiche une hausse à seulement +5% y/y org. (vs ODDO BHF : 11% org.) en raison de bases de comparaisons difficiles. Les autres divisions affichent des résultats à peu près conformes a...

TietoEVRY : Q4 earnings and 2024 guidance below expectations. Spin-off...

>Organic growth in Q4 and EBITA undershot expectations. Disappointing 2023 FCF - TietoEVRY published its Q4 2023 results yesterday before market open. Organic growth stood at 1%, below forecasts (+1.6% org) and marking a slowdown vs Q3 (2.0% y-o-y org), notably as the banking division posted an increase of just +5% y-o-y org (vs ODDO BHF: 11% org) due to tough comparison bases. The other divisions posted earnings broadly in line with forecasts. The two divisions of ...

ODDO BHF Small & MIDCAP MORNING NEWS - 12/20/2023 Date Performance sin...

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/12/2023

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ODDO BHF Small & MIDCAP MORNING NEWS - 20/12/2023 Date Performance dep...

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/12/2023

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