reports
- Christoffer Wang Bjørnsen
TietoEVRY (Sell, TP: EUR16.00) - Risk still skewed to the downside
Following the slightly soft Q4 results and 2025 guidance, we have lowered our 2025–2026e adj. EBIT by 2–4% and EPS by 1–4%. Furthermore, we interpret the impairment of goodwill in Tech Services and delayed conclusion of the strategic review as a possible indication the potential buyer’s offer leaves the valuation on the low side. Overall, we believe this leaves the risk skewed to the downside; we reiterate our SELL and have cut our target price to EUR16 (17).
- Bruno Cavalier
- Hela Zarrouk
- Steven Boumans
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
HOT HOCHTIEF AG
KER KERING SA
VOE VOESTALPINE AG
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
TIETO TIETOEVRY OYJ
LPP LPP S.A.
CIE CIE AUTOMOTIVE S.A.
MONC MONCLER SPA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SAFE SAFESTORE HOLDINGS PLC
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
NEXI NEXI S.P.A.
RWI RENEWI PLC
SHUR SHURGARD SELF STORAGE LIMITED
BRE BREMBO S.P.A.
- Bruno Cavalier
- Hela Zarrouk
- Steven Boumans
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
HOT HOCHTIEF AG
KER KERING SA
VOE VOESTALPINE AG
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
TIETO TIETOEVRY OYJ
LPP LPP S.A.
CIE CIE AUTOMOTIVE S.A.
MONC MONCLER SPA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SAFE SAFESTORE HOLDINGS PLC
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
NEXI NEXI S.P.A.
RWI RENEWI PLC
SHUR SHURGARD SELF STORAGE LIMITED
BRE BREMBO S.P.A.
- Ghada Ben Sedrine
- Nicolas David
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
- Ghada Ben Sedrine
- Nicolas David
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
- Emira Sagaama
- Ghada Ben Sedrine
- Nicolas David
- Oddo Sustainability Team
- Thomas Zlowodzki
ATO ATOS SE
OSE OSE IMMUNOTHERAPEUTICS SA
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
FGA FIGEAC AERO SA
LXS LANXESS AG
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
BB SOCIETE BIC SA
CAP CAPGEMINI SE
COR CORTICEIRA AMORIM SGPS SA
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
IDR INDRA SISTEMAS S.A. CLASS A
FTG111 FLATEXDEGIRO AG
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
TUI TUI AG
SCHOTT PHARMA AG
- Emira Sagaama
- Ghada Ben Sedrine
- Nicolas David
- Oddo Sustainability Team
- Thomas Zlowodzki
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
ROG ROCHE HOLDING LTD
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
LONN LONZA GROUP AG
INF INFOTEL SA
SQI SQLI SA
SWP SWORD GROUP SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
AUB AUBAY SA
ATE ALTEN SA
ZAL ZALANDO SE
GRF GRIFOLS S.A. CLASS A
SAN SANOFI
CAP CAPGEMINI SE
TLX TALANX AG
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
ITX INDUSTRIA DE DISENO TEXTIL S.A.
BC BRUNELLO CUCINELLI S.P.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
ALG ALLEGRO.EU SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
GSK GSK PLC
IOS IONOS GROUP SE
NOVO B NOVO NORDISK A/S
- Emira Sagaama
- Ghada Ben Sedrine
- Nicolas David
- Oddo Sustainability Team
- Thomas Zlowodzki
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
ROG ROCHE HOLDING LTD
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
LONN LONZA GROUP AG
INF INFOTEL SA
SQI SQLI SA
SWP SWORD GROUP SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
AUB AUBAY SA
ATE ALTEN SA
ZAL ZALANDO SE
GRF GRIFOLS S.A. CLASS A
SAN SANOFI
CAP CAPGEMINI SE
TLX TALANX AG
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
ITX INDUSTRIA DE DISENO TEXTIL S.A.
BC BRUNELLO CUCINELLI S.P.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
ALG ALLEGRO.EU SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
GSK GSK PLC
IOS IONOS GROUP SE
NOVO B NOVO NORDISK A/S
- Emira Sagaama
- Ghada Ben Sedrine
- Nicolas David
- Oddo Sustainability Team
- Thomas Zlowodzki
ATO ATOS SE
OSE OSE IMMUNOTHERAPEUTICS SA
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
FGA FIGEAC AERO SA
LXS LANXESS AG
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
BB SOCIETE BIC SA
CAP CAPGEMINI SE
COR CORTICEIRA AMORIM SGPS SA
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
IDR INDRA SISTEMAS S.A. CLASS A
FTG111 FLATEXDEGIRO AG
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
TUI TUI AG
SCHOTT PHARMA AG
- Nicolas David
- Nicolas Thorez
ATO ATOS SE
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
- Nicolas David
- Nicolas Thorez
ATO ATOS SE
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
- Luis de Toledo Heras
ATO ATOS SE
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
MF WENDEL SE
EXE EXEL INDUSTRIES SA
BIO BB BIOTECH AG
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SWP SWORD GROUP SE
CGM CEGEDIM 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
VID VIDRALA SA
TIETO TIETOEVRY OYJ
VIS VISCOFAN S.A.
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
WAF SILTRONIC AG
LIGHT SIGNIFY NV
NVG NAVIGATOR COMPANY SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
LFDE LA FRANCAISE DE L'ENERGIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
SPM SAIPEM S.P.A.
- Luis de Toledo Heras
ATO ATOS SE
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
MF WENDEL SE
EXE EXEL INDUSTRIES SA
BIO BB BIOTECH AG
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SWP SWORD GROUP SE
CGM CEGEDIM 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
VID VIDRALA SA
TIETO TIETOEVRY OYJ
VIS VISCOFAN S.A.
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
WAF SILTRONIC AG
LIGHT SIGNIFY NV
NVG NAVIGATOR COMPANY SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
LFDE LA FRANCAISE DE L'ENERGIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
SPM SAIPEM S.P.A.
- Christoffer Wang Bjørnsen
TietoEVRY (Sell, TP: EUR17.00) - Cost beat, but pressure on revenues
Q3 earnings were above our forecast and consensus, but it looks like a cost-driven beat, as the top line was ~1% below. The company said it saw a deterioration in the IT services market in Q4 and we got the impression from the earnings call that it expects this market softness to persist into 2025. We have cut our 2024–2026e adj. EBIT by 1–3%, mainly on lowered top-line estimates. We reiterate our SELL and EUR17 target price, awaiting better top-line momentum and a positive conclusion to the Tec...
- Ghada Ben Sedrine
- Nicolas David
TietoEVRY : A tough outlook for Q4, but progress on the divestment pro...
>1% organic decline in Q3. - Robust profitability and FCF - TietoEVRY reported yesterday before trading its definitive Q3 results, after the pre-announcement last week. The organic decline (Pre-announced) came to -1%, marking a slowdown vs Q2 (+1% y-o-y organic). As indicated last week, the performance was impacted mainly by Create (-4% y-o-y organic vs ODDO BHF: -5.1% y-o-y org.) and Tech Services (-3% y-o-y org. vs ODDO BHF: -4.9% y-o-y organic). Banking (+4% y-o-y...
- Ghada Ben Sedrine
- Nicolas David
TietoEVRY : Perspectives difficiles pour le T4 mais avancée sur le pro...
>Déclin org. au T3 de 1%. - Rentabilité et FCF solide - s - TietoEVRY a publié hier avant Bourse ses résultats T3 définitifs, après la préannonce de la semaine dernière. La baisse org. (pré-annoncée) ressortait à -1%, marquant un ralentissement vs T2 (+1% y/y org). Comme indiqué la semaine dernière, la performance est impactée principalement par Create (-4% y/y org. vs ODDO BHF : -5.1% y/y org.) et Tech Services (-3% y/y org. vs ODDO BHF : -4.9% y/y org.). Banking (+4% y...
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