ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2024

BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2024

L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...

Nemetschek SE : Good Q1 24 results with a top line 1% above and an in-...

>Q1 2024 results slightly above expectations for revenue - Nemetschek released this morning its Q1 2024 release. ARR came out at € 743.6m, up by 24.5% y-o-y and 25.4% at cc (vs ODDO BHF: € 751.2m). Total revenue stands at € 223.9m, up 9.4% on a reported basis and 10.3% at cc, which was 1% above expectations (ODDO BHF: € 222.2m, 9.7% at cc / Visible Alpha css: € 222.5m, 9.4% at cc). The group’s revenue was again driven by subscription and SaaS models which increased b...

Nemetschek SE : Good Q1 24 results with a top line 1% above and an in-...

>Q1 2024 results slightly above expectations for revenue - Nemetschek released this morning its Q1 2024 release. ARR came out at € 743.6m, up by 24.5% y-o-y and 25.4% at cc (vs ODDO BHF: € 751.2m). Total revenue stands at € 223.9m, up 9.4% on a reported basis and 10.3% at cc, which was 1% above expectations (ODDO BHF: € 222.2m, 9.7% at cc / Visible Alpha css: € 222.5m, 9.4% at cc). The group’s revenue was again driven by subscription and SaaS models which increased b...

Nemetschek - SaaS momentum accelerates in Q1 2024

Nemetschek delivered solid growth in Q1 2024, with a homogenous contribution from every division. The quarter was marked by the acceleration of SaaS and subscription revenue (+68% Y/Y) and a confirmation of both short term and long-term growth objectives (+10-11% in FY2024e and >+15% in FY2025e)

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/17/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/04/2024

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Nemetschek SE : Set for a good performance in Design in Q1. Confident ...

>Set for another good performance in Design in Q1. Slowdown for Build segment - Nemetschek is due to report its Q1 2024 results on 30 April before trading. Based on our recent discussions with the company, we understand, as indicated at the time of FY 2023 results, that Q1 is set to post slightly lower growth vs the FY 2024 guidance (10% to 11% cc). Overall, this is broadly anticipated by the market (ODDO BHF: 9.7% cc; Visible Alpha consensus: 9.2% cc). It is particul...

Nemetschek SE : Vers une bonne performance de Design au T1. Confiance ...

>Vers une nouvelle bonne performance de Design au T1. Ralentissement de Build - Nemetschek publiera ses résultats T1 2024 le 30 avril prochain avant Bourse. De nos derniers échanges avec la société, nous comprenons que, comme indiqué lors des résultats 2023, le T1 devrait afficher une croissance légèrement inférieure à la guidance 2024 (10% à 11% à cc). Ceci est globalement bien anticipé par le marché (ODDO BHF : 9.7% à cc ; Css Visible Alpha : 9.2% cc). C’est surtout...

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

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

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Nemetschek SE : Transition to subscriptions offers visibility for 2024

>Confidence for 2024 despite the uncertain environment - Nemetschek yesterday morning reported its definitive Q4 2023 results, which were in line with the pre-release in February (sales, ARR and group EBITDA) and clarified its guidance for 2024. In the conference call, management was broadly confident in its capacity to deliver on this guidance. For 2024, the group anticipates constant currency growth of between 10% and 11%. This tighter range than in the last few yea...

INVEST SECURITIES - NEMETSCHEK : Migration rondement menée, accélérati...

Nemetschek SE : La transition vers les abonnements offre de la visibil...

>Confiance pour 2024 malgré un environnement incertain - Nemetschek a publié hier matin ses résultats T4 2023 définitifs, en ligne avec la pré-publication de février dernier (CA, ARR et EBITDA groupe) et précisé ses objectifs pour 2024. Lors de la conférence téléphonique, le management s’est globalement montré confiant dans l’atteinte de ces objectifs. Pour 2024, le groupe vise une croissance à taux de change constant entre 10% et 11%. Cette fourchette plus resserrée ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/21/2024

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Nemetschek SE : Satisfactory FY 2024 guidance, confirming the good ope...

>Q4/FY 2023 results in line with the pre-publication. Solid FY 2023 FCF - Nemetschek published this morning its definitive Q4 2023 results, in line with the prepublication in February (group sales, ARR and EBITDA). Subscriptions and SaaS came in at € 92.5m, up 66.1% cc (vs ODDO BHF: € 99.5m/Css: €85.1m) and licences at € 29.1m, down -35.5% cc (ODDO BHF: € 31.1m/Css: €33.1m) and maintenance at € 87.1m, down -1.1% (ODDO BHF: € 80.5m/Css: € 91.m). The build segment stro...