ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/06/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 05/06/2024 Date Performance sin...

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/05/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 06/05/2024 Date Performance dep...

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ODDO : March 2024 sales below forecasts, memory continues to underpin ...

>Global sales for March 2024 at +15.2% y-o-y (vs +16.4% in February), Q1 2024 at +15% - Worldwide semiconductor sales in March 2024 were published by the WSTS (World Semiconductor Trade Statistics), with the usual one-month lag. In terms of the three-month moving average, sales came to $ 50.8bn, falling short of our estimate of $ 52.2bn, pointing to y-o-y growth +15.2% (a slight sequential decline of -0.6%). This marks a slowdown vs February, which stood at +16.4%. Q1...

ODDO : Ventes de mars 2024 inférieures aux attentes, la mémoire contin...

>Ventes mondiales de mars 2024 à +15.2% yoy (vs +16.4% en février), un T1 24 à +15% - Les ventes mondiales de semiconducteurs de mars 2024 ont été publiées par la WSTS (World Semiconductor Trade Statistics), avec comme toujours, un mois de décalage. En données lissées (moyenne 3 mois), elles ressortent à 50.8 Md$, inférieures à notre prévision à 52.2 Md$, en croissance annuelle de 15.2% (légère baisse en séquentiel de -0.6%). Il s’agit d’un ralentissement par rapport ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/05/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2024

We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...

Nemetschek SE : Nemetschek déroule sa stratégie et réalise un nouveau ...

>Le T1 2024 solide crédibilise les guidances pour 2024 - Nemetschek a publié mardi matin ses résultats T1 2024. Le chiffre d'affaires était en hausse de 10,3% à cc (à 223.9 M€) et la marge d’EBITDA s’est établie à 30,5%. Ces résultats ont permis au groupe de confirmer sa guidance 2024, à savoir : i/ une croissance du chiffre d’affaires entre 10% et 11% à cc ; ii/ une marge d’EBITDA entre 30% et 31% ; et iii/ une part de revenus récurrents d’environ 85%. Au cours de la...

INVEST SECURITIES - NEMETSCHEK : Trajectoire 2024-25 confortée après u...

Nemetschek SE : Nemetschek rolls out its strategy and has another good...

>Solid Q1 2024 lends credence to 2024 guidance - Nemetschek reported Q1 2024 results on Tuesday morning. Sales grew by 10.3% at cc to € 223.9m and the EBITDA margin came to 30.5%. These results allowed the group to confirm 2024 guidance for: i/ sales growth of 10-11% at cc; ii/ EBITDA margin of 30-31%; and iii/ a share of recurring revenues of around 85%. In the conference call, management made several comments about the trajectory of results in 2024. The increase i...

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 Small & MIDCAP MORNING NEWS - 04/29/2024

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Aixtron SE : Short-term momentum remains uncertain due to a reliance o...

>Outperform rating reiterated, target price raised to € 35 (vs € 42) - From the Q1 2024 publication we note the announcement of market share gains in SiC (including a top 5 client), lending weight to the idea that Aixtron is well on track to benefit from the transition to 200mm and that 2025 should be a year of strong growth (we are targeting +17%). That said, given the level of order intake in Q1 and guidance for Q2 revenue that fell below expectations, mainly due t...