Re-focused and re-energised

Q1: EBIT 7-8% better. Profitably > volume growth, the right move. Q2e set to be ATH: '24e-'25e EPS up 4-7%. '24e & '25e P/E 11.2x and 9.3x: Multiple expansion next, BUY.

Sats (Buy, TP: NOK21.00) - On track

Despite underlying results slightly below consensus, we believe the Q1 report underlined that SATS is on track to deliver on its medium-term targets, with further potential from its existing club base longer-term. We reiterate our BUY and NOK21 target price.

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

Renovation rules now a reality

The Energy Performance of Buildings Directive (EPBD) was approved on 12 April, requiring the modernisation of existing real estate in the EU, and will soon enter the Official Journal of the EU. Member states will have two years to incorporate the provisions into their national legislation. While Q1 is Nordic construction’s low season due to winter effects, we see some downside risk to Q1e consensus and longer-term to 2024–2026e EBIT on lower development gains. We recommend a stock-picking approa...

Limited change in EP spending

After reviewing oil companies’ most recent spending plans, we estimate offshore spending growth of c7% YOY for 2024, in line with our November update. Growth is concentrated, with Petrobras being the key driver, favouring service companies with Brazil exposure. Looking ahead, further spending growth is likely to be partly limited by total spending already being on a par with operating cash flow. Delayed energy transition spending is seen as positive for oil services, while recent E&P consolidati...

AF Gruppen (Sell, TP: NOK100.00) - Expectations look too high

We continue to see downside risk to consensus, both short-term ahead of the Q1 results (due at 07:00 CET on 15 May) and longer-term (2024–2026e). After a 2023 EBIT margin of 2.5%, consensus is for 4.8% in 2024 and 5.2% in 2025. We believe this is too optimistic, and reiterate our SELL. However, we have raised our target price to NOK100 (95) on increased peer valuation.

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 ...

Sats (Buy, TP: NOK21.00) - Yields trump membership growth

Despite being marginally below consensus for Q1e, we are positive ahead of the report as we believe it should provide yet more evidence that SATS is on track to deliver on its medium-term targets to improve profitability. We reiterate our BUY and NOK21 target price, having made slight positive estimate revisions, as we continue to find the valuation attractive.

SATS - Lean and healthy

SATS continues manifestly to deliver on its strategy of premiumisation with currency adjusted membership revenue up 11% in Q423 (15% for the full year) and assurance of ‘significant unleashed potential’ within the existing estate in terms of capacity utilisation and membership yield. Operating leverage, complemented by tight cost control (Q423 currency adjusted opex down 2%) and minimal expansionary capex for the time being, provides scope for lucrative marginal revenue growth (Q423 EBITDA up te...

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...