reports
- Emmanuel Matot
- Emmanuel Matot
- Johanna Jourdain
Elior : Very negative market reaction to FY 2023-24 results publicatio...
>FY 2023-24 publication confirms operational progress despite higher than expected tax burden - Yesterday, Elior released its 2023-24 results before the market open. EBIT was 3% above expectations (margin of 2.8%, i.e. +170 bp) but reported net profit was significantly lower (loss of € 41m vs consensus of +€ 7m). This is mainly due to a higher-than-expected tax charge (€ 36m in 20223-24, reflecting higher taxable profits in France, vs € 29m in 2023, which benefited fr...
- Johanna Jourdain
Elior : Publication lourdement sanctionnée malgré des progrès opératio...
>Publication FY 24 qui confirme les progrès opérationnels malgré un poids des impôts plus important qu’attendu - Elior a publié hier avant Bourse des résultats 2024 qui sont ressortis 3% au-dessus des attentes au niveau de l’EBIT (marge à 2.8% soit +170 pb) mais très significativement inférieurs au niveau du résultat net publié (perte de 41 M€ vs consensus à +7 M€). Ceci est principalement dû à une charge d’impôts supérieure aux attentes (charge de 36 M€ en 2024, qui ...
- Carole Braudeau
Credit Morning 11/20/2024
Grifols: the board considers that Brookfield’s indicative price undervalues the company Teva: S&P upgrades the rating to BB/positive from BB/positiveElior: Results recovered in 2023-24, exceeding expectations. Debt reduction is making headway as planned.Tereos: Sharp decline in EBITDA in Q2 24/25. The financial position is stable thanks to the generation of FCF.>...
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 11/20/2024
Efforts to revitalise the five brands that make up the Lanvin Group are under way and should pay off in the medium term. However, at this stage of development (critical mass not yet achieved for some brands, negative profitability and cash burn) and in a consumer environment that does not yet point to a rebound, we prefer to remain cautious on the share. We are initiating coverage with a Neutral rating, with a target price of $ 1.80, based on a DCF valuation. - ...
- Carole Braudeau
Morning Crédit 20/11/2024
Grifols : le conseil d’administration estime que le prix indicatif proposé par Brookfield sous-évalue la sociétéTeva: S&P upgrades the rating to BB/positive from BB/positiveElior: les résultats se sont redressés 2023/24, dépassant les attentes. Le désendettement progresse comme prévu.Tereos : fort repli de l'EBITDA au T2 24/25. La situation financière est stable grâce à la génération de FCF.>...
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 20/11/2024
Les efforts de redynamisation sont en cours pour les 5 marques qui constituent Lanvin Group et devraient porter leurs fruits à moyen terme. Toutefois, à ce stade de développement (taille critique encore non atteinte sur certaines marques, rentabilité négative et consommation de cash) et dans un environnement de consommation n’indiquant pas encore de rebond, nous préférons rester encore prudents sur le titre. Nous initions à Neutre, avec un OC à 1.8 $ résultant d’une valorisation par D...
- Johanna Jourdain
Elior : FY 2023-24 results mixed (better on EBIT but a miss on net inc...
>FY 2023-24 results above at the EBIT level but a miss on net income - Elior reported FY 2023-24 results (October 2023 to September 2024) that beat expectations at the EBIT level but missed on net income. Sales were € 6,053m, in line with the consensus at € 6,043m and up 16% on a reported basis. Organic growth was 5.1%, broadly in line with the consensus at 5.3% (ODDO BHF at 5.4%, guidance of +4-5%). We note a deterioration in the retention rate to 91.2% (vs 92.0% in...
- Johanna Jourdain
Elior : FY 2023-24 results mixed (better on EBIT but a miss on net inc...
>FY 2023-24 results above at the EBIT level but a miss on net income - Elior reported FY 2023-24 results (October 2023 to September 2024) that beat expectations at the EBIT level but missed on net income. Sales were € 6,053m, in line with the consensus at € 6,043m and up 16% on a reported basis. Organic growth was 5.1%, broadly in line with the consensus at 5.3% (ODDO BHF at 5.4%, guidance of +4-5%). We note a deterioration in the retention rate to 91.2% (vs 92.0% in...
Elior : Net redressement de la rentabilité opérationnelle et poursuite...
PARIS LA DÉFENSE--(BUSINESS WIRE)-- Regulatory News: Ce communiqué de presse contient des éléments multimédias. Voir le communiqué complet ici : Elior Group (Paris:ELIOR) (Euronext Paris – ISIN : FR 0011950732), un des leaders mondiaux de la restauration et des multiservices, publie ses résultats non audités de l’exercice 2023-2024 clos au 30 septembre 2024. La stratégie de transformation et de développement initiée depuis avril 2023 porte ses fruits : Un profil opérationnel fortement amélioré avec un EBITA en progression de +108 millions d'euros (+183%) par rapport à 2022-2023, soit +2...
Eramet: Purchase of own shares
Eramet: Purchase of own shares Paris, 18 November 2024, 6:00 p.m. PRESS RELEASE Eramet: Purchase of own shares Eramet announces the purchase of 9,900 of its own shares related to the allocation of bonus shares under the provisions of Articles L. 225-197-1 et seq. and L. 22-10-59 and L. 22-10-60 of the French Commercial Code (to cover the free allocation of shares to employees and corporate officer). Aggregated presentation per day and per market Name of issuer Identification code of issuer (Legal Entity Identifier) Day of transaction Identification code of financial instru...
- Emmanuel Matot
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 18/11/2024
Comme prévu, les actions américaines ont salué la victoire de Donald Trump tandis que les bourses européennes accusaient le coup, également lestées deux jours plus tard par une nouvelle déception sur le plan de relance chinois. Nos stratégies sectorielles et paniers de valeurs Trump (long ou short) ont fonctionné, avec quelques exceptions qui peuvent être des opportunités d’investissement, à l’instar de Total Energies ou Repsol. En Europe, nous conservons notre opinion Sous-pondérer s...
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
ELE ENDESA S.A.
01913 PRADA S.P.A.
SOI SOITEC SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
ATRY ATRYS HEALTH
TMV TEAMVIEWER AG
VK VALLOUREC SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
PLX PLUXEE NV
- Emmanuel Matot
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 11/18/2024
As expected, US equities welcomed Donald Trump's victory, while European stock markets reacted negatively, also weighed down two days later by a further disappointment on China's stimulus plan. Our sector strategies and baskets of Trump stocks (long or short) have paid off, with a few exceptions that may provide investment opportunities, like Total Energies or Repsol. In Europe, we are maintaining our Underweight recommendation on the Basic Resources, Chemicals, Luxury Goods and Autom...
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
ELE ENDESA S.A.
01913 PRADA S.P.A.
SOI SOITEC SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
ATRY ATRYS HEALTH
TMV TEAMVIEWER AG
VK VALLOUREC SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
PLX PLUXEE NV
- Baptiste Lebacq
Tecnicas Reunidas : Focus maintained
>Outperform rating and target price of € 17 - Following the publication and conference call, we maintain our earnings forecasts unchanged. We reiterate our Outperform rating with a target price of € 17. The group displays a discount of 50% vs its peers (based on 2025e EV/EBIT), whilst the measures announced at the CMD (cf. our flash of 7 June 2024: An optimistic CMD in a region harbouring strong potential (Abu Dhabi) is a guarantee of visibility on the future recovery...
- Juan Ros-Padilla
Atrys Health : Q3 trading update: EBITDA in line. FY 2024 guidance rei...
>Organic sales momentum accelerates, EBITDA margins expansion - Q3 2024 group sales were € 49m (+9% y-o-y or +7% excluding a forex effect of 2pp), keeping pace with the solid organic growth observed in H1 (+7%), and broadly in line with our estimate. Precision sales grew by +9% y-o-y to € 31m (vs +5% in H1 and +13% l-f-l in FY 2023) and were aligned with our figures. The sequential improvement was due to more favourable momentum in laboratory and medical oncology that...
- Baptiste Lebacq
Tecnicas Reunidas : Cap maintenu
>Opinion Surperformance OC 17 € - Post publication et conférence call, nous maintenons notre séquence de résultats inchangée. Nous réitérons notre recommandation Surperformance avec un OC de 17 €. Le groupe affiche une décote de 50% versus ses pairs (base VE/EBIT 25e), alors que les mesures annoncées lors du CMD (cf Flash du 7/06/24 : Un CMD optimiste dans une région à fort potentiel (Abu Dhabi)) sont un gage de visibilité sur le redressement futur des marges du group...
Care Property Invest: 3 directors
Three Directors at Care Property Invest bought 6,135 shares at between 12.260EUR and 12.560EUR. The significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors o...
- Emna Ben Bdira
- Maxime Kogge
Eramet : Short-term outlook subdued, good competitive positions and ex...
>Q3 below expectations due to weak manganese and nickel volumes - Eramet released Q3 sales of € 809m, down 17% YoY and below our estimates due to weak volumes in its main activities.In the Manganese division, the exceptionally favourable environment stemming from the suspension of the Gemco mine in March has moved against the group. In attempting to impose prices that were too high in a Chinese context depressed by falling steel production, alloy makers were enco...
- Emna Ben Bdira
- Maxime Kogge
Eramet : Perspectives CT dégradées, bonnes positions compétitives et e...
>T3 inférieur aux attentes à cause de volumes faibles sur le manganèse et le nickel - Eramet a publié un CA T3 de 809 M€, en recul de 17% vs 2023 et sous nos attentes à cause de la faiblesse des volumes dans les deux principales activités.Dans la division Manganèse, l’environnement exceptionnellement favorable issu de la suspension de la mine de Gemco en mars s’est complètement retourné contre le groupe. En tentant d’imposer des prix trop élevés dans un contexte ...
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