reports
- Research Team
WOOD Daily: BFT PW; MTELEKOM HB; PBK RO; GEV CP; MBR PW; DAT PW; IGN1L...
HEADLINES: • Benefit Systems: strong 1Q24, but May card base estimate disappoints POSITIVE • Magyar Telekom: 1Q24E results review – EBITDA up 46% yoy, 6% above the consensus; 2024E guidance upgraded POSITIVE • Patria Bank: strong bottom-line print in 1Q24, but loan book development remains absent POSITIVE • GEVORKYAN: 1Q24 EBITDA up 24% yoy, 17% above our estimate POSITIVE • Mo-BRUK: 1Q24 EBITDA 5% above our forecast, 6% miss vs. the consensus NEUTRAL • DataWalk: 1Q24 numbers fully in line with ...
- Russell Waller
Digi Q1 24: Solid results, Portugal launch pushed to H2 24
Digi has reported a solid set of Q1 numbers vs expectations: Both SR and EBITDA growth rates are slower, but remain impressive. A launch in Portugal has been pushed back to H2 (same timing as for Belgium) and no further details were given on the launch particulars. We remain unconvinced that Digi can build NPV positive businesses in either market, but we think it will launch in both, with all the associated costs– indeed, Digi upped capex guidance for 2024 to €650m-€700m from €650m. This drag to...
- Research Team
WOOD Daily: INPST NA; GSPARK HB; SFG RO; H2O RO; DIGI RO; AROBS RO; PG...
HEADLINES: • InPost: strong 1Q24, as expected; FY24E guidance maintained; slight volume deceleration in 2Q24 so far POSITIVE • Graphisoft Park: 1Q24 – occupancy and results stable so far; guidance maintained POSITIVE • Sphera Group: 1Q24 above our expectations POSITIVE • Hidroelectrica: 1Q24 – lower power prices offset by no tax on producers NEGATIVE • DIGI Communications: 1Q24 results – adjusted EBITDA up 22% yoy, 6% above our estimate POSITIVE • AROBS Transilvania Software: weak 1Q24 results, ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PKO PKO BANK POLSKI S.A.
BDX BUDIMEX S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
GSPARK GRAPHISOFT PARK SE
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
INPST INPOST S.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
ELPE HELLENIQ ENERGY
H2O HIDROELECTRICA S.A.
- Nicolas David
BEKB BEKAERT SA
IPH INNATE PHARMA SA CLASS A
HOT HOCHTIEF AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
COK CANCOM SE
AALB AALBERTS N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
S30 SOLUTIONS 30 SE
NA9 NAGARRO
HGEA HGEARS AG
FORSE FORSEE POWER SA
DEME DEME GROUP NV
- Nicolas David
BEKB BEKAERT SA
IPH INNATE PHARMA SA CLASS A
HOT HOCHTIEF AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
COK CANCOM SE
AALB AALBERTS N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
S30 SOLUTIONS 30 SE
NA9 NAGARRO
HGEA HGEARS AG
FORSE FORSEE POWER SA
DEME DEME GROUP NV
- Martin Marandon-Carlhian
- Stephane Houri
AT&S AG : Q4 2023-24 results and FY 2024-25 outlook well below expecta...
>Q4 2023-24 results well below expectations - This morning, AT&S reported its Q4 2023-24 results which were well below expectations. In Q4 2023-24, sales came in at € 345m below the consensus at € 372m. They were up 14% y-o-y and down 12% q-o-q. The markets for mobile devices and industrial applications softened significantly. While notebooks and PCs saw a slight recovery, the market for servers slowed further. Adjusted EBITDA was € 63m, i.e. a margin of 18.2%, well b...
- Martin Marandon-Carlhian
- Stephane Houri
AT&S AG : Q4 2023-24 results and FY 2024-25 outlook well below expecta...
>Q4 2023-24 results well below expectations - This morning, AT&S reported its Q4 2023-24 results which were well below expectations. In Q4 2023-24, sales came in at € 345m below the consensus at € 372m. They were up 14% y-o-y and down 12% q-o-q. The markets for mobile devices and industrial applications softened significantly. While notebooks and PCs saw a slight recovery, the market for servers slowed further. Adjusted EBITDA was € 63m, i.e. a margin of 18.2%, well b...
EQS-News: AT&S 2024/25 on growth course again
EQS-News: AT&S Austria Technologie & Systemtechnik AG / Key word(s): Annual Results/Forecast AT&S 2024/25 on growth course again 14.05.2024 / 07:01 CET/CEST The issuer is solely responsible for the content of this announcement. AT&S 2024/25 on growth course again Revenue declines to € 1,550 million in FY 2023/24 (PY: € 1,791 million) Adjusted EBITDA margin of 24.8% IC substrate production in Kulim and Leoben to start at the end of FY 2024/25 Outlook FY 2024/25: revenue € 1.7 to € 1.8 billion, adjusted EBITDA margin 25 to 27% Intensification of efficiency progr...
EQS-News: AT&S 2024/25 wieder auf Wachstumskurs
EQS-News: AT&S Austria Technologie & Systemtechnik AG / Schlagwort(e): Jahresergebnis/Prognose AT&S 2024/25 wieder auf Wachstumskurs 14.05.2024 / 07:01 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. AT&S 2024/25 wieder auf Wachstumskurs Umsatz reduziert sich im Geschäftsjahr 2023/24 auf 1.550 Mio. € (VJ: 1.791 Mio. €) Bereinigte EBITDA-Marge von 24,8 % IC-Substrate-Produktion in Kulim und Leoben läuft Ende Geschäftsjahr 2024/25 an Ausblick GJ 2024/25: 1,7 bis 1,8 Mrd. € Umsatz, bereinigte EBITDA-Marge von 25 bis 27 % Int...
- Anthony Dick
- Michael Foundoukidis
- Anthony Dick
- Michael Foundoukidis
- Martin Marandon-Carlhian
- Stephane Houri
AT&S AG : No capital increase, but medium-term sales guidance reduced ...
>No capital increase, offers for Ansan plant - AT&S announced Friday it had decided not to carry out a capital increase in the short term and that talks with potential investors had been shelved. To recap, AT&S had announced in November 2023 it was considering a capital increase of up to 50% of its capital (~€ 550m) and was in negotiations with the Austrian sovereign fund OBÄG for a potential stake of >25%. To obtain additional cash, AT&S is now instead looking to sel...
- Martin Marandon-Carlhian
- Stephane Houri
AT&S AG : Pas d'augmentation de capital, mais guidance de CA moyen ter...
>Pas d'augmentation de capital, offres pour l'usine d'Ansan - AT&S a annoncé hier avoir décidé de ne pas procéder à une augmentation de capital à court terme et que les discussions avec des investisseurs potentiels ont été interrompues. Pour rappel, AT&S avait annoncé en novembre 2023 considérer une augmentation de capital jusqu’à 50% de son capital (~550 M€) et être en négociation avec le fonds souverain autrichien OBÄG pour une participation potentielle >25%. Pour o...
- Research Team
WOOD Daily: MBK PW; OTP HB; MIL PW; CCC PW; DNP PW; EAT PW; MOL HB; M ...
HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results poin...
MOL MOL NYRT
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CCC CCC SA
OTP OTP BANK NYRT
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
M MED LIFE
EAT AMREST HOLDINGS SE
4IG 4IG NYRT
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
- Research Team
WOOD Daily: BDX PW; EU Oil & Gas Monthly; BHW PW; PKO PW; MIL PW; CAR ...
HEADLINES: • Budimex: 1Q24 EBIT 13% above our forecast on solid gross margin, but broadly in line with the consensus POSITIVE • European oil and gas monthly: April 2024 – margins retreating • Bank Handlowy: to pay PLN 10/share dividend NEUTRAL • PKO BP: estimates cost of credit holidays extension at PLN 489m NEUTRAL • Bank Millennium: expects a PLN 201-247m impact from the 2024E credit holidays extension for PLN mortgagors NEUTRAL • Inter Cars: April sales recover by 19.5% yoy POSITIVE • MOL: 1Q...
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
INFINEON INFINEON TECHNOLOGIES AG
LR LEGRAND SA
AMS AMS AG
RCO REMY COINTREAU SA
DEMANT DEMANT A/S
GLE SOCIETE GENERALE S.A. CLASS A
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ISP INTESA SANPAOLO S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
AMS AMS AG
APAML APERAM SA
EVT EVOTEC SE
SBS STRATEC SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MBB MBB INDUSTRIES SE
PNL POSTNL NV
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
ECV ENCAVIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
AF AIR FRANCE - KLM
ARM ARM HOLDINGS PLC
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
INFINEON INFINEON TECHNOLOGIES AG
LR LEGRAND SA
AMS AMS AG
RCO REMY COINTREAU SA
DEMANT DEMANT A/S
GLE SOCIETE GENERALE S.A. CLASS A
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ISP INTESA SANPAOLO S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
AMS AMS AG
APAML APERAM SA
EVT EVOTEC SE
SBS STRATEC SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MBB MBB INDUSTRIES SE
PNL POSTNL NV
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
ECV ENCAVIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
AF AIR FRANCE - KLM
ARM ARM HOLDINGS PLC
- Martin Marandon-Carlhian
- Stephane Houri
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...
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
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