reports
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 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...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SREN SWISS RE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
BC8 BECHTLE AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
AGN AEGON N.V.
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 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...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SREN SWISS RE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
BC8 BECHTLE AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
AGN AEGON N.V.
- Sinan Doganli
Bechtle AG : Political uncertainties and weak demand weigh on Bechtle’...
>Short-term environment is too unpredictable to merit investment recommendation - In Q4, Bechtle faces relatively easy comparisons for business volume but challenging comparisons for revenue. Our revised expectations for FY 2024e imply business volume growth of +3.0% in Q4, alongside a y-o-y revenue decline of -2.8%. We anticipate that the share of software in the overall product mix will be higher compared to Q4 2023, which should lead to improved gross profit margi...
EQS-News: Bechtle wächst im dritten Quartal international
EQS-News: Bechtle AG / Schlagwort(e): Quartals-/Zwischenmitteilung/9-Monatszahlen Bechtle wächst im dritten Quartal international 08.11.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Bechtle wächst im dritten Quartal international Geschäftsvolumen leicht unter Vorjahr Umsatz steigt um 2,2 % EBT beträgt 78,6 Mio. € Operativer Cashflow mit 289,4 Mio. € deutlich über Vorjahr 890 junge Menschen in Ausbildung Neckarsulm, 8. November 2024 – Die Geschäftsentwicklung der Bechtle AG stand auch im dritten Quartal 2024 ...
EQS-News: Bechtle shows international growth in third quarter
EQS-News: Bechtle AG / Key word(s): Quarterly / Interim Statement/9 Month figures Bechtle shows international growth in third quarter 08.11.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Bechtle shows international growth in third quarter Business volume slightly lower than previous year Revenue increases by 2.2 per cent EBT totals €78.6 m Operating cash flow shows significant growth to €289.4 m 890 young people in training Neckarsulm, 08 November 2024 – Bechtle AG’s business development remained under pressure in ...
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2024
Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the anti-C...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2024
Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage accru de...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Sinan Doganli
Bechtle AG : Second profit warning in 2024 amid disappointing Q3 resul...
>Revenue slightly above, but EBT significantly below consensus expectations - Bechtle released its second profit warning and withdraws its guidance for FY 2024, without providing a new guidance. Business volume was -2.0% below consensus expectations, declining by -1.1% y-o-y in Q3 to € 1,890m. Q3 2023 presents relatively high comps, as Bechtle was able to secure a large software deal in that quarter. There was no such effect in Q3 2024. Revenue increased +2.1% y-o-y...
- Nicolas David
- Nicolas Thorez
ODDO : The sector recovery will be slower than expected in H2 2024 and...
The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefe...
ATO ATOS SE
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
- Nicolas David
- Nicolas Thorez
ODDO : La recovery du secteur sera plus lente qu’attendu au S2 2024 et...
La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissanc...
ATO ATOS SE
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
- Julian Dobrovolschi
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/10/2024
Thanks to unit revenue that has proven more resilient than anticipated, real discipline on capacity and a decline in the fuel bill, we expect margins to recover, especially for the legacies. IAG remains our top pick. We are upgrading Air France-KLM and Lufthansa to Neutral and downgrading Ryanair to Underperform as well as WizzAir on Neutral. - ...
- Julian Dobrovolschi
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/10/2024
Grâce à une recette unitaire qui se tient mieux que prévu, une discipline capacitaire notable et une baisse de la facture carburant, nous anticipons un rebond des marges tout particulièrement pour les majors. IAG reste notre valeur préférée. Nous relevons Air France-KLM et Lufthansa à Neutre et abaissons Ryanair à Sous-performance ainsi que Wizz Air à Neutre. - ...
- Sinan Doganli
Bechtle AG : CMD feedback: FY 2024 guidance relies on spending flush f...
>Public sector of huge importance to Bechtle’s long-term success - The capital markets day centred around the public sector business which accounts for roughly 40% of Bechtle’s business volume (i.e. roughly € 3.2bn in 2024e). Two-thirds of the public sector business is conducted in Germany and one-third internationally (especially France, DACH (excl. Germany) and Benelux). Bechtle operates a central and decentralized approach which gives the company a competitive adva...
- Oliver Metzger
- Sinan Doganli
ODDO : First feedback – DAY 1
We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - >Adidas (+) – On trackAixtron (=) – No short-term inflection, but high confidence in long-term prospectsAllgeier (+) – Is confident it can achieve 15% EBITDA margin by the end of 2025 ams OSRAM (=) – Some cautiousness on auto/industrial, still co...
FME FRESENIUS MEDICAL CARE AG
CEC CECONOMY AG
AMS AMS AG
ADS ADIDAS AG
CBK COMMERZBANK AG
EVT EVOTEC SE
GBF BILFINGER SE
BOSS HUGO BOSS AG
SDF K+S AG
TPE PVA TEPLA AG
ZAL ZALANDO SE
BAS BASF SE
AIXA AIXTRON SE
BC8 BECHTLE AG
SAX STROEER SE & CO. KGAA
LEG LEG IMMOBILIEN AG
WAF SILTRONIC AG
BNR BRENNTAG SE
SMHN SUESS MICROTEC AG
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
AEIN ALLGEIER HOLDING AG
IOS IONOS GROUP SE
- Benoit Valleaux
- Benoit Valleaux
- Sinan Doganli
Bechtle AG : Final Q2 results: Optimistic for the future despite curre...
>Final results in line with prelims - Final Q2 results are line with preliminary results. Group revenue declined by -2.3% y-o-y to € 1,475.0m, roughly -4% below consensus estimates but in line with our expectations. EBT came in at € 83.8m, a decline of -10.6% y-o-y and roughly -9% below consensus expectations. The development in the German and international market, as well as in the System House and E-Commerce segments is noteworthy. Revenue in Germany declined -4.8...
EQS-News: Bechtle optimistisch für Gesamtjahr 2024
EQS-News: Bechtle AG / Schlagwort(e): Halbjahresergebnis/Zwischenbericht Bechtle optimistisch für Gesamtjahr 2024 09.08.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Bechtle optimistisch für Gesamtjahr 2024 Geschäftsvolumen steigt im Q2 um 0,9 % Operativer Cashflow mit 141,2 Mio. € mehr als verdoppelt Prognose sieht Vorjahresniveau vor Fortführung der europäischen M&A-Strategie Neckarsulm, 9. August 2024 – Das Geschäft der Bechtle AG stand im zweiten Quartal 2024 stärker als zu Jahresbeginn unter dem Einfluss...
EQS-News: Bechtle optimistic for FY 2024
EQS-News: Bechtle AG / Key word(s): Half Year Results/Interim Report Bechtle optimistic for FY 2024 09.08.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Bechtle optimistic for FY 2024 Business volume up by 0.9 per cent in Q2 Operative cashflow more than doubled to €141.2 million Forecast on par with previous year’s level Continuation of European M&A strategy Neckarsulm, 9 August 2024 – In the second quarter of 2024, Bechtle AG's business was more strongly affected by the adverse macroeconomic conditions than at the ...
- Maissa Keskes
- Stephane Houri
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