>Q1 2024 trading update slightly below expectations - IHG has just released its Q1 2024 trading update with RevPAR up 2.6% y-o-y, slightly below expectations at +3.1% (ODDO BHF +3.2%e). This is driven by price, at +2.3% while the occupancy rate was broadly flat (+0.2pt). In detail, Q1 2024 RevPAR by region: 1/ Americas: -0.3% (ODDO BHF at +1.0%) was affected by an adverse calendar timing due to the Easter break (leading to lower demand in late March but followed by hi...
>Q1 2024 trading update slightly below expectations - IHG has just released its Q1 2024 trading update with RevPAR up 2.6% y-o-y, slightly below expectations at +3.1% (ODDO BHF +3.2%e). This is driven by price, at +2.3% while the occupancy rate was broadly flat (+0.2pt). In detail, Q1 2024 RevPAR by region: 1/ Americas: -0.3% (ODDO BHF at +1.0%) was affected by an adverse calendar timing due to the Easter break (leading to lower demand in late March but followed by hi...
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). - ...
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...
>Full-year results in line with expectations. Disposal of 126 restaurants and share buyback programme - Whitbread just reported its FY 2023 results (to end-February 2024), which are good quality and broadly in line with expectations. Group revenues, at € 2.96bn (ODDO BHFe at £ 2.925bn, FactSet consensus at £ 2.988bn), came in 13% higher y-o-y, vs 17% in H1, or growth of 9% in H2, which reflects, as expected, tougher comps and a normalisation of growth in UK hotels. Gr...
>Des résultats annuels en ligne avec les attentes. Cession de 126 restaurants et programme de rachat d’actions - Whitbread vient de publier des résultats annuels 2023 (à fin février 2024), de bonne facture, globalement en ligne avec les attentes. Les revenus groupe, à 2960 Md£ (ODDO BHFe à 2925 Md£, css FactSet à 2988 Md£) sont en hausse de 13% yoy, contre 17% au S1, soit une croissance de 9% au S2, qui reflète, comme attendu, la base de comparaison plus difficile et ...
>Q1 2024 slightly higher than expected, sequential acceleration in NUG - Accor reported Q1 2024 sales of € 1,236m (+8% on a reported basis), 2% higher than the consensus of € 1,216m (ODDO BHF estimate: € 1,197m). The Q1 performance was driven by all regions, especially the Middle East and Asia-Pacific, satisfactory price trends (+5.5%) and higher occupancy rates (+1.2 pt). By division, Management & Franchise (M&F) revenue reached € 294m (+10% yoy), buoyed by solid dem...
>T1 24 légèrement au-dessus des attentes, accélération séquentielle du NUG - Accor a publié un CA T1 2024 à 1 236 M€ (+8% en publié), 2% au-dessus des attentes à 1 216 M€ (ODDO BHF 1 197 M€). La performance au T1 a été soutenue par toutes les régions, en particulier le Moyen-Orient et l’Asie-Pacifique, un bon niveau de prix (+5.5%) et des taux d’occupation (TO) qui progressent (+1.2 pt). Par division, le CA Management & Franchise (M&F) atteint 294 M€ (+10% y-o-y), sou...
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
Q1 tends to be seasonally weak, in 2024 further weighted by the early Easter; however, the in-line Q1 report translated into minor forecast changes. With its strong financials, we see opportunities for growth initiatives and capital allocation. We expect a more eventful H2, with the likely upcoming convertible bond conversion to be offset by share buybacks, and the still-low valuation implying an attractive risk/reward. We reiterate our BUY and have raised our target price to SEK75 (71).
>Feedback from SFAF meeting: 2024 will see the end of the catch-up period - At a meeting to present its 2023 annual results, Voyageurs du Monde’s management focused on the following points:- The 2023 results were marked by strong revenue growth underpinned by exceptional post-COVID demand for travel (revenue: +40%; +16.5% LFL vs 2019). We note the strong growth in the cycling business following the acquisition of EuroFun, which now accounts for 16% of consolidate...
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