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. - ...
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. - ...
>Q1 2024 results globally in line with expectations but above on FCF - This morning, ams OSRAM reported its Q1 2024 results which were globally in line with expectations. Revenues were € 847m, in line with the Visible Alpha consensus at € 845m. They were down 7% q-o-q and down 9% y-o-y but up 5% y-o-y on a like-for-like basis. The main drivers for this year-on-year increase are the automotive (+13% y-o-y) and consumer (+15% y-o-y) semiconductor businesses, whilst indu...
>Q1 2024 results globally in line with expectations but above on FCF - This morning, ams OSRAM reported its Q1 2024 results which were globally in line with expectations. Revenues were € 847m, in line with the Visible Alpha consensus at € 845m. They were down 7% q-o-q and down 9% y-o-y but up 5% y-o-y on a like-for-like basis. The main drivers for this year-on-year increase are the automotive (+13% y-o-y) and consumer (+15% y-o-y) semiconductor businesses, whilst indu...
Several themes are set to drive the 2024 proxy season, among them the change of voting policy of ISS and a tipping point for climate resolutions. It will also be the last one before the first CSRD reports. Its long-term impact on Boards could also be underestimated. A wave of appointments of specialized sustainability profiles would upset their balance. We identify the AGMs likely to be play the most decisive role for the companies in the medium term: Alstom, Teleperformance, Worldlin...
Plusieurs éléments animeront les assemblées générales 2024 : changement de politique de vote d’ISS, résolutions climat à un tournant… alors que cette saison est la dernière avant les premiers rapports CSRD. Celle-ci pourrait d’ailleurs avoir un impact long terme sous-estimé sur les conseils. Une vague de nominations de profils spécialisés en durabilité bouleverserait leurs équilibres. Nous identifions les AG les plus déterminantes pour la gouvernance des sociétés à moyen terme : Alsto...
>Global sales for February 2024 up +16.4% y-o-y vs +15.5% in January - Worldwide semiconductor sales in February 2024 were published by the WSTS (World Semiconductor Trade Statistics), with the usual one-month lag. On a three-month moving average, sales came to $ 43.6bn, slightly ahead of our forecast of $ 43.2bn. This represents a sequential decline of 3% (usual seasonal effect in February), but a fresh improvement in full-year growth to +16.4%, after +15.5% in Janu...
>Ventes mondiales de février 2024 à +16.4% yoy vs +15.5% en janvier - Les ventes mondiales de semiconducteurs de février 2024 viennent d’être publiés par le WSTS (World Semiconductor Trade Statistics), avec comme toujours, un mois de décalage. En données lissées (moyenne 3 mois), elles ressortent à 43.6 Md$, légèrement au-dessus de notre prévision de 43.2 Md$. Il s’agit d’une baisse en séquentiel de 3% (saisonnalité normale de février), mais d’une nouvelle améliorati...
On 20 & 21 March, we organized our 5th TMT credit days with eight issuers in the telecoms, media and technology sectors: ams OSRAM, Cellnex, Ipsos, Masmovil, Nexi, Orange, SoftBank Group and Worldline. 84 credit investors registered to the event. - This document summarizes our feedback of the virtual meetings by issuer. - > - - - ...
On 20 & 21 March, we organized our 5th TMT credit days with eight issuers in the telecoms, media and technology sectors: ams OSRAM, Cellnex, Ipsos, Masmovil, Nexi, Orange, SoftBank Group and Worldline. 84 credit investors registered to the event. - This document summarizes our feedback of the virtual meetings by issuer. - > - - - ...
PREMSTAETTEN, Austria & MUNICH--(BUSINESS WIRE)-- (SIX: AMS), a global leader in intelligent sensors and emitters, has introduced a product innovation that helps manufacturers of automotive lighting modules and systems to increase their production throughput and efficiency while achieving very high consistency in optical quality and performance. The innovation, referred to as DMC (Data Matrix Code), is based on a unique, machine-readable code printed on top of each LED package. DMC is already available today for some members of the of automotive LEDs. The code on the package links to indiv...
>Worldwide sales in January 24 at +15.5% y-o-y vs +12.5% in December 23 - Worldwide semiconductor sales for January 2024 were published this weekend by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. As a three-month moving average, they came in at $ 47.6bn (in line with our forecast), or +15.5% y-o-y after 12.5% y-o-y in December. This gives a sequential decline of 2.1%. Continuing sharp improvement in memory segment, automotiv...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.