reports
- Felix Fischer
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Trung Nguyen
- Ian Wong
- Jayanth Kandalam
- Felix Fischer
- Ian Wong
- Jayanth Kandalam
- Ian Wong
AMS Osram - Earnings Flash - Q4 And FY 2024 Results - Lucror Analytics
AMS Osram has released its Q4/24 results, with revenues and the adjusted EBITDA margin coming in at the top end of guidance. While cash generation improved, it was still negative. Net leverage inched up sequentially. Liquidity weakened, but remained at a comfortable level. The outlook for Q1/25 is soft as expected, with continued weakness in end-markets. That said, management is guiding for a stronger H2, and anticipates that FY 2025 FCF will exceed EUR 100 mn.
- Ian Wong
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Ian Wong
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Peter Low
- Si Yong Ng
- Trung Nguyen
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: AMS Osram, Altice International, Iliad, Novelis, Softbank Group, Kantar, TUI, Flos B&B Italia (formerly International Design Group), Rolls-Royce, Klockner Pentaplast
- Felix Fischer
European High Yield Investment Outlook 2025 - Lucror Analytics
In this publication, we review the past year and discuss our outlook for the next 12 months. We begin our discussion with the macro factors at play, including GDP forecasts, the geopolitical landscape and our expectations for cost inflation. We also trace the development of primary markets in the European HY space, and give our view on defaults in general as well as for our coverage universe. We then discuss sector trends and expectations, along with earnings development for companies under our ...
PFD PREMIER FOODS PLC
AMS AMS AG
RR. ROLLS-ROYCE HOLDINGS PLC
CO CASINO GUICHARD-PERRACHON SA
VK VALLOUREC SA
TLW TULLOW OIL PLC
EO FAURECIA SA
105I SAPPI LIMITED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
LBTYA LIBERTY GLOBAL PLC CLASS A
CSTM CONSTELLIUM SE CLASS A
CCK CROWN HOLDINGS INC.
RXL REXEL SA
DBG DERICHEBOURG SA
725180 STADA ARZNEIMITTEL AG
NOKIA NOKIA OYJ
TNET TELENET GROUP HOLDING NV
TUI1 TUI AG
NEX NEXANS SA
VED VEDANTA RESOURCES PLC
VCP VICTORIA PLC
AF AIR FRANCE-KLM SA
BBD.B BOMBARDIER INC. CLASS B
SYNT SYNTHOMER PLC
INTRUM INTRUM AB
888 888 HOLDINGS PLC
IPF INTERNATIONAL PERSONAL FINANCE PLC
ENQ ENQUEST PLC
EDR EDREAMS ODIGEO SA
TC1 TELE COLUMBUS AG
9984 SOFTBANK GROUP CORP.
103M SASOL LIMITED
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TALK TALKTALK TELECOM GROUP PLC
TATAMOTORS TATA MOTORS LIMITED
PL8 PLAYTECH PLC
ARW ARROW GLOBAL GROUP PLC
NEMAKA NEMAK S.A.B. DE C.V.
SPIE SPIE SA
CEXA CEMEX SAB DE CV (ADR)
ARD ARDAGH GROUP S.A. CLASS A
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
CDR CODERE S.A.
GAME GAMENET GROUP SPA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
TIFS TI FLUID SYSTEMS
NEXI NEXI S.P.A.
AXA AXACTOR SE
BORR SECURITAS DIRECT AB CL B
BORR DRILLING LTD
- Felix Fischer
PFD PREMIER FOODS PLC
AMS AMS AG
RR. ROLLS-ROYCE HOLDINGS PLC
CO CASINO GUICHARD-PERRACHON SA
VK VALLOUREC SA
TLW TULLOW OIL PLC
EO FAURECIA SA
105I SAPPI LIMITED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
LBTYA LIBERTY GLOBAL PLC CLASS A
CSTM CONSTELLIUM SE CLASS A
CCK CROWN HOLDINGS INC.
RXL REXEL SA
DBG DERICHEBOURG SA
725180 STADA ARZNEIMITTEL AG
NOKIA NOKIA OYJ
TNET TELENET GROUP HOLDING NV
TUI1 TUI AG
NEX NEXANS SA
VED VEDANTA RESOURCES PLC
VCP VICTORIA PLC
AF AIR FRANCE-KLM SA
BBD.B BOMBARDIER INC. CLASS B
SYNT SYNTHOMER PLC
INTRUM INTRUM AB
888 888 HOLDINGS PLC
IPF INTERNATIONAL PERSONAL FINANCE PLC
ENQ ENQUEST PLC
EDR EDREAMS ODIGEO SA
TC1 TELE COLUMBUS AG
9984 SOFTBANK GROUP CORP.
103M SASOL LIMITED
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TALK TALKTALK TELECOM GROUP PLC
TATAMOTORS TATA MOTORS LIMITED
PL8 PLAYTECH PLC
ARW ARROW GLOBAL GROUP PLC
NEMAKA NEMAK S.A.B. DE C.V.
SPIE SPIE SA
CEXA CEMEX SAB DE CV (ADR)
ARD ARDAGH GROUP S.A. CLASS A
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
CDR CODERE S.A.
GAME GAMENET GROUP SPA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
TIFS TI FLUID SYSTEMS
NEXI NEXI S.P.A.
AXA AXACTOR SE
BORR SECURITAS DIRECT AB CL B
BORR DRILLING LTD
- Ian Wong
- Felix Fischer
- Ian Wong
- Si Yong Ng
- Martin Marandon-Carlhian
- Stephane Houri
ams OSRAM : La déception sur les cibles 2027 pose de nouveau des quest...
>Opinion Sous-performance réitérée, OC ajusté à 7 CHF (vs 12 CHF) - Le titre ams OSRAM est en baisse de ~10% depuis la publication T3 24 (07/11), après des objectifs 2027 ressortis ~7% en dessous des attentes au niveau de l’EBITDA, une visibilité limitée à CT (T1 25 attendu ‘faible’) et un FCF décevant (-35 M€ en excluant l’effet d’un prépaiement vs un consensus à -17 M€). Cela nous conduit à revoir en baisse nos prévisions de BPA 2026/27e de ~45/32% et notre OC à 7 C...
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Martin Marandon-Carlhian
- Stephane Houri
ams OSRAM : Disappointment on 2027 guidance raises further questions a...
>Underperform rating maintained, target price adjusted to CHF 7 (vs CHF 12) - ams OSRAM’s share price has shed ~10% since the Q3 24 release (07/11), after the 2027 guidance came in ~7% short of expectations at the EBITDA level, with limited visibility in the short term (Q1 25 expected to be ‘weak’) and disappointing FCF (-€ 35m excluding the effect of a prepayment vs a consensus of -€ 17m). On this basis, we have downgraded our 2026-2027 EPS estimates by ~45/32% and c...
- Ian Wong
AMS Osram - Earnings Flash - Q3 FY 2024 Results - Lucror Analytics
AMS Osram has released Q3/24 results that were in line with management's guidance. Despite a decline in y-o-y revenues, adjusted EBITDA and the adjusted EBITDA margin improved, boosted by one-off payments. Consequently, cash generation strengthened significantly. Both net debt and net leverage declined sequentially. Liquidity improved, and remains at a comfortable level. The near-term outlook is soft, given the weakness in the company's end-markets.
- Carole Braudeau
- Carole Braudeau
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