reports
dormakaba recognized for exceptional sustainability performance by lea...
dormakaba Holding AG / Key word(s): ESG dormakaba recognized for exceptional sustainability performance by leading industry ratings 11.04.2024 / 09:00 CET/CEST Rümlang, 11 April 2024 – dormakaba announces important acknowledgments for its progress on sustainable development. For the third time EcoVadis, the world’s largest provider of corporate sustainability ratings, awarded dormakaba a gold medal. This result places dormakaba among the top five percent of more than 130,000 organizations assessed worldwide. Furthermore, dormakaba, has demonstrated its commitment to sustaina...
dormakaba ausgezeichnet: Herausragende Performance im Bereich Nachhalt...
dormakaba Holding AG / Schlagwort(e): ESG dormakaba ausgezeichnet: Herausragende Performance im Bereich Nachhaltigkeit in führenden Industrie-Ratings 11.04.2024 / 09:00 CET/CEST Rümlang, 11. April 2024 – dormakaba erhält wichtige Anerkennungen für seine Fortschritte im Bereich der nachhaltigen Entwicklung. Zum dritten Mal hat EcoVadis, der global grösste Anbieter von Nachhaltigkeitsratings für Unternehmen, dormakaba eine Goldmedaille verliehen. Mit diesem Ergebnis gehört dormakaba zu den besten fünf Prozent von mehr als 130.000 bewerteten Organisationen weltweit. Zudem stell...
- Chaima Ferrandon
- Delphine Brault
- Sven Edelfelt
ODDO : Focus on Construction: a bitter present (2024), a sweeter futur...
With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a subst...
LR LEGRAND SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
FGR EIFFAGE SA
EN BOUYGUES SA
RXL REXEL SA
GBF BILFINGER SE
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SIK SIKA AG
- Chaima Ferrandon
- Delphine Brault
- Sven Edelfelt
ODDO : Focus construction : un présent amer (2024), un futur plus doux...
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la...
LR LEGRAND SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
FGR EIFFAGE SA
EN BOUYGUES SA
RXL REXEL SA
GBF BILFINGER SE
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SIK SIKA AG
- Chaima Ferrandon
- Delphine Brault
- Sven Edelfelt
ODDO : Focus on Construction: a bitter present (2024), a sweeter futur...
With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a subst...
LR LEGRAND SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
FGR EIFFAGE SA
EN BOUYGUES SA
RXL REXEL SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
CRG CRH PLC
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SIK SIKA AG
- Chaima Ferrandon
- Delphine Brault
- Sven Edelfelt
ODDO : Focus construction : un présent amer (2024), un futur plus doux...
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la...
LR LEGRAND SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
FGR EIFFAGE SA
EN BOUYGUES SA
RXL REXEL SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
CRG CRH PLC
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SIK SIKA AG
- Anis Zgaya
- Louis Boujard
- CFA
ODDO BHF Small & MIDCAP MORNING NEWS - 03/06/2024
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
- Anis Zgaya
- Louis Boujard
- CFA
ODDO BHF Small & MIDCAP MORNING NEWS - 06/03/2024
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
- Delphine Brault
- Quentin Borie
Dormakaba : Le plan Shape4Growth commence (enfin) à porter ses fruits
>S1 2023/2024 : la marge surprend à la hausse, pas le CA - Le CA s’est établi en hausse de 3.9% en organique au S1 2023/2024, l’effet prix restant le principal moteur (3.1% d’impact). La marge d’EBITDA ajusté s’établit à 14.6%, en progressions de 160 pb. L’EBITDA ajusté atteint 200.7 MCHF, 2% au-dessus des attentes du consensus. A noter qu’une fois intégrées les charges de restructuration, l’EBIT atteint 88 MCHF, -13.6%, impliquant une marge de 6.4%, -80 pb. Le F...
- Delphine Brault
- Quentin Borie
Dormakaba : The Shape4Growth plan is starting to bear fruit (at last)
>H1 2023-24: upside surprise on the margin, not on sales - Sales grew 3.9% on an organic basis in H1 2023-24, driven mainly by the price effect (3.1% impact). The adjusted EBITDA margin came to 14.6%, up 160bp. Adjusted EBITDA came to CHF 200.7m, 2% ahead of consensus forecasts. Note that once restructuring costs are factored in, EBIT amounted to CHF 88m, down -13.6%, implying a margin of 6.4%, down -80bp. FCF (ODDO BHF calculation) was positive to the tune of CH...
- Julian Dobrovolschi
- Wim Gille
- Thijs Berkelder
- Delphine Brault
- Quentin Borie
Dormakaba : Generally reassuring H1, FY 2023-24 targets confirmed
>H1 2023-24: Sales up +3.9%, adjusted EBITDA margin up +160bp - The group this morning reported H1 2023-24 results that came in slightly ahead of expectations, with a disappointment on organic growth but a sharply improved margin. H1 2023-24 organic growth came to 3.9%, below our and consensus expectations (4.7%). The figure of 3.9% includes a 3.1% price effect and therefore 0.8% growth in volumes. This compares with organic growth for Assa Abloy of 0.5% in the s...
- Delphine Brault
- Quentin Borie
Dormakaba : Un S1 plutôt rassurant, les objectifs 2023/24 sont confirm...
>S1 2023/24 : CA +3.9%, marge d’EBITDA ajusté +160 pb - Le groupe a publié ce matin des résultats semestriels (S1 2023/24) légèrement supérieurs aux attentes, avec une déception sur la croissance organique mais une nette amélioration de marge. La croissance organique S1 2023/24 s’est établie à 3.9%, inférieure à nos attentes et à celles du consensus (4.7%). Les 3.9% intègrent 3.1% d’effet prix et donc 0.8% de volumes. Ceci se compare à une croissance organique de...
dormakaba reduziert CO2-Emissionen: Inbetriebnahme von 21.000 Solarmod...
dormakaba Holding AG / Schlagwort(e): ESG dormakaba reduziert CO2-Emissionen: Inbetriebnahme von 21.000 Solarmodulen an drei Produktionsstandorten 01.02.2024 / 06:30 CET/CEST Rümlang, 1. Februar 2024 – dormakaba hat in den letzten drei Monaten drei Photovoltaik-Kraftwerke mit insgesamt rund 21.000 Solarmodulen auf den Dächern seiner Produktionsstätten in Melaka (Malaysia), Suzhou (China) und Taishan (China) in Betrieb genommen. Die Solaranlagen sollen jährlich mehr als 11.000 Megawattstunden (MWh) Strom erzeugen und jährlich fast 7.000 Tonnen CO2-Äquivalent (CO2e) einsparen....
dormakaba reduces CO2 emissions: Commissioning of 21,000 solar panels ...
dormakaba Holding AG / Key word(s): ESG dormakaba reduces CO2 emissions: Commissioning of 21,000 solar panels at three production sites 01.02.2024 / 06:30 CET/CEST Rümlang, 1 February 2024 – In the last three months, dormakaba has started operating three photovoltaic power plants with a total of 21,000 solar panels on the roofs of its production sites in Melaka (Malaysia), Suzhou (China), and Taishan (China). The solar installations are planned to produce more than 11,000 megawatt hours (MWh) of electricity annually and to save almost 7,000 tons of CO2 equivalent (CO2e) annu...
- Delphine Brault
- Quentin Borie
ODDO : 2024, year of transition … and growth
2024 is set to be less impressive than 2023 (comparison bases, persistent inflation and tougher price hikes). We continue to play the green Capex theme and remain cautious on the construction segment. After the end-of-year rally, we see more limited re-rating potential. Based on our 2024 guidance scenarios, our Top Picks are Atlas Copco, Schneider Electric and Siemens (green Capex exposure, potential for earning upgrades over the course of the year). We have downgraded Rexel to N...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ATCO A ATLAS COPCO AB
- Delphine Brault
- Quentin Borie
ODDO : 2024, année de transition … et de croissance
L’année 2024 sera moins flamboyante que 2023 (base de comparaison, inflation persistante et hausses de prix plus difficiles). Nous continuons de privilégier la thématique ‘Green Capex’ et restons prudents sur le segment de la construction. Après le rallye boursier de fin d’année, le potentiel de rerating nous semble plus limité. Sur la base de nos scénarios de guidances 2024, nos top picks sont Atlas Copco, Schneider Electric et Siemens (exposition Green Capex, potentiel de relèv...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ATCO A ATLAS COPCO AB
Dormakaba Holding AG: 1 director
A director at Dormakaba Holding AG bought 470 shares at 425.500CHF and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...
Kreislaufwirtschaft im Fokus: dormakaba erhält weitere Produktzertifiz...
dormakaba Holding AG / Schlagwort(e): Nachhaltigkeit/ESG Kreislaufwirtschaft im Fokus: dormakaba erhält weitere Produktzertifizierungen für recycelte Materialien 17.11.2023 / 06:30 CET/CEST Rümlang, 17. November 2023 – dormakaba hat weitere Zertifizierungen der international anerkannten, unabhängigen Organisation GreenCircle Certified zur Verwendung von recycelten Materialien in Produkten erhalten. Damit leistet dormakaba einen wichtigen Beitrag zur Förderung der Kreislaufwirtschaft. Mit den 23 neu ausgestellten Zertifikaten kann dormakaba seinen Kunden nunmehr Produktzertif...
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