reports
Grenke AG: 1 director
A director at Grenke AG bought 10,000 shares at 15.796EUR and the significance rating of the trade was 65/100. 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 clearly sho...
- Carole Braudeau
- Emmanuel Matot
- Carole Braudeau
- Emmanuel Matot
- Baptiste Lebacq
Technip Energies : Reassuring initial indications for the CMD
>Outperform, target price € 27 - The group is due to hold its first CMD since the spin-off this afternoon. We reiterate our Outperform rating and our target price of € 27 (peer comparison). We push Technip Energies given: 1/ its positioning on LNG businesses (forthcoming acceleration in contract awards); 2/ its position on transition energies (biofuels, carbon capture and storage, etc.); 3/ its very robust balance sheet that will facilitate external-growth transactio...
- Pierre FerraguÊ
- Baptiste Lebacq
Technip Energies : Premières indications rassurantes pour le CMD
>Opinion Surperformance, OC 27 € - Le groupe va tenir son premier CMD depuis le spin off cette après-midi. Nous réitérons notre recommandation Surperformance ainsi que notre OC de 27 € (méthode des comparables). Nous mettons en avant Technip Energies compte tenu de : 1/ son positionnement sur les métiers du GNL (accélération à venir du côté des attributions de contrats), 2/ son positionnement sur les énergies de transition (biocarburant, css carbon capture storage….)...
- Emmanuel Matot
Soitec : No profit warning at the H1 2024-25 release
>Revenues and EBITDA down by around -15% in H1 as expected - Soitec yesterday evening reported its half-year results (April-September 2024). Key takeaways:Revenues in line with expectations (-15% organic with -9% in Q2 – disappointments on mobile communication and automotive/industry offset by strong growth for edge/cloud AI).EBITDA margin showing a slight improvement (+40bp vs consensus = -10bp), underscoring effective management of the marked decline in bu...
- Aurelien Sivignon
- Yan Derocles
Exosens : Road show feedback: very satisfactory visibility for 2025 wh...
>Main takeaways - This week we organised a virtual road show for Nordic investors with Exosens’ management (CEO, CFO and IR). Key takeaways:1/ Confidence in the achievement of full year targets: management confirmed the continuation of positive momentum in Q4 despite a more challenging comparison base. Growth in Q4 y-o-y, even limited, would in our view signify that the group is doing better than its full-year guidance for growth of +30% y-o-y (ODDO BHF est. in ...
- Johanna Jourdain
Elior : Very negative market reaction to FY 2023-24 results publicatio...
>FY 2023-24 publication confirms operational progress despite higher than expected tax burden - Yesterday, Elior released its 2023-24 results before the market open. EBIT was 3% above expectations (margin of 2.8%, i.e. +170 bp) but reported net profit was significantly lower (loss of € 41m vs consensus of +€ 7m). This is mainly due to a higher-than-expected tax charge (€ 36m in 20223-24, reflecting higher taxable profits in France, vs € 29m in 2023, which benefited fr...
- Emmanuel Matot
Soitec : Pas de profit warning lors de la publication S1
>CA et EBITDA en baisse de l’ordre de -15% au S1 comme prévu - Soitec a publié hier soir ses résultats semestriels (période avril-septembre 2024). Nous retiendrons :Un CA en ligne avec les attentes (-15% en organique dont -9% au T2 – déceptions pour communications mobiles et automobile/industrie compensées par la forte croissance pour edge/cloud AI).Une marge EBITDA en légère progression (+40pb vs consensus = -10pb) soulignant une bonne gestion de la baisse ...
- Martijn Den Drijver
TKH GROUP NV : Not 100% de-risked yet, estimates and TP lowered again
>Lowering estimates modestly, 2024 EBITA guidance still at risk - We have updated our estimates after the Q3 2024 earnings release, which disappointed and caused the full year EBITA guidance to be lowered, as we had feared. We are lowering our 2024-2026 sales estimates by 2%-3% and our 2024-2026 EBITAe by 3%, reflecting a continued cautious stance on Smart Vision and several businesses in Smart Connectivity. For 2024, we are now forecasting an EBITAe of €203m, which i...
- Johanna Jourdain
Elior : Publication lourdement sanctionnée malgré des progrès opératio...
>Publication FY 24 qui confirme les progrès opérationnels malgré un poids des impôts plus important qu’attendu - Elior a publié hier avant Bourse des résultats 2024 qui sont ressortis 3% au-dessus des attentes au niveau de l’EBIT (marge à 2.8% soit +170 pb) mais très significativement inférieurs au niveau du résultat net publié (perte de 41 M€ vs consensus à +7 M€). Ceci est principalement dû à une charge d’impôts supérieure aux attentes (charge de 36 M€ en 2024, qui ...
- Delphine Brault
- Quentin Borie
Dormakaba : Confirmation of medium-term guidance at the CMD
>Medium-term guidance confirmed - The new CEO, Till Reuter, yesterday held his first CMD and set out his strategic roadmap to continue the group’s recovery. The group boasts a world no. 3 position (7% share) in a market with solid entry barriers. We note that 60% of the market is aftermarket business and the group is looking to draw on its installed base (CHF 20bn added over the last 15 years), with services accounting for 15% of its revenues. More client-centric...
- Roland Pfaender
- MBA
- CFA
- CCRA
Grenke : Worsening credit cycle triggers lower estimates and target pr...
>Grenke lowered its outlook on rising cost of risk - Grenke reported Q3 2024 results in line with its reduced outlook for 2024, triggered by rising cost of risk in Q3 2024. Group net profit attributable to shareholders came to € 13.4m which compares to an earlier consensus estimate of € 25.7m and our estimate of € 25.8m. The negative deviation was driven by higher cost of risk than expected and by a goodwill write-down of € 4.4m related to Spain. We have revisited our...
- Aurelien Sivignon
- Yan Derocles
Exosens : Feedback roadshow : visibilité très satisfaisante pour 2025 ...
>Principaux messages à retenir - Nous avons organisé cette semaine un RS virtuel auprès d’investisseurs nordiques avec le management d’Exosens (CEO + CFO + IR). Nous retenons les principaux éléments suivants :1/ Confiance dans l’atteinte des objectifs FY : le management a confirmé la poursuite d’une dynamique positive sur T4, malgré un effet de base plus challenging. Un T4 en croissance y-o-y, même limitée, signifierait, selon nous, que le groupe ferait mieux que...
Capital Markets Day 2024 de Technip Energies
Capital Markets Day 2024 de Technip Energies Capital Markets Day 2024 de Technip EnergiesUne trajectoire de croissance soutenue jusqu'en 2028 et au-delà, avec une création de valeur conçue pour durer Paris, jeudi 21 novembre 2024. Technip Energies (PARIS : TE) (la « Société »), entreprise de technologies et d’ingénierie de premier plan dans le développement d’infrastructures énergétiques et de décarbonation, organise son Capital Markets Day (CMD) à 13h00 GMT pour présenter une mise à jour de sa stratégie et de ses perspectives d’activité. Cet événement se tiendra en présentiel à Londres ...
- Delphine Brault
- Quentin Borie
Dormakaba : Confirmation des objectifs de moyen terme lors du CMD
>Les objectifs de moyen terme sont confirmés - Le nouveau CEO, Till Reuter, a tenu hier son 1er CMD et présenté sa feuille de route stratégique pour poursuivre le redressement du groupe. Ce dernier détient une position de n°3 mondial (7% de parts de marché) sur un marché qui dispose de solides barrières à l’entrée. Rappelons que 60% du marché est de l’after market et le groupe entend s’appuyer sur sa base installée (20 MdCHF ajoutés sur les 15 dernières années), les s...
Availability of 2024-2025 Half-Year Financial Report
Availability of 2024-2025 Half-Year Financial Report AVAILABILITY OF 2024-2025 HALF-YEAR FINANCIAL REPORT Bernin (Grenoble), France, on November 20, 2024 – Soitec (Euronext Paris), a world leader in the design and manufacturing of innovative semiconductor materials, today announces that it has made available to the public and filed with the French Financial Markets Authority (Autorité des Marchés Financiers, or AMF) its 2024-2025 half-year financial report for the period ended on September 30, 2024. The French and English version of the 2024-2025 half-year financial report is avai...
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