reports
- Andreas Riemann
- Jean Danjou
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 03/28/2024
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 substantia...
OSE OSE IMMUNOTHERAPEUTICS SA
ZIL2 ELRINGKLINGER AG
SBS STRATEC SE
F3C SFC ENERGY AG
HCO HIGHCO SA
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
LNA LNA SANTE SA
TRI TRIGANO SA
BCP BANCO COMERCIAL PORTUGUES S.A.
QDT QUADIENT SA
SESL SES-IMAGOTAG SA
BEZ BERENTZEN GRUPPE
ALBFR SIDETRADE SA
SMHN SUESS MICROTEC AG
JUN3 JUNGHEINRICH AG PREF
S92 SMA SOLAR TECHNOLOGY AG
RBO ROCHE BOBOIS INTERNATIONAL SAS
JEN JENOPTIK AG
KTA KNAUS TABBERT
INPST INPOST S.A.
MRX MISTER SPEX SE
LHYFE LHYFE S.A.
- Andreas Riemann
- Jean Danjou
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 28/03/2024
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 Chin...
OSE OSE IMMUNOTHERAPEUTICS SA
ZIL2 ELRINGKLINGER AG
SBS STRATEC SE
TNG TRANSGENE SA
F3C SFC ENERGY AG
HCO HIGHCO SA
CGM CEGEDIM SA
NTG NETGEM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
LNA LNA SANTE SA
TRI TRIGANO SA
BCP BANCO COMERCIAL PORTUGUES S.A.
QDT QUADIENT SA
SESL SES-IMAGOTAG SA
BEZ BERENTZEN GRUPPE
ALBFR SIDETRADE SA
SMHN SUESS MICROTEC AG
JUN3 JUNGHEINRICH AG PREF
S92 SMA SOLAR TECHNOLOGY AG
RBO ROCHE BOBOIS INTERNATIONAL SAS
JEN JENOPTIK AG
KTA KNAUS TABBERT
INPST INPOST S.A.
MRX MISTER SPEX SE
LHYFE LHYFE S.A.
- Aurelien Sivignon
VusionGroup : FY results and FCF beat expectations, solid prospects fo...
>FY 2023 results and FCF sharply up, first dividend of € 0.30 per share - VusionGroup (formerly SES-imagotag) published yesterday evening its 2023 results, which were up sharply, exceeded expectations. With previously reported revenues up 29% to € 802m, the margin on variable costs (MCV) came in at 25.2% (vs 24.6%e.), up 4.3bp thanks to improved component purchase prices, the EUR/USD exchange rate effect and the VAS mix (more recurring business). Despite a higher opex...
- Aurelien Sivignon
VusionGroup : Résultats FY et FCF supérieurs aux attentes – Solides pe...
>Forte progression des résultats et du FCF. Premier dividende à 0.30 € - VusionGroup (ex SES-imagotag) a publié hier soir des résultats 2023 en forte progression et au-dessus des attentes. Pour un CA déjà publié en hausse de 29% à 802 M€, la marge sur coûts variables (MCV) s’établit à 25.2% (vs 24.6%e) en hausse de 4.3 pt grâce à l’amélioration des prix d’achats des composants, l’effet du change e/$ ainsi qu’au mix VAS (plus de récurrence). Malgré un ratio Opex/CA en ...
- Jean-François Granjon
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
HCO HIGHCO SA
SWP SWORD GROUP SE
VETO VETOQUINOL SA
WIZZ WIZZ AIR HOLDINGS PLC
MAREL MAREL HF.
ALVIV VISIATIV SA
SESL SES-IMAGOTAG SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
MDM MAISONS DU MONDE SA
PWG PRODWAYS GROUP SA
NSI NSI N.V.
S30 SOLUTIONS 30 SE
ALHRS HYDROGEN REFUELING SOLUTIONS
- Jean-François Granjon
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
HCO HIGHCO SA
SWP SWORD GROUP SE
VETO VETOQUINOL SA
WIZZ WIZZ AIR HOLDINGS PLC
MAREL MAREL HF.
ALVIV VISIATIV SA
SESL SES-IMAGOTAG SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
MDM MAISONS DU MONDE SA
PWG PRODWAYS GROUP SA
NSI NSI N.V.
S30 SOLUTIONS 30 SE
ALHRS HYDROGEN REFUELING SOLUTIONS
- Aurelien Sivignon
VusionGroup : Guidance for 2024 still aggressive, on the back of momen...
>Acceleration in US deployments really started in Q4 - VusionGroup (formerly SES-imagotag) published yesterday evening Q4 revenues up 58% YoY to € 242m (vs. € 245m est.). FY revenues came in at € 805m (+30% YoY ), in line with guidance (€ 800m). In detail: 1/ EMEA (69% of Q4 revenues, 80% of FY revenues) was up 32% in Q4 to € 168m (vs. € 167m est.). 2/ the Americas and Asia-Pacific region (31% of Q4 revenues, 20% of FY revenues) accelerated sharply in Q4, with growth ...
- Aurelien Sivignon
VusionGroup : Guidance de nouveau volontariste pour 2024 tirée par le ...
>L’accélération des déploiements aux USA a vraiment commencé au T4 - VusionGroup (ex SES-imagotag) a publié hier soir son CA T4 en croissance de 58% y-o-y à 242 M€ (vs 245 M€e). Sur l’ensemble de l’exercice, le CA s’élève à 805 M€ (+30% y-o-y), en ligne avec la guidance (800 M€). Dans le détail : 1/ la zone EMEA (69% du CA T4 et 80% du CA FY) ressort en croissance de 32% au T4 à hauteur de 168 M€ (vs 167 M€e). 2/ la zone Amériques et Asie-Pacifique (31% du CA T4 et 2...
- Sinan Doganli
- Sinan Doganli
- Aurelien Sivignon
VusionGroup : The US should drive growth in 2024, expected to be stron...
>A clear ramp-up in the US in 2024, offsetting a more challenging base effect in Europe - SES-imagotag has been renamed VusionGroup (change approved at the AGM of 23 June 2023). Although Europe is set to continue to grow in 2024 but is facing a tougher comparison base (notably due to the Lidl roll-out), the US is expected to post very strong growth, and as of 2024 should be the main contributing country to the group’s revenues. This is notably thanks to the WMT roll-...
- Aurelien Sivignon
VusionGroup : Les US vont tirer la croissance en 2024, attendue plus f...
>Franche accélération des US en 2024 qui compense un effet de base plus challenging en Europe - SES-imagotag a été renommé VusionGroup (changement approuvé à l’AG du 23/06/23). Alors que l’Europe devrait rester en croissance en 2024 mais fait face à une base de comparaison plus difficile (notamment en raison du rollout Lidl), les US sont attendus en très forte croissance et devraient être dès 2024 le principal pays contributeur aux revenus du groupe, notamment grâce ...
SES-imagotag becomes VusionGroup
CHICAGO--(BUSINESS WIRE)-- SES-imagotag (Euronext: SESL, FR0010282822), the global leader in digital solutions for physical commerce, today announced that it has changed its name to VusionGroup. This new name embodies the various product lines and solutions that have enhanced the Group’s offer over the years, all of which contribute to the digitalization of commerce. This name change was the object of a resolution, voted on by shareholders at the last Annual General meeting on June 23, 2023. SESimagotag remains the name of the Group’s main product division – itself a pioneer and leader in el...
- Anthony Dick
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
POM PLASTIC OMNIUM SE
STF STEF
ASY ASSYSTEM SA
CGM CEGEDIM SA
VETO VETOQUINOL SA
MTU MANITOU BF SA
FII LISI SA
FNAC FNAC DARTY SA
ATE ALTEN SA
FR VALEO SE
ELIS ELIS SA
AF AIR FRANCE-KLM SA
FAE FAES FARMA S.A.
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
SESL SES-IMAGOTAG SA
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
ONTEX ONTEX GROUP N.V.
LIGHT SIGNIFY NV
XIL XILAM ANIMATION SA
GCO GRUPO CATALANA OCCIDENTE S.A.
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
BFSA BEFESA SA
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
FPE3 FUCHS PETROLUB SE
SPM SAIPEM S.P.A.
- Anthony Dick
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
POM PLASTIC OMNIUM SE
STF STEF
ASY ASSYSTEM SA
CGM CEGEDIM SA
VETO VETOQUINOL SA
MTU MANITOU BF SA
FII LISI SA
FNAC FNAC DARTY SA
ATE ALTEN SA
FR VALEO SE
ELIS ELIS SA
AF AIR FRANCE-KLM SA
FAE FAES FARMA S.A.
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
SESL SES-IMAGOTAG SA
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
ONTEX ONTEX GROUP N.V.
LIGHT SIGNIFY NV
XIL XILAM ANIMATION SA
GCO GRUPO CATALANA OCCIDENTE S.A.
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
BFSA BEFESA SA
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
FPE3 FUCHS PETROLUB SE
SPM SAIPEM S.P.A.
- Aurelien Sivignon
SES - imagotag : US market set to take over as top-line driver from Q4
>Slower momentum in Q3, as expected - SESL reported yesterday after trading Q3 2023 sales of € 183m, flat relative to the same period in 2022, versus our estimate for € 194m (+7% y-o-y). Back in September, management had announced that seasonal factors would come into play in H2, weighted towards Q4. It turns out that the seasonal swing was stronger than we had expected but does not undermine full-year guidance, which we actually think will be marginally exceeded. Ni...
- Aurelien Sivignon
SES - imagotag : Les USA vont prendre le pas sur la topline à partir d...
>Dynamique plus faible sur le T3 comme anticipé - SESL a publié hier soir son CA T3 qui est ressorti flat + y-o-y à 183 M€ (nous anticipions 194 M€e i.e. +7% y-o-y). Le management avait souligné en septembre qu’il y aurait une saisonnalité sur le S2 en faveur du T4, cette saisonnalité est un peu plus forte que ce que nous anticipions mais ne remet pas en cause la guidance FY qui devrait être légèrement dépassée. Sur 9 mois cumulés, le CA atteint 474 M€ en hausse de 2...
Leon’s Furniture Limited, Canada’s largest home retailer, expands its ...
TORONTO--(BUSINESS WIRE)-- SES-imagotag, (Euronext: SESL, FR0010282822) the global leader in digital solutions for physical retail, today announced that it is expanding its partnership with the LFL Group. The roll-out agreement between the two companies will see the addition of 130 stores to the existing rolled-out locations, while also expanding to new store categories as SES-imagotag further extends its footprint in new verticals and in North America. LFL Group selected the VUSION IoT Cloud platform and digital tags to digitize its Leon’s and The Brick division stores under a multi-year fr...
- Ahmed Ben Salem
- Aurelien Sivignon
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/09/2023
Après une sous-performance de plus de 20% sur 12 mois par rapport au secteur, Geberit se traite désormais avec une légère décote vs ses multiples historiques (VE/EBIT 24e de 21.1x). Mais, le rebond des mises en chantier reste incertain en Europe, même si nous estimons que le momentum devrait progressivement s’améliorer dans les mois à venir, et que le groupe va retrouver peu à peu des bases de comparaison plus faciles. Opinion relevée à Neutre vs Sous-performance, OC relevé à 462 CHF....
PUB PUBLICIS GROUPE SA
CO CASINO GUICHARD-PERRACHON SA
CA CARREFOUR SA
NOVN NOVARTIS AG
AGS AGEAS SA/NV
ISP INTESA SANPAOLO S.P.A.
WPP WPP PLC
SESL SES-IMAGOTAG SA
UCG UNICREDIT S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
PRX PROSUS N.V. CLASS N
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Ahmed Ben Salem
- Aurelien Sivignon
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/20/2023
After underperforming the sector by more than 20% over the last 12 months, Geberit is now trading at a slight discount to its historical multiples (EV/EBIT 2024e of 21.1x). That said, the rebound in housing starts in Europe remains uncertain, even though momentum should gradually improve over the coming months, in our view, and the group will gradually return to less demanding comparative bases. Recommendation upgraded to Neutral vs Underperform, target price lifted to CHF 462. - ...
PUB PUBLICIS GROUPE SA
CO CASINO GUICHARD-PERRACHON SA
CA CARREFOUR SA
NOVN NOVARTIS AG
AGS AGEAS SA/NV
ISP INTESA SANPAOLO S.P.A.
WPP WPP PLC
SESL SES-IMAGOTAG SA
UCG UNICREDIT S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
PRX PROSUS N.V. CLASS N
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
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