reports
- Michael B. Schäfer
ODDO BHF Small & MIDCAP MORNING NEWS - 10/29/2024
Temenos, the European leader in core banking solutions with significant market share with Tier 3, 4 and 5 banks, faces structural challenges that impair its growth outlook: 1/ the reticence of major banking groups to renew their core banking system; 2/ fierce competition in the digital segment; and 3/ the slowdown in the launch pace for new neo-banks. Indeed, the group is set to scale back its medium-term targets at its CMD on 12 November. Moreover, the support for the stock offered b...
- Michael B. Schäfer
ODDO BHF S all & MIDCAP MORNING NEWS - 29/10/2024
Temenos, leader européen des solutions Core Banking avec une part de marché significative auprès des banques Tiers 3, 4 et 5, fait face des défis structurels qui réduisent ses perspectives de croissance : 1/ la réticence des grands acteurs bancaires à renouveler leur Core banking system; 2/ la forte compétition sur le segment Digital et 3/ le ralentissement du rythme de lancement de nouvelles néo-banques. Aussi, le groupe devrait abaisser ses objectifs MT lors du CMD du 12 novembre. E...
- Aurelien Sivignon
VusionGroup : Slightly more back-end loaded than expected, but FY guid...
>Q3 weaker than expected (phasing with Q4) Excellent order intake - Vusion Group published yesterday evening adjusted Q3 revenues of € 223m, up 22% YoY (ODDO BHF: € 256m est; Visible Alpha: € 255m). On a reported IFRS basis, revenues came in at € 207m. EMEA (44% of Q3 revenues) was down 37% in Q3 (vs -20%e.), hurt with a further base effect linked to the end of the Lidl roll-out, while we understand the new contracts won recently contributed little or nothing to the...
- Aurelien Sivignon
VusionGroup : Un peu plus back-end loaded qu’anticipé mais confirmatio...
>T3 plus faible qu’attendu (phasing avec T4). Prises de commandes excellentes - VusionGroup a publié hier soir un CA T3 ajusté de 223 M€ en hausse de 22% y-o-y (vs ODDO BHF 256 M€e et visible alpha 255 M€). En publié IFRS, le CA s’établit à 207 M€. EMEA (44% du CA T3) était en baisse de 37% au T3 (vs -20%e) toujours pénalisé par l’effet de base lié la fin du déploiement Lidl alors que nous comprenons que les nouveaux contrats remportés récemment n’ont pas ou peu con...
- Aurelien Sivignon
VusionGroup : Feedback roadshow : Edge Sense est le principal contribu...
>Principaux messages à retenir - Nous avons organisé un RS à Francfort avec le management de VusionGroup (CFO + IR). Dans un contexte de forte croissance aux USA sous l’impulsion de WMT qui est le premier retailer à déployer Edge Sense, ils entendent démontrer le potentiel commercial de cette nouvelle solution, en rupture avec les ESL classiques, mais aussi son impact positif sur les marges. Par rapport aux ESL traditionnelles, Edge Sense apporte beaucoup plus de fle...
- Aurelien Sivignon
VusionGroup : Road show feedback: Edge Sense is the main contributor t...
>Main takeaways - We organised a road show in Frankfurt with the management of VusionGroup (CFO + IR). In a context of strong growth in the US under the impetus of Walmart which is the first retailer to deploy Edge Sense, they plan to demonstrate the commercial potential of this new solution, which is disruptive vs traditional ESLs, but also its positive impact on margins. Compared with traditional ESLs, Edge Sense provides retailers with much greater flexibility in ...
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 01/10/2024
Comme Astérix dans l’album éponyme, Barnier a un chaudron à remplir. Deux mesures pour y parvenir ont « fuité » ces derniers jours dans la presse : rabotage du CIR (Crédit d’impôt Recherche) et hausse « exceptionnelle » de l’impôt des sociétés sur les grands groupes. Nous avons mesuré la sensibilité des 90 et 80 sociétés les plus concernées dans notre univers de couverture à ces deux mesures. 20 sociétés ont un CIR > 5% de leur EBIT et 22 sociétés verraient leurs BPA baisser de plus d...
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Aurelien Sivignon
VusionGroup : Solid operating performance in H1. Target price raised t...
>Excellent performance from VCM in H1 though the bottom line is lower - For H1 and on adjusted revenues (reported in July) up 13% at € 431m, the adjusted rate for VCM works out at 28%, up 380bp thanks to the latest product innovations (EdgeSense notably) which are seeing lower cost prices and, to a lesser extent in view of the limited growth in H1, economies of scale. With the opex/revenues ratio up 150bp to 14.3% (corporate function hiring + US), adjusted EBITDA cam...
- Aurelien Sivignon
VusionGroup : Solide performance opérationnelle au S1. OC relevé à 190...
>Excellente performance de la MCV au S1 bien que la bottom line soit en dessous. - Au titre du S1 et pour un CA ajusté (publié en juillet) en hausse de 13% à 431 M€, le taux de MCV ajusté s’établit à 28% en hausse de 380bp qui s’explique par les dernières innovations produits (EdgeSense notamment) qui permettent de réduire le coût de revient et, dans une moindre mesure au regard de la croissance limitée du S1, par les économies d’échelles. Intégrant un ratio Opex/CA ...
Ace Hardware Selects VusionGroup’s Innovative Solutions to Enhance Ret...
CHICAGO--(BUSINESS WIRE)-- VusionGroup (VU - FR0010282822) announced today a new partnership with Ace Hardware to integrate their advanced digital shelf label (DSL) technology across Ace Hardware stores. Amongst the first adopters of full-store DSL implementations in the DIY industry, Ace Hardware aims to enhance both customer-experience and deliver operational efficiencies across its extensive retail network. Ace Hardware, celebrating its 100th anniversary this year, is renowned for its exceptional customer service and expansive presence in the DIY retail space, with over 5,000 locations ac...
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
ELIS ELIS SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Aurelien Sivignon
VusionGroup : Fully in line to reach the € 1bn sales mark in 2024
>Q2: the ramp-up in the US is taking shape rapidly (revenues and order intake) - VusionGroup reported Q2 2024 adjusted revenues (before IFRS 15 adjustments with no cash effect from the WMT contract) of € 252m, up 14 % y-o-y, in line with our expectations (€ 249m est. i.e. +13%e y-o-y). On an IFRS reported basis, revenues came to € 236m, i.e. +7% y-o-y. Over H1 overall, revenues were up 13%, in line with the initial objective (between 10% and 15%). EMEA (52% of Q2 rev...
- Aurelien Sivignon
VusionGroup : Pleinement en ligne pour atteindre le cap des 1 Md€ de C...
>T2 : le ramp up aux US se concrétise rapidement (CA et prises de commandes) - VusionGroup a publié un CA T2 ajusté (avant retraitements IFRS15 sans effet cash liés au contrat WMT) de 252 M€ en hausse de 14 % y-o-y en ligne avec nos attentes (249 M€e i.e. +13%e y-o-y). En publié IFRS, le CA s’établit à 236 M€ i.e. +7% y-o-y. Sur l’ensemble du S1, l’activité ressort en croissance de 13%, en ligne avec l’objectif initial (entre 10 et 15%). EMEA (52% du CA T2) affiche u...
Hy-Vee Focusing on Digital Transformation and Sustainability with Vusi...
DES MOINES, Iowa & NANTERRE, France--(BUSINESS WIRE)-- Hy-Vee, an employee-owned company operating more than 570 business units across nine Midwestern states with sales of more than $13 billion annually, has implemented a series of digital solutions from VusionGroup to help streamline the shopping experience for its customers. Hy-Vee is using the VusionGroup platform to digitalize more than 230 of its stores, which are now able to update product prices and data automatically, rather than the labor-intensive process of printing and hanging paper price tags. The technology allows Hy-Vee to upd...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...
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. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024
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. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Aurelien Sivignon
VusionGroup : Q1 2024 in line and order entries still trending favoura...
>Much faster growth in the USA, offsetting the downturn in Europe - VusionGroup’s Q1 revenue figures came out in line with our forecasts, with revenue growing by 12% y-o-y to € 178m (vs € 176me). On a reported IFRS basis (post-adjustment for the WMT contract, which for the record has no cash impact), sales reached € 172m, i.e. +8% y-o-y. The EMEA region (60% of Q1 revenue) posted a 18% decline to € 106m, reflecting the gradual completion of the Lidl roll-out, which wa...
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