The Capital Goods Data Miner – November 2024

Meeting new CEO - margin priority

Q3 trends, estimates, valuation and top picks

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/10/2024

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Metso : La progression et la résilience de la marge valident le potent...

>T3 2024 : un CA inférieur aux attentes compensé par la marge - Metso a publié hier matin ses résultats T3 2024 (voir first take) qui étaient globalement en ligne avec les attentes, avec un CA légèrement inférieur aux attentes, compensé par une forte progression de la marge.Les prises de commandes étaient en croissance organique de 6% (css à 6.4%) et le CA en recul de 9% en organique (css à -6.1%). La marge d’EBITA ajusté a atteint 16.9% (css à 16.1%), soit une p...

Metso : Margin growth and resilience validate improvement potential

>Q3 2024: weaker-than-expected revenues offset by the margin - Yesterday morning, Metso reported Q3 2024 results (see First Take published Thursday, 24 October) broadly in line with expectations, with revenues a shade below forecasts, offset by robust margin growth.The order intake was up 6% organically (consensus at 6.4%), while revenues were down 9% organically (consensus at -6.1%). The adjusted EBITA margin reached 16.9% (consensus at 16.1%), +80bp y-o-y....

Potential remains bottled up

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/24/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/10/2024

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Metso : Q3 in line with expectations, with strong margin improvement

>Q3 2024: sales miss (-9% vs -6%) compensated by margin (16.9% vs 16.1%) - Metso this morning reported Q3 2024 results that were slightly below expectations at the order level.The order intake was € 1,226m (consensus € 1,272m), up 6% on an organic basis (consensus 6.4%). Orders were up 9% org. in Minerals (strong activity in copper/gold during the quarter, although rebuild and modernisation service orders were still affected by slow decision-making: equipment +1...

Metso : Q3 in line with expectations, with strong margin improvement

>Q3 2024: sales miss (-9% vs -6%) compensated by margin (16.9% vs 16.1%) - Metso this morning reported Q3 2024 results that were slightly below expectations at the order level.The order intake was € 1,226m (consensus € 1,272m), up 6% on an organic basis (consensus 6.4%). Orders were up 9% org. in Minerals (strong activity in copper/gold during the quarter, although rebuild and modernisation service orders were still affected by slow decision-making: equipment +1...

Order growth not as convincing as hoped for

Heads-up for report 24 October

ODDO : Q3 2024 preview: good order levels expected in Q3 and China rai...

>Still healthy commodities prices and demand that could accelerate if Chinese recovery materialises - In Q3, the trends remained broadly unchanged with demand stable at a high level in the mining sector, and limited demand in the construction sector (continuation – and end – of destocking by distributors and core demand still lacklustre in the short term, particularly in Europe). Detailed previews on page 2.The main commodities prices have held up relatively well...

ODDO : Preview T3 2024 : le bon niveau de commandes attendues au T3 et...

>Des cours de matières premières toujours bien orientés et une demande qui pourrait accélérer si le rebond chinois se matérialise - Lors du T3, les tendances sont restées globalement inchangées avec une demande stable sur des niveaux élevés sur le secteur minier, et une faible demande sur le secteur de la construction (poursuite – et fin – du déstockage des distributeurs et demande sous-jacente toujours mal orientée à CT, notamment en Europe). Previews détaillés en pa...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/14/2024

We are removing GSK from our European Large Caps Convictions List. The company is the only one of the six Big Pharma groups to have experienced a break in trend, which could act as a drag on future publications. Our analyst adjusted this morning his EPS estimates for 2024/2025/2026 by -0.6%, 2.0% and- 3.4% respectively, factoring in weaker growth for Arexvy and Shingrix, hence the lowering of his target price from 2,150p to 1,900p. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/10/2024

Nous sortons GSK de notre liste de valeurs recommandées Large Caps. La société est la seule des 6 big Pharma à connaître une rupture de tendance qui pourrait peser lors des prochaines publications. Notre analyste ajuste ce jour ses prévisions de BPA 24/25/26 de -0.6%/-2.0%/-3.4% intégrant une plus faible croissance pour Arexvy et Shingrix, ce qui conduit à une baisse de son objectif de cours de 2 150p à 1 900p. - ...

The Capital Goods Data Miner - October 2024

ODDO : US elections: between continuity and disruption, the benefits/r...

Accounting for an average of 19% of revenues for European capital goods groups (over 40% in some cases), the US is clearly a central factor in growth strategies, both organically and inorganically. Based on our analysis of the programmes of the two candidates running for the White House and the positioning of the various groups, we have established two scenarios through which to play the sector depending on the winner in November's election. In this still uncertain US election co...