reports
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
- ING Helpdesk
Benelux Morning Notes
Aedifica: Good top line, portfolio stabilising, guidance marginally revised upward. Ageas: China Taiping Life 3Q Solvency remains strong. ASM: 3Q24 results – That's a relief - FY25 guide narrowed upwards. Belgian Telecoms: Peer Telenet 3Q24 results, still losing shares. Fugro: Focus on EBITDA and orderbook. GBL: Kicking off its trainers and cashing in €0.6bn. Colruyt: To operate 100 OKay City stores by 2032F. Heijmans: Preview - Progressing well. KPN: VodafoneZiggo 3Q24 show still weak pe...
GBLB GROUPE BRUXELLES LAMBERT SA
MDLZ MONDELEZ INTERNATIONAL INC. CLASS A
AGS AGEAS SA/NV
WKL WOLTERS KLUWER NV
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
LOTB LOTUS BAKERIES NV
HEIJM HEIJMANS N.V. CERT
AED ROYAL VOPAK NV
MELE AEDIFICA SA
ASML MELEXIS NV
OBEL ASML HOLDING NV
FUR ORANGE BELGIUM SA
FUGRO NV
- Konrad Zomer
Wolters Kluwer : Guidance maintained despite higher restructuring char...
>6% org. revenue growth, 8% growth in adj. operating profit, guidance maintained - For 9M, Wolters Kluwer reported 6% organic revenue growth and 8% growth in adjusted operating profit. Recurring revenues (83% of total) were up 7% and non-recurring revenue growth was 2%. Expert Solutions grew 8% organically. Group FCF increased 9%, which is clearly positive. Leverage increased from 1.6x at the interim stage to 1.8x at 9M, still comfortably below its target of 2.5x. The...
- Martin Marandon-Carlhian
- Stephane Houri
Melexis : Q4 2024 guidance points to stronger-than-expected inventory ...
>Q3 2024 results slightly below expectations - This morning, Melexis reported its Q3 2024 results which were slightly below expectations. Revenues came in at € 247.8m, slightly below consensus estimates at € 249.5m (vs the guidance range of € 247-252m). They were up 1% q-o-q and flat y-o-y. The outperforming product lines were magnetic position sensors and pressure sensors. The euro-dollar exchange rate had no impact on sales compared to the same quarter of last year ...
- Martin Marandon-Carlhian
- Stephane Houri
Melexis : Q4 2024 guidance points to stronger-than-expected inventory ...
>Q3 2024 results slightly below expectations - This morning, Melexis reported its Q3 2024 results which were slightly below expectations. Revenues came in at € 247.8m, slightly below consensus estimates at € 249.5m (vs the guidance range of € 247-252m). They were up 1% q-o-q and flat y-o-y. The outperforming product lines were magnetic position sensors and pressure sensors. The euro-dollar exchange rate had no impact on sales compared to the same quarter of last year ...
- Guy Sips
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Lynn Hautekeete
Aedifica Increases FY24 guidance by 1%, no surprises
Aedifica reports 3Q24 results and increases the guidance by 1.0%. This is driven by positive currency differences and an improving operational margin. The results are perfectly in line with our expectations as we were already slightly above the FY24 guidance. The total investment program amounts to EUR 236m of which a EUR 93.0m cost-to-come remains. If Aedifica wants to grow EPS in the next years, new projects should be added to the pipeline. In the 3Q24 results Aedifica guides additional EUR 5....
- Michiel Declercq
bpost Staci, a make or break story
Running up the 3Q24 results on November 8th, we have adjusted our estimates and incorporated the Staci acquisition in our model. We now estimate the Adj. EBIT for FY24 to come in at the low end of the guided range, as we expect 3Q24 to be a softer quarter than usual driven by the impact of the press concession and though environment in the US. Looking at 2025, we expect some of these headwinds to continue. Additionally, the high transaction multiple that was paid for Staci will significantly inc...
- Martin Marandon-Carlhian
- Stephane Houri
ASM International N.V : Fairly reassuring numbers after the ASML ‘melo...
>Q3 24: Results above expectations (except for net income with a one-off on forex) - Q3 2024 revenues came in at € 778m, at + 26% y-o-y, ahead of the css of € 767m and at the top of the € 740-780m range. The gross margin came to 49.4% ahead of the css of 48.6%, thanks to the contribution from China. Adjusted EBIT amounted to € 215m, or an operating margin of 27.6%, ahead of the css of € 201m and 26.3%. Net income came in at € 134m, short of the consensus of € 172m, du...
- Guy Sips
Melexis FIRST LOOK - Lower guidance / inventory correction in automoti...
3Q24 results were +/- OK but focus will be on outlook as Melexis sees more challenging end-market circumstances. It is not a surprise to us that Melexis revealed that recent discussions with customers indicate that they wish to reduce significantly their inventories by year-end, which Melexis has decided to assume. Melexis indicated that - while the inventory correction at its automotive customers is temporary and global car production is projected to grow in 2025 - visibility on next year is li...
- Roy Külter
- Steven Boumans
Aedifica SA : Q3 2024 results: Results better than expected, strong de...
>EPS outlook +1%; upward revaluations (UK is strong) - Outlook increased +1% to >€4.90 EPRA EPS FY2024 and €233m EPRA earnings (before: €4.85/sh and >€231m); and reconfirmed the €3.90 DPS proposal.Like-for-like rental income +3.3% (H1 2024: 3.2% and 3% in FY2024 budget) broken down by +3.0% indexation, -0.2% rent negotiations and +0.5% fx changes.Fair value of investment portfolio increased +0.12% in Q3 (H1: +0.14%). Belgian (-1.4%) and German (-1.2%) fair v...
Wolters Kluwer 2024 Nine-Month Trading Update
Wolters Kluwer 2024 Nine-Month Trading Update Wolters Kluwer 2024 Nine-Month Trading Update Alphen aan den Rijn, October 30, 2024 – Wolters Kluwer, a global leader in professional information, software solutions and services, today releases its scheduled 2024 nine-month trading update. Highlights Full-year 2024 guidance reiterated.Nine-month revenues up 6% in constant currencies and up 6% organically. Recurring revenues (83% of total revenues) up 7% organically; non-recurring revenues up 2%.Expert solutions revenues (59% of total revenues) grew 8% organically.Cloud software revenues (18%...
- Martin Marandon-Carlhian
- Stephane Houri
ASM International N.V : Une publication plutôt rassurante après le ‘mé...
>T3 24 : Résultats > aux attentes (sauf sur le RN du fait d’un one off sur le forex) - Le CA T3 24 ressort à 778 M€, à + 26% yoy, > au css à 767 M€ et dans le haut de la guidance de 740/780 M€. La MB s’établit à 49,4% > au css de 48.6%, grâce à la contribution de la Chine. L’EBIT ajusté ressort à 215 M€, soit une MOP de 27,6%, > au css à 201 M€ et 26.3%. Le RN ajusté s’élève à 134 M€, < au css de 172 M€, en raison d’une charge de change de 48 M€ (la trésorerie est lib...
Melexis Q3 2024 results – Third quarter sales of 247.9 million EUR
Melexis Q3 2024 results – Third quarter sales of 247.9 million EUR Regulated information Intermediate declaration by the Board of Directors Ieper, Belgium - October 30th, 2024, 07.00 hrs CET Dear, Please find herewith the link to our most recent press release: Attachment
Melexis Q3 2024 résultats – Chiffre d'affaires de 247.9 millions d'eur...
Melexis Q3 2024 résultats – Chiffre d'affaires de 247.9 millions d'euros au troisième trimestre Information réglementée Déclaration intermédiaire par le Conseil d'administrationYpres, Belgique - le 30 octobre 2024, 07.00 H. CET Veuillez trouver ici le lien vers notre dernier communiqué de presse: Pièce jointe
Melexis Q3 2024 resultaten – Omzet van 247,9 miljoen EUR voor het derd...
Melexis Q3 2024 resultaten – Omzet van 247,9 miljoen EUR voor het derde kwartaal Gereglementeerde informatie Tussentijdse verklaring, opgesteld door de Raad van BestuurIeper, België - 30 oktober 2024, 07.00 uur CET Geachte, hieronder vindt u de link naar ons meest recente persbericht: Bijlage
ASM announces third quarter 2024 results
ASM announces third quarter 2024 results Almere, The Netherlands October 29, 2024, 6 p.m. CET AI-related demand drives robust growth in bookings and revenue ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q3 2024 results (unaudited). Financial highlights € millionQ3 2023Q2 2024Q3 2024New orders627.4755.4815.3yoy change % at constant currencies 0% 56% 30% Revenue622.3706.1778.6yoy change % at constant currencies 9% 6% 26% Gross profit margin % 48.1 % 49.8 % 49.4 %Adjusted gross profit margin 1 48.9 % 49.8 % 49.4 % Operating result147.3177.6215.2Ope...
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