reports
- Fatma Agnès Hamdani
Eurogerm : Launch by Novagerm of the simplified public tender offer on...
>Reminder of the facts relating to the change of control of Eurogerm - The company announced on 18 January 2021 the entry into exclusive negotiations of Jean-Philippe Girard, his personal holding company ACG and Unigrains with Naxicap Partners with a view to the sale of a controlling block of shares in Eurogerm (62.23%) as part of a LMBOinvolving several of the company’s managers, at a price of € 47.97 per share, pointing to a total valuation for Eurogerm of € 2...
- Fatma Agnès Hamdani
Eurogerm : Lancement de l’OPAS par Novagerm sur le reste du capital d’...
>Rappel des faits liés au changement de contrôle d’Eurogerm - Le 18 janvier 2021,a été annoncée l’entrée en négociations exclusives de Mr Jean-Philippe Girard, sa holding personnelle ACG et Unigrains avec Naxicap Partners en vue de la cession de son bloc de contrôle d’Eurogerm (62.23%) dans le cadre d’un projet de LMBO impliquant plusieurs managers de la société, au prix de 47.97 € par action, faisant ressortir la valorisation totale d’Eurogerm a 207 M€, soit prime de...
Eurogerm: 2 directors
Two Directors at Eurogerm sold 67,612 shares at 47.970EUR. The significance rating of the trade was 100/100. 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 showi...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO BHF Small & MIDCAP MORNING NEWS - 04/19/2021
The pause in value stocks seems to spring from a conviction that the "peak" of growth is now behind us. Such a view explains the decline in yields, the dismissal of inflationary concerns and implies that central bank policy will remain ultra-expansive indefinitely, in a world of low growth and non-existent inflation. We do not subscribe to this view! We see this as a form of complacency with regard to inflation and a denial of the reality of earnings momentum, which will remain favour...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO BHF Small & MIDCAP MORNING NEWS - 19/04/2021
La pause marquée par la value semble dériver d’une forme de croyance dans le fait que nous aurions passé le « pic » de croissance. Une telle vue explique le reflux des rendements, la mise à l’écart des craintes inflationnistes et implique que la politique des banques centrales reste indéfiniment ultra expansive, dans un monde en croissance faible et à inflation inexistante. Nous n’y souscrivons pas ! Nous y voyons une forme de complaisance par rapport à l’inflation et un déni de réali...
- Fatma Agnès Hamdani
Eurogerm : Solid 2020 results. Transfer of capital control anticipated...
>A resilient activity despite forex losses - Eurogerm reviewed its 2020 results which remained solid in the pandemic context. Organic sales growth came in at +4.3%, buoyed by international activities particularly in Brazil, where the health measures were less strict, and Africa where the company recovered the positions lost in 2019. In Europe, activity was maintained in France (-0.1%) and Spain whilst it was penalised by the production shutdown in Italy. The grou...
- Fatma Agnès Hamdani
Eurogerm : Résultats 2020 solides. Le closing du transfert du contrôle...
>Une activité résiliente malgré les pertes de change - Eurogerm est revenu sur ses résultats 2020 qui restent solides dans un contexte pandémique. La croissance organique du CA de 4.3% est portée par l’international, en particulier par le Brésil où les mesures sanitaires ont été moins strictes et l’Afrique où la société a récupéré des positions perdues en 2019. En Europe, l’activité s’est plutôt maintenue en France (-0.1%) et en Espagne alors que qu’elle a été pé...
- Christophe Chaput
- Hela Zarrouk
COV COVIVIO SA
GYC GRAND CITY PROPERTIES SA
VIRP VIRBAC SA
VETO VETOQUINOL SA
KOF KAUFMAN & BROAD SA
FNAC FNAC DARTY SA
VNA VONOVIA SE
MAN MANUTAN INTERNATIONAL SA
DWNI DEUTSCHE WOHNEN SE
ALGEM EUROGERM SA
ALVDM VOYAGEURS DU MONDE SA
COFA COFACE SA
ECONT ECONOCOM GROUP SE CLASS D
THEP THERMADOR HOLDING SA
- Fatma Agnès Hamdani
Eurogerm : 2020 results below our forecasts. Net profit penalised by f...
>Organic growth of 4.3% vs 4.6%e and a 50bp improvement in the margin to 8.3%, but a sharp 22% decline in net profit driven by forex losses - 2020 sales were € 113.4m, down 2.2% and close to 3% below our forecast of € 117m due to the forex effect. Organic growth was 4.3% vs 4.6% forecast and 4.2% reported in H1. A better performance from activities in France with organic growth stable in 2020 vs a decline of 3.6% in H1. International activities reported a slight decli...
- Christophe Chaput
- Hela Zarrouk
- Fatma Agnès Hamdani
Eurogerm : Résultats 2020 en dessous de nos attentes. Résultat net pén...
>Une croissance organique de 4.3% vs 4.6%e et une marge en hausse de 50 pb à8.3% mais chute du RN de 22% plombé par des pertes de change - Le CA 2020 s’élève à 113.4 M€, en baisse de 2.2% et près de 3% en dessus de notre prévision de 117 M€ en raison des changes. La croissance organique ressort à 4.3% vs 4.6% anticipés et 4.2% affichés au S1. Meilleure performance de la France au S2 qui affiche une croissance organique stable sur 2020 vs un retrait de 3.6% sur le S1. ...
- Fatma Agnès Hamdani
- Pierre Tegner
ODDO : Rates, input costs and imported inflation. Catch-up for the mas...
>The polarisation drive initiated in 2018 continues - The phenomenon of the polarisation of valuations in the Food Beverage HPC sector gained traction during the 2020 crisis, both in Europe and the US. The groups that are strategically focused and operationally diversified (L’Oréal, Pernod Ricard, Diageo) saw their 12m fwd PER continue to increase while the hybrid groups (which are strategically dispersed and too operationally focused) were sanctioned. The hybrid grou...
- Fatma Agnès Hamdani
- Pierre Tegner
ODDO : Taux, input costs et inflation importée. Rattrapage du mass mar...
>Le mouvement de polarisation initié en 2018 perdure - Le phénomène de polarisation des valorisations dans le Food Beverage HPC s’est amplifié pendant la crise de 2020, tant en Europe qu’aux USA. Les groupes stratégiquement concentrés et opérationnellement diversifiés (L’Oréal, Pernod Ricard, Diageo) ont vu leur PE 12mfwd continué de monter alors que les groupes hybrides, i.e. stratégiquement dispersés et trop concentrés opérationnellement, ont été sanctionnés. Ces de...
- Jerôme Bodin
- Matthias Desmarais
- Wim Gille
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TFI TELEVISION FRANCAISE 1 SA
MERY MERCIALYS SA
NOKIA NOKIA OYJ
PSM PROSIEBENSAT.1 MEDIA SE
ALTA ALTAREA SCA
ATE ALTEN SA
ELG ELMOS SEMICONDUCTOR SE
MS MEDIASET S.P.A.
RTLL RTL GROUP S.A.
MMT METROPOLE TELEVISION SA
ALGEM EUROGERM SA
CARM CARMILA SAS
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
TL5 MEDIASET ESPANA COMUNICACION SA
SMCP SMCP SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
- Jerôme Bodin
- Matthias Desmarais
- Wim Gille
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TFI TELEVISION FRANCAISE 1 SA
MERY MERCIALYS SA
NOKIA NOKIA OYJ
PSM PROSIEBENSAT.1 MEDIA SE
ALTA ALTAREA SCA
ATE ALTEN SA
ELG ELMOS SEMICONDUCTOR SE
MS MEDIASET S.P.A.
RTLL RTL GROUP S.A.
MMT METROPOLE TELEVISION SA
ALGEM EUROGERM SA
CARM CARMILA SAS
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
TL5 MEDIASET ESPANA COMUNICACION SA
SMCP SMCP SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
- Fatma Agnès Hamdani
Eurogerm : Neutral rating maintained pending the outcome of the change...
>Target price increased to € 43 vs € 32 - We increase our target price based on fundamentals from € 32 to € 43 after the update to our DCF model. The recalculated cost of capital of 6% (vs 7.6%) takes into account a lower risk premium of 7.8% and a risk-free rate of 0.18%. Note that a change of control is underway concerning Eurogerm’s capital. The company announced on 15 January that Jean-Philippe Girard (CEO), his personal holding company ACG and Unigrains had ente...
- Fatma Agnès Hamdani
Eurogerm : Neutre maintenu en attendant l’issue du changement de contr...
>Objectif de cours remonté à 43 € vs 32 € - Nous relevons notre OC fondamental de 32 € à 43 € après la mise à jour de notre modèle DCF. Le coût du capital recalculé de 6% (vs 7.6%) tient compte d’une prime de risque moins élevée de 7.8% et un taux sans risque de 0.18%. Pour rappel, un changement de contrôle du capital d’Eurogerm est en cours. La société a annoncé, le 15 janvier, l’entrée en négociations exclusives de Mr Jean-Philippe Girard (CEO), sa holding personne...
ODDO BHF Small & MIDCAP MORNING NEWS - 01/18/2021
The global vaccination campaign in now underway. More than 30 million injections have already been administered, but this represents just 0.4% of the population... whereas vaccination coverage must reach 55% to be effective. Meanwhile, the market is pricing in a successful vaccination scenario. No marked excess in the short term, therefore. Building materials and capital goods look particularly attractive, in our view. In contrast, we are cautious on oil and leisure tourism, which alr...
- Fatma Agnès Hamdani
Eurogerm : Proposed sale of controlling stake to Naxicap Partners
>Naxicap Partners acquires a controlling stake in Eurogerm at € 47.97 per share, representing a 42.8% premium to the closing price. - Eurogerm announced in a press release that Jean-Philippe Girard, his personal holding company ACG and Unigrains, has entered into exclusive negotiations with Naxicap Parteners with a view to divesting control of Eurogerm in the framework of an LMBO project involving several of the company's managers. A new company "NewCo” will be creat...
ODDO BHF Small & MIDCAP MORNING NEWS - 18/01/2021
La campagne de vaccination mondiale a démarré. Plus de 30 millions d’injections ont déjà été effectuées mais cela ne représente que 0.4% de la population… alors que la couverture vaccinale doit atteindre 55% pour être efficace. Face à cela, le marché valorise un scénario de vaccination réussi. Pas d’excès marqué à court terme donc. Les matériaux de construction et les biens d’équipement nous semblent particulièrement intéressants. Prudence sur le pétrole et le tourisme qui intègrent d...
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