ODDO BHF Small & MIDCAP MORNING NEWS - 05/09/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 09/05/2024

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Aurubis : Outlook still in good shape despite ongoing TC/RC slump

>Positive indications on H2 thanks to metals prices and recycling - Aurubis’ Q2 2023-24 results (to end-March), reported yesterday, were pretty good and in line with expectations (see our first take published yesterday). But the market reaction was mixed, with the stock shedding up to 3.5% to end the day down 0.9%. And yet Aurubis slightly upgraded its outlook with the CEO Roland Harings indicating in the call that he now expects to stand in the midrange of the 2023...

Aurubis : Les perspectives restent bien orientées malgré le marasme ac...

>Indications positives sur le S2 grâce aux cours des métaux et au recyclage - Aurubis a publié hier des résultats T2 2023/24 (clos au 31 mars) plutôt bons et en ligne avec les attentes (cf. notre first take publié hier). La réaction du marché a toutefois été mitigée, l’action perdant jusqu’à 3,5% pour finir en recul de 0,9%. Aurubis a pourtant légèrement relevé ses prévisions puisque le CEO Roland Harings a indiqué lors du call s’attendre désormais à se situer au mi...

ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024 Date Performance sin...

Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2024 Date Performance dep...

Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...

Stabilus SE : Mixed Q2 2023-24 results and guidance specified at the l...

>STM suffered from the weak macro environment in Q2 2023-24 - Stabilus released a mixed set of results for Q2 2023-24. Reported group sales were +1% y-o-y to € 314m (+1% vs. ODDO BHF & css.) with an organic growth rate of +1.0%. Sales were up strongly in APAC (+12% y-o-y), flat in EMEA and down in the Americas (-4%). In terms of market segment aerospace, marine & rail (+66% y-o-y), health, recreation& furniture (+6%) and automotive (+5%) with Powerise especially showi...

Aurubis : Solid Q2 results, guidance confirmed but outlook comments a ...

>Good, in-line Q2 results driven by metal gains - Aurubis this morning released good, in-line Q2 2023-24 (ended 31 March) results with operating EBITDA at € 179m, 3% below ODDO BHF and 2% below company-compiled consensus. The figure improved 13% q-o-q despite lower TC/RCs for concentrate (the benchmark stepped down to $ 80 and 8ct/lb on January 1 from $ 88.8 and 8.8ct in 2023). The pick-up was mostly driven by higher metal gains on the back of recent solid development...

Aurubis : Solid Q2 results, guidance confirmed but outlook comments a ...

>Good, in-line Q2 results driven by metal gains - Aurubis this morning released good, in-line Q2 2023-24 (ended 31 March) results with operating EBITDA at € 179m, 3% below ODDO BHF and 2% below company-compiled consensus. The figure improved 13% q-o-q despite lower TC/RCs for concentrate (the benchmark stepped down to $ 80 and 8ct/lb on January 1 from $ 88.8 and 8.8ct in 2023). The pick-up was mostly driven by higher metal gains on the back of recent solid development...

ElringKlinger AG : Q1 2024 results look broadly in line and no change ...

>Q1 2024 shows a lack of top-line volume, while margins are robustly >5% - ElringKlinger’s Q1 2024 reported group sales are -5% y-o-y to € 465m (-2% vs ODDO BHF; -3% vs cons.) with an organic growth rate of -3.8%. The company blames a challenging overall market environment and explicitly mentioned Global LVP at -0.8% y-o-y and Europe -2.5% y-o-y in Q1 2024. Group adj. EBIT is -9% y-o-y to € 24m (in line with ODDO BHF & cons.) with an adj. EBIT margin of 5.2% (+10bp vs...

About You : FY 2023-24 results in line, growth recovery this year?

>Focus to shift from cost-cutting towards return to growth - Yesterday, About You reported results for FY 2023-24 which ended in February. FY 2023-24 sales increased 2% y-o-y to € 1,935m in line with consensus expectations. DACH was flat while Rest of Europe increased 3%. The TME business decreased 3%. Adjusted EBITDA came in at € 3m also in line with consensus expectations. This implies a margin of 0.2% which is an improvement of 740bp y-o-y. The gross margin rose 8...

Credit Morning 05/07/2024

Monte has published a solid Q1 2024 results, above expectationsClariane has received a put option agreement for its HAD/SSIAD activities in FranceZalando: FY targets confirmed following a better-than-expected Q1, plans to buy back up to € 100m of convertible bonds due 2025Banco Sabadell rejects BBVA’s proposal>...

Morning Crédit 07/05/2024

Monte publie un T1 2024 solide, au-dessus des attentesZalando : objectifs confirmés à l’issue d’un T1 supérieur aux attentes, envisage des rachats d’obligations convertibles 2025 pour 100 m EUR maximumClariane a reçu une offre pour la cession de ses activités HAD/SSIAD en FranceBanco Sabadell rejette la proposition de fusion de BBVA>...

INVEST SECURITIES - ATOS : Onepoint bien placé pour s'associer aux cré...