reports
- Chaima Ferrandon
- Sven Edelfelt
Wienerberger : Only a rebound is possible
>Q1 EBITDA down, but above our forecasts thanks to cost savings - Wienerberger reported Q1 2024 sales down at € 952m (volumes -12/13%, scope 4/5%, prices stable) and underlying EBITDA of € 115m. Q1 EBITDA was down 45% but 8% above our forecasts at € 106m. The EBITDA decline is due to the downturn in activity in Q1 2024 and non-recurring items (fall in capacity in Q1 2024 and revaluation of inventories in 2023). The only positive surprise is that savings on fixed cost...
- Chaima Ferrandon
- Sven Edelfelt
Wienerberger : On ne peut que rebondir
>EBITDA T1 en baisse mais supérieur à nos attentes grâce aux économies de coûts - Wienerberger a publié un CA T1 2024 en baisse à 952 M€ (volumes -12/13%, scope 4/5%, prix stables) et un EBITDA courant de 115 M€. L’EBITDA T1 ressort en baisse de 45% mais 8% au-dessus de nos attentes à 106 M€. La baisse de l’EBITDA est due à la baisse d’activité au T1 2024 et à des éléments non-récurrents (baisse des capacités au T1 24 et réévaluation des stocks en 2023). Seule bonne s...
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : 2026 trajectory slightly reworked and initial estimates for 2028
>Outperform rating maintained and target price adjusted to € 33.3 (vs € 34.5) - Based on the meeting to present ERG’s Q1 24 performances and the 2024-2026 strategic update, we maintain our Outperform rating based on the group’s specific profile which offers a more measured development than its rivals, a degree of resilience and a return of between 3.5% and 4%, which is unusual in the renewable independent power producer universe. Following the press release issued on ...
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : Une trajectoire 2026 légèrement remaniée et les prémices de 2028
>Opinion Surperformance maintenue et OC ajusté à 33.3 € (vs 34.5 €) - A l’issue la réunion de présentation des performances au T1 24 et de la mise à jour stratégique 2024-2026, nous maintenons notre opinion Surperformance fondée sur le profil particulier du groupe qui offre un développement plus mesuré que ces concurrents, une certaine résilience et un rendement compris entre 3.5% et 4%, particularité rare dans l’univers des producteurs indépendants d’électricité reno...
- Jerôme Bodin
Ströer SE & Co. KGaA : A new story of refocusing? Outperform vs Neutra...
We are undertaking a thorough review of our analysis and model for Ströer and adopt an Outperform rating (vs Neutral). Our view has two aspects: 1/ short and medium-term momentum should be very robust for the core business (outdoor in Germany, -42% of revenues) with CAGR of 7% driven by the digital and programmatic divisions, and the gradual upturn on the German market; 2/ however, above all, we think that the group will begin a gradual ‘dismantling’ strategy and divestments (tot...
- Jerôme Bodin
Ströer SE & Co. KGaA : Une nouvelle histoire de recentrage ? Surperfor...
Nous procédons à une revue complète de notre analyse et modèle sur Ströer et adoptons une opinion Surperformance (vs Neutre). Notre vue est double : 1/ le momentum court et moyen terme va être très solide sur le cœur de métier (outdoor en Allemagne - 42% du CA) avec un TMVA de 7% tiré par le digital et programmatique, et la reprise progressive du marché allemand ; 2/ mais surtout nous estimons que le groupe va entamer une stratégie progressive de « démantèlement » et de cessions ...
SMA Solar Technology AG: 1 director
A director at SMA Solar Technology AG bought 716 shares at 49.038EUR and the significance rating of the trade was 53/100. 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 ...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
FP TOTAL SE
EQNR EQUINOR ASA
ELIOR ELIOR GROUP SA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
GYC GRAND CITY PROPERTIES SA
GLJ GRENKE AG
DEC JCDECAUX SA
BLC BASTIDE LE CONFORT MEDICAL SA
JCQ JACQUET METALS SA
ENI ENI S.P.A.
REP REPSOL SA
VASTN VASTNED RETAIL NV
ERG ERG S.P.A.
CPINV CARE PROPERTY INVEST SA
DIC DIC ASSET AG
FNTN FREENET AG
DUFN DUFRY AG
BP. BP P.L.C.
MDM MAISONS DU MONDE SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VK VALLOUREC SA
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
FP TOTAL SE
EQNR EQUINOR ASA
ELIOR ELIOR GROUP SA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
GYC GRAND CITY PROPERTIES SA
GLJ GRENKE AG
DEC JCDECAUX SA
BLC BASTIDE LE CONFORT MEDICAL SA
JCQ JACQUET METALS SA
ENI ENI S.P.A.
REP REPSOL SA
VASTN VASTNED RETAIL NV
ERG ERG S.P.A.
CPINV CARE PROPERTY INVEST SA
DIC DIC ASSET AG
FNTN FREENET AG
DUFN DUFRY AG
RUI RUBIS SCA
BP. BP P.L.C.
MDM MAISONS DU MONDE SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VK VALLOUREC SA
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : Q1 2024 in line with the consensus and update to the 2026 trajec...
>A Q1 2024 publication in line with the consensus - The group has published its performances for Q1 2024, above our forecasts and broadly in line with those of the consensus. Recurring EBITDA came to € 165m (-1.2%), above the € 146m forecast but in line with the average for the FactSet consensus (€ 162m). This trend in earnings is due mainly to the significant improvement in wind and solar capacity (acquisitions and organic). An additional 322 MW were implemented as o...
- Louis Boujard
- CFA
- Philippe Ourpatian
ERG : Un T1 24 en ligne avec le consensus et une trajectoire 2026 mise...
>Une publication du T1 24 en ligne avec le consensus - Le groupe a publié ses performances pour le T1 24, au-dessus de nos attentes et globalement en ligne avec celles du consensus. L'EBITDA récurrent s'établit à 165 M€ (-1,2%), au-dessus des 146 M€ attendus mais en ligne avec la moyenne du consensus FactSet (162 M€). Cette évolution des résultats est principalement due à l'augmentation significative des capacités éoliennes et solaires (acquisition et organique). 322 ...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 05/15/2024 Date Performance sin...
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
ETL EUTELSAT COMMUNICATIONS SA
PBB DEUTSCHE PFANDBRIEFBANK AG
TNG TRANSGENE SA
F3C SFC ENERGY AG
FGA FIGEAC AERO SA
PSM PROSIEBENSAT.1 MEDIA SE
TPE PVA TEPLA AG
TRI TRIGANO SA
MBB MBB INDUSTRIES SE
DEQ DEUTSCHE EUROSHOP AG
PAT PATRIZIA AG
WLN WORLDLINE SA
DKG DEUTSCHE KONSUM REIT-AG
NHH NH HOTEL GROUP SA
CGG CGG
BSGR B&S GROUP S.A.
MEDCL MEDINCELL SA
NEXI NEXI S.P.A.
INPST INPOST S.A.
NA9 NAGARRO
HGEA HGEARS AG
TUI TUI AG
SCHOTT PHARMA AG
R3NK RENK GROUP AG
ORP ORPEA
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 15/05/2024 Date Performance dep...
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
ETL EUTELSAT COMMUNICATIONS SA
PBB DEUTSCHE PFANDBRIEFBANK AG
TNG TRANSGENE SA
F3C SFC ENERGY AG
FGA FIGEAC AERO SA
PSM PROSIEBENSAT.1 MEDIA SE
TPE PVA TEPLA AG
TRI TRIGANO SA
MBB MBB INDUSTRIES SE
DEQ DEUTSCHE EUROSHOP AG
PAT PATRIZIA AG
WLN WORLDLINE SA
DKG DEUTSCHE KONSUM REIT-AG
NHH NH HOTEL GROUP SA
CGG CGG
BSGR B&S GROUP S.A.
MEDCL MEDINCELL SA
NEXI NEXI S.P.A.
INPST INPOST S.A.
NA9 NAGARRO
HGEA HGEARS AG
TUI TUI AG
SCHOTT PHARMA AG
R3NK RENK GROUP AG
ORP ORPEA
- Manuel Martin
- CEFA
- CREA
Deutsche Konsum REIT-AG : Q2 2023-24 results overall in line, initial...
>Initial FFO I 2023-24e guidance in line with our estimates - Deutsche Konsum REIT (DKG) today reported Q2 2023-24 figures (from January to March 2024) which were overall slightly below our expectations.Rental revenues slightly decreased by -0.5% y-o-y to € 19.9m, below our € 20.3m forecast and net rental income decreased by -10.8% y-o-y to € 12.0m, being close to our € 13.2m estimate. FFO I declined more markedly by -13.1% y-o-y to € 8.5m translating into € 0.2...
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview - steady in difficult markets. ABN AMRO: 1Q24 overshadowed by weaker capital, even if a strong set. AEGON: 1Q24 Preview (trading update). Alfen: Preview - clarity on one-off Pacto costs crucial. B&S Group: Bolt-on acquisition in Personal Care. Belgian telcos: BIPT notes that fibre cooperation negotiations not ready by 15 May. EVS: 1Q24 preview. Euronext: Another record, with Beats by Boujnah. Montea: €12m acquisition in the Port of Ghent. Staffing: Dutch Perio...
PROX PROXIMUS SA DE DROIT PUBLIC
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
RAND RANDSTAD NV
MONT MONTEA SCA
AALB AALBERTS N.V.
BRNL BRUNEL INTERNATIONAL N.V.
TWEKA TKH GROUP N.V. CERT
OBEL ORANGE BELGIUM SA
BSGR B&S GROUP S.A.
ALFEN ALFEN NV
AGN AEGON N.V.
- Anis Zgaya
- Louis Boujard
- CFA
NORDEX SE : A slightly more confident tone than in past analysts’ meet...
>Q1 ahead of expectations and 2024 and medium-term guidance confirmed - Nordex’s Q1 results, reported yesterday, largely beat expectations (see page 2 for more details) with EBITDA of € 52m vs € 16m expected and an EBITDA margin in Q1 of 3.3% vs 1.1% expected. This better-than-expected start to the year in terms of profitability can be attributed to costs (logistics and materials) being slightly lower than forecast and to a random spread of low margin legacy projects...
- Manuel Martin
- CEFA
- CREA
Patrizia SE : Soft start into FY 2024e with weak Q1 2024 being however...
>FY 2024e EBITDA guidance confirmed - Yesterday (14 May) after the market close, Patrizia (PAT) reported soft Q1 2024 figures which were, however, overall in the range of our expectations. The management confirmed its very wide FY 2024e EBITDA guidance range of € 30m-€ 60.0m also confirming expecting EBITDA at mid-point of the guidance which would be € 45.0m and therefore -17% below FY 2023 EBITDA of 54.1m.Total service fee income declined to € 72.5m (-13.4% y-o-...
- Martijn Den Drijver
hGears : Toughing it out in 2024, hoping for a better 2025– Neutral re...
>Updating estimates, 2024 in line with guidance, minimal changes to 2025-2026 - We did not update our model after the full year results (apologies) and so we are doing that now. The effect is that despite the solid Q1 results, we are lowering our 2024 estimates, bringing them in line with the guidance provided in the 2023 results release. We now forecast sales of €106m (guidance €100m-€110m), EBITDA of €2m (guidance of €1-€3m) and negative FCF of €2.5m (guidance €0m t...
- Manuel Martin
- CEFA
- CREA
- Nour El Houda Hammami
Deutsche Euroshop AG : Q1 2024 key figures overall in line with our es...
>Key figures showing a decline as expected - Deutsche Euroshop (DES) reported yesterday after market close its Q1 2024 figures which were overall in line with estimates. Management has confirmed its muted 2024e FFO I p/s guidance of € 1.91-1.99.Revenues of € 66.0m (-2.6% y-o-y) were close to our estimate of € 67.0m. Furthermore, net operating income of € 53.8m (-1.4 % y-o-y) was in line with our forecast of € 54.1m. Total measurement losses of € -4.7m were above...
- Anis Zgaya
- Louis Boujard
- CFA
NORDEX SE : Ton un peu plus confiant que lors des précédentes réunions...
>T1 supérieur aux attentes et objectifs 2024 et moyen terme confirmés - Nordex a publié hier ses résultats T1 qui sont ressortis nettement meilleurs qu’attendu (voir page 2 pour plus de détails) avec un EBITDA à 52 M€ vs 16 M€ attendus et une marge d’EBITDA au T1 à 3.3% vs 1.1% attendu. Ce meilleur début d’année en termes de profitabilité est expliqué par des couts (logistiques et matière) un peu inférieurs à ce qui était prévu et par une répartition aléatoire des an...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.