ODDO BHF Small & MIDCAP MORNING NEWS - 05/17/2024

Growth momentum remains solid, and the publication of Q1 sales bodes well for the future (12.5% organic growth, including 27% for Aerospace). Margins are set to pick up in 2024 (by an estimated 110bp), with the underlying operating profit expected to jump 33%. With good visibility for Aerospace, medium-term potential for Automotive and profitable growth for Medical, we estimate the potential for margin improvement at no less than 500bp in the medium term. We are raising our underlying...

ODDO BHF Small & MIDCAP MORNING NEWS - 17/05/2024

La dynamique de croissance reste solide et la publication du CA T1 est de bon augure (croissance organique de 12.5% dont 27% pour l’Aerospace). 2024 devrait voir un redressement des marges (+110 pb estimés) pour un ROC attendu en hausse de 33%. A l’appui d’une bonne visibilité pour l’aéronautique, d’un potentiel MT pour l’automobile et d’une croissance profitable pour le Médical, nous estimons le potentiel d’amélioration des marges à au moins 500 pb à MT. Nous relevons nos estimations...

Inmobiliaria Colonial : CriteriaCaixa, a fine opportunity to embark on...

>CriteriaCaixa to acquire a stake, with a cash transfer of € 350m and € 272m in assets - Colonial yesterday announced the signature of an agreement with CriteriaCaixa whereby the Spanish financial holding group will become a new shareholder with c. 17% of the capital through a dedicated capital increase of € 622m and with the issuance of 87 729 050 new shares at a unit price of € 7.1 per share (i.e. a premium of 15% to the price on 15 May). Criteria is to subscribe to...

Inmobiliaria Colonial : CriteriaCaixa, une belle opportunité pour se l...

>CriteriaCaixa entre au capital avec un apport de 350 M€ en cash et 272 M€ en actifs - Colonial a annoncé hier soir la signature d’un accord avec CriteriaCaixa dans lequel la holding financière espagnole va devenir un nouvel actionnaire de la société avec c. 17% du capital via une augmentation de capital dédiée de 622 M€ et qui va engendrer l’émission de 87 729 050 nouvelles actions à un prix unitaire de 7.1 € (i.e. prime de 15% vs cours du 15 mai). Criteria va souscr...

INVEST SECURITIES - COVIVIO : Les actionnaires n'apporteront pas leurs...

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...

ODDO BHF Small & MIDCAP MORNING NEWS - 05/14/2024

...

ODDO BHF Small & MIDCAP MORNING NEWS - 14/05/2024

...

Inmobiliaria Colonial : Q1 2024 – good start to the year with a better...

>Organic rental revenue growth of +6.3% y-o-y in Q1 2024 - Colonial started the year with a solid operating performance in Q1 24 with EPRA EPS of € 8.7 (+25% y-o-y) including rental revenue growth of +6.2% on current scope, driven by very strong operating momentum in Paris, as we detailed a few days ago in our flash on SFL (click here):Rental revenue growth on constant scope came to +6.3% in line with the best office REITs. This includes indexation of +3.2%, a va...

Inmobiliaria Colonial : T1 2024 – Bon début d’année avec une performan...

>Croissance organique des revenus locatifs à +6.3% yoy sur le T1 2024 - Colonial commence l’année avec une solide performance opérationnelle sur le T1 24 avec un BPA EPRA à 8.7 € (+25% yoy) qui inclut notamment une croissance des revenus locatifs de 6.2% à périmètre courant portée surtout par une très forte dynamique opérationnelle sur Paris comme nous l’avions détaillé il y a quelques jours dans notre flash sur SFL (cliquer ici) :La croissance à périmètre consta...

AALBERTS : Preview trading update: modest volume headwind ahead of a b...

>Mainly qualitative information, only two numbers to be provided - Aalberts will provide a mainly qualitative trading update on May 22nd at 07.30. No analyst call is planned although we will see Aalberts’ management that day as they are present at our ABN AMRO Benelux conference. The trading update will, normally, contain two numbers: orderbook growth versus the same period last year and organic growth. In addition, Aalberts will say something about its value add, op...

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

...

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

...

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. - ...

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...