reports
- Salome Charamalet
- Stefano Toffano
- Salome Charamalet
- Stefano Toffano
- Michael B. Schäfer
Evonik Industries AG : Prelim. Q1 EBITDA € 522m, 16% above css with mu...
>Preliminary Q1 2024 EBITDA of € 522m 16% above cons of € 450m - Positive profit warning (long time not seen) in chemicals with EVK reporting 28% y-o-y growth in prelim EBITDA to € 522m, 16% above cons of € 450m (ODDO BHF € 467m). Includes some € 15m HPPO-licence sales in the SmartMat-segment, but this is not diluting the strong beat. Sales of € 3.8bn declined 5% y-o-y but included some "volume recovery for the first time in two years". Margin recovered to 13.7% in Q1...
- Michael B. Schäfer
ODDO : Glass half full – Volume recovery started after almost 2 years ...
As Spring approaches, we see industry-wide destocking coming to an end, emerging recovery trends in China gaining momentum and European spot energy cost relief rolling in, all helping to restore plant utilisation and earnings. We add more cyclicality to our preferred names, upgrading BASF to Outperform (Neutral). Momentum being regained in specialties chemicals distribution triggers our upgrade of IMCD to Outperform (Neutral). ‘From record to record’ remains our mantra at FUCHS. ...
1COV COVESTRO AG
AI AIR LIQUIDE SA
WCH WACKER CHEMIE AG
LXS LANXESS AG
SDF K+S AG
BAS BASF SE
SOLB SOLVAY SA
BAYN BAYER AG
SY1 SYMRISE AG
KWS KWS SAAT SE & CO KGAA
EVK EVONIK INDUSTRIES AG
BNR BRENNTAG SE
INX IMCD N.V.
2HRA H&R GMBH & CO KGAA
AKZA AKZO NOBEL N.V.
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
LIN LINDE PUBLIC LIMITED COMPANY
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Michael B. Schäfer
Evonik Industries AG : More ‘visibility’, less ‘hope’ baked into outlo...
>‘Considerably' better Q1 2024 y-o-y, i.e. +14% on the cards in EBITDA, we think - Management confirmed that volume recovery across most Specialty Additives business units, volume- & price-driven animal nutrition recovery q-o-q, lower energy, logistics and fixed costs support expected 'considerable' adj. EBITDA recovery in Q1 2024. We project 14% y-o-y or € 58m recovery from € 409m in Q1 2023 to € 467m. N&C segment EBITDA may contribute € 70m to the growth. Annual g...
- Bruno Cavalier
- Charlotte Vaisse
FP TOTAL SE
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
SMHN SUESS MICROTEC AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NFN NFON AG
DRI 1&1 DRILLISCH AG
RMV RIGHTMOVE PLC
ALKAL KALRAY SA
JEN JENOPTIK AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Bruno Cavalier
- Charlotte Vaisse
FP TOTAL SE
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
SMHN SUESS MICROTEC AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NFN NFON AG
DRI 1&1 DRILLISCH AG
RMV RIGHTMOVE PLC
ALKAL KALRAY SA
JEN JENOPTIK AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Michael B. Schäfer
Evonik Industries AG : Q4 EBITDA headline -4% vs css, but 10% better e...
>Q4: Fading group volume decline, positive pricing in animal nutrition - Group sales declined 17% y-o-y to € 3,604m in Q4 2023 (consensus € 3,811m) with still declining but fading group volume headwind by -2% y-o-y (Q3 2023: -5% y-o-y) and pricing effect of -5% y-o-y (Q3 2023: -6%) with positive price trend in animal nutrition mitigating headwinds in Specialty Additives and Smart Materials.Group EBITDA of € 312m -4% vs css of € 325m but digested € 50m exc...
Evonik Industries AG: 1 director
A director at Evonik Industries AG bought 1,705 shares at 17.620EUR 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 c...
- Emmanuel Matot
PUB PUBLICIS GROUPE SA
DGE DIAGEO PLC
RNO RENAULT SA
AGN AEGON NV
ALO ALSTOM SA
TLX TALANX AG
WPP WPP PLC
SOI SOITEC SA
EVK EVONIK INDUSTRIES AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
EVD CTS EVENTIM AG & CO. KGAA
HFG HELLOFRESH SE
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
SHUR SHURGARD SELF STORAGE LIMITED
- Emmanuel Matot
DGE DIAGEO PLC
RNO RENAULT SA
AGN AEGON NV
ALO ALSTOM SA
TLX TALANX AG
SOI SOITEC SA
EVK EVONIK INDUSTRIES AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
EVD CTS EVENTIM AG & CO. KGAA
HFG HELLOFRESH SE
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
SHUR SHURGARD SELF STORAGE LIMITED
- Michael B. Schäfer
Evonik Industries AG : CFO roadshow feedback: not getting worse, striv...
>Not getting worse, depressed levels last - We hosted a roadshow with Evonik's CFO, confirming that the market environment is 'at least not getting worse'. However, depressed levels persist with seasonality coming on top at Specialty Additives and Performance Materials, in line with previous communication.Latest proposal on industrial power price - largely no change for Evonik - The recent press release from the ministry of economics, discussing a red...
- Oliver Metzger
- Stephan Wulf
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/07/2023
Since its integration into our European Large Caps Convictions list on 11 January 2023, KPN has made a significant contribution to the list’s performance, thanks to its defensive profile and high dividend yield (11.33% total return). We have decided to take profits as the company is holding its Capital Market Day today. The outlook remains very bright, but the smaller-than-expected share buyback programme announced this morning in the group's press release could disappoint. - ...
- Oliver Metzger
- Stephan Wulf
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/11/2023
Since its integration into our European Large Caps Convictions list on 11 January 2023, KPN has made a significant contribution to the list’s performance, thanks to its defensive profile and high dividend yield (11.33% total return). We have decided to take profits as the company is holding its Capital Market Day today. The outlook remains very bright, but the smaller-than-expected share buyback programme announced this morning in the group's press release could disappoint. - ...
- Michael B. Schäfer
Evonik Industries AG : Q3 EBITDA 6% > css on better Animal Nutrition, ...
>Group sales declined 21% y-o-y to € 3,771m incl. -5/-6% volume/price y-o-y - Group sales declined 21% y-o-y to € 3,771m in Q3 23 (cons € 3,978m) with a continuation of the decline in group volumes by 5% y-o-y (Q2 23: -9% y-o-y) and a pricing effect of -6% (Q2 23: -5%). Specialty Additives and Smart Materials volumes continued to drop by a double-digit %, mitigated by volume growth in Nutrition & Care.Group EBITDA of € 485m was 6% above consensus of € 456...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/05/2023
Quality has been the best performing investment style since the Fed held its last meeting and interest rates rose amid whilst at the same time concerns regarding the cycle in Europe have heightened. Within the Stoxx 600, we have selected the 25 stocks in our coverage universe that best match this Quality style, with an Outperform recommendation and upside potential of more than 20% relative to our equity analysts’ target prices. - ...
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