reports
- Chaima Ferrandon
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Michael Foundoukidis
- Sven Edelfelt
LHN LAFARGEHOLCIM LTD.
BMW BAYERISCHE MOTOREN WERKE AG
1COV COVESTRO AG
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
DGE DIAGEO PLC
RNO RENAULT SA
MTX MTU AERO ENGINES AG
FGR EIFFAGE SA
DAI DAIMLER AG
ADEN ADECCO GROUP AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ELE ENDESA S.A.
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
KGX KION GROUP AG
ASRNL ASR NEDERLAND NV
MONC MONCLER SPA
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
UN0 UNIPER SE
- Chaima Ferrandon
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Michael Foundoukidis
- Sven Edelfelt
LHN LAFARGEHOLCIM LTD.
BMW BAYERISCHE MOTOREN WERKE AG
1COV COVESTRO AG
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
DGE DIAGEO PLC
RNO RENAULT SA
MTX MTU AERO ENGINES AG
FGR EIFFAGE SA
DAI DAIMLER AG
ADEN ADECCO GROUP AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ELE ENDESA S.A.
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
KGX KION GROUP AG
ASRNL ASR NEDERLAND NV
MONC MONCLER SPA
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
UN0 UNIPER SE
- Fabian Semon
KION GROUP AG : Q4 order intake 6% ahead of cons., adj. EBIT up >100% ...
>ITS adj. EBIT-margin remains >10% in Q4 23 & order intake increase (+16% y-o-y) would have been even higher without ~€ 70-80m negative one-off in SCS - KION reported a strong Q4 23 order intake increase of 16% y-o-y to € 2,947m, which is 6% above the consensus estimate of € 2,785m. This strong outcome reflects momentum recovery particularly in ITS, with an order intake increase of +29% y-o-y to € 2,176m (+8% vs. cons, no. of trucks +63% to 67m units), while SCS rem...
EQS-News: KION mit starkem Geschäftsjahr 2023: EBIT bereinigt und Marg...
EQS-News: KION GROUP AG / Schlagwort(e): Jahresergebnis KION mit starkem Geschäftsjahr 2023: EBIT bereinigt und Marge mehr als verdoppelt bei hervorragendem Free Cashflow (News mit Zusatzmaterial) 29.02.2024 / 06:51 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. KION mit starkem Geschäftsjahr 2023: EBIT bereinigt und Marge mehr als verdoppelt bei hervorragendem Free Cashflow Umsatz mit 11,434 Mrd. € auf Rekordniveau (Vorjahr: 11,136 Mrd. €) EBIT bereinigt auf 790,5 Mio. € mehr als verdoppelt (Vorjahr: 292,4 Mio. €) EBIT-Marge bere...
EQS-News: Strong financial year 2023: KION more than doubles adjusted ...
EQS-News: KION GROUP AG / Key word(s): Annual Results Strong financial year 2023: KION more than doubles adjusted EBIT and margin with outstanding free cash flow (news with additional features) 29.02.2024 / 06:51 CET/CEST The issuer is solely responsible for the content of this announcement. Strong financial year 2023: KION more than doubles adjusted EBIT and margin with outstanding free cash flow Record level revenue of € 11.434 billion (2022: € 11.136 billion) Adj. EBIT more than doubled to € 790.5 million (2022: € 292.4 million) Adj. EBIT margin of 6.9 percent (2022...
- Carole Braudeau
- Julian Dobrovolschi
FP TOTAL SE
ENX EURONEXT NV
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
COV COVIVIO SA
CBK COMMERZBANK AG
RI PERNOD RICARD SA
ENI ENI S.P.A.
REP REPSOL SA
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
UMI UMICORE
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
STLA STELLANTIS N.V.
AZE AZELIS GROUP NV
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
UN0 UNIPER SE
- Carole Braudeau
- Bruno Cavalier
- Julian Dobrovolschi
FP TOTAL SE
ENX EURONEXT NV
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
COV COVIVIO SA
CBK COMMERZBANK AG
RI PERNOD RICARD SA
ENI ENI S.P.A.
REP REPSOL SA
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
UMI UMICORE
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
STLA STELLANTIS N.V.
AZE AZELIS GROUP NV
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
UN0 UNIPER SE
- Fabian Semon
KION GROUP AG : Investment case fully intact (despite technical ‘warni...
>Technical (Bafin?) driven ‘warning’ – Group KPIs in line with FY 2023 outlook - We talked to IR and they said that yesterday’s release is a 'technical warning = non-event'. KION is actually under more severe supervision of Bafin (got a small fine after they did not follow their ad-hoc obligation in Q4 21 and they have a new general counsel). Net income came in at € 83m vs consensus of € 118m in Q4 2023, which was negatively impacted by ~€ 25m in non-recurring items r...
- Carole Braudeau
- Carole Braudeau
- Christophe-Raphaël Ganet
ODDO : Prémices du réveil des S&Midcaps ?
A date, il nous semble un peu tôt pour pleinement repondérer les Midcaps en raison du timing de la baisse des taux que nos économistes/stratégistes situent à mi-2024, mais : i/ les valorisations (PE 24e : 12,5x - VE/EBITDA 24e : 6,3x) offrent, ponctuellement au moins, des opportunités (décote proche de 30% par rapport aux Large caps), ii/ la croissance attendue est de ~4% (CA 24e) et 8% sur l’EBITDA 24e, iii/ l’approche de la détente des taux amorce un changement dans la percepti...
- Fabian Semon
KION GROUP AG : Inflection point in SCS reached & growth fantasy to re...
We see the FY 2024 order intake consensus of € 11.1bn as too bearish (ODDO BHFe: € 11.9bn), given resilient momentum in ITS (not back-end loaded & positive Jinan ramp-up impact), while SCS has reached an inflection point (recovery as of H2 2024). We expect sticky pricing in ITS (January +1-2% up again) to provide 8% upside to the FY 2024 group adj. EBIT consensus (ODDO BHFe: € 909m). Our raised adj. EBIT estimates (+7%/+14% for 2024/25) leads to a TP of € 61 (€ 35). We upgrade to...
- Carole Braudeau
Verallia : Credit feedback – ODDO BHF Forum, 11 to 16 January 2024
The 27th ODDO BHF forum was held in the form of physical meetings (11-12 January) and digital meetings (15-16 January). It was attended by 325 companies (compared with 322 in 2023 and 314 in 2022): ~40% French, 30% German and 30% from the rest of the EU (except one from US). - Our 2024 Forum welcomed 910 investors (vs. 781 in 2023) 53% of whom were French (vs. 58% in 2023) working for 378 institutions in 20 countries. We organised the equivalent of 8,196 investor meetings (vs. 7,...
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
IPS IPSOS SA
SCHP SECHE ENVIRONNEMENT SA
LHA DEUTSCHE LUFTHANSA AG
AC ACCOR SA
GET GETLINK SE
EDEN EDENRED SA
ELIOR ELIOR GROUP SA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
NK IMERYS SA
MTX MTU AERO ENGINES AG
ORA ORANGE SA
EO FAURECIA SA
NXI NEXITY SA CLASS A
EN BOUYGUES SA
DBG DERICHEBOURG SA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
POM PLASTIC OMNIUM SE
SCR SCOR SE
DEC JCDECAUX SA
TEP TELEPERFORMANCE SE
CGM CEGEDIM SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ALTA ALTAREA SCA
ZAL ZALANDO SE
NEX NEXANS SA
ERA ERAMET SA
EZJ EASYJET PLC
QDT QUADIENT SA
ELIS ELIS SA
SOI SOITEC SA
TEG TAG IMMOBILIEN AG
AMS AMADEUS IT GROUP SA CLASS A
KGX KION GROUP AG
EDR EDREAMS ODIGEO SA
ONTEX ONTEX GROUP N.V.
COFA COFACE SA
VLTSA VOLTALIA
SPIE SPIE SA
HBH HORNBACH HOLDING AG & CO. KGAA
TKO TIKEHAU CAPITAL SCA
CGG CGG
TEF TELEFONICA SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
NEOEN NEOEN S.A.
VRLA VERALLIA SAS
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
TE TECHNIP ENERGIES NV
TUI TUI AG
AF AIR FRANCE - KLM
- Carole Braudeau
Verallia : Feedback Crédit Forum du 11 au 16 janvier 2024
Notre 27ième Forum vient de se dérouler de manière présentielle (11-12 janvier), à Lyon, et en digital (les 15-16 janvier). Il a réuni 325 sociétés (vs 322 sociétés en 2023 et 314 en 2022), originaire à ~40% de France, à 30% d’Allemagne et les 30% restant venant du reste de l’Europe (sauf une société américaine). - L’édition 2024 de notre Forum a accueilli 910 investisseurs (781 en 2023) dont 53% français (vs 58% en 2023) travaillant pour 378 institutions de 20 pays. Nous avons ai...
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
IPS IPSOS SA
SCHP SECHE ENVIRONNEMENT SA
LHA DEUTSCHE LUFTHANSA AG
AC ACCOR SA
GET GETLINK SE
EDEN EDENRED SA
ELIOR ELIOR GROUP SA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
NK IMERYS SA
MTX MTU AERO ENGINES AG
ORA ORANGE SA
EO FAURECIA SA
NXI NEXITY SA CLASS A
EN BOUYGUES SA
DBG DERICHEBOURG SA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
POM PLASTIC OMNIUM SE
SCR SCOR SE
DEC JCDECAUX SA
TEP TELEPERFORMANCE SE
CGM CEGEDIM SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ALTA ALTAREA SCA
ZAL ZALANDO SE
NEX NEXANS SA
ERA ERAMET SA
EZJ EASYJET PLC
QDT QUADIENT SA
ELIS ELIS SA
SOI SOITEC SA
TEG TAG IMMOBILIEN AG
AMS AMADEUS IT GROUP SA CLASS A
KGX KION GROUP AG
EDR EDREAMS ODIGEO SA
ONTEX ONTEX GROUP N.V.
COFA COFACE SA
VLTSA VOLTALIA
SPIE SPIE SA
HBH HORNBACH HOLDING AG & CO. KGAA
TKO TIKEHAU CAPITAL SCA
CGG CGG
TEF TELEFONICA SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
NEOEN NEOEN S.A.
VRLA VERALLIA SAS
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
TE TECHNIP ENERGIES NV
TUI TUI AG
AF AIR FRANCE - KLM
- Markus Schmitt
KION GROUP AG : Caution is required
We reduce our Credit Opinion to Stable from Positive, but affirm our Buy recommendation. - Kion has done nicely during FY 23. But we believe that the flow of positive news around material financial performance improvements will start to abate in FY 24. Recent management comments fit the global macro picture. In addition, order book ASP (on our simplified calculation) is declining and the tailwind from an easing supply chain and eroding raw material prices and better material sourci...
- Markus Schmitt
KION GROUP AG : Caution is required
We reduce our Credit Opinion to Stable from Positive, but affirm our Buy recommendation. - Kion has done nicely during FY 23. But we believe that the flow of positive news around material financial performance improvements will start to abate in FY 24. Recent management comments fit the global macro picture. In addition, order book ASP (on our simplified calculation) is declining and the tailwind from an easing supply chain and eroding raw material prices and better material sourci...
- Carole Braudeau
- Carole Braudeau
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