reports
- Juan Ros-Padilla
- Juan Ros-Padilla
- Juan Ros-Padilla
Logista : Q2 earnings beat our estimates. FY 2024 guidance reiterated
>Q2 2024 economic sales +1% y-o-y, in line with our forecast - Economic sales in Q2 (January-March 2024) were up 1% y-o-y to € 441m. This evolution is exclusively organic as the scope effect from recent acquisitions is now over and is broadly aligned with our estimate (-1pp) and the consensus (+1pp). Economic sales were solid in Iberia (+3% y-o-y) helped by a strong tobacco (+11% y-o-y), pharma (+8% y-o-y) and others contribution (+8%) that offset the soft transport ...
- Juan Ros-Padilla
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 06/02/2024
Nous faisons rentrer aujourd’hui CRH dans notre liste de valeurs recommandées Large Caps. Elle est exposée à l’économie américaine qui va continuer ,selon nous, de se montrer plus dynamique que l’économie européenne, comme en ont attesté les très bons chiffres de création d’emploi vendredi dernier. Elle réalise 75% de son EBITDA dans les 10 Etats américains à plus forte croissance et dispose en outre de catalyseurs techniques positifs comme sa future entrée dans les indices S&P TMI et...
- Juan Ros-Padilla
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 02/06/2024
Today we are adding CRH to the ODDO BHF European Large Caps Convictions List. It is exposed to the US economy, which we believe will continue to outperform the European economy, as borne out by the very robust job creation figures released last Friday. CRH generates 75% of its EBITDA in the 10 fastest-growing US states, and also has positive technical catalysts such as its future inclusion in the S&P TMI and Russell 1000 indices. - ...
- Juan Ros-Padilla
Logista : Q1 earnings beat. FY24 outlook maintained
>Q1 2024 economic sales +7% y-o-y, a touch above forecasts - Economic sales in Q1 (October-December 2023) were up 7% y-o-y to € 426m. This evolution is exclusively organic as the scope effect from recent acquisitions is now over, and is somewhat above our estimate (3pp) and the consensus (2pp). Economic sales were very strong in Iberia (+5% y-o-y) helped by a strong transport (+12% y-o-y) and others contribution (+27%) that offset the apparently soft tobacco evolution...
Compania De Distribucion Integral Logista: 1 director
A director at Compania De Distribucion Integral Logista bought 6,000 shares at 26.500EUR and the significance rating of the trade was 66/100. 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...
- Emira Sagaama
- Jean-Baptiste Rouphael
- Juan Ros-Padilla
ODDO BHF Small & MIDCAP MORNING NEWS - 01/24/2024
The ESG themes addressed during this year’s forum centred around the 3 “T”s: Transparency, with the implementation of the CSRD; Talent, a theme where the issues of attraction and retention are as relevant as ever; and Transition, with some companies in the process of adapting their business models to embrace sustainability-related topics. Our favorite ESG profiles are those of GEA Group, Intertek, Carbios, SPIE, Elis, UCB and, to a certain extent, Bekaert. - ...
VAC PIERRE & VACANCES SA
ITP INTERPARFUMS
CDA COMPAGNIE DES ALPES SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
ALBFR SIDETRADE SA
TWEKA TKH GROUP N.V. CERT
HAG HENSOLDT AG
ALLFG ALLFUNDS (UK) LTD
BAI BENEVOLENTAI
- Emira Sagaama
- Jean-Baptiste Rouphael
- Juan Ros-Padilla
ODDO BHF Small & MIDCAP MORNING NEWS - 24/01/2024
Cette année, les thématiques ESG abordées lors du Forum se dessinent autour des 3 « T » : Transparence, avec la mise en œuvre de la CSRD, Talents : les enjeux d’attraction et de rétention restent prégnants ; Transition : un virage des modèles d’activité vers des thématiques de durabilité est engagé pour certains acteurs. Côté valeurs, nous apprécions le profil ESG de GEA Group, Intertek, Carbios, SPIE, Elis, UCB et dans une certaine mesure, Bekaert. - ...
VAC PIERRE & VACANCES SA
ITP INTERPARFUMS
CDA COMPAGNIE DES ALPES SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
ALBFR SIDETRADE SA
TWEKA TKH GROUP N.V. CERT
HAG HENSOLDT AG
ALLFG ALLFUNDS (UK) LTD
BAI BENEVOLENTAI
- Juan Ros-Padilla
Logista : Q1 24 preview. We expect underlying EBIT in line with the gu...
>Q1 preview : EBIT growing at a mid-digit pace excluding POI/LOIs - Logista is due to publish its Q1 2024 results on 5 February. We expect sales to increase by 4% to € 415m. However, we estimate slower reported EBIT growth (+2%) explained by the absence in this quarter of non-recurrent profit-on-inventory (vs +€ 2m in Q1 2023). Once adjusted by last year’s POIs, we expect the underlying EBIT to slightly outgrow the reported sales figure (+5% y-o-y). Finally at the rep...
- Emira Sagaama
- Fehmi Ben Naamane
O2D TELEFONICA DEUTSCHLAND HOLDING AG
CRI CHARGEURS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
BFIT BASIC-FIT NV
EVT EVOTEC SE
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
VLS VALNEVA SE
NRG NRJ GROUP SA
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
DTE DEUTSCHE TELEKOM AG
ASC ASOS PLC
MAREL MAREL HF.
COK CANCOM SE
OHB OHB AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TIT TELECOM ITALIA S.P.A.
VGP VGP NV
LNSX SIXT LEASING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
NHH NH HOTEL GROUP SA
JST JOST WERKE AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
SFQ SAF-HOLLAND SE
INPST INPOST S.A.
ANTIN ANTIN INFRASTRUCTURE PARTNERS
RWI RENEWI PLC
SYAB SYNLAB AG
FORSE FORSEE POWER SA
CTPNV CTP NV
- Fehmi Ben Naamane
O2D TELEFONICA DEUTSCHLAND HOLDING AG
CRI CHARGEURS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
BFIT BASIC-FIT NV
EVT EVOTEC SE
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
VLS VALNEVA SE
NRG NRJ GROUP SA
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
DTE DEUTSCHE TELEKOM AG
ASC ASOS PLC
MAREL MAREL HF.
COK CANCOM SE
OHB OHB AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TIT TELECOM ITALIA S.P.A.
VGP VGP NV
LNSX SIXT LEASING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
NHH NH HOTEL GROUP SA
JST JOST WERKE AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
SFQ SAF-HOLLAND SE
INPST INPOST S.A.
ANTIN ANTIN INFRASTRUCTURE PARTNERS
RWI RENEWI PLC
SYAB SYNLAB AG
FORSE FORSEE POWER SA
CTPNV CTP NV
- Juan Ros-Padilla
Logista : Q4 earnings in line. FY 2024 guidance as expected
>Q4 2023 economic sales +31% y-o-y, a touch above forecasts - Economic sales in Q4 (July-September 2023) were up +31% y-o-y to € 424m, positively impacted by the scope effect from Speedlink, Mosca and Carbó (we estimate they added 22pp though the company discontinued reporting organic growth), somewhat above our estimate (4pp) and the consensus (5pp). Economic sales were very strong in Iberia (+51% y-o-y vs +57% in Q3 and +72% in Q2) due to the positive contribution ...
- Juan Ros-Padilla
ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2023
Après un exercice 2023 bien meilleur qu’anticipé initialement sur le plan de la production automobile (+6% vs +2%), les catalyseurs nous semblent plus limités pour les équipementiers, à l’approche de 2024. L’environnement ne devrait pas être particulièrement porteur (nous abaissons nos estimations EBIT de 8% en moyenne) et les enjeux structurels pourraient peser durablement. Face à cela, nous préférons les constructeurs et resserrons davantage notre hiérarchie au sein des équipementie...
- Juan Ros-Padilla
ODDO BHF Small & MIDCAP MORNING NEWS - 10/11/2023
After a much better year than initially expected in 2023 in terms of light vehicle production (+6% vs +2%), we see less catalysts for suppliers as we head towards 2024. The environment is not likely to be particularly supportive (we reduce our EBIT estimates by an average of 8%) and structural challenges could prove a lasting drag for them. Given this, we prefer OEMs and further narrow our hierarchy among suppliers: we downgrade Forvia to Neutral after its good run YTD and now basical...
- Juan Ros-Padilla
Logista : Q4 2023 earnings preview. We expect the company to achieve i...
>Q4 2023 earnings preview - Logista is due to publish its Q4 FY 2023 results on 8 November (year to end-September). We expect sales to increase by 25% to € 406m helped by a scope effect coming from the new transport businesses. However, we estimate slower EBIT growth (+6%) explained by the somewhat lower margin contribution from the transport business. We expect underlying EBIT to be c.€ 2m lower than the reported figure as the former will be positively impacted by pr...
- Juan Ros-Padilla
ALFOC FOCUS HOME INTERACTIVE SA
FLY SOCIETE FONCIERE LYONNAISE SA
BIO BB BIOTECH AG
STF STEF
WHA WERELDHAVE N.V.
SWP SWORD GROUP SE
GBT GUERBET SA
GLO GL EVENTS SA
PGS PGS ASA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
RENE REDES ENERGETICAS NACIONAIS SA
LFDE LA FRANCAISE DE L'ENERGIE SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
AEDAS AEDAS HOMES SA
TMV TEAMVIEWER AG
- Juan Ros-Padilla
ALFOC FOCUS HOME INTERACTIVE SA
FLY SOCIETE FONCIERE LYONNAISE SA
BIO BB BIOTECH AG
STF STEF
WHA WERELDHAVE N.V.
SWP SWORD GROUP SE
GBT GUERBET SA
GLO GL EVENTS SA
PGS PGS ASA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
RENE REDES ENERGETICAS NACIONAIS SA
LFDE LA FRANCAISE DE L'ENERGIE SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
AEDAS AEDAS HOMES SA
TMV TEAMVIEWER AG
- Juan Ros-Padilla
Logista : Q3 results in line, FY 2023 guidance nuanced slightly upward...
>Q3 2023 economic sales +36% y-o-y, a touch above - Economic sales in Q3 (Apr-Jun 2023) were up +36% y-o-y to € 427m positively impacted by the scope effect of Speedlink, Mosca and Carbó (we estimate they added 22pp yet the company discontinued reporting the organic growth), slightly above our estimates (2pp) and consensus (2pp). Economic sales were very strong in Iberia (+57% y-o-y vs +72% in Q2 and +53% in Q1 2023) namely due to the positive contribution from new ac...
- Emira Sagaama
- Juan Ros-Padilla
ODDO BHF Small & MIDCAP MORNING NEWS - 07/20/2023 Date Performance sin...
We believe TKWY is holding its fair market share in Europe, while losing some outside Europe. In addition we believe only TKWY and ROO are making sufficient progress to generate real profits. This in combination with increasing regulatory pressure will accelerate further rationalisation in Food Delivery. We expect TKWY to be the clear winner in Europe. Meanwhile we did a deep dive on online groceries. We believe this can be a nice add on to increase merchant supply, increase order fre...
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