reports
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 04/25/2024
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
ATO ATOS SE
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MMB LAGARDERE SCA
ITP INTERPARFUMS
HCO HIGHCO SA
MRN MERSEN SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
EBRO EBRO FOODS SA
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
ALVIV VISIATIV SA
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ADOC ADOCIA SA
VLTSA VOLTALIA
SPIE SPIE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
COPN COSMO PHARMACEUTICALS NV
SAE SHOP APOTHEKE EUROPE NV
XFAB X-FAB SILICON FOUNDRIES SE
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
FUR FUGRO NV
RWI RENEWI PLC
FLOW FLOW TRADERS LTD
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 25/04/2024
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
ATO ATOS SE
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MMB LAGARDERE SCA
ITP INTERPARFUMS
HCO HIGHCO SA
MRN MERSEN SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
EBRO EBRO FOODS SA
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
ALVIV VISIATIV SA
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ADOC ADOCIA SA
VLTSA VOLTALIA
SPIE SPIE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
COPN COSMO PHARMACEUTICALS NV
SAE SHOP APOTHEKE EUROPE NV
XFAB X-FAB SILICON FOUNDRIES SE
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
FUR FUGRO NV
RWI RENEWI PLC
FLOW FLOW TRADERS LTD
- Julian Dobrovolschi
Flow Traders : Blowout Q1 2024 results, expect strong share price reac...
>All line items materially above consensus forecast - FLOW came out with a set of blowout figures this morning, whereby all P&L line items came materially above consensus forecast. NTI in the quarter was € 127.1m, which is 57% above estimates and implying a material acceleration QoQ. The company does not break down NTI per region this time around, however we believe that both EMEA and US was strong given that both regions run crypto-trading operations. EBITDA came str...
- ING Helpdesk
Benelux Morning Notes
Azelis: Strong margin performance in weak trading results in 3% EBITA beat. BE Semiconductor Industries: 1Q24 results; prolonged downcycle. Coca-Cola Europacific Partners plc: Messy but good. DWS: Record breaking. Flow Traders: Crypto Kings. Fugro: Here we go again. Kinepolis: Weak start to the year, but a bit better than feared. UCB: Changes in the group executive committee. Unilever: Heading in the right direction. Vonovia: Disposal of 4,500 apartments for €700m. Wolters Kl...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Baptiste Lebacq
FP TOTAL SE
AMS AMS AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI 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
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
WAF SILTRONIC AG
XIL XILAM ANIMATION SA
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WOLF SOCIETE LDC SOCIETE ANONYME
ALKAL KALRAY SA
JEN JENOPTIK AG
TMV TEAMVIEWER AG
INPST INPOST S.A.
HDF HYDROGENE DE FRANCE
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
- Baptiste Lebacq
- Emmanuel Matot
FP TOTAL SE
AMS AMS AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI 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
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
WAF SILTRONIC AG
XIL XILAM ANIMATION SA
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WOLF SOCIETE LDC SOCIETE ANONYME
ALKAL KALRAY SA
JEN JENOPTIK AG
TMV TEAMVIEWER AG
INPST INPOST S.A.
HDF HYDROGENE DE FRANCE
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
- Julian Dobrovolschi
Flow Traders : Digital assets save the quarter, with muted core ETP an...
>Conclusion: a quarter dominated mostly by the acceleration in digital assets - Q1 2024 looks to be a quarter that was dominated predominantly by the acceleration in the digital assets space, fuelled by the spot Bitcoin ETF approval at the start of 2024. Core ETP and single-bond trading market dynamics were mixed in Q1 2024, hence we expect a muted performance from these two asset classes. Overall, we forecast NTI of € 82.4m in the quarter, implying 13.3% growth QoQ. ...
- Gerardo Ibanez
- Steven Boumans
- Gerardo Ibanez
- Steven Boumans
- Julian Dobrovolschi
Flow Traders : Fundamentals deteriorating further; Neutral reiterated
>Market (briefly) happy with Q4 2023 results, likely fearing cuts to dividend policy - Last Thursday (8 February) the shares popped c.7% intraday on fairly uneventful Q4 2023 results. The share price reaction came as a surprise to us, and many others. We believe the market was (temporarily) happy with FLOW reiterating its dividend policy of a 50% payout ratio of IFRS net profits. This came as a relief, as the street was fearing changes to the capital allocation policy...
- Gerardo Ibanez
- Steven Boumans
- Gerardo Ibanez
- Steven Boumans
- Julian Dobrovolschi
Flow Traders : Top-line miss, profitability and net profit a tad bette...
>NTI missing the street by 6.9%, however norm. EBITDA 1.5bps better - Overall we think FLOW posted a mixed set of results in Q4 2023. Revenue came 6.9% below css expectations, however profitability was slightly ahead (1.5bps on norm. EBITDA), and net profit was 4.1% ahead of expectations (on norm. basis). The reason for bottom line beat was decline in the headcount over Q4 2023. As a consequence, the company had a good quarter in terms of cost management, which stacks...
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Christophe-Raphaël Ganet
- Emmanuel Matot
- Jeremy Garnier
- Christophe-Raphaël Ganet
- Emmanuel Matot
- Jeremy Garnier
- Julian Dobrovolschi
Flow Traders : Q4 2023e preview; NTI of € 74m and EBITDA of € 16.7m
>Conclusion: market conditions not yet in the sweet spot, Neutral reiterated - - Q4 2023 volumes accelerated well across all end-markets on a QoQ basis, albeit from a low base. That said, the low volatility environment in the core ETP market was a clear drag to NTI. We expect a somewhat higher contribution to NTI this quarter from the single bond and digital assets trading strategy. Overall, we forecast NTI of € 74.1m in Q4 2023, up 10% QoQ, but still down c.36% YoY given ...
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