reports
- Emira Sagaama
- Thijs Berkelder
ODDO BHF Small & MIDCAP MORNING NEWS - 09/19/2024
After a challenging H1 for champagne, the industry expects volumes to stabilise in H2 ahead of a recovery in 2025. We lower our estimates for the current year for all champagne groups. In these conditions, we prefer Laurent-Perrier, the sector best-in-class which has many times proven its resilience in champagne market slumps, and upgrade our rating to Outperform vs Neutral. We downgrade Lanson-BCC to Neutral and remain at Neutral on Vranken Pommery given their more fragile profiles. - ...
- Emira Sagaama
- Thijs Berkelder
ODDO BHF Small & MIDCAP MORNING NEWS - 19/09/2024
Après un S1 difficile pour le champagne, la profession table sur une stabilisation des volumes au S2 avant une reprise en 2025. Nous révisons en baisse nos estimations pour l’année en cours pour l’ensemble des groupes. Dans ce cadre, nous privilégions le Best-in-class du secteur, Laurent-Perrier, qui a maintes fois démontré sa capacité de résilience en temps de « crise » et relevons notre opinion à Surperformance vs Neutre. Nous abaissons Lanson-BCC à Neutre et maintenons Vranken Pomm...
- Stephane Beyazian
IONOS : Upgrade to Outperform (vs Neutral) with a better H2 in prospec...
>Recommendation upgraded to Outperform after the fall of 37% in the share price since 11 July and of 35% vs peers - We are upgrading our recommendation to Outperform on the basis of 1/ the upside regained in relation to our € 27 target price after the decline in the share price linked to an anecdotal target adjustment (2024 sales revised from 10% to 9% with no impact on EBITDA); 2/ the reacceleration in H2 2024 sales (from 6% in H1 to 11% in H2) and EBITDA (from 10% t...
- Stephane Beyazian
IONOS : Relèvement à Surperformance (vs Neutre) avec un meilleur S2 en...
>Opinion relevée à Surperformance après le recul de 37% depuis le 11/07 et 35% relatif aux comparables - Nous relevons notre opinion à Surperformance en raison 1/ du potentiel retrouvé par rapport à notre objectif de cours de 27 €, après le recul du titre lié à un ajustement anecdotique d’objectif (CA 2024 revu de 10% à 9% sans impact EBITDA) ; 2/ de la réaccélération au S2 2024 du CA (de 6% au S1 à 11% au S2) et de l’EBITDA (de 10% à 23%); et 3/ de l’élargissement de...
- Oliver Metzger
- Sinan Doganli
ODDO : First feedback – DAY 1
We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - >Adidas (+) – On trackAixtron (=) – No short-term inflection, but high confidence in long-term prospectsAllgeier (+) – Is confident it can achieve 15% EBITDA margin by the end of 2025 ams OSRAM (=) – Some cautiousness on auto/industrial, still co...
FME FRESENIUS MEDICAL CARE AG
CEC CECONOMY AG
AMS AMS AG
ADS ADIDAS AG
CBK COMMERZBANK AG
EVT EVOTEC SE
GBF BILFINGER SE
BOSS HUGO BOSS AG
SDF K+S AG
TPE PVA TEPLA AG
ZAL ZALANDO SE
BAS BASF SE
AIXA AIXTRON SE
BC8 BECHTLE AG
SAX STROEER SE & CO. KGAA
LEG LEG IMMOBILIEN AG
WAF SILTRONIC AG
BNR BRENNTAG SE
SMHN SUESS MICROTEC AG
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
AEIN ALLGEIER HOLDING AG
IOS IONOS GROUP SE
- Daniel Großjohann
Juli-Umsatzwarnung stoppte Kursanstieg, trotz konjunkturellem Gegenwin...
Im ersten Halbjahr erzielte IONOS einen Umsatz von € 751,6 Mio. (+6,1%) bei einem bereinigten EBITDA von € 218 Mio. (+8,6%). Die Umsatzwarnung vom 12.7.24 hat den bis dahin dynamischen Kursanstieg gestoppt und den Kurs wieder in die Region unseres Zielkurses gebracht. Da die Prognoseanpassung sich aber lediglich auf temporäre Effekte im margenschwächeren Aftermarkets-Geschäft bezog und die bereinigte EBITDA-Marge deshalb sogar angehoben wurde, blieb die EBITDA-Guidance absolut unverändert. Funda...
- Daniel Großjohann
July sales warning stopped rise in share price, strong H2 expected des...
In the first half of the year, IONOS generated sales of €751.6 million (+6.1%) with an adjusted EBITDA of €218 million (+8.6%). The sales warning of July 12, 2024 stopped the previously dynamic share price increase and brought the share price back to the range of our target price. However, since the forecast adjustment only related to temporary effects in the lower-margin Aftermarkets business and the adjusted EBITDA margin was therefore even increased, the EBITDA guidance remained unchanged in ...
- Roy Külter
- Steven Boumans
- Roy Külter
- Steven Boumans
- Stephane Beyazian
IONOS : Q2 2024 EBITDA below expectations, but stronger FCF generation
>FY 2024 revenue guidance already cut on 12 July but EBITDA guidance is confirmed - IONOS had already published its headline results on 12 July and adjusted its 2024 revenue guidance. For 2024, after adjustment, the company is targeting i/ sales growth of 9% (vs 11% previously), i.e. sales 1-2% below expectations at € 1,552m (vs ODDO BHF € 1,563m and cons. € 1,558m), ii/ a 15% increase in EBITDA to € 450m, unchanged and in line with expectations (ODDO BHF € 452m and c...
- Stephane Beyazian
IONOS : Q2 2024 EBITDA below expectations, but stronger FCF generation
>FY 2024 revenue guidance already cut on 12 July but EBITDA guidance is confirmed - IONOS had already published its headline results on 12 July and adjusted its 2024 revenue guidance. For 2024, after adjustment, the company is targeting i/ sales growth of 9% (vs 11% previously), i.e. sales 1-2% below expectations at € 1,552m (vs ODDO BHF € 1,563m and cons. € 1,558m), ii/ a 15% increase in EBITDA to € 450m, unchanged and in line with expectations (ODDO BHF € 452m and c...
EQS-News: IONOS Group SE with final key figures for the first half of ...
EQS-News: IONOS Group SE / Key word(s): Half Year Report/Half Year Results IONOS Group SE with final key figures for the first half of 2024 08.08.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. + 180,000 customers to 6.28 million (H1 2023: 6.10 million customers) + 6.1% sales to € 751.6 million (H1 2023: € 708.6 million) + 8.6% adjusted EBITDA to € 218.0 million (H1 2023: € 200.8 million) Sales forecast 2024: approx. 9% growth EBITDA forecast 2024: approx. € 450 million Karlsruhe / Berlin, 8 August 2024: IONOS Group SE publ...
EQS-News: IONOS Group SE mit finalen Kennzahlen für erstes Halbjahr 20...
EQS-News: IONOS Group SE / Schlagwort(e): Halbjahresbericht/Halbjahresergebnis IONOS Group SE mit finalen Kennzahlen für erstes Halbjahr 2024 08.08.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. + 180.000 Kunden auf 6,28 Mio. (H1 2023: 6,10 Mio. Kunden) + 6,1 % Umsatz auf 751,6 Mio. € (H1 2023: 708,6 Mio. €) + 8,6 % bereinigtes EBITDA auf 218,0 Mio. € (H1 2023: 200,8 Mio. €) Umsatzprognose 2024: ca. 9 % Wachstum EBITDA-Prognose 2024: ca. 450 Mio. € Karlsruhe / Berlin, 8. August 2024. Die IONOS Group SE veröffen...
- Oliver Metzger
- Oliver Metzger
- Stephane Beyazian
IONOS : End of the rally, although the growth profile remains strong
>Slight adjustments to the 2024-2025 targets (by 1-2%) - IONOS has announced its results for H1 2024 and adjusted its 2024-2025 targets ahead of schedule (publication initially planned for 8 August). The new targets are 1-2% below our forecasts and the consensus, although these earnings are still robust and maintain IONOS’ profile as a growth stock.For 2024, the company is now aiming for: I/ sales growth of 9% (vs 11% previously), giving revenues 1-2% below forec...
- Stephane Beyazian
IONOS : Une fin de rallye, même si le profil de croissance reste bon
>Légers ajustements sur les objectifs 2024-2025 (de 1-2%) - IONOS a annoncé ses résultats pour le S1 2024 et ajusté ses objectifs 2024-2025 par anticipation (publication initialement prévue le 8 aout). Les nouveaux objectifs sont 1-2% en dessous de nos attentes et du consensus, même si ces résultats restent solides et maintiennent le profil de valeur de croissance d’IONOS :Pour 2024, la société vise désormais : (i) une croissance des ventes de 9% (vs 11% précédem...
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 06/26/2024
Our conviction on the long-term growth potential and opportunities of generative AI is renewed. The enabler sectors (semiconductors, software and IT services) and those that provide the infrastructure (utilities, metals, capital goods and real estate) will be the primary beneficiaries, leading us to make certain target price changes. Among AI ‘user’ sectors (media, healthcare, automotive, banking and insurance, oil services, defence, aerospace and airlines), the effects will doubtless...
ATO ATOS SE
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
ACX ACERINOX SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
TWEKA TKH GROUP N.V. CERT
HBH HORNBACH HOLDING AG & CO. KGAA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
ALFEN ALFEN NV
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
EBUS EBUSCO HLDG NV
IOS IONOS GROUP SE
- Baptiste Salaville
- Jerôme Bodin
- Marc Lavaud
- Philippe Ourpatian
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/06/2024
Notre conviction sur le potentiel de croissance LT et d’opportunités de l’IA générative est renforcée. Les secteurs 'enablers' (semiconducteurs, software et IT services) et fournisseurs d’infrastructures (utilities, métaux, biens d'équipements et immobilier) en seront les premiers bénéficiaires, conduisant à certains changements d’OC. Parmi les secteurs ‘utilisateurs’ de l’IA (média, santé, automobile, banque et assurance, services pétroliers, défense, aéronautique et compagnies aérie...
SOP SOPRA STERIA GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ATO ATOS SE
RI PERNOD RICARD SA
ACN ACCENTURE PLC CLASS A
EN BOUYGUES SA
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
VIV VIVENDI SE
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
CCL CARNIVAL PLC
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Baptiste Salaville
- Marc Lavaud
- Nicolas David
- Philippe Ourpatian
ODDO BHF Small & MIDCAP MORNING NEWS - 26/06/2024
Notre conviction sur le potentiel de croissance LT et d’opportunités de l’IA générative est renforcée. Les secteurs 'enablers' (semiconducteurs, software et IT services) et fournisseurs d’infrastructures (utilities, métaux, biens d'équipements et immobilier) en seront les premiers bénéficiaires, conduisant à certains changements d’OC. Parmi les secteurs ‘utilisateurs’ de l’IA (média, santé, automobile, banque et assurance, services pétroliers, défense, aéronautique et compagnies aérie...
ATO ATOS SE
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
ACX ACERINOX SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
TWEKA TKH GROUP N.V. CERT
HBH HORNBACH HOLDING AG & CO. KGAA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
ALFEN ALFEN NV
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
EBUS EBUSCO HLDG NV
IOS IONOS GROUP SE
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