reports
- Daniel Großjohann
Jahresziele 2024 bestätigt, aber Cloud Solutions Geschäft wuchs in Q3 ...
Die 9-Monatszahlen zeigten einen im Rahmen der Erwartungen liegenden Umsatzanstieg auf € 1.141.6 Mio. (+7,8%) – getrieben von Neukundenwachstum, Cross- und Upselling, sowie Preisanpassungen. Zum Halbjahr hatte der Umsatzanstieg bei nur 6,1% gelegen, für 2024 plant die Gesellschaft unverändert ein (währungsbereinigtes) Wachstum von 9%. Eine ähnlich positive unterjährige Entwicklung zeigte das bereinigte EBITDA (+9,2%). Lediglich die nachlassende Dynamik im Cloud Solutions Geschäft sorgte für eine...
- Daniel Großjohann
FY25 mit sequenzieller Verbesserung - THG-Quoten-Preise
The 9-month figures showed an increase in sales in line with expectations to € 1,141.6 million (+7.8%) - driven by new customer growth, cross-selling and upselling, as well as price adjustments. At the end of the first half of the year, sales had risen by just 6.1%; the company is still planning (currency-adjusted) growth of 9% for 2024. Adjusted EBITDA showed a similarly positive development during the year (+9.2%). Only the slowdown in momentum in the Cloud Solutions business was a slight dis...
- Maissa Keskes
- Stephane Houri
TEMN TEMENOS AG
LEI LEIFHEIT AG
ITP INTERPARFUMS
IPH INNATE PHARMA SA CLASS A
VOE VOESTALPINE AG
TPE PVA TEPLA AG
SIX2 SIXT SE
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
DLG DE'LONGHI S.P.A.
JUN3 JUNGHEINRICH AG PREF
TKWY JUST EAT TAKEAWAY.COM N.V.
BSGR B&S GROUP S.A.
AG1 AUTO1 GROUP
SPAC 468 SPAC I SE
IOS IONOS GROUP SE
R3NK RENK GROUP AG
- Maissa Keskes
- Stephane Houri
TEMN TEMENOS AG
LEI LEIFHEIT AG
ITP INTERPARFUMS
IPH INNATE PHARMA SA CLASS A
VOE VOESTALPINE AG
TPE PVA TEPLA AG
SIX2 SIXT SE
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
DLG DE'LONGHI S.P.A.
JUN3 JUNGHEINRICH AG PREF
TKWY JUST EAT TAKEAWAY.COM N.V.
BSGR B&S GROUP S.A.
AG1 AUTO1 GROUP
SPAC 468 SPAC I SE
IOS IONOS GROUP SE
R3NK RENK GROUP AG
- Stephane Beyazian
IONOS : Ramp-up, FCF estimate lifted and US peers at a peak
>Better activity and a positive surprise of reduced Capex - IONOS confirmed its ramp-up in Q3 2024, with growth at 11% of revenues (price increases and migration of customers towards more costly AI products) and 10% of EBITDA. We even expect record EBITDA growth at 34% in Q4 (vs Q4 2023, impacted by marketing spend). The other positive surprise is the investment target lowered to € 80-90m in 2024 (vs € 90-100m previously). We now forecast a 46% decline in 2024 FCF (o...
- Stephane Beyazian
IONOS : Accélération, estimation FCF relevée et comparables US au plus...
>Activité en amélioration et bonne surprise sur les (faibles) investissements - IONOS a confirmé au T3 2024 son accélération, avec une croissance de 11% du CA (hausses de prix et migration de clients vers des produits IA plus chers) et de 10% de l’EBITDA ; nous anticipons même une croissance EBITDA record de 34% au T4 (vs T4 2023 impacté par les dépenses marketing). L’autre bonne surprise est un objectif d’investissements abaissé à 80-90 M€ en 2024 (vs 90-100 M€ précé...
EQS-News: IONOS Group SE posts strong results in the first nine months...
EQS-News: IONOS Group SE / Key word(s): Quarterly / Interim Statement/9 Month figures IONOS Group SE posts strong results in the first nine months of 2024 12.11.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. + 110,000 customers to 6.30 million (2023: 6.19 million customers) + 7.8% sales to € 1,141.6 million (9M 2023: € 1,058.7 million) + 9.2% adjusted EBITDA to € 334.5 million (9M 2023: € 306.3 million) Revenue guidance 2024 confirmed: continued growth of approx. 9% EBITDA guidance 2024 confirmed: adjusted EBITDA remains ...
EQS-News: IONOS Group SE mit starken Ergebnissen in den ersten neun Mo...
EQS-News: IONOS Group SE / Schlagwort(e): Quartals-/Zwischenmitteilung/9-Monatszahlen IONOS Group SE mit starken Ergebnissen in den ersten neun Monaten 2024 12.11.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. + 110.000 Kunden auf 6,30 Mio. (2023: 6,19 Mio. Kunden) + 7,8 % Umsatz auf 1.141,6 Mio. € (9M 2023: 1.058,7 Mio. €) + 9,2 % bereinigtes EBITDA auf 334,5 Mio. € (9M 2023: 306,3 Mio. €) Umsatzprognose 2024 bestätigt: weiterhin ca. 9 % Wachstum EBITDA-Prognose 2024 bestätigt: weiterhin ca. 450 Mio. € bereinigtes ...
- Nicolas David
- Nicolas Thorez
ODDO : The sector recovery will be slower than expected in H2 2024 and...
The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefe...
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
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
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
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
- Nicolas David
- Nicolas Thorez
ODDO : La recovery du secteur sera plus lente qu’attendu au S2 2024 et...
La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissanc...
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
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
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
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
- 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...
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