reports
- Thomas J. Schiessle
Vorsichtige Guidance FY 25 sieht moderates, profitables Wachstum – lan...
Der scheidende CEO plant die 1. Guidance FY 25 nur qualitativ und in „bewusst vorsichtigem Grundton“ (Konkretisierung am 16.04.25). Die Visibilität „werde besser“. Lagerabbau und Investitionszurückhaltung seien in Q4/24 überwunden, ein stabiles positives Momentum sei aber noch nicht erkennbar.
- Thomas J. Schiessle
Cautious FY 25 guidance sees moderate, profitable growth – slow start ...
The outgoing CEO plans to give only a qualitative outlook for the first time in FY 25 and in a “deliberately cautious tone” (more details on April 16, 2025). Visibility “will improve”. Inventory reductions and investment restraint were overcome in Q4/24, but a stable positive momentum is not yet visible.
- Dominic Rose
- Naresh Chouhan
Sartorius Stedim - Upgrade to HOLD (HOLD [SELL], TP EUR230 [120], 9pgs...
We upgrade Stedim to Hold after a strong Q4 order book and signs of improvement across the bioprocessing industry. Whilst the Stedim valuation seems very stretched to us, we feel comfortable sales can grow HSD this year with a 2% FX tailwind, improving order book & signs that many customers are now back to normal ordering patterns. Our proprietary biologic demand model shows that demand should grow 9% this year but is slowing over the coming years & our yield analysis shows that improving yields...
- Benoit Valleaux
- Steven Gould
- Youssef Besbes
IFX INFINEON TECHNOLOGIES AG
GET GETLINK SE
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BNP BNP PARIBAS SA CLASS A
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
SRT3 SARTORIUS AG PREF
SZG SALZGITTER AG
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
VOE VOESTALPINE AG
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
DTE DEUTSCHE TELEKOM AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
HM B H&M HENNES & MAURITZ AB CLASS B
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
DIM SARTORIUS STEDIM BIOTECH SA
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
SAP SAP SE
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Benoit Valleaux
- Steven Gould
- Youssef Besbes
IFX INFINEON TECHNOLOGIES AG
GET GETLINK SE
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BNP BNP PARIBAS SA CLASS A
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
SRT3 SARTORIUS AG PREF
SZG SALZGITTER AG
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
VOE VOESTALPINE AG
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
DTE DEUTSCHE TELEKOM AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
HM B H&M HENNES & MAURITZ AB CLASS B
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
DIM SARTORIUS STEDIM BIOTECH SA
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
SAP SAP SE
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Oliver Metzger
Sartorius Stedim Biotech publie ses résultats préliminaires non audité...
Sartorius Stedim Biotech SA / Mot-clé(s) : Résultat annuel/Résultat trimestriel Sartorius Stedim Biotech publie ses résultats préliminaires non audités pour l’exercice 2024 28-Jan-2025 / 07:04 CET/CEST Aubagne, France | 28 janvier 2025Sartorius Stedim Biotech publie ses résultats préliminaires non audités pour l’exercice 2024 Chiffre d’affaires à 2 780 millions d’euros, soit, à taux de change constant1 une hausse de 0,6 % en tenant compte de la contribution non-organique2(déclaré : + 0,2 % ; organique : -0,7 % à taux de change constant1) EBITDA courant1 à 779 millions d’euros,...
Sartorius Stedim Biotech publishes preliminary, unaudited results for ...
Sartorius Stedim Biotech SA / Key word(s): Annual Results/Quarter Results Sartorius Stedim Biotech publishes preliminary, unaudited results for fiscal 2024 28-Jan-2025 / 07:04 CET/CEST Aubagne, France | January 28, 2025Sartorius Stedim Biotech publishes preliminary, unaudited results for fiscal 2024 Sales revenue at 2,780 million euros, in constant currencies1 up +0.6 percent including non-organic contribution2, (reported: + 0.2 percent, organic1: - 0.7 percent in constant currencies) Underlying EBITDA1 of 779 million euros, resulting margin at 28.0 percent; net profit of 175 ...
- Charlotte Vaisse
- Christophe-Raphaël Ganet
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/18/2024
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 prefer Acc...
VIE VEOLIA ENVIRONNEMENT SA
CA CARREFOUR SA
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
FGR EIFFAGE SA
ABB ABB LTD.
HNR1 HANNOVER RUECK SE
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
RACE FERRARI NV
VACN VAT GROUP AG
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Charlotte Vaisse
- Christophe-Raphaël Ganet
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/10/2024
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 croissance 202...
VIE VEOLIA ENVIRONNEMENT SA
CA CARREFOUR SA
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
FGR EIFFAGE SA
ABB ABB LTD.
HNR1 HANNOVER RUECK SE
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
RACE FERRARI NV
VACN VAT GROUP AG
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Oliver Metzger
Sartorius Stedim Biotech : Order intake to point in the right directio...
>The end of destocking, consumables drive recovery - While Q3 revenues were slightly lower than expected, the company highlighted that most customers are progressing well with their destocking programmes. The growing demand in theconsumables business more than compensates for still muted equipment demand. From a regional perspective, EMEA shows a positive development driven by the consumable business. The Americas still suffer from a high comparable base as well ...
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/17/2024
We measured the impact of the contribution from Michel Barnier’s exceptional tax on 88 stocks exposed to France. Some 17 of them would experience a (negative) impact on their EPS of more than 4% on average over 2024 and 2025: LDC (-8.3%), Synergie (-8%), Eiffage (-7.9%), ADP (-7.9%), Dassault Aviation (-7%), Crit (-6.9%), Derichebourg (-6.3%), Hermès (-5.6%), Safran (-5.6%), Bouygues (-5.6%), M6 (-5.2%), Thales (-5%), TF1 (-4.9%), Nexans (-4.9%), Vinci (-4.7%), Compagnie des Alpes (...
FP TOTAL SE
PUB PUBLICIS GROUPE SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
RI PERNOD RICARD SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
ABB ABB LTD.
KORI KORIAN SA
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
KER KERING SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
INPST INPOST S.A.
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/10/2024
Nous avons mesuré l’impact de la contribution exceptionnelle Barnier sur 88 valeurs exposées à la France. 17 d’entre elles auraient un impact (négatif) sur leurs BPA de plus de 4% en moyenne sur 2024 et 2025 : LDC (-8,3%), Synergie (-8%), Eiffage (-7,9%) ADP (-7,9%), Dassault Aviation (-7%), Crit (-6,9%), Derichebourg (-6,3%), Hermès (-5,6%), Safran (-5,6%), Bouygues (-5,6%), M6 (-5,2%), Thalès (-5%), TF1 (-4,9%), Nexans (-4,9%), Vinci (-4,7%), Compagnie des Alpes (-4,4%), FDJ (-4%). - ...
FP TOTAL SE
PUB PUBLICIS GROUPE SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
RI PERNOD RICARD SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
ABB ABB LTD.
KORI KORIAN SA
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
KER KERING SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
INPST INPOST S.A.
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Oliver Metzger
Sartorius Stedim Biotech : Q3 review - Stabilisation seen, order intak...
>Q3 review – Results in line, order intake better - Q3 revenues of € 655m (-1.7% y-o-y, -1%/-1% vs ODDO BHF/consensus) were impacted by a constant-currency sales decline of -1.4% including 250bp coming from external growth. The order intake reached € 634m (+2.8% y-o-y) in the quarter, which was 6% higher than we had expected. The increase at constant currencies was +3.5%. The company highlighted that most customers are well progressing with their destocking programmes...
Sartorius Stedim Biotech publie ses résultats non audités pour les neu...
Sartorius Stedim Biotech SA / Mot-clé(s) : Rapport trimestriel Sartorius Stedim Biotech publie ses résultats non audités pour les neuf premiers mois de 2024 17-Oct-2024 / 07:02 CET/CEST Aubagne, France | 17 octobre 2024 Sartorius Stedim Biotech publie ses résultats non audités pour les neuf premiers mois de 2024 Chiffre d’affaires à 2 029 millions d’euros, soit une baisse organique de 3,0 % à taux de change constant1 (baisse déclarée : -1,9 %) EBITDA courant1 à 565 millions d’euros, marge correspondante à 27,8 % ; résultat net1 à 129 millions d’euros L'augmentation significa...
Sartorius Stedim Biotech publishes unaudited results for the first nin...
Sartorius Stedim Biotech SA / Key word(s): 9 Month figures Sartorius Stedim Biotech publishes unaudited results for the first nine months of 2024 17-Oct-2024 / 07:02 CET/CEST Aubagne, France | October 17, 2024Sartorius Stedim Biotech publishes unaudited results for the first nine months of 2024 Sales revenue of 2,029 million euros, organic decline of 3.0 percent in constant currencies1 (reported: - 1.9 percent) Underlying EBITDA1 at 565 million euros, resulting margin at 27.8 percent; net profit1 of 129 million euros Significant growth in order intake for consumables overcomp...
- Dominic Rose
- Naresh Chouhan
Global Bioprocessing - 5% Mid-Term Trend Growth (12pgs)
We show clear evidence that rapidly improved yields are the missing link in the mystery of the Bioprocessing slowdown. New analysis using our proprietary biologic demand model shows that industry trend growth could have fallen to just 5% & higher yields explain the slow recovery & poor visibility. We believe trend growth is now MSD 2024-26, at best. We will attend the biggest Bioprocessing trade conference next week to better understand complex industry trends & the feasibility of rapid yield im...
- Dominic Rose
- Naresh Chouhan
DIM - Structural Problems Could Last Years (SELL, TP EUR120, 8pgs)
Following another profit warning and worsening visibility, we are now of the view there are structural problems at DIM and potentially even in the bioprocessing space. We have 2 theories regarding the structural issues: for one we have concrete evidence and for the 2nd theory we will be attending an industry trade conference in the coming weeks to assess whether there is credence to our thesis. Should both be true, we believe Bioprocessor suppliers will materially de-rate and DIM will suffer the...
- Maissa Keskes
- Stephane Houri
- Maissa Keskes
- Stephane Houri
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