reports
- Bruno Cavalier
- Thijs Berkelder
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 07/01/2024
By calling a snap election in the hope of bringing a majority of voters back to a centrist bloc, Emmanuel Macron has gambled with the Constitution. And he lost. Yesterday's election, marked by a jump in turnout (+20pt vs 2022), confirmed the dominance of the National Rally (RN). There are now two possible scenarios. One is an absolute majority for the RN, enabling it to "conduct the nation's policy"... until a possible dissolution in a year's time. The other is a divided parliament, f...
- Bruno Cavalier
- Thijs Berkelder
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 01/07/2024
En provoquant des élections anticipées dans l’espoir de ramener une majorité d’électeurs vers un bloc centriste, Emmanuel Macron a joué avec la Constitution. Il a perdu. L’élection d’hier marquée par un bond de la participation (+20pts vs 2022) a confirmé la domination du Rassemblement National. Deux scénarios subsistent. L’un est une majorité absolue pour le RN lui permettant de "conduire la politique de la nation"… jusqu’à une possible dissolution dans un an. L’autre est une parleme...
- Oliver Metzger
- Stephan Wulf
SCHOTT Pharma AG & Co. KGaA : Increasing optimism on FY 2024 while lon...
>More optimistic on FY 2024 as visibility increases - The most important topic of SCHOTT Pharma's H1 conference call last week was CFO Dr Almuth Steinkühler's more positive sales guidance for 2024. Previously the company limited the guidance to the low end of its 9-11% sales growth target for FY 2024 as FY 2023 came in stronger than anticipated and therefore comps were challenging. At the conference call, the CFO explicitly emphasised that the full range of the guidan...
- Thomas J. Schiessle
Q2/24 erfreulich – Lagerabbau bei Standart-Vails abgeschlossen- CFO: Q...
FY 24 ist auf Kurs; der Markt intakt, aber das Kundenverhalten eher zurückhaltend. Im H1/24 stieg der Konzernumsatz (in CC) mit 9,0 % YoY auf € 489 Mio. jüngst schneller. Das adj. EBITDA stieg auf € 134 Mio. (in CC.: +2 %; Marge 27,4 %; Vj: 29,4 %), sank (wg. Unterauslastung) im QoQ aber. Die Nachfrage nach Primärverpackungen für Flüssig-Medikamente ist anhaltend hoch, was u.E. ab H2/23-24 deutlich und margenrelevant (vor ramp-up-Kosten (FY 23-24: € 10-15 Mio.)) werden wird, denn der Corona-bedi...
- Thomas J. Schiessle
Q2/24 pleasing - destocking of standard vails completed - CFO: Q3/24 i...
FY 24 is on track; market intact, but customer behavior rather cautious. In H1/24, Group sales (in CC) recently grew faster at 9.0% YoY to € 489m. Adj. EBITDA rose to € 134m (in CC.: +2%; margin 27.4%; PY: 29.4%), but fell (due to underutilization) in QoQ. Demand for primary packaging for liquid medicines remains high, which we believe will become significant and margin-relevant (before ramp-up costs (FY 23-24: € 10-15m)) from H2/23-24, as the corona-related customer destocking (especially vials...
- Oliver Metzger
- Stephan Wulf
- Oliver Metzger
- Stephan Wulf
- Oliver Metzger
- Stephan Wulf
SCHOTT Pharma AG & Co. KGaA : Positive newsflow on FY 24 guidance duri...
>FY 24 sales guidance is not limited to the lower end of the range any more - The most important topic of the H1 conference call was that the CFO, Dr Almuth Steinkühler, changed the tone on the 2024 sales guidance. Previously the company limited the guidance to the low end of its 9-11% sales growth target for FY 24 as FY 23 came in stronger than anticipated and therefore comps were challenging. At the conference call, the CFO explicitly emphasised that the full range ...
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 06/27/2024
As momentum has become less adverse than over the past five years, interest rates have started to fall and valuations have (historically low), this should have prodded small and mid cap companies back to their old outperformance. The European elections in France and the ensuing decision to dissolve the French National Assembly have changed risk perceptions and erased YTD gains. In our new ODDO BHF European mid cap list for H2 2024, France is underweighted with a mix of defensive and s...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
A1XA4J CARBIOS SA
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
OVH OVH GROUPE
EAPI EUROAPI
SCHOTT PHARMA AG
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 27/06/2024
Le momentum devenu moins défavorable qu’au cours des 5 derniers exercices, l’amorce de baisse des taux, et les valorisations (historiquement basses) auraient dû aider les small&Midcaps à retrouver leur surperformance. Les Elections européennes suivies de la dissolution de l’Assemblée nationale en France ont changé la perception du risque et gommé les gains YTD. Notre nouvelle liste ODDO BHF European Midcaps pour le S2 2024 se trouve sous-pondérée sur la France et propose un mix entre ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
A1XA4J CARBIOS SA
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
OVH OVH GROUPE
EAPI EUROAPI
SCHOTT PHARMA AG
- Oliver Metzger
- Stephan Wulf
SCHOTT Pharma AG & Co. KGaA : H1 results in line with preliminary figu...
>H1 was strongly impacted by FX headwinds - SCHOTT Pharma’s final H1 figures were in line with prel. results, which were published on 14 May 2024. In H1 2024, the company’s revenues grew by 9% to € 466m at constant currencies (H1 2023: € 449m). The company’s EBITDA increased slightly (+2% at cc / -11% reported) compared to the prior year despite ramp-up cost from the continued investments in capacity expansion. Revenues and EBITDA on a reported basis were impacted by ...
EQS-News: SCHOTT Pharma continues growth path in the second quarter of...
EQS-News: SCHOTT Pharma AG & Co. KGaA / Key word(s): Half Year Report/Half Year Results SCHOTT Pharma continues growth path in the second quarter of fiscal year 2024 27.06.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. SCHOTT Pharma continues growth path in the second quarter of fiscal year 2024 Q2 2024 revenues up 11% yoy to EUR 247m at constant currencies Q2 2024 EBITDA margin of 27.0% at constant currencies Share of strong-margin high-value solutions (HVS) at 53% in the first half of FY 2024 Guidance for fiscal year 202...
EQS-News: SCHOTT Pharma setzt Wachstumskurs im zweiten Quartal des Ges...
EQS-News: SCHOTT Pharma AG & Co. KGaA / Schlagwort(e): Halbjahresbericht/Halbjahresergebnis SCHOTT Pharma setzt Wachstumskurs im zweiten Quartal des Geschäftsjahres 2024 fort 27.06.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. SCHOTT Pharma setzt Wachstumskurs im zweiten Quartal des Geschäftsjahres 2024 fort Q2 2024 Umsatzerlöse steigen währungsbereinigt um 11 % gegenüber Vorjahr auf 247 Mio. Euro Q2 2024 währungsbereinigte EBITDA-Marge von 27,0 % Umsatzanteil der margenstarken High-Value-Lösungen (HVS) bei 53 % in ...
EQS-News: Expanding prefillable glass syringe output: SCHOTT Pharma op...
EQS-News: SCHOTT Pharma AG & Co. KGaA / Key word(s): Expansion Expanding prefillable glass syringe output: SCHOTT Pharma opens state-of-the-art production facility in Lukácsháza, Hungary 14.06.2024 / 12:58 CET/CEST The issuer is solely responsible for the content of this announcement. Expanding prefillable glass syringe output: SCHOTT Pharma opens state-of-the-art production facility in Lukácsháza, Hungary June 11, 2024, Lukácsháza, Hungary After EUR 76 million (HUF 28,044 billion) investment and 1.5 years of construction, SCHOTT Pharma opens its newest production facil...
EQS-News: Erweiterung der Produktion von vorfüllbaren Glasspritzen: SC...
EQS-News: SCHOTT Pharma AG & Co. KGaA / Schlagwort(e): Expansion Erweiterung der Produktion von vorfüllbaren Glasspritzen: SCHOTT Pharma eröffnet hochmoderne Produktionsstätte im ungarischen Lukácsháza 14.06.2024 / 12:58 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Erweiterung der Produktion von vorfüllbaren Glasspritzen: SCHOTT Pharma eröffnet hochmoderne Produktionsstätte im ungarischen Lukácsháza 11. Juni 2024, Lukácsháza, Ungarn Nach einer Investition von 76 Millionen Euro (28,044 Milliarden HUF) und eineinhalb Jahren Bau...
- Thomas J. Schiessle
Major mRNA customer surprisingly causes temporary dip in demand in FY ...
FY24 is on track; market intact. However, the expected top-line growth in FY25 will be less dynamic than originally planned by management and the capital market (+16% YoY). Sales growth YoY is expected to be in the “high single-digit to low double-digit” range, as management currently believes that the shortfall in sales cannot be compensated for immediately, but only in the medium term; this applies all the more to the improvement in the EBITDA margin.
- Thomas J. Schiessle
Bedeutender mRNA-Kunde sorgt überraschend für temporäre Nachfragedelle...
FY24 ist auf Kurs; der Markt intakt. Das erwartete 25er topline-Wachstum aber wird weniger dynamisch als vom Management und dem Kapitalmarkt (+16% YoY) ursprünglich geplant, ausfallen. Der 25er Umsatz soll „hoch einstellig bis niedrig zweistellig“ wachsen, denn der Fehlumsatz lässt sich laut Management aus heutiger Sicht nicht umgehend, sondern erst mittelfristig kompensieren; umso mehr gilt das für die EBITDA-Margenverbesserung.
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 05/15/2024 Date Performance sin...
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
ETL EUTELSAT COMMUNICATIONS SA
PBB DEUTSCHE PFANDBRIEFBANK AG
TNG TRANSGENE SA
F3C SFC ENERGY AG
FGA FIGEAC AERO SA
PSM PROSIEBENSAT.1 MEDIA SE
TPE PVA TEPLA AG
TRI TRIGANO SA
MBB MBB INDUSTRIES SE
DEQ DEUTSCHE EUROSHOP AG
PAT PATRIZIA AG
WLN WORLDLINE SA
DKG DEUTSCHE KONSUM REIT-AG
NHH NH HOTEL GROUP SA
CGG CGG
BSGR B&S GROUP S.A.
MEDCL MEDINCELL SA
NEXI NEXI S.P.A.
INPST INPOST S.A.
NA9 NAGARRO
HGEA HGEARS AG
TUI TUI AG
SCHOTT PHARMA AG
R3NK RENK GROUP AG
ORP ORPEA
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 15/05/2024 Date Performance dep...
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
ETL EUTELSAT COMMUNICATIONS SA
PBB DEUTSCHE PFANDBRIEFBANK AG
TNG TRANSGENE SA
F3C SFC ENERGY AG
FGA FIGEAC AERO SA
PSM PROSIEBENSAT.1 MEDIA SE
TPE PVA TEPLA AG
TRI TRIGANO SA
MBB MBB INDUSTRIES SE
DEQ DEUTSCHE EUROSHOP AG
PAT PATRIZIA AG
WLN WORLDLINE SA
DKG DEUTSCHE KONSUM REIT-AG
NHH NH HOTEL GROUP SA
CGG CGG
BSGR B&S GROUP S.A.
MEDCL MEDINCELL SA
NEXI NEXI S.P.A.
INPST INPOST S.A.
NA9 NAGARRO
HGEA HGEARS AG
TUI TUI AG
SCHOTT PHARMA AG
R3NK RENK GROUP AG
ORP ORPEA
- Oliver Metzger
- Stephan Wulf
SCHOTT Pharma AG & Co. KGaA : Business case still valid after warning ...
>Reduced volumes in mRNA project triggers warning on FY 2024-25 - Schott Pharma has just published a profit warning for FY 2024-25. Due to volume reductions by a single customer, sales in the production of syringes will be lower than originally expected. These lower volumes are related to a mRNA project with a take-or-pay contract, which means that Schott Pharma will receive compensation payments. The amount was not disclosed. The guidance for 2024-25, which has now ...
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