reports
- Fehmi Ben Naamane
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/20/2024
We are upgrading the energy sector to Overweight vs Neutral (excluding Oil Services, already on Overweight). The recent rebound in oil prices is set to continue, driven by short, medium and long-term factors: value, cyclical, little debt and good shareholder returns. Technical analysis reveals a strong trend that is only just beginning. GALP enters our Large Caps list; CellNex exits it. - ...
WTB WHITBREAD PLC
EURN EURONAV NV
CEN GROUPE CRIT SA
BEN BENETEAU SA
VIRP VIRBAC SA
VLS VALNEVA SE
PIG HAULOTTE GROUP SA
ISP INTESA SANPAOLO S.P.A.
DEQ DEUTSCHE EUROSHOP AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
ALVIV VISIATIV SA
UCG UNICREDIT S.P.A.
SHOT SCANDIC HOTELS GROUP
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
COPN COSMO PHARMACEUTICALS NV
PWG PRODWAYS GROUP SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
CABKA CABKA N.V.
- Fehmi Ben Naamane
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 20/03/2024
Nous upgradons le secteur énergie à Surpondérer vs Neutre (hors Oil Services déjà à Surpondérer). Le rebond récent des prix du pétrole va se poursuivre, soutenu par des facteurs à court, moyen et long terme. Le secteur dispose en outre de 4 atouts dans la configuration de marché actuelle : value, cyclique, peu endetté et bon retour à l’actionnaire. L’analyse technique révèle une tendance forte qui ne fait que commencer. GALP fait son entrée dans notre liste Large Caps ; CellNex en so...
WTB WHITBREAD PLC
EURN EURONAV NV
CEN GROUPE CRIT SA
BEN BENETEAU SA
VIRP VIRBAC SA
VLS VALNEVA SE
PIG HAULOTTE GROUP SA
ISP INTESA SANPAOLO S.P.A.
DEQ DEUTSCHE EUROSHOP AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
ALVIV VISIATIV SA
UCG UNICREDIT S.P.A.
SHOT SCANDIC HOTELS GROUP
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
COPN COSMO PHARMACEUTICALS NV
PWG PRODWAYS GROUP SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
CABKA CABKA N.V.
- Jean-François Granjon
Crit : Good performance, ahead of our expectations
>FY 2023 results - Crit reported FY 2023 results ahead of our expectations, mainly due to a stronger contribution from the financial result. Revenues, previously published, were 8.5%, of which +3.5% organically. Revenues were brisk for the multiservices division (+14.8%), while temporary staffing (81.2% of revenues) turned in more moderate 0.8% organic growth. The underlying operating profit came in at € 96.9m (€ 94.5m estimated, € 96m for consensus) vs € 101.5m (-4.5...
- Jean-François Granjon
Crit : De bonnes performances supérieures à nos attentes
>Publication des résultats annuels - Crit publie des résultats annuels supérieurs à nos attentes en raison principalement d’une plus forte contribution du résultat financier. Le CA déjà publié a permis d’afficher une hausse de 8.5% dont +3.5% en organique. L’activité a été soutenue pour le pôle Multiservices (+14.8%) alors que le TT (81.2% du CA) affiche une croissance organique plus modérée de 0.8%. Le ROC ressort à 96.9 M€ (94.5 M€ estimés, 96 M€ pour le css) vs 101...
- Jean-François Granjon
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
HCO HIGHCO SA
SWP SWORD GROUP SE
VETO VETOQUINOL SA
WIZZ WIZZ AIR HOLDINGS PLC
MAREL MAREL HF.
ALVIV VISIATIV SA
SESL SES-IMAGOTAG SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
MDM MAISONS DU MONDE SA
PWG PRODWAYS GROUP SA
NSI NSI N.V.
S30 SOLUTIONS 30 SE
ALHRS HYDROGEN REFUELING SOLUTIONS
- Jean-François Granjon
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
HCO HIGHCO SA
SWP SWORD GROUP SE
VETO VETOQUINOL SA
WIZZ WIZZ AIR HOLDINGS PLC
MAREL MAREL HF.
ALVIV VISIATIV SA
SESL SES-IMAGOTAG SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
MDM MAISONS DU MONDE SA
PWG PRODWAYS GROUP SA
NSI NSI N.V.
S30 SOLUTIONS 30 SE
ALHRS HYDROGEN REFUELING SOLUTIONS
- Jean-François Granjon
Crit : FY revenues in line with our expectations
>FY revenues - Crit published full-year revenues of € 2,536m (estimated € 2,512.5m), up 8.5% YoY (€ 2,336.5m YoY) and up 3.5% organically. While this is a good performance given the base effect (+13.4% organically), we note a sequential slowdown (+6.4% organically in Q1, +4.9% in Q2, +1.6% in Q3 and Q4). Temporary Staffing (80.4% of revenues) posted revenues of € 2,060.0m (estimated € 2,057.2m), up 7% from € 1,925.4m and up 0.8% on an organic basis. The Multiservices...
- Jean-François Granjon
Crit : CA annuel en ligne avec nos attentes
>Publication du CA annuel - Crit publie un CA annuel de 2 536.0 M€ (2 512.5 M€ estimé) vs 2 336.5 M€ YoY en hausse de 8.5% et 3.5% en organique. S’il s’agit plutôt d’une bonne performance au regard de l’effet de référence (+13.4% en organique), nous noterons un ralentissement séquentiel (+6.4% en organique au T1, +4.9% au T2, +1.6% au T3 et au T4). Pour l’activité Travail Temporaire (80.4% du CA), le CA ressort à 2 060.0 M€ (2 057.2 M€ estimé) vs 1 925.4 M€ en hausse ...
- Anis Zgaya
- Philippe Ourpatian
- Anis Zgaya
- Philippe Ourpatian
- Jean-François Granjon
Crit : Christmas gift: a transformative move into Italy
>Takeover of the Italian number 6, Openjobmetis - Crit just announced that it plans to take control of Italian company Openjobmetis, the number 6 temporary employment player in Italy, with a 57.7% stake. Openjobmetis generated revenues of € 768m in 2022 and has posted steady growth in the last few years (+7% CAGR in the last 10 years). In the last 9 months, revenues amounted to € 560.7m (-2.1%). Openjobmetis recently announced that it plans to acquire Just on business...
- Jean-François Granjon
Crit : Cadeau de Noël : implantation structurante en Italie
>Prise de contrôle du n°6 Italien Openjobmetis - Crit vient d’annoncer son intention de prendre le contrôle à hauteur de 57.7% du capital de la société italienne Openjobmetis, 6ème acteur en Italie du Travail Temporaire. Cette société a réalisé en 2022 un CA de 768 M€ et a affiché une croissance régulière au cours des dernières années (TMVA +7% au cours des 10 dernières années). Au titre des 9 mois passés, le CA ressort à 560.7 M€ (-2.1%). Openjobmetis vient d’annonce...
- Sinan Doganli
CEC CECONOMY AG
ZIL2 ELRINGKLINGER AG
NXI NEXITY SA CLASS A
CEN GROUPE CRIT SA
SDG SYNERGIE SA
EXE EXEL INDUSTRIES SA
INF INFOTEL SA
SWP SWORD GROUP SE
MRN MERSEN SA
LSS LECTRA SA
PGS PGS ASA
A1XA4J CARBIOS SA
BB SOCIETE BIC SA
XIOR XIOR STUDENT HOUSING N.V.
ERA ERAMET SA
FAE FAES FARMA S.A.
VRNL VERNEUIL PARTICIPATIONS
VASTN VASTNED RETAIL NV
CTAC CTAC N.V.
AIXA AIXTRON SE
ARCAD ARCADIS NV
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
NVG NAVIGATOR COMPANY SA
SMHN SUESS MICROTEC AG
CSM CORBION NV
VLTSA VOLTALIA
LFDE LA FRANCAISE DE L'ENERGIE SA
SOW SOFTWARE AG
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
ATRY ATRYS HEALTH
DSC1 DUTCH STAR C SHAR
LOCAL SOLOCAL GROUP
FUR FUGRO NV
OVH OVH GROUPE
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
- Sinan Doganli
CEC CECONOMY AG
ZIL2 ELRINGKLINGER AG
NXI NEXITY SA CLASS A
CEN GROUPE CRIT SA
SDG SYNERGIE SA
EXE EXEL INDUSTRIES SA
INF INFOTEL SA
SWP SWORD GROUP SE
MRN MERSEN SA
LSS LECTRA SA
PGS PGS ASA
A1XA4J CARBIOS SA
BB SOCIETE BIC SA
XIOR XIOR STUDENT HOUSING N.V.
ERA ERAMET SA
FAE FAES FARMA S.A.
VRNL VERNEUIL PARTICIPATIONS
VASTN VASTNED RETAIL NV
CTAC CTAC N.V.
AIXA AIXTRON SE
ARCAD ARCADIS NV
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
NVG NAVIGATOR COMPANY SA
SMHN SUESS MICROTEC AG
CSM CORBION NV
VLTSA VOLTALIA
LFDE LA FRANCAISE DE L'ENERGIE SA
SOW SOFTWARE AG
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
ATRY ATRYS HEALTH
DSC1 DUTCH STAR C SHAR
LOCAL SOLOCAL GROUP
FUR FUGRO NV
OVH OVH GROUPE
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
- Jean-François Granjon
Crit : Revenues in line with our expectations
>Q3 2023 sales in line with our expectations - Crit published Q3 sales of € 653.2m (€ 653.6m estimated) vs € 615.2m, up 6.2% and +1.6% organically. This performance compares to a half-year increase of 5.6% (including +6.4% in Q1 and +4.9% in Q2). This is rather a good performance while the reference effect was not very favourable (+13.2%). For the first 9 months, sales stood at € 1,889.1m (€ 1,889.5m estimated) vs € 1,733.9m, up 9% including 4.2% organically. The grou...
- Jean-François Granjon
Crit : Totalement en ligne avec nos attentes
>Publication du CA T3 2023 conforme à nos attentes - Crit publie un CA T3 de 653.2 M€ (653.6 M€ estimé) vs 615.2 M€ en hausse de 6.2% et +1.6% en organique. Cette performance se compare à une hausse semestrielle de 5.6% (dont +6.4% au T1 et +4.9% au T2). Il s’agit plutôt d’une bonne performance alors que l’effet de référence était peu favorable (+13.2%). Pour les 9 mois, le CA ressort ainsi à 1 889.1 M€ (1 889.5 M€ estimé) vs 1 733.9 M€ en progression de 9% dont 4.2% ...
- Pierre Dinet (IDMidCaps)
Groupe Crit - Q3 still growing and in line with our forecasts
Group Q3 performance in line with our expectationsNo major change in trend to date, but we must remain cautious in view of the economic contextThe Group offers flexibility in uncertain times, and has a mountain of cash at its disposal, which is an asset in the current context.BUY opinion maintained
- Pierre Dinet (IDMidCaps)
Groupe Crit - H1 in line with business plan, even if the slowdown is c...
H1 results just below our forecastsSlight decline in operating profitability due to specific factors (lower CVAE returned to customers and higher employee profit-sharing), but net income risesUnsurprisingly, business is slowing down, but not collapsing for the time beingA cash position that will see us through a potentially more complicated 2024BUY opinion maintained given already low valuation multiples
- Jean-François Granjon
- Jean-François Granjon
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