reports
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024
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...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Chaima Ferrandon
- Sven Edelfelt
Bilfinger : Un bon début d’année
>EBITA T1 supérieur aux attentes - Bilfinger a publié un chiffre d’affaires T1 en hausse de 3% (dont +3% lfl), en ligne avec les attentes (+2.8%e pour le consensus). La croissance est tirée par toutes les divisions E&M Europe à +4.9% (vs +3.2%e) et Technologies à +1.8% (vs +7.9%e), alors que la division Engineering & Maintenance International affiche une baisse de 5.3% (vs -0.3%e), pénalisée par les effets du repositionnement des activités aux Etats-Unis. Supérie...
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024
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. - ...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Chaima Ferrandon
- Sven Edelfelt
Bilfinger : A strong start to the year
>Q1 EBITA ahead of expectations - Bilfinger has reported Q1 sales up 3% (of which +3% l-f-l), in line with forecasts (+2.8%e for the consensus). Growth was driven by E&M Europe at +4.9% (vs +3.2%e) and Technologies at +1.8% (vs +7.9%e), while the Engineering & Maintenance International division posted a decline of 5.3% (vs -0.3%e), penalised by the effects of the repositioning of activities in the US. Beating forecasts, EBITA was up 100% on a reported basis and ...
- Chaima Ferrandon
- Delphine Brault
- Sven Edelfelt
ODDO : Focus on Construction: a bitter present (2024), a sweeter futur...
With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a subst...
LR LEGRAND SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
FGR EIFFAGE SA
EN BOUYGUES SA
RXL REXEL SA
GBF BILFINGER SE
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SIK SIKA AG
- Chaima Ferrandon
- Delphine Brault
- Sven Edelfelt
ODDO : Focus construction : un présent amer (2024), un futur plus doux...
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la...
LR LEGRAND SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
FGR EIFFAGE SA
EN BOUYGUES SA
RXL REXEL SA
GBF BILFINGER SE
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SIK SIKA AG
- Konrad Zomer
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/15/2024
GALP, TotalEnergies and Shell have discovered vast oil deposits off the coast of Namibia. Oil services companies see this as a new Eldorado. FPSO-type solutions seem to be favoured, making SBM Offshore a key player, not forgetting subsea companies such as TechnipFMC. The whole sector could help local economic development... and/or have major negative impacts on local communities, biodiversity or the fight against corruption. Not to mention the carbon lock-in. We would therefore urge i...
REL RELX PLC
TKA THYSSENKRUPP AG
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
LI KLEPIERRE SA
ORA ORANGE SA
RI PERNOD RICARD SA
GFC GECINA SA
RXL REXEL SA
GBF BILFINGER SE
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
SAF SAFRAN S.A.
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
TIT TELECOM ITALIA S.P.A.
MAP MAPFRE SA
FDJ LA FRANCAISE DES JEUX SA
STLA STELLANTIS N.V.
DSFIR KONINKLIJKE DSM N.V.
- Konrad Zomer
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/02/2024
GALP, TotalEnergies ou Shell ont découvert de colossaux gisements de pétrole au large des côtes namibiennes. Les sociétés de services y voient un nouvel eldorado. Les solutions de type FPSO semblent être privilégiées, mettant ainsi SBM Offshore en position d’acteur incontournable, sans oublier ceux liés au subsea comme TechnipFMC. Tout le secteur pourrait aider au développement économique local… et/ou avoir des impacts négatifs importants sur les communautés locales, la biodiversité o...
REL RELX PLC
TKA THYSSENKRUPP AG
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
LI KLEPIERRE SA
ORA ORANGE SA
RI PERNOD RICARD SA
GFC GECINA SA
RXL REXEL SA
GBF BILFINGER SE
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
SAF SAFRAN S.A.
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
TIT TELECOM ITALIA S.P.A.
MAP MAPFRE SA
FDJ LA FRANCAISE DES JEUX SA
STLA STELLANTIS N.V.
DSFIR KONINKLIJKE DSM N.V.
- Chaima Ferrandon
- Sven Edelfelt
Bilfinger : Strong momentum
>Update on 2023 results - Details of 2023 results can be found in our commentary of 14 February (“2024 on track”). We took away from the conference call that momentum remains strong in all the group’s markets/regions, the new strategy is being rolled out successfully (end of the efficiency and restructuring programme in the US) and M&A is planned in 2024.Highlights of the conference call: trends, efficiency and M&A - 1/ Positive trends in Bilfinger’s ...
- Chaima Ferrandon
- Sven Edelfelt
Bilfinger : Une dynamique en marche
>Retour sur la publication des résultats 2023 - Résultats 2023 disponibles dans le commentaire du 14/02 (« Une année 2024 sur des rails »). Nous retenons de la conférence téléphonique, les éléments ci-dessous : la bonne dynamique qui se maintient sur tous les marchés/ géographies du groupe, la bonne mise en place de la nouvelle stratégie (fin du programme d’efficience et de la restructuration aux USA) et le M&A pour 2024.A retenir de la conférence télépho...
- Fabian Semon
- Fabian Semon
- Chaima Ferrandon
- Sven Edelfelt
Bilfinger : 2024 on track
>Flat Q4 sales, still undermined by international markets - Having announced a full-year EBITA margin of 4.3% (4.0% ex. one-offs), ahead of its guidance (see our flash Efforts starting to pay off), Bilfinger this morning posted full-year sales up 4.1% (with +5% l-f-l), above our expectations (+2.8%e for the consensus) and in line with the guidance (0%-7%). For Q4, sales were flat, still hurt, as expected, by the Engineering & Maintenance International division (-...
- Chaima Ferrandon
- Sven Edelfelt
Bilfinger : Une année 2024 sur des rails
>CA T4 stable, encore pénalisé par l’International - Après avoir annoncé une marge d’EBITA annuelle de 4.3% (4.0% hors éléments exceptionnels), supérieure à la guidance (cf. notre flash « Les efforts commencent à porter leurs fruits »), Bilfinger a publié ce matin un CA annuel en hausse de 4.1% (dont +5% lfl), supérieur à nos attentes (+2.8%e pour le consensus) et en ligne avec la guidance (0%-7%). Sur le T4, le CA ressort stable, encore pénalisé, sans surprise, ...
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/30/2024
We see the FY 2024 order intake consensus of € 11.1bn as too bearish (ODDO BHFe: € 11.9bn), given resilient momentum in ITS (not back-end loaded & positive Jinan ramp-up impact), while SCS has reached an inflection point (recovery as of H2 2024). We expect sticky pricing in ITS (January +1-2% up again) to provide 8% upside to the FY 2024 group adj. EBIT consensus (ODDO BHFe: € 909m). Our raised adj. EBIT estimates (+7%/+14% for 2024/25) leads to a TP of € 61 (€ 35). We upgrade to Outp...
REL RELX PLC
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
FGR EIFFAGE SA
GBF BILFINGER SE
GLE SOCIETE GENERALE S.A. CLASS A
VIV VIVENDI SE
WKL WOLTERS KLUWER NV
ENI ENI S.P.A.
BOL BOLLORE SA
RY4C RYANAIR HOLDINGS PLC
REP REPSOL SA
HLAG HAPAG-LLOYD AG
BP. BP P.L.C.
SHEL SHELL PLC
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/01/2024
We see the FY 2024 order intake consensus of € 11.1bn as too bearish (ODDO BHFe: € 11.9bn), given resilient momentum in ITS (not back-end loaded & positive Jinan ramp-up impact), while SCS has reached an inflection point (recovery as of H2 2024). We expect sticky pricing in ITS (January +1-2% up again) to provide 8% upside to the FY 2024 group adj. EBIT consensus (ODDO BHFe: € 909m). Our raised adj. EBIT estimates (+7%/+14% for 2024/25) leads to a TP of € 61 (€ 35). We upgrade to Outp...
REL RELX PLC
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
FGR EIFFAGE SA
GBF BILFINGER SE
GLE SOCIETE GENERALE S.A. CLASS A
VIV VIVENDI SE
WKL WOLTERS KLUWER NV
ENI ENI S.P.A.
BOL BOLLORE SA
RY4C RYANAIR HOLDINGS PLC
REP REPSOL SA
HLAG HAPAG-LLOYD AG
BP. BP P.L.C.
SHEL SHELL PLC
- Chaima Ferrandon
- Sven Edelfelt
Bilfinger : Efforts beginning to pay off
>Reported EBITA margin and FCF beat guidance - Yesterday, Bilfinger announced a 2023 EBITA margin of 4.3% beating the group's guidance for 3.8-4.1% (consensus at 3.9%) and FCF of € 122m also beating the guidance for € 50-80m thanks to capital gains from real estate assets (old storage warehouses, mainly in Germany) and just € 18m of the initially forecast € 60m cash out as part of the efficiency programme (the remaining ~€ 40m is expected in 2024). The adjusted o...
- Chaima Ferrandon
- Sven Edelfelt
Bilfinger : Les efforts commencent à porter leurs fruits
>Marge d’EBITA publiée et FCF supérieurs à la guidance - Bilfinger a annoncé hier une marge d’EBITA 2023 à 4.3% supérieur à la guidance de 3.8-4.1% (consensus à 3.9%) et un FCF à 122 M€ également supérieur à la guidance de 50-80 M€ grâce à des plus-values de cessions immobilières (anciens entrepôts de stockage, principalement en Allemagne) et seulement 18 M€ décaissés dans le cadre du programme d’efficience sur les 60 M€ initialement prévus (les ~40 M€ restants seront...
Bilfinger SE: 2 directors
Two Directors at Bilfinger SE bought 6,000 shares at between 34.340EUR and 34.376EUR. The significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the la...
- Jerôme Bodin
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