reports
- Carole Braudeau
- Carole Braudeau
- Michael B. Schäfer
ODDO BHF Small & MIDCAP MORNING NEWS - 05/17/2024
Growth momentum remains solid, and the publication of Q1 sales bodes well for the future (12.5% organic growth, including 27% for Aerospace). Margins are set to pick up in 2024 (by an estimated 110bp), with the underlying operating profit expected to jump 33%. With good visibility for Aerospace, medium-term potential for Automotive and profitable growth for Medical, we estimate the potential for margin improvement at no less than 500bp in the medium term. We are raising our underlying...
DBG DERICHEBOURG SA
ALCAR CARMAT SA
TPE PVA TEPLA AG
NEX NEXANS SA
ERG ERG S.P.A.
WIE WIENERBERGER AG
GREEN GREENYARD NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
NVG NAVIGATOR COMPANY SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SIFG SIF HOLDING NV
TMV TEAMVIEWER AG
VK VALLOUREC SA
FPE3 FUCHS PETROLUB SE
- Michael B. Schäfer
ODDO BHF Small & MIDCAP MORNING NEWS - 17/05/2024
La dynamique de croissance reste solide et la publication du CA T1 est de bon augure (croissance organique de 12.5% dont 27% pour l’Aerospace). 2024 devrait voir un redressement des marges (+110 pb estimés) pour un ROC attendu en hausse de 33%. A l’appui d’une bonne visibilité pour l’aéronautique, d’un potentiel MT pour l’automobile et d’une croissance profitable pour le Médical, nous estimons le potentiel d’amélioration des marges à au moins 500 pb à MT. Nous relevons nos estimations...
DBG DERICHEBOURG SA
ALCAR CARMAT SA
TPE PVA TEPLA AG
NEX NEXANS SA
ERG ERG S.P.A.
WIE WIENERBERGER AG
GREEN GREENYARD NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
NVG NAVIGATOR COMPANY SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SIFG SIF HOLDING NV
TMV TEAMVIEWER AG
VK VALLOUREC SA
FPE3 FUCHS PETROLUB SE
- Johanna Jourdain
Elior : Visible progress
>Reassuring H1 2024 results on the improvement in profitability, buoyed by the ramp-up of synergies and work on costs - Yesterday before trading, Elior published reassuring H1 2024 operational results, notably in terms of profitability. As such, at 3.2% the H1 EBIT margin suggests an improvement of 150bp, a shade above our forecast (3.0%) and the consensus (2.8%). The group continues to deploy cost synergies between its catering and multi-service activities since the...
- Jean-François Granjon
Nexans : Feedback from Sustainability Forum: responding to strategic c...
>Focus on innovation and R&D - The group addresses markets with strong growth momentum. The G&T market is driven by the development of renewable energies and the need to operate interconnections to offset the intermittent nature of renewable energies. The D&U sector is also extremely buoyant, with the need to renew sometimes obsolete networks (over 50 years old, while the lifespan of a cable is estimated at 30 years) and the development of new cables driven by stricte...
- Luis de Toledo Heras
Navigator : Volume growth sustains operating results at historical ave...
>Resilient margins as volume increase offsets lower average prices - Navigator’s results came in line with estimates (EBITDA margin of c.25%) with sales growth (+7% y-o-y, +9% q-o-q) supported by strong volumes (+29% in paper and packaging products y-o-y and +10% q-o-q and c.+20% at pulp on both an annual and quarterly basis) as demand restocking in the uncoated wood free segment continued in Q1 2024 (+1.5% y-o-y apparent demand growth and +10.4% in Europe due to the ...
- Baptiste Lebacq
Vallourec : Faster deleveraging = shareholder returns getting nearer
>Outperform rating and € 21 target price maintained - Following the results publication and the conference call, we reiterate our Outperform recommendation on the stock (target price € 21). We lowered our 2024-2026 EBITDA estimates (by -3% on average, bigger impact in 2024 given the situation in North America). Despite a YTD gain of 18%, Vallourec still shows a discount of 40% (in terms of EV/EBITDA 2025) vs its main peer Tenaris. Vallourec is deleveraging more r...
- Baptiste Lebacq
Vallourec : Désendettement plus rapide = retour à l’actionnaire qui se...
>Opinion Surperformance et OC 21 € maintenus - Post publication et conférence téléphonique, nous réitérons notre recommandation Surperformance (OC 21 €). Nous avons ajusté nos attentes d’EBITDA 2024/26 à la baisse (-3% en moyenne, impact plus important sur 2024 compte tenu de la situation en Amérique du Nord). Vallourec, malgré une performance YTD de 18%, affiche toujours une décote de 40% (en VE/EBITDA 2025) vs son principal comparable Tenaris. Vallourec se dése...
- Johanna Jourdain
Elior : Les progrès se matérialisent
>Résultats S1 24 rassurants sur l’amélioration de la rentabilité, portée par la montée en puissance des synergies et le travail sur les coûts - Elior a publié hier avant Bourse des résultats S1 24 rassurants sur l’amélioration opérationnelle, notamment en termes de rentabilité. Ainsi, la marge d’EBIT S1 à 3.2% suggère une progression de 150 pb, légèrement supérieure à nos attentes (+3.0%) et celles du consensus (2.8%). Le groupe continue de déployer les synergies de c...
- Jean-François Granjon
Nexans : Feedback Forum Sustainability. Comment répondre à des enjeux ...
>Focus sur l’innovation et la R&D - Le groupe adresse des marchés qui présentent une forte dynamique de croissance. Le marché G&T est porté par le développement des énergies renouvelables et la nécessité d’opérer des interconnexions pour palier l’intermittence des EnR. Le secteur D&U est également extrêmement porteur avec la nécessité de renouveler les réseaux parfois vétustes (les réseaux ont plus de 50 ans alors que la durée de vie d’un câble est estimée à 30 ans) e...
Nexans Mixed Shareholders’ Meeting of May 16th, 2024
Nexans Mixed Shareholders’ Meeting of May 16th, 2024 Nexans Mixed Shareholders’ Meeting of May 16th, 2024 _PRESS RELEASE_ Paris La Défense, on May 16th, 2024 – Nexans Annual Shareholders' Meeting, held today in Paris, approved, by a large majority, all 24 resolutions submitted by the Board of Directors. The voting results are available on the . The Shareholders’ Meeting was broadcast live in French and English, and a replay will be available shortly on this same website. The shareholders adopted all the resolutions submitted, and thus app...
Assemblée Générale Mixte des actionnaires de Nexans du 16 mai 2024
Assemblée Générale Mixte des actionnaires de Nexans du 16 mai 2024 Assemblée Générale Mixte des actionnaires de Nexans du 16 mai 2024 _COMMUNIQUÉ DE PRESSE_ Paris La Défense, le 16 mai 2024 – L'Assemblée Générale Mixte des actionnaires de , réunie aujourd’hui à Paris, a approuvé, à une large majorité, l’ensemble des 24 résolutions qui lui étaient proposées par le Conseil d’Administration. Le résultat des votes est disponible sur le . L’Assemblée Générale a été diffusée en direct, en français et anglais, et une version différée sera prochainement disponible sur ce même site. Les ...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
FP TOTAL SE
EQNR EQUINOR ASA
ELIOR ELIOR GROUP SA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
GYC GRAND CITY PROPERTIES SA
GLJ GRENKE AG
DEC JCDECAUX SA
BLC BASTIDE LE CONFORT MEDICAL SA
JCQ JACQUET METALS SA
ENI ENI S.P.A.
REP REPSOL SA
VASTN VASTNED RETAIL NV
ERG ERG S.P.A.
CPINV CARE PROPERTY INVEST SA
DIC DIC ASSET AG
FNTN FREENET AG
DUFN DUFRY AG
BP. BP P.L.C.
MDM MAISONS DU MONDE SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VK VALLOUREC SA
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Carole Braudeau
Credit Morning 05/16/2024
Altice designates certain subsidiaries as unrestricted (Bloomberg)Elior: good H1 23/24 results and confidence in targetsMoody's upgrades Monte's ratings by one notch to Ba2 senior and Ba3 Tier 2Avolta (ex-Dufry): solid first quarter, guidance confirmedMaxeda: after a difficult FY 2023 (leverage above 5x), the group is counting on its free cash flow generation in 2024 to deleverage before refinancing next year.>...
- Carole Braudeau
Morning Crédit 16/05/2024
Maxeda : après une année 2023 difficile (levier au-dessus de 5x), le groupe mise sur sa génération de free cash-flow en 2024 pour se désendetter avant son refinancement l’an prochainAltice désigne certaines filiales comme non restreintes (Bloomberg)Moody’s réhausse d’un cran les notes de Monte, à Ba2 en senior et à Ba3 en Tier 2Elior : bonne publication au S1 23/24 et confiance sur les objectifs fixésAvolta (ex-Dufry) : Très bon trimestre, guidances confirmées...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
FP TOTAL SE
EQNR EQUINOR ASA
ELIOR ELIOR GROUP SA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
GYC GRAND CITY PROPERTIES SA
GLJ GRENKE AG
DEC JCDECAUX SA
BLC BASTIDE LE CONFORT MEDICAL SA
JCQ JACQUET METALS SA
ENI ENI S.P.A.
REP REPSOL SA
VASTN VASTNED RETAIL NV
ERG ERG S.P.A.
CPINV CARE PROPERTY INVEST SA
DIC DIC ASSET AG
FNTN FREENET AG
DUFN DUFRY AG
RUI RUBIS SCA
BP. BP P.L.C.
MDM MAISONS DU MONDE SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VK VALLOUREC SA
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Baptiste Lebacq
Vallourec : Continuing debt paydown/Q2 guidance below expectations
>EBITDA in line and debt reduction ahead of expectations - EBITDA at € 235m, -16% q-o-q and +27% y-o-y, in line with our forecasts at € 237m (consensus € 240m).Tubes EBITDA of € 220m, down 12% q-o-q and 21% y-o-y due to price reductions in the US and lower volumes, largely driven by the closure in GermanyMine and forests EBITDA of € 30m, - 29% q-o-q and 37% y-o-y as a result of lower sales volumes and a reduction in the non-cash effects for the revaluation o...
- Johanna Jourdain
Elior : Encouraging H1 2024 results driving an upgrade to FY guidance ...
>H1 2023-24 results above expectations, with a significant beat on EBITA - Elior reported H1 2023-24 results (Oct. 2023 to March 2024) that beat expectations. Sales were € 3,123m, in line with the consensus at € 3,109m and up 26% on a reported basis. Organic growth was 5.9%, a shade above the consensus at 5.7% (ODDO BHF 6.5%e). We note an improvement in the retention rate to 92.3% (vs 91.3% in H1 2022-23), which remains impacted by voluntary contract exits (-1.3%). W...
- Johanna Jourdain
Elior : Encouraging H1 2024 results driving an upgrade to FY guidance ...
>H1 2023-24 results above expectations, with a significant beat on EBITA - Elior reported H1 2023-24 results (Oct. 2023 to March 2024) that beat expectations. Sales were € 3,123m, in line with the consensus at € 3,109m and up 26% on a reported basis. Organic growth was 5.9%, a shade above the consensus at 5.7% (ODDO BHF 6.5%e). We note an improvement in the retention rate to 92.3% (vs 91.3% in H1 2022-23), which remains impacted by voluntary contract exits (-1.3%). W...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.