reports
- Damien Choplain
- Oussema Denguir
- Stephane Beyazian
- Luis de Toledo Heras
Navigator : Expanding its tissue presence in the UK at premium multipl...
>Cash offer for leading tissue converter in the UK - Navigator has launched a public all-cash firm offer to acquire the entire issued and to-be-issued share capital of Accrol Group Holdings plc, a tissue paper converter based in the UK. Accrol’s Board of Directors is backing the offer which values the equity at € 148m (5% of Navigator’s market capitalisation) and the EV at € 180m (5.5% of Navigator’s EV) implying 10x EV/ EBITDA vs Navigator’s 6.5x. Sligh...
- Fehmi Ben Naamane
WTB WHITBREAD PLC
NEX NEXANS SA
AED AEDIFICA SA
SHOT SCANDIC HOTELS GROUP
NVG NAVIGATOR COMPANY SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
TITC TITAN CEMENT INTERNATIONAL N.V.
KTA KNAUS TABBERT
FUR FUGRO NV
- Luis de Toledo Heras
Navigator : Results in line with estimates, net debt above on higher t...
>Results in line with estimates, net debt hike on tax payments - Results were in line with our estimates with sales declining by 21% from last year’s record level but still managing to reach the second-best result in the company’s history. Sales and EBITDA in Q4 2023 grew by +2.4% and +1.2% sequentially, respectively. The contraction in volumes at UWF (printing & writing paper) of -32% in 2023 due to the continued destocking process was partially offset by the increa...
- Ahmed Ben Salem
- Damien Choplain
- Marc Lavaud
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 02/05/2024 Date Performance sin...
We are removing three stocks from the ODDO BHF European Large Caps Convictions List today. We are taking our profits on ASML (+30% since its inclusion in the list) after its strong gains since the publication of its Q4 2023 results. Conversely, we are reducing our position on RWE (-15% since its inclusion in the list) following a good set of 2023 results but a downward revision to 2024 guidance. We maintain Sodexo in its new scope in the list but withdraw Pluxee - ...
- Ahmed Ben Salem
- Damien Choplain
- Marc Lavaud
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 05/02/2024 Date Performance dep...
3 valeurs sortent aujourd’hui de notre liste de Convictions Large Caps européennes. Nous prenons nos profits sur ASML (+ 30% depuis son entrée dans la liste) après sa forte hausse post publication de son T4 2023. Inversement, nous coupons notre position sur RWE (-15% depuis son entrée) après de bons résultats 2023 mais une guidance 2024 revue en baisse. Nous conservons Sodexo dans son nouveau périmètre mais sortons Pluxee. - ...
- Luis de Toledo Heras
Navigator : Stronger end to the year on resilient pricing and cost eff...
>Results expected to beat previous estimates - Navigator is due to release FY 2023 results on 20 February. Despite the message of caution surrounding the Q4 2023 and 2024 outlook delivered by the management at the time of 9M result’s conference call, business conditions have been significantly better than anticipated including: i) a sharp recovery in pulp prices (+20% in EUR terms) with the segment accounting for an increasing share of the group’s sales (13% of 9M 202...
- 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
- Luis de Toledo Heras
Navigator : Resilient margins on good cost performance, capex limits c...
>Stronger-than-expected results on good cost performance - Q3 2023 results came in significantly above our estimates (+12% at the EBITDA level) thanks to the outstanding cash cost performance with reductions vs H1 2023 levels of -12% in Pulp, -15% in Paper and -9% in Tissue (-16%, -18% and -12% respectively on a y-o-y basis). Total fixed costs grew by approximately +1% y-o-y in 9M 2023, due in part to lower personnel costs and modest rises in running and maintenance ...
- Luis de Toledo Heras
ODDO : Switching preferences towards pulp over paper
We are updating our view on the Pulp and Paper sector in Iberia and switch our preference to pulp over paper producers on price cycle fundamentals. We have consequently upgraded our recommendation on Altri from Underperform to Neutral (TP € 5.1, -12% vs a previous € 5.8) while we maintain our Outperform recommendation on Ence (TP € 3.9). We have also downgraded our recommendation on Navigator (from Outperform to Underpeform, TP € 3.9: -17% vs a previous € 4.7) while we stick to ...
- Charlotte Vaisse
- Marc Lavaud
- Thijs Berkelder
ODDO BHF Small & MIDCAP MORNING NEWS - 25/07/2023
Founded in 2006, Deutsche Rohstoff (DRAG) is an independent German-based company focusing on oil & gas production in the US. In addition, DRAG participates globally in exploration and mining projects in the field of battery and strategic metals. In view of growing revenues (CAGR 3.7%, 2023e to 2025e), strong EBITDA margins (+90bp to 74.8% in 2025e vs 2023e) and a solid balance sheet (equity ratio >70%, net cash position as of 2025e), we initiate coverage with Outperform and a target p...
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
TNET TELENET GROUP HOLDING NV
BEN BENETEAU SA
BIG BIGBEN INTERACTIVE SA
NVG NAVIGATOR COMPANY SA
INSD VERIMATRIX SA
ASS APPLUS SERVICES S.A.
ALM ALMIRALL SA
PWG PRODWAYS GROUP SA
NACON NACON SASU
DSC1 DUTCH STAR C SHAR
DEME DEME GROUP NV
- Charlotte Vaisse
- Marc Lavaud
- Martin Marandon-Carlhian
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 07/25/2023 Date Performance sin...
Founded in 2006, Deutsche Rohstoff (DRAG) is an independent German-based company focusing on oil & gas production in the US. In addition, DRAG participates globally in exploration and mining projects in the field of battery and strategic metals. In view of growing revenues (CAGR 3.7%, 2023e to 2025e), strong EBITDA margins (+90bp to 74.8% in 2025e vs 2023e) and a solid balance sheet (equity ratio >70%, net cash position as of 2025e), we initiate coverage with Outperform and a target p...
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
TNET TELENET GROUP HOLDING NV
BEN BENETEAU SA
BIG BIGBEN INTERACTIVE SA
NVG NAVIGATOR COMPANY SA
INSD VERIMATRIX SA
ASS APPLUS SERVICES S.A.
ALM ALMIRALL SA
FTG111 FLATEXDEGIRO AG
PWG PRODWAYS GROUP SA
NACON NACON SASU
DSC1 DUTCH STAR C SHAR
DEME DEME GROUP NV
- Luis de Toledo Heras
Navigator : Trading volumes for margins, operating results in line wit...
>Weaker sales, firmer margins - Navigator’s Q2 2023 EBITDA were in line with our estimates but with an unexpected mix consisting of a significant decline in revenues (volumes/ prices) which was offset but much more resilient profitability margins (25.6% in Q2 2023, 25.8% in H1 2023). Results were negatively affected by the continued destocking process in the European paper industry which drove volume sales down by 27% in H1 2023 to 533 ktns. Prices for UWF prices decl...
- Sinan Doganli
ZIL2 ELRINGKLINGER AG
WTB WHITBREAD PLC
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
ICAD ICADE SA
TIETO TIETOEVRY OYJ
ROYAL VOPAK NV
CIE CIE AUTOMOTIVE S.A.
SHOT SCANDIC HOTELS GROUP
NVG NAVIGATOR COMPANY SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
SOW SOFTWARE AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
FUR FUGRO NV
- Fehmi Ben Naamane
- Fehmi Ben Naamane
- Luis de Toledo Heras
Navigator : Paper price resilience to offset volume uncertainty
>Paper price resilience offsets volume declines - We are updating our estimates on Navigator following the release of their annual report and a recent call with the company. Q1 2023 results reflected significant margin resilience (EBITDA margin of 26.1% vs 29.9% in 2023) despite the sluggish volumes in paper (-16% y-o-y) and the start of the correction in pulp and paper prices (currently -25% and -7.4% vs Q4 2023 levels respectively). Buyers are in a’ wait and see mod...
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 11/05/2023 Date Performance dep...
Après avoir fait preuve d’une belle résilience dans un contexte compliqué (inflation, conflit Russie/Ukraine), HighCo devrait rester sur la même tendance avec une activité en Belgique qui continue de souffrir compensée par une bonne résilience en France. Nous tablons en 2023 sur une stabilité de la marge brute (+0.7%) à 77.7 M€ et du RAO à 16.3 M€, soit une marge opérationnelle élevée de 21% (en ligne avec la guidance du groupe). Malgré une valorisation qui nous paraît très attractive...
EURN EURONAV NV
TNG TRANSGENE SA
SZG SALZGITTER AG
BEN BENETEAU SA
BLC BASTIDE LE CONFORT MEDICAL SA
NRG NRJ GROUP SA
JCQ JACQUET METALS SA
ELIS ELIS SA
ASC ASOS PLC
VASTN VASTNED RETAIL NV
INH INDUS HOLDING AG
NDA AURUBIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
TEG TAG IMMOBILIEN AG
COK CANCOM SE
MONT MONTEA SCA
WAF SILTRONIC AG
NVG NAVIGATOR COMPANY SA
ALBFR SIDETRADE SA
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
MDM MAISONS DU MONDE SA
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
TITC TITAN CEMENT INTERNATIONAL N.V.
S30 SOLUTIONS 30 SE
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
IVG IVECO GROUP
CTPNV CTP NV
IOS IONOS GROUP SE
TUI TUI AG
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