Credit Morning 05/17/2024

Cellnex issues € 750m of 2029 notes to redeem bank debt. S&P cuts the rating of ams OSRAM to B/stable from BB-/negative. Clariane : launch of two capital increases totalling €328m, including one reserved for HLD Europe. >...

Morning Crédit 17/05/2024

Cellnex émet 750 m EUR d’obligations 01/2029 afin de rembourser de la dette bancaire. S&P dégrade le rating d’ams OSRAM de BB-/négative à B/stable. Clariane : lancement de deux augmentations de capital d’un montant total de 328 m EUR, dont une réservée à HLD Europe. >...

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...

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...

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...

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...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 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. - ...

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. - ...

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.>...

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...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 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. - ...

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. - ...

easyJet : H1 release pretty much in line with consensus expectations

>H1 2023-24 release in mid-range of the guidance - easyJet has just released its detailed H1 2023-24 release with a headline loss before tax of £ 350m in the middle of the range in the trading update for a loss of £ 340-360m (VA consensus was expecting -£ 340m). This reflects a £ 61m improvement y-o-y driven by network growth, cost discipline and the continued expansion of easyJet holidays.Total revenue increased by 22% to £ 3,268m predominantly due to an increa...

easyJet : H1 release pretty much in line with consensus expectations

>H1 2023-24 release in mid-range of the guidance - easyJet has just released its detailed H1 2023-24 release with a headline loss before tax of £ 350m in the middle of the range in the trading update for a loss of £ 340-360m (VA consensus was expecting -£ 340m). This reflects a £ 61m improvement y-o-y driven by network growth, cost discipline and the continued expansion of easyJet holidays.Total revenue increased by 22% to £ 3,268m predominantly due to an increa...

Ubisoft : Recovery confirmed for earnings – but not cash

>FY 2023-24 underlying operating income in line with the guidance but very strong FCF consumption - Ubisoft yesterday evening reported its FY 2023-24 results (FY ends 31 March). Our takeaways are the record sales (+32% to € 2,301m) and return to profit with underlying operating income in line with promises (€ 401m vs guidance = € 400m and ODDO BHF / consensus = € 400/375/391m).This recovery in group performances is based mainly on 1/ the successes for the Rainbow...

Branicks : Weak Q1 2024 results broadly in line with our estimates

>FY 2024e outlook confirmed - Branicks today reported soft Q1 2024 figures that were broadly in line with our estimates, significantly impacted by a dried-up transaction market and increased interest rate costs. Management confirmed its FY 2024e FFO guidance of € 40-55m.Q1 2024 net rental income declined by -12.5% y-o-y to € 38.5m, close to our estimate of € 38.9m. Fees from real estate management of € 9.7m declined by -7.3% y-o-y, negatively influenced by the dr...

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...

Wedbush Morning Call - May 16 2024 7:07AM

GRAND CITY Properties S.A. : Q1 2024 results in line overall with our ...

>FY 2024e outlook confirmed - Grand City (GCP) reported this morning Q1 2024 figures which were in line overall with our expectations. GCP confirmed its FY 2024e FFO guidance of € 175m-€ 185m.Earnings from property lettings increased y-o-y to € 84.2m (+2.5% y-o-y), which was in line with our estimate of € 83.5m. FFO I of € 45.2m decreased by -3.6% y-o-y translating into a FFO I per share of € 0.26 (-5.9% y-o-y), both slightly above our estimates. EPRA NTA per sha...