ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/12/2024

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/17/2024

Carl Zeiss Meditec : Headwinds to continue into 2025

Auch FY/24-25 Übergangsjahr - Ländermärkte China und USA ohne schnelle...

Die langfristige Guidance wurde kräftig eingekürzt. Nun wird eine EBIT-Marge zwischen 16% und 20 % anvisiert (zuvor: „nachhaltig oberhalb von 20 % EBIT-Marge). „Wir brauchen ein besseres gesamtwirtschaftliches Umfeld, bis die alte Guidance wieder erreichbar ist“, sagte CFO Weber.

FY/24-25 also a year of transition - country markets China and USA wit...

The long-term guidance has been significantly reduced. An EBIT margin of between 16% and 20% is now being targeted (previously: "sustainably above 20% EBIT margin"). "We need a better overall economic environment before the old guidance can be achieved again," said CFO Weber.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/11/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/12/2024

Carl Zeiss Meditec : Q4 review – Mixed finish and guidance implies som...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/22/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/10/2024

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Carl Zeiss Meditec : Factor in lower end of guidance

>Q4 continues to show a muted top-line dynamic - Q4 revenues of € 598.3m (+3.2% y-o-y) should be driven by organic growth of 4.4%. While we expect a solid finish for Ophthalmic devices with an organic growth of 8.3%, Microsurgery should continue to suffer from weak neurosurgery business and low demand in particular in North America. Bottom line pointed to the lower end of the guidance - Q4 adjusted EBIT of € 97.6m (-11.3% y-o-y) should still be impac...

H2/24 without order recovery causes 24 topline YoY to fall - country m...

Management is focusing on efficiency measures, taking a long-term view and preparing for further months of weak demand in the top national markets. The "resilience measures" ("up to a low double-digit million Euro amount") are being stepped up, which we believe will weigh on the EBIT margin into FY25. In the short term, a turnaround in consumer confidence (CCI) in China is key (in addition to the turnaround in US interest rates) - both will take longer than management had planned. Sales are grow...

9M/24 ohne Ordererholung – Ländermärkte China und USA ohne schnelle Tr...

Das Management konzentriert sich auf Effizienzmaßnahmen, fährt auf Sicht und stellt sich auf weitere Monate mit schwacher Nachfrage in den Top-Ländermärkten ein. Die „Resilienzmaßnahmen“ („bis niedrig zweistelliger Mio.-Euro-Betrag“) werden verstärkt. Kurzfristig ist (neben der US-Zinswende) ein Trendwechsel beim Consumer Confidence (CCI) in China zentral - beides dauert länger, als das Management einplante. In vielen anderen Ländern der Region wächst der Umsatz, wie auch in der Kundenregion EME...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/08/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/06/2024

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Carl Zeiss Meditec : Q3 review – more visibility after severe cut, Mic...

>In line with expectations lowered at the preliminary results - In June 2024, Carl Zeiss Meditec already released preliminary 8 months results. Q3 2024 revenues reached € 539.4m (+0.8% y-o-y) 5%/0% vs ODDO BHF/consensus. Adj. EBIT of € 64.1m (-38.1% y-o-y, margin 11.9%) was in line consensus. EBIT reached € 54.4m (-46.1% y-o-y, margin 10.1%) and was -2% vs consensus. EPS of € 0.38 compares to expectations of € 0.28 and € 0.46 for the consensus. Ophthalm...