reports
- Fehmi Ben Naamane
- Johanna Jourdain
Intercontinental Hotels : T3 24 encourageant et ton confiant sur les p...
>T3 24 globalement en ligne avec les attentes, encourageant malgré une base de comparaison élevée - IHG a publié hier avant Bourse un current trading T3 24 globalement en ligne avec nos attentes, soit une croissance des RevPAR de +1.5%, dont +1.7% dans la région Amériques (incl. +1.2% aux US), +4.9% en EMEAA et un recul de 10.3% en Greater China, impacté notamment par une base de comparaison difficile (RevPAR T3 23 à +9.3% vs 2019). Par ailleurs, la fin d’un contrat d...
- Marc Zwartsenburg
- CEFA
Randstad/3Q24 beat and outlook provide comfort/BUY
We reiterate our BUY rating and keep our target price of €60.00 post a comforting 3Q24 reporting. Randstad reported a 2% beat on 3Q24F, reiterated to see stable trends through the quarter and into October, has room to manoeuvre on the OPEX to mitigate headwinds in 4Q24 if needed, and sees early cyclical segments still showing the typical cyclical pattern. It thus seems we are at a trough bouncing around a bottom with a recovery in slow-motion while we still lack visibility on a turning point. We...
- Carole Braudeau
Morning Crédit 22/10/2024
Picard lance son abondement de 200 m EUR sur le FRN 2029Wendel : acquisition transformante avec un accord pour acquérir 75% de Monroe Capital LLC, leader américain du marché de la dette privéeEurofins : Solid growth in Q3 24 albeit guidance lowered; special cash audit finds no material irregularitiesAccorInvest revient déjà sur le marché obligataire>...
- Carole Braudeau
Credit Morning 10/22/2024
Picard launches its € 200m tap on FRN 2029Wendel: transformative acquisition with an agreement to acquire 75% of Monroe Capital LLC, the US leader in the private debt marketEurofins: solid growth in Q3 24 albeit guidance lowered; special cash audit finds no material irregularitiesAccorInvest is already back on the bond market>...
- Geoffroy Michalet
Eurofins : Q3 on the weak side, revenue guidance cut, but margin/FCF g...
>Q3: below expectations on the top line, curbed by a deceleration in biopharma - Eurofins this morning reported Q3 revenue of € 1,723m, up 7.0%, falling short of our estimate (€ 1,771m) and the Visible Alpha consensus (€ 1,751m). Organic growth came in at 4.4%, undershooting expectations (ODDO 6.7%e / VA css 6.5%). The gap with our estimates is attributable mainly to the Biopharma division, where several contracts expired at the start of 2024 and have not been renewe...
- Delphine Brault
- Quentin Borie
- Delphine Brault
- Quentin Borie
- Fehmi Ben Naamane
- Johanna Jourdain
Intercontinental Hotels : Q3 2024 broadly in line with our expectation...
>Q3 2024 trading update broadly in line with our expectations - IHG has just released its Q3 2024 trading update with RevPAR up 1.5% y-o-y, broadly in line with our expectations (ODDO BHF +1.6%e) and being an unsurprising sequential slowdown after +3.0% in H1 2024, given a tougher comparison base in Q3. This is driven by price, at +1.7% y-o-y whereas the occupancy rate was almost flat (-0.1pts). In detail, Q3 2024 RevPAR by region (y-o-y): 1/ Americas: +1.7% (ODDO BHF...
- Fehmi Ben Naamane
- Johanna Jourdain
Intercontinental Hotels : Q3 2024 broadly in line with our expectation...
>Q3 2024 trading update broadly in line with our expectations - IHG has just released its Q3 2024 trading update with RevPAR up 1.5% y-o-y, broadly in line with our expectations (ODDO BHF +1.6%e) and being an unsurprising sequential slowdown after +3.0% in H1 2024, given a tougher comparison base in Q3. This is driven by price, at +1.7% y-o-y whereas the occupancy rate was almost flat (-0.1pts). In detail, Q3 2024 RevPAR by region (y-o-y): 1/ Americas: +1.7% (ODDO BHF...
- Geoffroy Michalet
Eurofins : T3 un peu faible, guidance de CA abaissée, mais guidances d...
>CA T3 : inférieur aux attentes sur la topline, freiné par une décélération de la Biopharma - Eurofins publie ce matin un CA T3 de 1 723 M€, en hausse de 7.0%, en dessous de nos estimations (1771 M€) et de celles du consensus Visible Alpha (1 751 M€). La croissance organique est ressortie à 4.4% inférieur aux attentes (ODDO BHF 6.7%e / le Css VA 6.5%). L’écart par rapport à nos estimations s’explique principalement par la division Biopharma, où plusieurs contrats arr...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Preview 3Q24 Econocom: 3Q24 impressive sales of 6%, driven by leasing Greenyard: No Fruit Farm? PostNL: Preview 3Q24F; consensus released; (implied) warning? Randstad: 3Q24 beats 2% on lower opex; outlook 4Q24 c.3/4% below consensus; better than expected; nice strategic and accretive acquisition. UCB: Regains all global rights to Bepranemab. Var Energi: Pressure on costs continues. Events Calendar
- Mattias Holmberg
Sandvik (Buy, TP: SEK265.00) - Buy on weakness
Although a weakening cycle has been a key focal point for investors since the summer, Sandvik’s soft Q3 report with weak demand for the cutting tools business on the back of a “weak macro environment” and high uncertainty for short-term demand, seem to have caught some off guard. We believe the short-term uncertainty is a buying opportunity as we see PMIs near a trough and an attractive risk/reward at a 2025e EV/EBIT of 12.1x. We have cut our 2024–2026e adj. EBITA by 2% on lower organic growth, ...
- Oliver Metzger
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...
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Nicolas David
SAP : Strong Q3 earnings at all levels. FY 2024 guidance logically upg...
>Strong top-line growth driven both by better Cloud and on-premise revenue at cc - SAP released its Q3 2024 earnings yesterday evening. At first glance, sales look just in line, at € 8.47bn (VA cons.: € 8.44bn) due to higher-than-expected negative forex and lower Services revenues. But Cloud & Software revenue growth at cc reached a record level of 12% cc (css: 10.5% cc) driven both by a higher Cloud growth (+27% cc or +26% cc excl. Walkme) accelerating vs previous q...
- Nicolas David
SAP : Strong Q3 earnings at all levels. FY 2024 guidance logically upg...
>Strong top-line growth driven both by better Cloud and on-premise revenue at cc - SAP released its Q3 2024 earnings yesterday evening. At first glance, sales look just in line, at € 8.47bn (VA cons.: € 8.44bn) due to higher-than-expected negative forex and lower Services revenues. But Cloud & Software revenue growth at cc reached a record level of 12% cc (css: 10.5% cc) driven both by a higher Cloud growth (+27% cc or +26% cc excl. Walkme) accelerating vs previous q...
- Konrad Zomer
Randstad : A sound performance in tough market circumstances
>EBITA 2% above consensus, some stabilisation in challenging markets - In Q3, Randstad reported organic revenue growth of -5.9% (consensus: -5.6%, we at -6.6%) with revenues at € 6,015m (css: € 6,002m, we at € 5,834m). Adjusted EBITA declined 28% in Q3 at €196m, which was 2% above consensus at € 192m (we at € 195m). Both the gross margin as well as the adjusted EBITA margin declined 110bps YoY. Temp fees had a 60bps negative impact on the gross margin and perm fees a ...
- Thomas Couvreur
Randstad Strong cost control, but not enough to compensate weak gross ...
Randstad's 3Q24 results show a significantly weaker gross margin than expected. The company once again demonstrates its strong cost control, though not enough to fully compensate. We adjusted our numbers down last week on the back of weak economic environment, though todays numbers still represent a mis. We reiterate our rating & TP, though note further short-term downside risk if the environment doesn't improve.
- Farid Bitari
- Nicolas David
Nemetschek SE : Vers un T3 2024 solide, comme attendu, avant une nette...
>Vers une nouvelle performance solide au T3, comme indiqué en juillet - Nemetschek publiera ses résultats T3 2024 le 7 novembre prochain avant Bourse. Suite à un contact société, nous comprenons que le groupe devrait afficher une performance en ligne avec les commentaires du management lors de la publication du T2. Nous anticipons une croissance T3 de 8% org, en ligne avec les attentes actuelles du consensus. Cette performance provient 1/ une accélération de Build (OD...
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