reports
- Thomas J. Schiessle
Q1/24 dokumentiert Trendwende - Visibilität aktuell „ausreichend“ – no...
Wie angekündigt war das Q1/24 im Vergleich zum noch sehr starken Vorjahresstart relativ verhalten. Die Order-Trendwende sei - so der CEO – im Werden; China ist noch schwach, die übrigen Ländermärkte erholen sich. Die 24er Guidance (inkl. Phasing) wurde bestätigt - die Visibilität sei „ausreichend“.
- Thomas J. Schiessle
Q1/24 documents turnaround - visibility currently "sufficient" - China...
As announced, Q1/24 was relatively subdued compared to the very strong start to the previous year. According to the CEO, the order turnaround is in the making; China is still weak, but the other national markets are recovering. The guidance of 24 (incl. phasing) was confirmed - visibility is "sufficient".
- Carole Braudeau
- Carole Braudeau
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Oliver Metzger
SARTORIUS AG : Some stabilisation, but sales and order intake below ex...
>Stabilisation of revenues, sequential improvement of order intake continues - Q1 revenues of € 820m (-9.3% y-o-y, -5%/-5% vs ODDO BHF/consensus) were impacted by a constant currency decline of 7.6% including 200bp coming from external growth. Sartorius continued to be impacted by destocking. Order intake of € 826m (-5.6% y-o-y) was -6%/-7% below expectations. We rate the development of the order book as still negative given the ongoing headwind. Adj. EBITDA of € 234m...
- Carole Braudeau
- Carole Braudeau
- Thomas J. Schiessle
Frisches Kapital zur Schuldenreduktion – „Sartorius 2028“ braucht Zukä...
Das verbesserte Investorenvertrauen und die gestiegene Peerbewertung wurde umgehend zur – angekündigten - Kapitalerhöhung und Schuldenreduktion genutzt. Sartorius Stedim Bio S.A. (SSB) platzierte 02/24 eine € 1,2 Mrd. schwere Kapitalerhöhung (zum Preis von € 233/SSB-Aktien) bei großen Investoren, ein Drittel der 5,15 Mio. neuen Aktien zeichnete Sartorius (SAG) für ca. 396 Mio., womit ihr Anteil an SSB von 73,6 % auf 71,5 % sinkt. Zeitgleich verkaufte SAG 0,6135 Mio. SAG-Vorzugsaktien (90 Tage l...
- Thomas J. Schiessle
Fresh capital for debt reduction - "Sartorius 2028" needs acquisitions...
The improved investor confidence and the increased peer valuation were immediately used for the - announced - capital increase and debt reduction. Sartorius Stedim Bio S.A. (SSB) placed a € 1.2 bn capital increase (at a price of € 233/SSB share) with large investors in 02/24; Sartorius (SAG) subscribed to one third of the 5.15 m new shares for approx. 396m, reducing its stake in SSB from 73.6 % to 71.5 %. At the same time, SAG sold 0.6135 million SAG preference shares (90-day lockup) from its o...
- Carole Braudeau
- Carole Braudeau
- Thomas J. Schiessle
Inventory cycle expires in Q1/24 - 24 guidance targets growth - "Sarto...
The "new normal" is characterised by growth, albeit at a slightly slower pace than under the old market parameters. Inventory reduction and investment restraint should be overcome in the course of Q2/24, as the customer markets (pharmaceutical innovations) remain fundamentally very dynamic.
- Thomas J. Schiessle
Lagerzyklus läuft in Q1/24 aus – 24er Guidance peilt Wachstum an - „Sa...
Das „neue Normal“ ist von Wachstum gekennzeichnet, wenn auch etwas weniger schnell als unter der alten Marktparametern. Lagerabbau und Investitionszurückhaltung sollen im Laufe des Q2/24 überwunden sein, denn die Kundenmärkte (Pharma-Innovationen) bleiben grundsätzlich sehr dynamisch.
- Carole Braudeau
- Carole Braudeau
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS Date1
Although Argentina was only an anecdotal factor in Puma's profit warning, it has rekindled investors' questions about the impact of the peso's (official) depreciation following the election of Javier Milei last November. Here we recap on the risks faced by the twenty or so companies and sectors with a presence in Argentina within our universe of coverage. While the potential impact is marginal in most cases, it is more significant for: Prosegur, Prosegur Cash, Tenaris, Verallia, Save...
BNP BNP PARIBAS SA CLASS A
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
VOLV B VOLVO AB CLASS B
RCO REMY COINTREAU SA
SRT3 SARTORIUS AG PREF
DTE DEUTSCHE TELEKOM AG
ELI ELIA GROUP SA/NV
DIM SARTORIUS STEDIM BIOTECH SA
STM STMICROELECTRONICS NV
WDP WAREHOUSES DE PAUW SCA
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
SGSN SGS SA
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/01/2024
Même si l’Argentine n’est qu’un élément accessoire du profit warning de Puma, il a ravivé les interrogations des investisseurs sur l’impact de la dépréciation du peso (officiel) à la suite de l’élection de Javier Milei en novembre dernier. Nous revenons ici sur les risques encourus par la vingtaine de sociétés et secteurs ayant une présence en Argentine au sein de notre univers de couverture. Si l’impact potentiel est le plus souvent marginal, il est plus matériel chez : Prosegur, Pro...
BNP BNP PARIBAS SA CLASS A
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
VOLV B VOLVO AB CLASS B
RCO REMY COINTREAU SA
SRT3 SARTORIUS AG PREF
DTE DEUTSCHE TELEKOM AG
ELI ELIA GROUP SA/NV
DIM SARTORIUS STEDIM BIOTECH SA
STM STMICROELECTRONICS NV
WDP WAREHOUSES DE PAUW SCA
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
SGSN SGS SA
- Oliver Metzger
SARTORIUS AG : Sartorius Stedim Biotech# FY review – Recovery ongoing,...
>Revenues better, order intake below expectations - Q4 revenues of € 850m (-19.9% y-o-y, 1%/3% vs ODDO BHF/consensus) were impacted by a constant currency decline of 17.2%. Sartorius was significantly impacted by the expected inventory reductions and a general reluctance to invest on the part of customers. Order intake of € 835m (-5.8% y-o-y) was -6%/-3% below expectations. We rate the development of the order book as still negative given the lack of visibility for a ...
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.