RWE AG: 1 director

A director at RWE AG bought 5,970 shares at 31.916EUR and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/09/2024

At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/09/2024

At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...

ODDO : Curtailments in Brazil, limited impact on Iberdrola, Enel and E...

>Recap of the announcement made by Votalia on 20 August - On 20 August, Voltalia announced that the Brazilian transmission network operator was imposing a sizeable curtailment on some parts of the network which will impact group 2024 EBITDA to the tune of € 40m, if these measures to reduce inflow continue over the next few months and if the group is not compensated financially. The curtailment on production volumes for Voltalia in the northeast portion of the network ...

ODDO : Les effacements au Brésil, peu d’impacts sur Iberdrola, Enel et...

>Rappel des faits annoncés par Voltalia le 20 août dernier - Le 20 août dernier, Voltalia a annoncé que l’opérateur du réseau de transmission brésilien impose actuellement des écrêtements prononcés dans certaines parties du réseau qui impacterait l’EBITDA 2024 du groupe à hauteur de 40 M€, si ces mesures de réduction d’injection se prolongeaient au cours des prochains mois et si le groupe n’était pas compensé financièrement. Le volume d’écrêtement de la production de ...

ODDO : First feedback – DAY 2

We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - >Accelor Mittal (=) – Heading for better H2 despite still soft underlying markets, no change on VallourecAdesso (=) – IT-solutions segment will continue to be a drag on profitability in H2 2024Aurubis (+) – Announced disposal for its US-based finished ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/16/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/08/2024

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Geberit AG : A Q2 close to expectations, but cautious guidance, reflec...

>Q2 2024: 5% increase in volumes, EBITDA margin of 30.3% (+30bp) - The group reported its Q2 results yesterday morning. Sales rose by 5.2% at constant currency (consensus 4.1%), with volumes up by around 5% (after -2% in Q1) and stable prices. Restocking from wholesalers continued in Q2 and was the main driver of growth (with one additional working day and favourable comps). Underlying demand remains sharply down, and Q2 saw no change in market conditions. The EB...

Geberit AG : Un T2 proche des attentes, mais une guidance prudente, re...

>T2 2024 : 5% de hausse des volumes, marge d’EBITDA à 30.3% (+30 pb) - Le groupe a publié hier matin ses résultats T2. Le CA progresse de 5.2% à changes constants (consensus 4.1%), dont +5% environ pour les volumes (après -2% au T1) et des prix stables. Le restockage auprès des distributeurs s’est poursuivi au T2 et a été le principal moteur de la croissance (avec 1 jour ouvré supplémentaire et une base de comparaison favorable). La demande sous-jacente reste en net r...

Weaker H2, but 2025 looks intriguing

Demant (Buy, TP: DKK370.00) - EPOS restructuring triggers one-off

Demant reported its H1 results (pre-announced) and confirmed its recently revised 2024 guidance. The key focus was the restructuring expenses of DKK400m triggering a one-off related to EPOS, prompting management to revise its guidance for the net loss from discontinued operations to DKK550m (including a cDKK50m net loss in CI). Demant guided for share buy-backs of DKK2.3bn+ (previously DKK2.0bn+). We reiterate our BUY and DKK370 target price.

Coffee, Croissants & Credit/Orsted and RWE

Utilities - Orsted: 1H24 results show some progress but challenges will remain for some time. RWE: 1H24 financials in sharp decline, as expected

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/15/2024

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Geberit AG : A Q2 close to expectations, but full-year 2024 guidance a...

>Q2: sales better, margin solid albeit a shade below expectations - The group reported this morning Q2 results around 1% shy of expectations. Sales rose by 5.2% at constant currency (consensus 4.1%), marking a clear improvement on Q1 (-1.4%). The group indicated out that volumes rose by almost 5% (after -2% in Q1), while price increases made virtually no contribution to growth. Restocking from distributors continued in Q2 and was the main driver of growth, while under...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/08/2024

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Straumann Holding AG : Investment case becomes leaner again

>Divestment of DrSmile makes investment case leaner again - Straumann announced the divestment of DrSmile to the Spanish Impress Group and will receive in return a minority shareholding of 20% in the group. The Impress Group is the leading provider of clear aligners in Europe and operates a network of clinics in Europe. Straumann will continue to be a major supplier to the Impress Group with its ClearCorrect offering. We like the divestment of DrSmile and the revertin...

Demant A/S : Hit by managed care, Communication harder to divest than ...

>Wholesale business impacted by managed care strategy - Demant released already preliminary Q2 results in July 2024, which were impacted by a weak development of hearing aids. In the second quarter, organic growth was only at 3% (total wholesale revenues, 2% organic growth with external customers) even though the company highlighted that its new flagship hearing aid series Oticon Intent has been received well at independent audiologists and performed in line with expe...

RWE : All eyes on the US

>A strong operating performance - RWE reported a satisfactory interim performance yesterday morning, with earnings a shade ahead of our expectations and those of the consensus. Group EBITDA came in at € 2,899m (-29%), in line with our forecast of € 2,880m, but slightly above the consensus of € 2,822m. Adjusted EBIT showed a similar performance at € 1,928m (-44%), slightly above our forecast (€ 1,900m) and that of the consensus (€ 1,831m). Adjusted net profit came in...

E.ON : A decent publication but a turbulent environment

>Interim publication in line with consensus expectations - Yesterday morning, E.ON published satisfactory results, broadly in line with the consensus expectations, although a shade below our own forecasts. Group EBITDA was down by 14% at €4,868m, compared with the € 5,018m expected (ODDO BHF), but in line with the consensus at € 4,861m. Adjusted EBIT fell by 22% to € 3,351m, compared with the € 3,468m expected by ODDO BHF, and adjusted net profit to € 1,754m, compared...