The Capital Goods Data Miner - May 2024

Our key long ideas are: Alfa Laval, Hexagon, Metso, Sandvik, Volvo. We are cautious on: Autoliv, Nibe, Wärtsilä

Brenntag SE: 1 director

A director at Brenntag SE bought 700 shares at 71.277EUR and the significance rating of the trade was 55/100. 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 show...

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 SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2024

As the world leader in logistics, DHL operates in 220 countries via 5 main activities (post and parcels in Germany, Express, freight forwarding, supply chain and e-commerce). Despite buoyant structural trends (global trade, e-commerce, outsourcing of logistics chains), we are initiating coverage with a Neutral rating and target price of € 43 in the absence of short-term visibility on the global macro environment and due to the risk of a consensus downgrade. - ...

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 SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/05/2024

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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...

PVA Tepla : Multiple growth drivers that support the 2028 targets

>Outperform rating and target price of € 35 maintained - PVA Tepla held its first CMD at its headquarter in Wettenberg yesterday. The CMD bolsters the group’s structural growth status with its exposure to multiple growth markets. It also enabled us to better comprehend the strategy and vision out to 2028. We see the group as offering a robust growth story on several fronts, with notably SiC as a driver (between 20% and 25% of the group’s orders), its Metrology divisio...

PVA Tepla : De multiples leviers de croissance qui soutiennent les obj...

>Opinion Surperformance et OC à 35 € maintenus - PVA Tepla a organisé hier son premier CMD dans son siège à Wettenberg. Ce CMD vient conforter le statut de croissance structurelle du groupe exposé à des multiples marchés en croissance. Il nous a également permis de mieux appréhender la stratégie et la vision jusqu’à 2028. Le groupe dispose, selon nous, d’une histoire de croissance solide sur plusieurs fronts, avec notamment le SiC comme moteur (20-25% des commandes du...

Atlas Copco : CMD feedback: you don’t change a winning team

>Long-term targets maintained with 8% sales growth over the cycle - At its CMD, Atlas Copco as expected reiterated its main long-term target of generating sales growth of 8% per year over a full cycle (~5% organic and ~3% via acquisitions). It has exceeded this target in the last few years with average annual growth of 10% between 2014 and 2023. We continue to expect average organic growth of 8% in the period 2023-2027, which, adding in the 3 percentage points of grow...

Atlas Copco : Feedback CMD : on ne change pas une équipe qui gagne

>Maintien des objectifs long terme avec 8% de croissance du CA en moyenne - Lors de son CMD, Atlas Copco a réitéré, sans surprise, son principal objectif de long terme de réaliser une croissance du CA de 8% par an sur un cycle complet (~5% en organique et ~3% via les acquisitions). Il a dépassé cet objectif lors des dernières années avec une croissance annuelle moyenne de 10% entre 2014 et 2023. Nous continuons d’anticiper une croissance organique moyenne de 8% sur la...

Vat Group Ag: 1 director

A director at Vat Group Ag sold 325 shares at 476.000CHF and the significance rating of the trade was 62/100. 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 show...

New CEO, same good old Atlas

Arm developing a datacenter XPU? Our thoughts.

Infineon: Microcontroller share gains help offset the cyclical slowdow...

Infineon’s auto MCU revenues have nearly tripled in the last four years, with market share increasing from 16% to 29%. The company has good visibility on further growth, and we expect this, along with growth in xEVs, to offset the cyclical slowdown this year and contribute to double-digit growth beyond. Infineon is one of our top picks this year. The largest round of downward revisions is behind us, and the stock is attractively valued, ahead of another leg of strong secular growth beyond this y...