>Fairly challenging advertising trend in Q3 - Atresmedia reported Q3 2024 results yesterday that came in slightly below our expectations with EBITDA of € 14m vs € 16m expected. Advertising revenues in Q3 were down 5%, while we looked for a decline of 6%. It was therefore a challenging quarter in terms of the advertising trend. Base effects were also demanding since Q3 2023 showed growth of 4.5%. We think that the group was notably affected by the fact that it did not ...
>Une tendance publicitaire assez difficile au T3 - Atresmedia a publié hier ses résultats du T3 qui ressortent légèrement inférieurs à nos attentes avec un EBITDA de 14 M€ vs 16 M€ attendus. La tendance publicitaire sur le T3 ressort en baisse de 5%, nous tablions sur une baisse de 6%. Le trimestre est donc difficile en termes de tendance publicitaire. Les effets de base étaient difficiles puisque la croissance a été de 4,5% au T3 2023. Nous pensons que le groupe a no...
We hosted our 4th ODDO BHF Iberian Forum on the 1st and 2nd of October 2024, virtually. In total, 63 companies were present. In the following note, we provide some initial feedback from the companies on day 2. - >ACS (=): good operating momentum maintained, Abertis and its dividends on the front page - Atresmedia (=): Q3 should be challenging but outlook reiterated - Befesa (=): zinc prices held up well, offsetting the negative impact of maintenance on Q3 volumes - CaixaBank ...
>Opinion Neutre réitérée - Atresmedia a publié hier ses résultats S1 2024 ressortis en ligne avec nos attentes (EBITDA T2 de 52 M€ vs 51 M€ attendus) et a tenu sa conférence téléphonique dans la foulée. La marge n’est qu’en très légère décroissance malgré la forte hausse des coûts sur le trimestre à environ +10% (principalement des coûts de grille). La croissance publicitaire ressort notamment en ligne avec nos attentes à 5,4%, en ralentissement séquentiel logique apr...
>Neutral rating reiterated - Atresmedia released its H1 2024 results yesterday in line with our expectations (Q2 EBITDA at € 52m vs € 51m expected) and followed them up with a conference call. The margin contracted only very slightly despite a big jump in costs over the quarter of around +10% (mostly programming costs). Advertising revenue growth came out in line with our forecast at 5.4%, having logically slowed down sequentially following a very healthy Q1 (+14.5%)....
The Platform Group (TPG) is a software company that is active across 20 industries through its digital platform solutions. Via its four segments (consumer goods, freight goods, industrial goods, service and retail goods), it serves both B2B and B2C customers. Given the growing revenues (2023-2026e CAGR +14.7%) and adjusted EBITDA margins (+270bp to 7.8% in 2026e vs 2023), as well as a solid financial profile (equity ratio >30%, average positive FCF of c.€ 8m for 2024e to 2026e) and un...
The Platform Group (TPG) is a software company that is active across 20 industries through its digital platform solutions. Via its four segments (consumer goods, freight goods, industrial goods, service and retail goods), it serves both B2B and B2C customers. Given the growing revenues (2023-2026e CAGR +14.7%) and adjusted EBITDA margins (+270bp to 7.8% in 2026e vs 2023), as well as a solid financial profile (equity ratio >30%, average positive FCF of c.€ 8m for 2024e to 2026e) and un...
>Neutral rating reiterated - Atresmedia’s H1 2024 results, released this morning, came in in line with our expectations with Q2 EBITDA of € 52m (vs € 51m est.). Advertising revenue growth in Q2 was in line with what we expected at +5.4% (we looked for 5%). The group invested in programmes to consolidate its position as market leader, and programming costs were up 9.3%. Despite this, the margin was down very slightly in Q2 to 19% vs 20% in Q2 2023. The group is holding...
>Opinion Neutre réitérée - Atresmedia a publié ce matin ses résultats semestriels 2024 ressortis en ligne avec nos attentes avec un EBITDA T2 de 52 M€ (vs 51 M€e). La croissance publicitaire du T2 est en ligne avec nos attentes à +5,4% (nous tablions sur 5%). Le groupe a fourni un effort d'investissement en termes de programmes pour consolider sa position de leader sur le marché, les coûts de programmes ressortent en hausse de 9,3% mais malgré cela la marge est en trè...
>Neutral rating reiterated - We provide here an update on our expectations for Atresmedia and the Spanish advertising market with a view to the Q2 2024 earnings reports. The group is due to published its results on 24 July. Our annual forecasts are unchanged but we have made a number of adjustments to our Q2 estimates. Q2 probably got off to a good start, thanks to favourable momentum across Europe. Keep in mind that the advertising market in Q1 was highly favourable ...
>Opinion Neutre réitérée - Nous faisons un point sur nos attentes pour Atresmedia et le marché publicitaire espagnol dans la perspective des résultats du T2 2024. Le groupe publiera ses résultats le 24 juillet. Nos attentes annuelles sont inchangées mais nous procédons à quelques ajustements sur nos attentes du T2. Le début du T2 a probablement été bon sous l’effet d’un momentum favorable un peu partout en Europe. Rappelons que le marché publicitaire sur le T1 était t...
>Feedback from 52 companies present on day three - Our 13th edition of the ODDO BHF Nextcap Forum takes place on June 4 and 5 in Paris, and on June 6 virtually. Following the third day, which took place yesterday virtually at our Paris office with 52 companies in attendance, we publish hereafter feedback for those companies present:Aedas HomesLhyfeAfyrenMaisons Du MondeAltamirMcPhy EnergyAltriMister SpexAtresmediaNein...
>Feedback de 52 sociétés présentes le 3ème jour - Notre 13ème édition du ODDO BHF Nextcap Forum a lieu les 4 et 5 juin en physique à Paris et le 6 juin en virtuel. Suite à la troisième journée qui a eu lieu hier en virtuel avec 53 de sociétés présentes, nous publions ci-après un feedback pour chacune des sociétés couvertes :Aedas HomesLhyfeAfyrenMaisons Du MondeAltamirMcphy EnergyAltriMister SpexAtresmediaNeinor Homes§...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
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