reports
- Thijs Berkelder
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - Date1
We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
ITP INTERPARFUMS
SDF K+S AG
NEX NEXANS SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ADN1 ADESSO AG
GNFT GENFIT SA
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
NVG NAVIGATOR COMPANY SA
ASS APPLUS SERVICES S.A.
S92 SMA SOLAR TECHNOLOGY AG
CLA CLARANOVA SE
SRAIL STADLER RAIL AG
KTA KNAUS TABBERT
UPG UNIFIEDPOST GROUP
DEME DEME GROUP NV
AF AIR FRANCE - KLM
- Thijs Berkelder
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 11/14/2024
We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
ITP INTERPARFUMS
SDF K+S AG
NEX NEXANS SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ADN1 ADESSO AG
GNFT GENFIT SA
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
NVG NAVIGATOR COMPANY SA
ASS APPLUS SERVICES S.A.
JST JOST WERKE AG
S92 SMA SOLAR TECHNOLOGY AG
CLA CLARANOVA SE
SRAIL STADLER RAIL AG
KTA KNAUS TABBERT
UPG UNIFIEDPOST GROUP
DEME DEME GROUP NV
AF AIR FRANCE - KLM
- Christophe-Raphaël Ganet
Interparfums : Feedback from the CMD: slight downward adjustment to es...
>Key takeaways: cautious guidance, less ambitious on Moncler and work to be done on enhancing the portfolio - 1/ Cautious guidance for 2025 (but the consensus too high), due to embedded effects. A good line-up for 2025: several launch initiatives are planned: Montblanc Explorer (new line), Jimmy Choo Man, Coach (2 new editions: Woman and Man), Solferino (new proprietary brand - niche perfumes / 10 lines listed in Paris for the story telling), Lacoste (extension of L12...
- Christophe-Raphaël Ganet
Interparfums : Feedback CMD : estimations légèrement abaissées
>Principaux éléments : guidance prudente, moins ambitieux sur Moncler et un travail à réaliser pour enrichir le portefeuille - 1/ Guidance 2025 prudente (mais CSS trop haut), compte tenu des effets embarqués. Bon line-up en 2025: plusieurs initiatives de lancements sont prévues : Montblanc Explorer (nouvelle ligne), Jimmy Choo Man, Coach (2 nouvelles déclinaisons : Woman et Man), Solferino (nouvelle marque propriétaire - parfums de niche / 10 lignes en référence à Par...
- Loic Morvan
Interparfums: cautious prospects for 2025
Interparfums management released cautious sales prospects for 2025 yesterday with limited growth despite the roll-out of Lacoste Original. Although we are slightly more aggressive than management, we have notched down our FY25 sales estimate from EUR960m to EUR950m. Buy reiterated with EUR54 vs EUR
- Maissa Keskes
- Stephane Houri
TEMN TEMENOS AG
LEI LEIFHEIT AG
ITP INTERPARFUMS
IPH INNATE PHARMA SA CLASS A
VOE VOESTALPINE AG
TPE PVA TEPLA AG
SIX2 SIXT SE
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
DLG DE'LONGHI S.P.A.
JUN3 JUNGHEINRICH AG PREF
TKWY JUST EAT TAKEAWAY.COM N.V.
BSGR B&S GROUP S.A.
AG1 AUTO1 GROUP
SPAC 468 SPAC I SE
IOS IONOS GROUP SE
R3NK RENK GROUP AG
- Maissa Keskes
- Stephane Houri
TEMN TEMENOS AG
LEI LEIFHEIT AG
ITP INTERPARFUMS
IPH INNATE PHARMA SA CLASS A
VOE VOESTALPINE AG
TPE PVA TEPLA AG
SIX2 SIXT SE
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
DLG DE'LONGHI S.P.A.
JUN3 JUNGHEINRICH AG PREF
TKWY JUST EAT TAKEAWAY.COM N.V.
BSGR B&S GROUP S.A.
AG1 AUTO1 GROUP
SPAC 468 SPAC I SE
IOS IONOS GROUP SE
R3NK RENK GROUP AG
- Christophe-Raphaël Ganet
Interparfums : CMD and guidance: 2024 landing confirmed, cautious 2025...
>The management guides to 2025 growth of “just” 4%e - Ahead of its CMD today, Interparfums announced:1/ The fine tuning of its 2024 guidance: i/ 2024 sales are maintained in a range of between € 880-890m), ii/ the 2024 underlying operating margin is now projected to exceed 19%e, or >€ 170m est. (vs close to 19%, i.e. € 167-170m est. previously),2/ 2025 sales between € 910m and € 930m est. (i.e. +4% at the midpoint) , vs css >€ 950m est.;3/ A 2025 operat...
- Christophe-Raphaël Ganet
Interparfums : CMD et guidances : atterrissage 2024 conforté, perspect...
>Le management guide sur une croissance 2025 de « seulement » 4%e - En amont de son CMD, qui se tiendra aujourd’hui, Interparfums communique sur :1/ Le fine tuning de sa guidance 2024 : i/ le CA 24e est maintenu à une fourchette comprise entre 880-890 M€ précédemment), ii/ la MOp. courante 2024 devrait désormais dépasser les 19%e, soit >170 M€e (vs proche de 19% ie. 167-170 M€e jusqu’ici).2/ Un CA 2025 compris entre 910 et 930 M€e (ie. +4% en milieu de fourc...
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 10/23/2024
28 October could mark a crucial step forward in the resolution of the asbestos litigation. The hearing set on this date at the Delaware court could lead to the launch of the plaintiffs’ vote on the reorganisation plan (agreement if 75% of plaintiffs vote in favour of the plan). We think that this vote is highly likely to materialise, notably with the integration of J&J into the plan (hearing of 8 October). The intrinsic valuation of the group’s assets (TQC, the Beauvoir/Saint-Austell ...
MF WENDEL SE
IDL ID LOGISTICS GROUP
ITP INTERPARFUMS
NRG NRJ GROUP SA
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
BAMNB KONINKLIJKE BAM GROEP NV
ROYAL VOPAK NV
RIEN RIETER HOLDING AG
TECN TECAN GROUP AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
COFA COFACE SA
FTG111 FLATEXDEGIRO AG
TKO TIKEHAU CAPITAL SCA
RBO ROCHE BOBOIS INTERNATIONAL SAS
VRLA VERALLIA SAS
KTA KNAUS TABBERT
ALLFG ALLFUNDS (UK) LTD
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 23/10/2024
Le 28 octobre prochain pourrait marquer une avancée cruciale dans la résolution des litiges amiante. L’audience prévue pour cette date dans l’agenda du tribunal du Delaware pourrait conduire au lancement du vote des plaignants sur le plan de réorganisation (accord si 75% des plaignants votent le plan). Nous pensons que ce vote a de grandes chances d’aboutir avec l’intégration de J&J dans le plan (décision du 8 octobre dernier). La valorisation intrinsèque des actifs du groupe reviendr...
DAI DAIMLER AG
MF WENDEL SE
IDL ID LOGISTICS GROUP
ITP INTERPARFUMS
NRG NRJ GROUP SA
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
BAMNB KONINKLIJKE BAM GROEP NV
ROYAL VOPAK NV
RIEN RIETER HOLDING AG
TECN TECAN GROUP AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
COFA COFACE SA
FTG111 FLATEXDEGIRO AG
TKO TIKEHAU CAPITAL SCA
RBO ROCHE BOBOIS INTERNATIONAL SAS
VRLA VERALLIA SAS
KTA KNAUS TABBERT
ALLFG ALLFUNDS (UK) LTD
- Christophe-Raphaël Ganet
Interparfums : Feedback from the analysts’ meeting: quite a few projec...
>A constructive tone (solid downstream markets, launches, new licenses) but already (too?) cautious on 2025 - Our key takeaways from yesterday morning's meeting:1/ Good Q3 sales still driven by Lacoste (contribution from the sale-in in July / Q3 sales for Lacoste: € 26.8m vs € 18m est. in Q1 and around the same in Q2) but by zone the markets are proving resilient (please refer to our comments of 22 October 2024).2/ Interparfums is targeting an underlying op...
- Christophe-Raphaël Ganet
Interparfums : Feedback réunion d’analystes : pas mal de projets mais ...
>Tonalité constructive (marchés avals solides, lancements, nouvelle licence) mais déjà un ton (trop ?) prudent sur 2025 - Voici ce que nous retenons de la réunion tenue hier matin :1/ Bon CA T3 surtout grâce à Lacoste (contribution du sale-in en juillet / CA T3 de Lacoste : 26,8 M€ vs plutôt 18 M€e au T1 et autant au T2) mais par zone les marchés se comportent très bien (relire notre commentaire du 22/10/2024).2/ ITP guide sur une MOP courante de l’ordre de...
- Loic Morvan
- Paul Rouviere
Interparfums Q3 very dynamic but slightly more cautious for 2025
Q3 sales were quite strong with a 20% increase, boosted by the Lacoste brand (9M sales of EUR63m), as well as robust momentum at Jimmy Choo (+15%) and some early orders. We have marginally adjusted our FY 2025 sales expectations (+7% vs +10% previously) given lower visibility on the current volatil
- Ghada Ben Sedrine
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 22/10/2024
Nous initions la couverture de Vontobel avec une recommandation Surperformance et un objectif de cours de 65 CHF. Le groupe présente un potentiel de croissance à moyen long terme de l’activité (renforcé par l’acquisition d’une participation dans Ancala) et d’amélioration de sa rentabilité. (croissance annuelle moyenne du RN de 15%e entre 2023 et 2027) qui ne nous semble pas pleinement intégré par le consensus à ce stade (estimation ODDO BHF 1%-5% > au css. La valorisation actuelle du ...
- Ghada Ben Sedrine
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 10/22/2024
We are initiating coverage of Vontobel with an Outperform recommendation and a target price of CHF 65. The group presents medium- to long-term growth potential in terms of its activity (strengthened by the acquisition of a stake in Ancala) and improvement to its profitability (an average annual increase in net income of 15% between 2023 and 2027) which does not appear to be fully factored in by the consensus for the time being (ODDO BHF estimate some 1-5% above the consensus). Therefo...
- Christophe-Raphaël Ganet
Interparfums : Q3 2024 revenue better than expected. Operating margin ...
>Q3: +20.2% vs +6.7% at end-June - Q3 sales came in at € 257.6m, i.e. +20.2%. Over nine months, sales totalled € 680.2m, i.e. +11.4% and 11.5% at constant forex. The group has renewed its 2024 revenue target (sales of between € 880me and € 900me , i.e. +10/+13%e) and finally specified its operating margin guidance: around 19% vs "a high level so far (reminder: 22% in H1 Q4 vs 25.8% in H1 23). In Q3, as in 9M, all geographic areas have grown (between +5% and +47%).§rch...
- Christophe-Raphaël Ganet
Interparfums : CA T3 2024 meilleur que prévu. Guidance de MOP conforme...
>T3 2024 : +20,2% vs +6,7% à fin juin - Le CA T3 atteint 257,6 M€, soit +20,2%. A 9M, le CA totalise 680,2 M€ ie. +11,4% et 11,5% à tcc.Le groupe renouvelle son objectif 2024 de CA (CA compris entre 880 M€e et 900 M€e, soit +10/+13%e) et précise enfin sa guidance de MOP : autour de 19% vs « un niveau élevé jusqu’à présent (rappel : 22% au S1 24 vs 25,8% au S1 23).Au T3, comme à 9M, toutes les zones géographiques sont en croissance (entre +5 et +47%).§hp...
- Stephane Beyazian
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