reports
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
BMW BAYERISCHE MOTOREN WERKE AG
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
RNO RENAULT SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
DAI DAIMLER AG
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
VOW3 VOLKSWAGEN AG PREF
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
STLA STELLANTIS N.V.
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Christophe-Raphaël Ganet
Interparfums : Perfume still showing favourable momentum – Target pric...
>Favourable signs, seemingly no reversal in the market - Our key takeaways from the meeting are as follows:1/ The 2023 results factor in two non-recurring effects in 2024: i/ reserve releases of € 5m on the Karl Lagerfeld licence; ii/ a tax adjustment on transfer prices to the US subsidiary (€ 3m). At the net income level, the 2 phenomena virtually neutralise each other. The tax rate should fall to 25% as of 2024.2/ The start of the year is characterised by:...
- Christophe-Raphaël Ganet
Interparfums : Parfum de momentum toujours favorable – OC ajusté à 54 ...
>Des signaux favorables / pas de fléchissement du marché apparemment - De la réunion, nous retenons les éléments suivants :1/ Les chiffres 2023 intègrent 2 effets non récurrents en 2024: i/ une reprise de provisions de 5 M€ sur la licence Karle Lagerfeld, 2/ un redressement fiscal sur les prix de transfert à la filiale US (3 M€). Au niveau du RN, les 2 phénomènes se neutralisent presque. Le taux d'IS redescendra à 25% à partir de 2024.2/ Le début d'année se ...
- Loic Morvan
- Paul Rouviere
Interparfums: another beat & raise story in 2024?
Interparfums reported FY23 EBIT at EUR160m, up 16%, (consensus: EUR155m), implying a 50bp EBIT margin improvement to 20% (consensus at 19.4%). Management seems quite confident on 2024, and we reiterate our sales expectations of EUR920m, above company guidance (EUR880-900m). We cautiously maintain o
- Benoit Valleaux
- Steven Gould
OSE OSE IMMUNOTHERAPEUTICS SA
MMB LAGARDERE SCA
LXS LANXESS AG
ITP INTERPARFUMS
ALTA ALTAREA SCA
TPE PVA TEPLA AG
G24 SCOUT24 AG
BCP BANCO COMERCIAL PORTUGUES S.A.
FAE FAES FARMA S.A.
GLB GLANBIA PLC
EDR EDREAMS ODIGEO SA
TWEKA TKH GROUP N.V. CERT
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
COFA COFACE SA
FTG111 FLATEXDEGIRO AG
TKWY JUST EAT TAKEAWAY.COM N.V.
MVC METROVACESA SA
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
GRE GRENERGY RENOVABLES
AG1 AUTO1 GROUP
ALLFG ALLFUNDS (UK) LTD
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
DEME DEME GROUP NV
- Benoit Valleaux
- Steven Gould
OSE OSE IMMUNOTHERAPEUTICS SA
MMB LAGARDERE SCA
LXS LANXESS AG
ITP INTERPARFUMS
ALTA ALTAREA SCA
TPE PVA TEPLA AG
G24 SCOUT24 AG
BCP BANCO COMERCIAL PORTUGUES S.A.
FAE FAES FARMA S.A.
GLB GLANBIA PLC
EDR EDREAMS ODIGEO SA
TWEKA TKH GROUP N.V. CERT
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
COFA COFACE SA
FTG111 FLATEXDEGIRO AG
TKWY JUST EAT TAKEAWAY.COM N.V.
MVC METROVACESA SA
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
GRE GRENERGY RENOVABLES
AG1 AUTO1 GROUP
ALLFG ALLFUNDS (UK) LTD
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
DEME DEME GROUP NV
- Christophe-Raphaël Ganet
Interparfums : 2023 results: a shade above forecasts...encouraging
>2023 underlying operating profit: 20.1% of sales (consensus: 19.3-19.5%) - ITP published its FY results: underlying operating profit up 16% to € 160.4m (consensus: € 155m). Net profit stood at € 118.7m (+19% / consensus: € 115.5m), due to the expected rise in the corporation tax rate.The balance sheet shows a net cash position of € 55m at the end of 2023 (compared with € 33.5m at the end of June), including the second downpayment of € 40m on the Lacoste licence....
- Christophe-Raphaël Ganet
Interparfums : Résultat 2023 : légèrement au-dessus des attentes …enco...
>ROC 2023 : 20,1% du CA (vs css : 19,3/19,5%e) - ITP publie ses résultats annuels : le ROC est en hausse de 16% à 160,4 M€ (css : 155 M€e). Le RN s’affiche à 118,7 M€ (+19% / css : 115,5 M€e), du fait de la remontée attendue du taux d’IS.Le bilan fait état d’une situation de cash net de 55 M€ à fin 2023 (vs 33,5 M€ à fin juin dernier), tenant compte du second downpayment de la licence Lacoste de 40 M€.Le conseil d’administration proposera un dividende de 1,1...
- Robin Leclerc (IDMidCaps)
Interparfums - Q4 in line with Group expectations, valuation leaves no...
Q4 slightly down as expected by Management due to a particularly high base effectRecord profitability expected in 2023 (EBIT margin above 19%)End demand remains well oriented with no slowdown aheadThe future of the Van Cleef & Arpels licence is still uncertain, although management remains confident that it will be renewed.A very demanding valuation (higher than LVMH...), with the risk of a sanction at the slightest misstep.
- Jean-François Granjon
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
HCO HIGHCO SA
SWP SWORD GROUP SE
VETO VETOQUINOL SA
WIZZ WIZZ AIR HOLDINGS PLC
MAREL MAREL HF.
ALVIV VISIATIV SA
SESL SES-IMAGOTAG SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
MDM MAISONS DU MONDE SA
PWG PRODWAYS GROUP SA
NSI NSI N.V.
S30 SOLUTIONS 30 SE
ALHRS HYDROGEN REFUELING SOLUTIONS
- Jean-François Granjon
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
HCO HIGHCO SA
SWP SWORD GROUP SE
VETO VETOQUINOL SA
WIZZ WIZZ AIR HOLDINGS PLC
MAREL MAREL HF.
ALVIV VISIATIV SA
SESL SES-IMAGOTAG SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
MDM MAISONS DU MONDE SA
PWG PRODWAYS GROUP SA
NSI NSI N.V.
S30 SOLUTIONS 30 SE
ALHRS HYDROGEN REFUELING SOLUTIONS
- Loic Morvan
- Paul Rouviere
Cautious FY24 sales guidance which could easily be surpassed
Interparfums has reported sales figures slightly below expectations but now expects margins above 19%, thus meeting CSSe EBIT of EUR155m. We remain confident in ITP sales prospects for FY24, which we expect to outperform a dynamic fragrance market (+6/7%) thanks to the Lacoste fragrance launch. We
- Christophe-Raphaël Ganet
Interparfums : Reassuring signals on activity/margins but doubts on li...
>Feedback from the analysts meeting: healthy activity with no consumption effect - Licences: discussions on the prolongation of the Van Cleef & Arpels licence are anticipated in Q1 (next deadline, end-January). We understand that Van Cleef & Arpels (Richemont) is looking to limit distribution due to reasons of exposure and ultra-premium image. It is therefore difficult to estimate a probability, particularly in the context in which Kering has indicated that it is look...
- Christophe-Raphaël Ganet
Interparfums : Des signaux rassurants sur l’activité et les marges mai...
>Feedback réunion d’analystes : activité saine et sans effet consommation - Licences : les discussions sur la prolongation de la licence Van Cleef & Arpels doivent intervenir courant T1 (prochaine échéance, fin janvier). Nous comprenons que Van Cleef & Arpels (Richemont) souhaiterait limiter la distribution pour des questions d’exposure et d’image ultra premium. Difficile donc d’estimer une probabilité, surtout dans un contexte ou Kering a indiqué qu’il voulait intern...
- Emira Sagaama
- Jean-Baptiste Rouphael
- Juan Ros-Padilla
ODDO BHF Small & MIDCAP MORNING NEWS - 01/24/2024
The ESG themes addressed during this year’s forum centred around the 3 “T”s: Transparency, with the implementation of the CSRD; Talent, a theme where the issues of attraction and retention are as relevant as ever; and Transition, with some companies in the process of adapting their business models to embrace sustainability-related topics. Our favorite ESG profiles are those of GEA Group, Intertek, Carbios, SPIE, Elis, UCB and, to a certain extent, Bekaert. - ...
VAC PIERRE & VACANCES SA
ITP INTERPARFUMS
CDA COMPAGNIE DES ALPES SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
ALBFR SIDETRADE SA
TWEKA TKH GROUP N.V. CERT
HAG HENSOLDT AG
ALLFG ALLFUNDS (UK) LTD
BAI BENEVOLENTAI
- Emira Sagaama
- Jean-Baptiste Rouphael
- Juan Ros-Padilla
ODDO BHF Small & MIDCAP MORNING NEWS - 24/01/2024
Cette année, les thématiques ESG abordées lors du Forum se dessinent autour des 3 « T » : Transparence, avec la mise en œuvre de la CSRD, Talents : les enjeux d’attraction et de rétention restent prégnants ; Transition : un virage des modèles d’activité vers des thématiques de durabilité est engagé pour certains acteurs. Côté valeurs, nous apprécions le profil ESG de GEA Group, Intertek, Carbios, SPIE, Elis, UCB et dans une certaine mesure, Bekaert. - ...
VAC PIERRE & VACANCES SA
ITP INTERPARFUMS
CDA COMPAGNIE DES ALPES SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
ALBFR SIDETRADE SA
TWEKA TKH GROUP N.V. CERT
HAG HENSOLDT AG
ALLFG ALLFUNDS (UK) LTD
BAI BENEVOLENTAI
- Christophe-Raphaël Ganet
Interparfums : Q4 2023 sales hit by base effect, 2023 operating margin...
>Q4 2023: -2.5%, at the lower end of expectations… - Sales came in at € 187.8m, down by 2.5% and by around 2.8% cc). By brand, sales break down as follows: Jimmy Choo -5 % in Q4 vs +24% in 9M; Montblanc: -9.6 % in Q4 vs +19% in 9M; Coach: +11.5% in Q4 vs +26% in 9M; Rochas: +2.1% in Q4 vs -29% in 9M; Lanvin: -15.6% in Q4 vs +0.4% in 9M; Kate Spade: -4% vs +46% in 9M.Full year sales totalled € 798.5m, up 13% (o/w an 11.5% volume effect) and up 14.6% excluding the ...
- Christophe-Raphaël Ganet
Interparfums : CA T4 2023 impacté par l’effet de base – Bon niveau de ...
>T4 2023 : -2,5%, dans le bas des attentes… - Le CA T4 ressort à 187,8 M€ (soit -2,5% et env. -2,8%e à tcc.). Par marque, les ventes se distribuent ainsi : Jimmy Choo: -5% au T4 vs +24% à 9M, Montblanc: -9,6% au T4 vs +19% à 9M, Coach: +11,5% au T4 vs +26% à 9M, Rochas: +2,1% au T4 vs -29% à 9M, Lanvin: -15,6% au T4 vs +0,4% à 9M ; Kate Spade : -4% vs +46% à 9M.Sur l’année, les ventes totalisent 798,5 M€, +13% (dont 11,5% d’effet volumes) et +14,6% hors effet dev...
Interparfums: 1 director
A director at Interparfums sold 7,766 shares at 50.222EUR and the significance rating of the trade was 80/100. 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 sho...
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