ODDO BHF Small & MIDCAP MORNING NEWS - 06/14/2024

Montea held its first Capital Markets Day (“CMD”) last week. We are not changing our estimates, although the event did demonstrate Montea’s conservatism in financial targets and high-quality assets in favourable markets. The CMD underscores our positive view on the stock and we reiterate our Outperform recommendation. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 14/06/2024

Montea held its first Capital Markets Day (“CMD”) last week. We are not changing our estimates, although the event did demonstrate Montea’s conservatism in financial targets and high-quality assets in favourable markets. The CMD underscores our positive view on the stock and we reiterate our Outperform recommendation. - ...

Stabilus SE : Key takeaways from the analyst call on the FY 2023-24 gu...

>Bracing for a softer summer season - Stabilus held an analyst call on their recent newsflow, as there were obviously still many questions in the market. They specified that they are now expecting c. €75m lower sales at the mid-point of their new guidance vs their old sales target. Two-thirds of the lost volumes are said to be in Automotive (i.e. ~€ 50m) and one-third in Commercial Vehicles (~€ 25m). Slow demand of end-customers has led to increased inventories of up ...

ODDO BHF Small & MIDCAP MORNING NEWS - 06/12/2024

The formation of alliances to Macron's left and right reduces his leeway and increases the risk of a cohabitation, a priori probably with a Prime Minister from the Rassemblement National (National Rally). Equity markets are more visibly affected by these developments. Reduce positions in French names linked to government intervention, the most heavily indebted sectors. We are adjusting our vision of sector risks flagged on Monday morning. The sectors most at risk are: banks, construct...

ODDO BHF Small & MIDCAP MORNING NEWS - 12/06/2024

La constitution d’alliances à gauche et à droite de Macron réduit sa marge de manœuvre politique et augmente le risque d’une cohabitation, a priori plutôt avec un Premier Ministre issu du Rassemblement National. Les marchés actions accusent davantage le coup. Alléger ses positions sur les noms français liés à l’intervention étatique, les secteurs les plus endettés. Nous ajustons notre vision des risques sectoriels de lundi matin. Les secteurs les plus à risque sont : Banques, Construc...

Interparfums : Attribution gratuite d’actions : 1 action nouvelle pour...

>Interparfums confirme son statut de valeur « market friendly » - Pour la 25e année consécutive, et comme annoncé en mars dernier, le Conseil d’Administration d’Interparfums a décidé l’attribution gratuite d’actions, à raison d’une action nouvelle pour dix détenues. L’opération de livraison des actions nouvelles interviendra le vendredi 28 juin, et cela concernera les actions achetées au plus tard le mardi 25 juin. A noter que le détachement du droit d’attribution aur...

Interparfums : Bonus share allotment: 1 new share for each 10 held

>Interparfums confirms its market-friendly status - For the 25th consecutive year, and as announced in March, Interparfums’ board of directors has decided on a bonus share allotment, at one new share for each 10 shares held. The new shares will be delivered on Friday 28 June and these will concern shares bought by Tuesday 25 June at the latest. Note that the attribution of rights will be activated on Wednesday 26 June 2024, at market open, followed by a correlated adj...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/12/2024

The formation of alliances to Macron's left and right reduces his leeway and increases the risk of a cohabitation, a priori probably with a Prime Minister from the Rassemblement National (National Rally). Equity markets are more visibly affected by these developments. Reduce positions in French names linked to government intervention, the most heavily indebted sectors. We are adjusting our vision of sector risks flagged on Monday morning. The sectors most at risk are: banks, construct...

Montana Aerospace : Divestment of the e-mobility business - Good step ...

>E-mobility business divested to Mengtai Group - Montana Aerospace has just announced the divestment of its e-mobility business, Alu Menziken Group (a manufacturer of lightweight components from aluminium, including solutions for e-battery systems, structural components, and crash management systems), to Mengtai Germany, a wholly-owned subsidiary of Mengtai Group (a Chinese privately-owned company with a main focus on energy generation and distribution, agriculture, a...

Rubis : No dissolution at Rubis

>All of management’s resolutions adopted at the AGM - Activist shareholders fail to take control of the supervisory board - There was no dramatic turn of events at yesterday afternoon’s shareholders AGM. All of the resolutions proposed by management were approved (with a quorum of 63%), including the renewal of the mandate of the chairman of the supervisory board (72% votes FOR) and the appointment of new members (between 68% and 73% votes FOR). The activists only man...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/06/2024

La constitution d’alliances à gauche et à droite de Macron réduit sa marge de manœuvre politique et augmente le risque d’une cohabitation, a priori plutôt avec un Premier Ministre issu du Rassemblement National. Les marchés actions accusent davantage le coup. Alléger ses positions sur les noms français liés à l’intervention étatique, les secteurs les plus endettés. Nous ajustons notre vision des risques sectoriels de lundi matin. Les secteurs les plus à risque sont : Banques, Construc...

Montana Aerospace : Divestment of the e-mobility business - Good step ...

>E-mobility business divested to Mengtai Group - Montana Aerospace has just announced the divestment of its e-mobility business, Alu Menziken Group (a manufacturer of lightweight components from aluminium, including solutions for e-battery systems, structural components, and crash management systems), to Mengtai Germany, a wholly-owned subsidiary of Mengtai Group (a Chinese privately-owned company with a main focus on energy generation and distribution, agriculture, a...

Rubis : Pas de dissolution chez Rubis

>Toutes les résolutions de la direction adoptées lors de l’Assemblée générale – Les activistes ne prennent pas le contrôle du Conseil de surveillance - Il n’y a pas eu de coup de théâtre hier après-midi lors de l’Assemblée générale des actionnaires. Toutes les résolutions proposées par la direction ont été approuvées (avec un quorum de 63%), dont le renouvellement du mandat du président du Conseil de surveillance (72% de votes POUR) et la nomination de nouveaux membre...

Interparfums issues bonus share award.

Stabilus SE : A negative surprise due to weaker-than-expected market c...

>Stabilus significantly cuts its guidance for FY 2023-24 - Stabilus has unexpectedly cut its FY 2023-24 guidance after confirmation it at its H1 2023-24 release around four weeks ago. The company now expects FY 2023-24 revenues of € 1.30-1.35bn vs the lower end of the € 1.4-1.5bn range previously (ODDO BHF: € 1.33bn; cons.: € 1.40bn). In terms of the adj. EBIT margin, Stabilus is now targeting a range of 11.7-12.3% vs the lower end of the 13-14% guidance range previou...

Rubis : Time to decide

Ahead of a crucial AGM, we are reiterating our Outperform recommendation and have raised our target price to € 39 (vs € 36). The arrival of activist shareholders could lead to changes in the governance and a review of the strategy for the allocation of resources which have historically weighed on the share's performance. - >Issues weighing on valuation… - Rubis generated record profits in 2023 (net profit = € 354m vs € 307m for the previous record in 2019) that managem...