reports
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Christophe Chaput
- Hela Zarrouk
Beneteau : Lower-than-expected Q3 sales. 2024 guidance confirmed. Redu...
>Q3 sales miss, down 38.6% to € 179.5m (€ 198.7m est) - Bénéteau reported Q3 sales of € 179.5m, 10% below our estimate of € 198.7m and 15% below the consensus (€ 210m). Q3 sales fell 38.6% vs Q3 2023 (after H1 sales were down 31.5%). Dealer destocking in Q3 accounted for -€ 30m (-€ 110m since the beginning of the year) which was consistent with the dealer destocking impact expected for the full year (-€ 100-150m). Over the first nine months of the year, sales came to ...
- Christophe Chaput
- Hela Zarrouk
Bénéteau : CA T3 < aux attentes. Objectifs 2024 confirmés. Visibilité ...
>Un CA T3 inférieur aux attentes, en baisse de 38.6% à 179.5 M€ (198.7 M€e) - Au titre de son T3, le groupe Bénéteau publie un CA à 179.5 M€, inférieur à nos attentes puisque nous retenions 198.7 M€ (écart -10%) et également de celles du consensus (210 M€ ; écart -15%). Par rapport à l’année dernière, le CA T3 recule de 38.6% (après une baisse de -31.5% sur le S1). Sur le seul T3, le groupe subit un impact d’environ -30 M€ (-110 M€ depuis le début de l’année) lié à la...
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 09/26/2024
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
EN BOUYGUES SA
SDG SYNERGIE SA
INF INFOTEL SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GBT GUERBET SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
VRNL VERNEUIL PARTICIPATIONS
MONT MONTEA SCA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AXS ACCSYS TECHNOLOGIES
CLNX CELLNEX TELECOM S.A.
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
LDO LEONARDO SPA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALVGO VOGO SA
LAT LATECOERE
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 26/09/2024
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
EN BOUYGUES SA
SDG SYNERGIE SA
INF INFOTEL SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GBT GUERBET SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
VRNL VERNEUIL PARTICIPATIONS
MONT MONTEA SCA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AXS ACCSYS TECHNOLOGIES
CLNX CELLNEX TELECOM S.A.
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
LDO LEONARDO SPA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALVGO VOGO SA
LAT LATECOERE
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
- Christophe Chaput
Beneteau : H1 2024 results close to expectations
>H1 results close to expectations: Underlying operating profit of € 49.5m vs € 46.6m estimated - For H1 2024, the Bénéteau group reported results close to expectations (figures not including housing Habitat). Our takeaways are: 1/ A fall in EBITDA of 50.8% to € 77.7m which is in line with our estimates (€ 73.2m). 2/ A decline in operating profit of 62.3% to € 49.5m (€ 46.6m estimated) pointing to a deterioration in profitability of 720bp to 8.9%. This fall in underlyi...
- Christophe Chaput
Bénéteau : Des résultats S1 2024 proches des attentes
>Des résultats S1 proches des attentes : ROC 49.5 M€ vs 46.6 M€ estimé - Au titre de son premier semestre, le groupe Bénéteau publie des résultats proches des attentes (chiffres hors Habitat). Nous retenons ainsi : 1/ Une baisse de l’EBITDA de 50.8% à 77.7 M€ ce qui est cohérent avec nos propres estimations (73.2 M€). 2/ Une baisse du ROC de 62.3% à 49.5 M€ (46.6 M€ estimé) laissant apparaitre une dégradation de la profitabilité de 720 pb à 8.9%. Cette baisse du ROC s...
- Baptiste Salaville
- Fehmi Ben Naamane
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
ODDO BHF Small & MIDCAP MORNING NEWS - 23/07/2024
Oerlikon, leader in attractive niche markets with technology entry barriers, is about to enter the final chapter of its group transition into a Surface Solutions pure play via the planned separation of Polymer Processing Solutions (OPP) in the next 12-36 months. After the strong performance YTD, we are seeing no further significant upside from here for now. We are rating Oerlikon’s shares Neutral with a TP of CHF 5.2. - ...
DKSH DKSH HOLDING AG
WTB WHITBREAD PLC
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
BEN BENETEAU SA
WHA WERELDHAVE N.V.
SHA SCHAEFFLER AG
DLG DE'LONGHI S.P.A.
CIE CIE AUTOMOTIVE S.A.
SHOT SCANDIC HOTELS GROUP
NVG NAVIGATOR COMPANY SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
DSC1 DUTCH STAR C SHAR
VTSC VITESCO TECHNOLOGIES GRP AG
- Baptiste Salaville
- Fehmi Ben Naamane
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
ODDO BHF Small & MIDCAP MORNING NEWS - 07/23/2024
Oerlikon, leader in attractive niche markets with technology entry barriers, is about to enter the final chapter of its group transition into a Surface Solutions pure play via the planned separation of Polymer Processing Solutions (OPP) in the next 12-36 months. After the strong performance YTD, we are seeing no further significant upside from here for now. We are rating Oerlikon’s shares Neutral with a TP of CHF 5.2. - ...
DKSH DKSH HOLDING AG
WTB WHITBREAD PLC
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
BEN BENETEAU SA
WHA WERELDHAVE N.V.
SHA SCHAEFFLER AG
DLG DE'LONGHI S.P.A.
CIE CIE AUTOMOTIVE S.A.
SHOT SCANDIC HOTELS GROUP
NVG NAVIGATOR COMPANY SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
DSC1 DUTCH STAR C SHAR
VTSC VITESCO TECHNOLOGIES GRP AG
- Christophe Chaput
Beneteau : A tougher context in the US. 2024 guidance lowered. Target ...
>H1 sales down 31.5% at € 556.6m, close to forecasts (€ 566.5m) - For H1 of its full-year 2024, the Bénéteau group reported sales of € 556.6m, a level close to our forecasts, as we had retained € 566.6m, (gap of -1.7%) as well as those of the consensus (€ 563m, gap -1.1%). Compared to last year, sales are down 31.5% (-25.1% for Q2 alone). Over the period, the group has been hit with an impact of around -€ 80m related to retailers’ desires to reduce their inventories, ...
- Christophe Chaput
Bénéteau : Un contexte plus difficile aux Etats-Unis. Guidance 2024 aj...
>Un CA S1 en baisse de 31.5% à 556.6 M€, proche des attentes (566.5 M€) - Pour le premier semestre de son exercice 2024, le groupe Bénéteau publie un chiffre d’affaires de 556.6 M€ soit un niveau proche de nos attentes puisque nous retenions 566.5 M€ (écart -1.7%) et également de celles du consensus (563 M€ ; écart -1.1%). Par rapport à l’année dernière, le CA recule de 31.5% (-25.1% pour le seul T2). Sur la période, le groupe subit un impact d’environ -80 M€ lié à la...
- Pierre Dinet (IDMidCaps)
Beneteau - Back to normal after a string of records
After 3 years of records thanks to an extremely buoyant yachting market at the end of Covid, 2024 marks the end of the euphoria.Demand is normalising, leading to dealers destocking, and as a result, sales and earnings in 2024 will fall sharply, after peaking in 2023.Beneteau, which is more exposed to small units, is more affected than Catana and Fountaine Pajot, which have an order book and customer advances. For the time being, Trigano is not seeing a drop in demand either.Despite the expected ...
- Olfa Taamallah
- Yan Derocles
VLS VALNEVA SE
ELG ELMOS SEMICONDUCTOR SE
NOEJ NORMA GROUP SE
ELIS ELIS SA
SHA SCHAEFFLER AG
KRN KRONES AG
PSPN PSP SWISS PROPERTY AG
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
ASS APPLUS SERVICES S.A.
COFA COFACE SA
JUN3 JUNGHEINRICH AG PREF
IDR INDRA SISTEMAS S.A. CLASS A
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Olfa Taamallah
- Yan Derocles
VLS VALNEVA SE
ELG ELMOS SEMICONDUCTOR SE
NOEJ NORMA GROUP SE
ELIS ELIS SA
SHA SCHAEFFLER AG
KRN KRONES AG
PSPN PSP SWISS PROPERTY AG
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
ASS APPLUS SERVICES S.A.
COFA COFACE SA
JUN3 JUNGHEINRICH AG PREF
IDR INDRA SISTEMAS S.A. CLASS A
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Christophe Chaput
Beneteau : Strong drop in Q1 sales, as expected, due to inventory redu...
>Q1 sales down 26.9% to € 348.7m (ODDO BHF: € 384.4m est.) - The Bénéteau group reported Q1 sales down 27.1% to € 348.7m, a more pronounced decline than we expected (our estimate € 384.4m; difference -9%). By division, this slowdown in sales in Q1 is attributable to: 1/ A strong fall in boat sales of 39% to € 228.7m (ODDO BHF: € 281.3m) due to a high base of comparison (Q1 2023 boat sales: +57%) as well as inventory drawdowns at distributors. By segment, we note...
- Christophe Chaput
Bénéteau : CA T1 en forte baisse, comme attendu, sous l’effet des dést...
>CA T1 en baisse de 26.9% à 348.7 M€ (ODDO BHF : 384.4 M€e) - Le groupe Bénéteau publie un CA T1 en recul de 27.1% à 348.7 M€ soit un déclin plus prononcé que nous ne l’estimions (384.4 M€ estimé ; différence -9%). Par pôle d’activité, ce ralentissement des ventes au T1 s’explique par : 1/ Une forte baisse du CA Bateaux de 39% à 228.7 M€ (ODDO BHF : 281.3 M€) en raison d’un effet de base élevé (CA Bateaux T1 2023 : +57%) ainsi que du déstockage des distributeurs...
Beneteau: 1 director
A director at Beneteau sold 3,000 shares at 13.536EUR and the significance rating of the trade was 53/100. 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 showing...
- Fehmi Ben Naamane
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/20/2024
We are upgrading the energy sector to Overweight vs Neutral (excluding Oil Services, already on Overweight). The recent rebound in oil prices is set to continue, driven by short, medium and long-term factors: value, cyclical, little debt and good shareholder returns. Technical analysis reveals a strong trend that is only just beginning. GALP enters our Large Caps list; CellNex exits it. - ...
WTB WHITBREAD PLC
EURN EURONAV NV
CEN GROUPE CRIT SA
BEN BENETEAU SA
VIRP VIRBAC SA
VLS VALNEVA SE
PIG HAULOTTE GROUP SA
ISP INTESA SANPAOLO S.P.A.
DEQ DEUTSCHE EUROSHOP AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
ALVIV VISIATIV SA
UCG UNICREDIT S.P.A.
SHOT SCANDIC HOTELS GROUP
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
COPN COSMO PHARMACEUTICALS NV
PWG PRODWAYS GROUP SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
CABKA CABKA N.V.
- Fehmi Ben Naamane
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 20/03/2024
Nous upgradons le secteur énergie à Surpondérer vs Neutre (hors Oil Services déjà à Surpondérer). Le rebond récent des prix du pétrole va se poursuivre, soutenu par des facteurs à court, moyen et long terme. Le secteur dispose en outre de 4 atouts dans la configuration de marché actuelle : value, cyclique, peu endetté et bon retour à l’actionnaire. L’analyse technique révèle une tendance forte qui ne fait que commencer. GALP fait son entrée dans notre liste Large Caps ; CellNex en so...
WTB WHITBREAD PLC
EURN EURONAV NV
CEN GROUPE CRIT SA
BEN BENETEAU SA
VIRP VIRBAC SA
VLS VALNEVA SE
PIG HAULOTTE GROUP SA
ISP INTESA SANPAOLO S.P.A.
DEQ DEUTSCHE EUROSHOP AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
ALVIV VISIATIV SA
UCG UNICREDIT S.P.A.
SHOT SCANDIC HOTELS GROUP
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
COPN COSMO PHARMACEUTICALS NV
PWG PRODWAYS GROUP SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
CABKA CABKA N.V.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.