reports
- Juan Ros-Padilla
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 11/05/2024
European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...
VCT VICAT-CIMENTS VICAT SA
LEI LEIFHEIT AG
SZG SALZGITTER AG
ALDEL DELFINGEN INDUSTRY SA
ISS ISS A/S
NOEJ NORMA GROUP SE
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
COR CORTICEIRA AMORIM SGPS SA
TUB TUBACEX S.A.
BCHN BURCKHARDT COMPRESSION HOLDING AG
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SAE SHOP APOTHEKE EUROPE NV
SAB BANCO DE SABADELL SA
S30 SOLUTIONS 30 SE
EXN EXCLUSIVE NETWORKS SA
SHUR SHURGARD SELF STORAGE LIMITED
- Juan Ros-Padilla
- Thomas Zlowodzki
ISS A/S : Growing visibility on short- to medium-term triggers leads t...
Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...
VCT VICAT-CIMENTS VICAT SA
LEI LEIFHEIT AG
SZG SALZGITTER AG
ALDEL DELFINGEN INDUSTRY SA
ISS ISS A/S
NOEJ NORMA GROUP SE
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
COR CORTICEIRA AMORIM SGPS SA
TUB TUBACEX S.A.
BCHN BURCKHARDT COMPRESSION HOLDING AG
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SAE SHOP APOTHEKE EUROPE NV
SAB BANCO DE SABADELL SA
S30 SOLUTIONS 30 SE
EXN EXCLUSIVE NETWORKS SA
SHUR SHURGARD SELF STORAGE LIMITED
- Jeremy Garnier
Delfingen : Q3 revenues lower than we expected
>Q3 revenues of € 100.2m (vs € 109.3m est.) down 12.9% (-12.3% l-f-l) - Delfingen’s Q3 revenues, reported yesterday evening, came to € 100.2m, short of our forecast (€ 109.3m est.), reflecting a decline of 12.9% (-12.3 % l-f-l). For 9M, revenues came at € 324.8m, down 6.9% (-7.8% l-f-l). In detail, the mobility division (85% of revenues) saw a sharp drop in Q3 of 13.7% to € 84.6m, in a still lacklustre automotive context. The decline over 9 months works out at 8.3% ...
- Jeremy Garnier
Delfingen : CA T3 inférieur à notre attente
>CA T3 de 100.2 M€ (vs 109.3 M€e) en baisse de 12.9% (-12.3% lfl) - Delfingen a publié hier soir un CA T3 de 100.2 M€ inférieur à notre attente (109.3 M€e) traduisant un retrait de 12.9% (-12.3 % lfl). Sur 9M, le CA ressort à 324.8 M€ en baisse de 6.9% (-7.8% lfl). Dans le détail, la division mobilité (85% du CA) marque au T3 un fort repli de 13.7% à 84.6 M€ dans un contexte automobile toujours atone. La baisse sur 9 mois ressort à 8.3% pour un CA de 297 M€. La divis...
- Stephane Beyazian
- Stephane Beyazian
- Jeremy Garnier
Delfingen : H1 2024 results down in a complicated market – Impulse 202...
>H1 2024 sales of € 224.7m/EBIT of € 11.7m (-27%), i.e. an underlying operating margin of 5.2% (-160bp) - Yesterday evening, Delfingen reported H1 2024 results that were a shade shy of our forecasts. With H1 sales (already published) at € 224.7m, down 3.9% (-5.6% like-for-like), EBITDA was down 8% at € 22.8m and underlying operating profit was down 27% at € 11.7m, implying an underlying operating margin of 5.2% (-160bp). After factoring in non-recurring items relating...
- Jeremy Garnier
Delfingen : Résultats S1 en baisse dans un marché compliqué. Nouveau p...
>CA S1 de 224.7 M€ / EBIT de 11.7 M€ (-27%) soit une MOC de 5.2% (-160 pb) - Delfingen a publié hier soir des résultats S1 2024 légèrement inférieurs à nos estimations. Pour un CA S1 déjà publié de 224.7 M€ en baisse de 3.9% (-5.6% à ptcc), l’EBITDA est en retrait de 8% à 22.8 M€ et le ROC affiche un repli de 27 % à 11.7 M€ impliquant une MOC de 5.2 % (-160 pb). Après prise en compte des éléments non récurrents liés à des provisions pour frais de restructuration (coût...
- Michael B. Schäfer
- Sinan Doganli
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 07/30/2024
With regard to our list of recommended stocks, i) we are adding: adidas, Merck KGaA, Santander, Technip FMC, Unilever and Vivendi , ii) we are maintaining ASMi, Atlas Copco, AXA, Deutsche Boerse, GSK, Holcim, Inditex, Lonza, Sodexo, RELX and Rolls-Royce, iii) we are removing: BASF, Nemetschek, Nestlé and TUI AG. - ...
- Michael B. Schäfer
- Sinan Doganli
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 30/07/2024
Au sein de notre liste de valeurs recommandées, i) nous faisons entrer : adidas, Merck KGaA, Santander, Technip FMC, Unilever et Vivendi, ii) nous maintenons ASMi, Atlas Copco, Axa, Deutsche Boerse, GSK, Holicm, Inditex, Lonza, Sodexo, RELX et Rolls-Royce, iii) nous faisons sortir : BASF, Nemetschek, Nestlé, TUI AG. - ...
NK IMERYS SA
ALDEL DELFINGEN INDUSTRY SA
EKI EKINOPS SA
MRN MERSEN SA
EBRO EBRO FOODS SA
COR CORTICEIRA AMORIM SGPS SA
IDR INDRA SISTEMAS S.A. CLASS A
SAE SHOP APOTHEKE EUROPE NV
DUFN DUFRY AG
GEST GESTAMP AUTOMOCION S.A.
THEP THERMADOR HOLDING SA
FPE3 FUCHS PETROLUB SE
ALLFG ALLFUNDS (UK) LTD
- Jeremy Garnier
Delfingen : H1 revenues slightly short of expectations
>Q2 revenues of € 111.1m (vs € 114.2m est.) down 5.3% (-5.7% l-f-l) - Delfingen’s Q2 revenues, reported yesterday evening, fell slightly short of our expectations at € 111.1m (vs € 114.2m est.) down 5.3% (-5.7% l-f-l). For H1, revenues came in at € 224.7m, down -3.9% (-5.6% l-f-l) due to i/ tough comps (+13.8% on l-f-l in H1 2023) and ii/ the deferred start-up of some electric platforms in the US and Germany. By division, Mobility (84% of Q2 revenues) came in 5....
- Jeremy Garnier
Delfingen : CA S1 légèrement inférieur aux attentes
>CA T2 de 111.1 M€ (vs 114.2 M€e) en baisse de 5.3% (-5.7% à ptcc) - Delfingen a publié hier soir son CA T2 qui ressort globalement inférieur à nos attentes à 111.1 M€ (vs 114.2 M€e) en repli de 5.3% (-5.7% à ptcc). Sur l’ensemble du S1, le CA s’établit ainsi à 224.7 M€ en retrait de 3.9% (-5.6% à ptcc) en raison notamment i/ d’une base de comparaison difficile (+13.8% à ptcc au S1 2023) et ii/ du décalage du démarrage de certaines plateformes électriques aux US et e...
- Jeremy Garnier
ODDO : ODDO BHF Nextcap Forum: Feedback from day two
Feedback from 12 companies present on day two - >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 second day, which took place yesterday at our Paris office with 16 companies in attendance, we publish hereafter feedback for twelve of the companies present:AubayCompagnie Des AlpesDelfingenDerichebourgGL EventsInfotelKalrayKnaustabbertNaconProdway...
ALLIX WALLIX GROUP SA
DBG DERICHEBOURG SA
F3C SFC ENERGY AG
INF INFOTEL SA
ALDEL DELFINGEN INDUSTRY SA
AUB AUBAY SA
GLO GL EVENTS SA
CDA COMPAGNIE DES ALPES SA
BIG BIGBEN INTERACTIVE SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
EDR EDREAMS ODIGEO SA
MDM MAISONS DU MONDE SA
PWG PRODWAYS GROUP SA
ALKAL KALRAY SA
KTA KNAUS TABBERT
- Jeremy Garnier
ODDO : ODDO BHF Nextcap Forum : Feedbacks 2ème journée
Feedback de 12 sociétés présentes le 2ème 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 deuxième journée qui a eu lieu hier dans nos locaux avec 16 de sociétés présentes, nous publions ci-après un feedback pour chacune des sociétés couvertes : - Aubay - Compagnie Des Alpes - Delfingen - Derichebourg - GL Events - Infotel - Kalray - Knaustabbert - Nacon - Prodways Group - Schoeller Bleckmann - Wallix - - - -...
ALLIX WALLIX GROUP SA
DBG DERICHEBOURG SA
F3C SFC ENERGY AG
INF INFOTEL SA
ALDEL DELFINGEN INDUSTRY SA
AUB AUBAY SA
GLO GL EVENTS SA
CDA COMPAGNIE DES ALPES SA
BIG BIGBEN INTERACTIVE SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
EDR EDREAMS ODIGEO SA
MDM MAISONS DU MONDE SA
PWG PRODWAYS GROUP SA
ALKAL KALRAY SA
KTA KNAUS TABBERT
- Jeremy Garnier
Delfingen : Un acteur incontournable dans la protection des réseaux em...
Leader dans les solutions de protection des réseaux électriques et fluides embarqués, le groupe familial Delfingen a triplé sa taille en 10 ans grâce à une belle croissance de ses marchés et des acquisitions bien intégrées. 2024 sera une année de transition avec une dynamique topline plus calme et un accent mis sur l’amélioration des marges et la génération de trésorerie avant un retour du M&A à moyen terme. Notre valorisation (DCF et comparables) ressort à 54 € par titre, soit u...
- Jeremy Garnier
Delfingen : A key player in on-board network protection
A leader in solutions for the protection of on-board electric and fluid networks, the family-owned group Delfingen has tripled in size in the last decade thanks to strong growth on its markets and well-integrated acquisitions. 2024 should be a transition year with calmer top-line momentum and an emphasis on an improvement in margins and cash generation before a resumption in M&A in the medium term. Our valuation (DCF and peers) stands at € 54 per share, i.e. upside of 40%. With ...
- Pierre Dinet (IDMidCaps)
Delfingen Industry - Return to initial margin guidance after a slightl...
Q4 growth (+5% organic) but confirms slowdown after excellent H1 (+14% organic)After a slightly more complicated H2 than expected, the Group has lowered its operating margin guidance (6% vs. 6.5%)A slightly less demanding valuation since our last paper, but an automotive market still without much visibilityHigh ambitions for the next 2 years, creating a risk of newsflow disappointmentWe are back at BUY (vs. ADD) after the fall in the share price following this latest publication, which was deeme...
- Pierre Dinet (IDMidCaps)
Delfingen Industry - 2023 forecasts confirmed after Q3 continues to gr...
Delfingen continued to grow, albeit at a slower pace and slightly below our expectations.The Group confirms its annual forecasts, which still appear within reachThe strikes across the Atlantic have ended and should have less of an impact on the end of the year than feared, but buffer stocks could weigh a little on growth.ADD opinion maintained in a still turbulent automotive market
- Pierre Dinet (IDMidCaps)
Delfingen Industry - Good momentum confirmed by guidance upgrades
A slightly better-than-expected H1, enabling the Group to raise its full-year guidanceNew guidance still appears cautious, in line with management communications of recent years, which have improved the company's track record.A buoyant positioning in the automotive sector and in new high-potential marketsAll these factors lead us to resume monitoring the stock with an ADD opinion.Delfingen's positioning is promising, but the valuation is not very cheap and short-term visibility is limi...
DELFINGEN Industry: Net Sales for 4th quarter 2020
DELFINGEN Industry: Net Sales for 4th quarter 2020 PRESS RELEASEAnteuil, February 5th, 2021 Fourth quarter net sales up 57.5 %Organic growth in the Automotive Division of 19 %and outperformance of the Automotive Market by 17 points Consolidated sales for 4th quarter In millions euroQ4 2020*Q4 2019PublishedOrganic ExchangeratesChange ofperimeterNet sales90.857.657.5 % 16.0 %- 5.4 %47.0 % In millions euroQ4 2020*Q4 2019PublishedOrganic ExchangeratesChange ofperimeterAutomotive54.247.813.5 %19.0 %- 5.5 %-Industrial9.59.8- 3.9 %1.4 %- 5.3 %-Schlemmer **27.1- - - -47.0 % 2020 con...
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