YIT (Sell, TP: EUR1.40) - Q1 misses on EBIT and KPIs

EBIT of EUR-8m was below our estimate and Vara consensus, and unit sales missed too. The inventory of unsold completed homes for sale continued to increase. The company states it will continue to focus on its capital releases, with sale of its stake in the Tripla shopping mall and reducing unsold inventory as the major moving parts. However, YIT’s markets are weak and its debt remains elevated. We reiterate our SELL and EUR1.4 target price, while we believe new equity might be also needed.

Never change a losing team

We cut '24-'26e adj. EBITA by ~3%. Banking spin-off cancelled– negative for the equity story. Still a BUY, but TP down to EUR 26 (33)

One step forward, two steps back

Q1: 9% beat, but Kemi shutdown to weigh on Q2. Early-cyclicals improve, late-cyclicals to follow. Kemi and Husum projects could add >50% to EBIT. HOLD.

ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...

Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024

Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...

Metsa Board (Hold, TP: EUR7.70) - Positive start to 2024

The Q1 results were largely in line with our expectations, and the long-lasting market headwind finally turned into a tailwind, enabling paper shipments to rise 20% QOQ. However, while we expect market conditions to remain fairly healthy in 2024 and beyond, Metsa Board looks unlikely to reap the benefits due to interruptions at the Kemi flagship mill during Q2. With favourable business exposure to packing and pulp, we reiterate our HOLD and EUR7.70 target price.

TietoEVRY : Lower than expected Q1 2024 results but full-year guidance...

>Lower than expected organic growth and EBITA. Disappointing FCF - Tietoevry reported its Q1 2024 results yesterday before market opening. Organic growth was -2.0% year-on-year (vs. ODDO BHF estimate of -0.2%), which represents a slowdown relative to 1% in Q4. Growth was impacted by a poor performance in 1/ Tech Services (organic growth of -7% vs. ODDO BHF estimate of -4.8%); 2/ Create (organic growth of -5% vs. ODDO BHF estimate of -0.7%), due to the ongoing weak eco...

TietoEVRY : Résultats T1 2024 inférieurs aux attentes mais guidance an...

>Croissance org. et EBITA, inférieurs aux attentes. FCF décevant - TietoEVRY a publié hier avant Bourse ses résultats T1 2024. La croissance org. ressort à -2.0% y/y(vs ODDO BHF :-0.2% org), en décélération par rapport au T4 (1% org.). La croissance a été impactée par une faible performance sur les segments 1/ Tech Services (-7% org. vs ODDO BHF : -4.8% org.); 2/ Create (-5% org. vs ODDO BHF : -0.7% org.), en raison de la faiblesse persistante de l'environnement écon...

Discontinues banking spin-off

Metsa Board (Hold, TP: EUR7.70) - Underlying earnings set to rise

With rising pulp prices alongside evidence of more normal conditions for the paper business, we are convinced that Metsa Board will show much stronger earnings compared to 2023, which represented a cyclical low point. However, in the short term, H1 earnings are set to be affected from the Finnish strike and long-term interruption at the Kemi mill, something that is likely to linger on the share price. We reiterate our HOLD and our target price of EUR7.7.

Renovation rules now a reality

The Energy Performance of Buildings Directive (EPBD) was approved on 12 April, requiring the modernisation of existing real estate in the EU, and will soon enter the Official Journal of the EU. Member states will have two years to incorporate the provisions into their national legislation. While Q1 is Nordic construction’s low season due to winter effects, we see some downside risk to Q1e consensus and longer-term to 2024–2026e EBIT on lower development gains. We recommend a stock-picking approa...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/03/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 03/22/2024

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ODDO : Accenture voit une reprise plus limitée qu’attendu pour son T3 ...

>Croissance T2 flat à cc, légèrement inférieure aux attentes - Accenture a publié hier avant l’ouverture de la Bourse US, ses résultats T2 2024 (trimestre clos à fin février). La croissance ressort flat y/y à cc, en ligne avec le milieu de fourchette de sa guidance (-2% à 2% y/y à cc) mais légèrement en-dessous des attentes (+0.7% y/y à cc). Il s'agit d'un nouveau ralentissement par rapport au T1 2024 (+1% à cc). Ce ralentissement est notamment lié au déclin des acti...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/22/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 22/03/2024

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ODDO : Accenture sees a more limited recovery than expected for its FY...

>Q2 growth flat at cc, a shade below forecasts - Yesterday before trading started on the US market, Accenture reported its Q2 2024 earnings (quarter to end-February). Growth was flat y-o-y at constant currency, in line with the middle of the guidance range (-2% to 2% y-o-y at cc) but a shade below forecasts (+0.7% y-o-y at cc). This was a fresh slowdown relative to Q1 2024 (+1% at cc). This slowdown is due notably to the downturn in the operations activities, with a ...

YIT Oyj: 1 director

A director at YIT Oyj maiden bought 12,000 shares at 1.666EUR and the significance rating of the trade was 52/100. 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...

YIT (Sell, TP: EUR1.40) - A bandage, not a remedy

This morning, YIT announced a refinancing package of EUR100m in liquidity from new equity, a convertible bond and delayed loan amortisations. While this removes the near-term liquidity risk, we believe it remains overleveraged and should continue to focus on further divestments and reducing debt. With a weak market, we still expect low nominal EPS, having further reduced our 2024–2026e on the increased share count and funding cost assumptions. We reiterate our SELL and EUR1.4 target price.

ODDO BHF Small & MIDCAP MORNING NEWS - 02/16/2024

Indra should continue its positive sequence, with Q4 results and FY 2024 guidance set to be solid. The subsequent CMD will be an opportunity to set out new targets for 2024-2026 which we hope will beat the market’s cautious outlook. We also expect strategic announcements that could crystallise the value of some assets and/or reduce the factors underpinning the discount. We have raised our target price to € 21. Outperform rating reiterated. The stock joined our ODDO BHF European Midcap...