reports
- Juan Ros-Padilla
Laboratorios Rovi : Rules out entry of PE investors in its CDMO busine...
>Management wants to continue its CDMO business on its own - The company has just unveiled, via a regulatory filing, that they discard the option of selling/sharing its CDMO business with a third-party investor after assessing the non-binding offers received that, apparently, were pointing to a >€ 3bn valuation. Earlier this year, the company has been evaluating strategic options for its assets including a potential sale of a stake in its third-party contract develop...
- Rafael Bonardell
VISCOFAN: 3Q’24 RESULTS AND T.P. UPGRADE (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 305.11 M (+2.5% vs. +4.2% BS(e) and +4.8% consensus); EBITDA: € 74.8 M (+18.3% vs. +10.7% BS(e) and +15.4% consensus); 9M'24 vs. 9M'23 Results Sales: € 898.25 M (-3.0% vs. -2.5% BS(e) and -2.3% consensus); EBITDA: € 206.41 M (+7.1% vs. +4.6% BS(e) and +6.2% consensus);
- Pierre Tegner
Danone : Q3 l-f-l at 4.1% with quite good volume/mix of 3.6%
>Q3 organic growth at 4.1%, better than expected. We were expecting a miss - Q3 reported net sales came at € 6,826m, -1.2% with a scope effect of -3.1%, a FX impact of -1.7% and a l-f-l of +4.1%. On a reported basis, that is a bit below VA consensus expectations of € 6,846m. Q3 sales organic growth is a beat whilst we were fearing a miss. Organic growth at 4.2% is above consensus (3.9%) and our expectations (3.5%). The volume mix of 3.6% is 2x higher than our own expe...
- Pierre Tegner
Danone : Q3 l-f-l at 4.1% with quite good volume/mix of 3.6%
>Q3 organic growth at 4.1%, better than expected. We were expecting a miss - Q3 reported net sales came at € 6,826m, -1.2% with a scope effect of -3.1%, a FX impact of -1.7% and a l-f-l of +4.1%. On a reported basis, that is a bit below VA consensus expectations of € 6,846m. Q3 sales organic growth is a beat whilst we were fearing a miss. Organic growth at 4.2% is above consensus (3.9%) and our expectations (3.5%). The volume mix of 3.6% is 2x higher than our own expe...
- Arancha Pineiro
- Rafael Bonardell
VISCOFAN: RDOS. 3T’24 Y CAMBIO DE P.O. AL ALZA (ANÁLISIS BANCO SABADEL...
Rdos. 3T'24 vs 3T'23: Ventas: 305,11 M euros (+2,5% vs +4,2% BS(e) y +4,8% consenso); EBITDA: 74,8 M euros (+18,3% vs +10,7% BS(e) y +15,4% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 898,25 M euros (-3,0% vs -2,5% BS(e) y -2,3% consenso); EBITDA: 206,41 M euros (+7,1% vs +4,6% BS(e) y +6,2% consenso).
- Arancha Pineiro
- Stephane Beyazian
Deutsche Telekom : Strong TMUS in Q3 2024, despite comments on buyback...
>Solid growth continues in Q3 2024 - TMUS reported Q3 2024 results with service revenues up 5.1% y-o-y, with +9% in retail thanks to customer growth and despite a decline in wholesale revenues (loss of MVNO contracts). EBITDA growth remained strong at 8% y-o-y and year-to-date FCF is up 40% y-o-y, helped by lower capex (-19% year-to-date). This is slightly better than we expected again.The good news: still outperforming AT&T and Verizon - TMUS slightl...
- Stephane Beyazian
Deutsche Telekom : Strong TMUS in Q3 2024, despite comments on buyback...
>Solid growth continues in Q3 2024 - TMUS reported Q3 2024 results with service revenues up 5.1% y-o-y, with +9% in retail thanks to customer growth and despite a decline in wholesale revenues (loss of MVNO contracts). EBITDA growth remained strong at 8% y-o-y and year-to-date FCF is up 40% y-o-y, helped by lower capex (-19% year-to-date). This is slightly better than we expected again.The good news: still outperforming AT&T and Verizon - TMUS slightl...
- Loic Morvan
- Paul Rouviere
Kering Q3 sales down 16%, a new miss
Kering Q3 sales declined 16% in Q3 versus -12% expected by the consensus and -11% in H1. The deceleration is mainly from Gucci, with a 25% sales decline (css at -20%). Furthermore, management issued a new PW for FY 24 EBIT, and is now expecting a 47% decline to EUR2.5bn. We cut our earnings by 14%
- Research Department
IBERIAN DAILY 24 OCTOBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVI...
NEWS SUMMARY: IBERDROLA, ROVI, VISCOFAN. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’24 results to be released over the coming days in Spain. IBEX leading the way once again It was a negative session on both sides of the Atlantic, except for the IBEX, in another day with all eyes on results. In the Stoxx 600, most of the sectors (15/20) ended with losses, led by Basic Ma...
- Jean Danjou
Kering : Stronger fall in sales and earnings in H2, end of the tunnel ...
>Q3 sales around 5% below expectations at -16% y-o-y at CER with Gucci down -25% - Q3 sales missed expectations at € 3,786m: we looked for € 3,917m and the company-compiled consensus was for € 3,968m. Sales showed a steeper organic decline of -16% in Q3 after -11% in Q2 , our estimate was for -12.7%. Retail sales were down by 17% versus -12% in Q2 with still-large declines in North America (-15% after -11% in Q2) and in Europe (-11% after -8% in Q2), an even more pr...
- Louis Boujard
- CFA
- Philippe Ourpatian
Iberdrola : 9M 24 légèrement meilleur et trajectoire 2024 conforme aux...
>Opinion Neutre et OC à 15.3 € maintenus - Les résultats du 9M 24 sont ressortis un peu au-dessus de nos attentes et de celles du consensus. Comme attendu, la stratégie de résilience du groupe lui permet de bénéficier, sur les trois premiers trimestres, de la progression des activités régulées grâce à la croissance de la base d’actifs et aux révisions tarifaires. Cela a permis de largement compenser une activité de génération bénéficiant certes d’un bon niveau d’hydro...
- Jean Danjou
Kering : Chute plus forte de l’activité et des résultats au S2, la fin...
>CA T3 environ 5% sous les attentes à -16% y/y tcc avec Gucci à -25% - Le CA T3 ressort sous les attentes à 3786 M€ : nous avions 3917 M€ et le consensus compilé par la société affichait 3968 M€. Il montre une décroissance en organique qui s’aggrave à -16% au T3 après -11% au T2 , notre prévision reflétait -12.7%. Le CA retail affiche lui une baisse de 17% contre -12% au T2 avec par géographies des reculs toujours importants en Amérique du Nord (-15% après -11% au T2...
Danone: Continued strong momentum in Q3; Consistently delivering quali...
Danone: Continued strong momentum in Q3; Consistently delivering quality growth 2024 Third-Quarter SalesPress release – Paris, October 24, 2024 Continued strong momentum in Q3Consistently delivering quality growth Sales reached €6,826m in Q3 2024, up +4.2% on a like-for-like (LFL) basisStrong volume/mix, up +3.6%, and price up +0.7%; volume/mix and price positive in all categoriesContinued strong performance in North America driven by High Protein, Coffee Creations and WatersFurther acceleration in Europe volume/mix, driven by EDPAnother quarter of strong competitive momentum in China, No...
DANONE : Poursuite de la forte dynamique et d’une croissance de qualit...
DANONE : Poursuite de la forte dynamique et d’une croissance de qualité au T3 Chiffre d’affaires du 3ème trimestre 2024Communiqué de presse – Paris, le 24 octobre, 2024 Poursuite de la forte dynamique et d’une croissance de qualité au T3 Chiffre d’affaires de 6 826 millions d’euros au T3 2024, en hausse de +4,2% en données comparablesVolume/mix en forte progression de +3,6%, effet prix de +0,7% ; volume/mix et prix positifs dans toutes les catégoriesPoursuite de la forte dynamique en Amérique du Nord, portée par les gammes hyper protéinées, les produits liés au café et les eauxNouvelle a...
- Research Department
INFORME DIARIO 24 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IBERDROLA, ROVI, VISCOFAN. EUROPA: DANONE, DEUTSCHE TELEKOM, KERING, SIEMENS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. El Ibex volvió a liderar Jornada negativa a ambos lados del Atlántico salvo para el Ibex en una nueva sesión descarg...
- Louis Boujard
- CFA
- Philippe Ourpatian
Iberdrola : Slightly better 9M 2024 and FY 2024 looks to be in line ov...
>Neutral recommendation and € 15.3 target price maintained - Earnings for the first nine months of 2024 came in slightly higher than we and the consensus had forecast. As expected, the group’s strategy to become more resilient allowed it to benefit over the first three quarters from an increase in regulated activities thanks to growth in the asset base and revised tariffs. This handily offset the generation business, which although it benefited from satisfactory hydro...
- Juan Ros-Padilla
Laboratorios Rovi : Q3 2024 preview. CDMO business gains momentum
>Improving sales momentum driven by the CDMO unit. Underlying prescription pharma evolution remains solid - The company is due to publish its Q3 2024 results on 7 November before the market opens (no conference call). We expect a sequential sales momentum improvement, jumping 6% y-o-y to € 227m (vs 0% in Q2, -25% in Q1 and -3% in Q4), which is explained by a strong CDMO evolution (flattish vs Q3 2023 which was the unit’s second best quarter ever) which was favoured b...
Kering: Press Release - Revenue for the third quarter of 2024
Kering: Press Release - Revenue for the third quarter of 2024 PRESS RELEASE October 23, 2024 REVENUE FOR THE THIRD QUARTER OF 2024 Group third-quarter revenue: €3,786 milliondown 15% as reported and down 16% on a comparable basis “With discipline and determination, we are executing a far-reaching transformation of the Group, and at Gucci in particular, at a time when the whole luxury sector faces unfavorable market conditions. This severely impacts our performances in the short term. Our absolute priority is to build the conditions for a return to soun...
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.