ODDO BHF Small & MIDCAP MORNING NEWS – 12/12/2024

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

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

ODDO BHF Small & MIDCAP MORNING NEWS – 12/12/2024

ODDO : Numeum revises its 2024 forecasts, and expects no real recovery...

ODDO : Numeum révise ses prévisions 2024, et n’attend pas de vraie rep...

Econocom/Deep value, rebuilding its credibility/HOLD

We update our estimates for the latest results, disposals, change in scope and guidance. We prefer for now to take a prudent stance on management's detailed 2023-2028 targets of 8% sales CAGR, of which 6% organic, 80bp margin increase, 13% REBITA and 15% net profit CAGR. End market demand was weak in 2024, in particular in France public markets, and an EUR rebound becomes more of a question mark for 2025, especially for Germany, a new key market for Econocom. AI PC adoption and the Windows 11 up...

Econocom Group SE: 1 director

A director at Econocom Group SE sold 15,000 shares at 2.000EUR 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 clearl...

ODDO BHF Small & MIDCAP MORNING NEWS - 22/10/2024

Nous initions la couverture de Vontobel avec une recommandation Surperformance et un objectif de cours de 65 CHF. Le groupe présente un potentiel de croissance à moyen long terme de l’activité (renforcé par l’acquisition d’une participation dans Ancala) et d’amélioration de sa rentabilité. (croissance annuelle moyenne du RN de 15%e entre 2023 et 2027) qui ne nous semble pas pleinement intégré par le consensus à ce stade (estimation ODDO BHF 1%-5% > au css. La valorisation actuelle du ...

ODDO BHF Small & MIDCAP MORNING NEWS - 10/22/2024

We are initiating coverage of Vontobel with an Outperform recommendation and a target price of CHF 65. The group presents medium- to long-term growth potential in terms of its activity (strengthened by the acquisition of a stake in Ancala) and improvement to its profitability (an average annual increase in net income of 15% between 2023 and 2027) which does not appear to be fully factored in by the consensus for the time being (ODDO BHF estimate some 1-5% above the consensus). Therefo...

Econocom : Q3 organic growth beats forecasts. Guidance for growth reit...

>Organic growth beat our forecasts in Q3, driven by TMF - Yesterday after trading, Econocom published Q3 2024 revenue of € 606m, representing an organic increase of c.6.1% y-o-y, marking a sharp acceleration vs Q2 2024 (c.3.3%. y-o-y ). This performance was well above our forecasts (ODDO BHF: +1.7% org. in Q3), primarily driven by very robust growth at the TMF division of c.18.0% y-o-y in Q3, (ODDO BHF: +3.0% est. org. y-o-y), thanks to the recruitment drive for a nu...

Econocom : Croissance organique T3 2024 supérieure aux attentes. Guida...

>Croissance organique supérieure à nos attentes au T3 tirée par TMF - Econocom a publié hier après Bourse un CA T3 2024 de 606 M€, en croissance organique de c.6.1% y/y., en nette accélération vs T2 2024 (c.3.3% org. y/y). Cette performance est nettement supérieure à nos attentes (ODDO BHF : +1.7% org. au T3), principalement tirée par une croissance très solide au niveau de la division TMF, de c.18.0% y/y au T3, (ODDO BHF : +3.0%e org. y/y), grâce à l’initiative de r...

Benelux Morning Notes

Ahold Delhaize: Preview 3Q24 Econocom: 3Q24 impressive sales of 6%, driven by leasing Greenyard: No Fruit Farm? PostNL: Preview 3Q24F; consensus released; (implied) warning? Randstad: 3Q24 beats 2% on lower opex; outlook 4Q24 c.3/4% below consensus; better than expected; nice strategic and accretive acquisition. UCB: Regains all global rights to Bepranemab. Var Energi: Pressure on costs continues. Events Calendar

ODDO : The sector recovery will be slower than expected in H2 2024 and...

The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefe...

ODDO : La recovery du secteur sera plus lente qu’attendu au S2 2024 et...

La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissanc...

ODDO BHF Small & MIDCAP MORNING NEWS - 07/25/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 25/07/2024

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Econocom : H1 results solid overall with a FCF well above expectations...

>Organic growth a shade below expectations. Very solid FCF - Econocom reported its H1 2024 results after market close yesterday. H1 sales came in at €1,335m, with organic growth of 2.9% y-o-y implying an acceleration in organic growth to c.3.2% y-o-y compared with Q1 (vs +2.4% org. in Q1) but slightly below our expectations (4.0% org. y-o-y). This acceleration was driven by all divisions, and in particular by the surprise resumption of growth at P&S (c.5.4% y-o-y in Q...

Econocom : Résultats S1 globalement solides avec un FCF nettement supé...

>Croissance org. légèrement inférieure aux attentes. FCF très solide - Econocom a publié hier après Bourse ses résultats S1 2024. Le CA S1 ressort à 1335 M€, en croissance organique de 2.9% y/y, impliquant une croissance organique de c.3.2% y/y au T2, en accélération vs T1 (vs +2.4% org. au T1) mais légèrement inférieure à nos attentes (4.0% org. y/y). Cette accélération est tirée par toutes les divisions, notamment par la reprise surprise de la croissance au niveau d...

Benelux Morning Notes

Aalberts: Numbers broadly in line with expectations. Air France-KLM: Costs hurt. Arcadis: Nice beat in 2Q24 and good prospects to continue. BAM: Strong EBITDA, cash flow somewhat weak. BE Semiconductor Industries: 2Q24 results; High-end offsets mainstream. Econocom: Large 1H24 miss, change in management, governance. UCB: Strong 1H24 with slight increase in FY revenue guidance. Unilever: Steadfast. Universal Music Group: Okay headline figures cannot hide serious questions for music label...