Altice designates certain subsidiaries as unrestricted (Bloomberg)Elior: good H1 23/24 results and confidence in targetsMoody's upgrades Monte's ratings by one notch to Ba2 senior and Ba3 Tier 2Avolta (ex-Dufry): solid first quarter, guidance confirmedMaxeda: after a difficult FY 2023 (leverage above 5x), the group is counting on its free cash flow generation in 2024 to deleverage before refinancing next year.>...
Maxeda : après une année 2023 difficile (levier au-dessus de 5x), le groupe mise sur sa génération de free cash-flow en 2024 pour se désendetter avant son refinancement l’an prochainAltice désigne certaines filiales comme non restreintes (Bloomberg)Moody’s réhausse d’un cran les notes de Monte, à Ba2 en senior et à Ba3 en Tier 2Elior : bonne publication au S1 23/24 et confiance sur les objectifs fixésAvolta (ex-Dufry) : Très bon trimestre, guidances confirmées...
AEGON: 1Q24, new unexpected SBB, underlying OCG better, strong ratios across. Belgian telecoms: Digi to start with mobile. CFE: Preview - forecasting revenue numbers… D'Ieteren: Belron US peer Boyd 1Q24 below consensus, warns on 2Q24 growth. Econocom: Joins consortium formed by Onepoint and Butler Industries to acquire Atos. KBC: 1Q24 better across, special dividend, capital distribution pushed back to 1H25. Syensqo: 1Q24 a touch better, positive earnings momentum confirmed. Umicore:...
>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...
>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 ...
GALP, TotalEnergies and Shell have discovered vast oil deposits off the coast of Namibia. Oil services companies see this as a new Eldorado. FPSO-type solutions seem to be favoured, making SBM Offshore a key player, not forgetting subsea companies such as TechnipFMC. The whole sector could help local economic development... and/or have major negative impacts on local communities, biodiversity or the fight against corruption. Not to mention the carbon lock-in. We would therefore urge i...
GALP, TotalEnergies ou Shell ont découvert de colossaux gisements de pétrole au large des côtes namibiennes. Les sociétés de services y voient un nouvel eldorado. Les solutions de type FPSO semblent être privilégiées, mettant ainsi SBM Offshore en position d’acteur incontournable, sans oublier ceux liés au subsea comme TechnipFMC. Tout le secteur pourrait aider au développement économique local… et/ou avoir des impacts négatifs importants sur les communautés locales, la biodiversité o...
>2023 organic growth above our forecasts but debt was higher - Econocom released FY 2023 results after market close yesterday. FY 2023 sales came to € 2681m, up 1.2% y/y organically, above our forecast (ODDO BHF: -1.6%), especially in the TMF division (FY 2023 org. growth of 10% vs ODDO BHF: -0.6%). This figure implies Q4 organic growth of c. +9% at the group level, well above our forecast (flat). FY 2023 EBIT came to c. € 116.2m, 9% below our forecast (ODDO BHF: € 1...
>Croissance org. 2023 supérieure à nos attentes mais endettement plus élevé - Econocom a publié hier après Bourse ses résultats FY 2023. Le CA FY 2023 ressort à 2681 M€, en croissance organique de 1.2% y/y supérieure à nos attentes (ODDO BHF : -1.6%), notamment au niveau de la division TMF (croissance org. FY 23 de 10% vs ODDO BHF : -0.6%). Ce chiffre implique une croissance org T4 de c. +9% au niveau groupe, nettement supérieure à nos attentes (flat). Le ROC FY 2023 ...
FY23 results came in close to expectations, with larger divestmentsGuidance is also in line with expectations, market more supportiveNo large changes to estimates, Hold reiteratedThe company hosts an analyst meeting today at 10:30 CETMore details in our Note published this morning
Econocom launched many new plans at its Capital Markets Day. We believe executing all of them will be quite a challengeOur estimates assume the company realizes its targets, but reaching them will be back-end loadedWe downgrade from Buy to Hold and cut our target price from EUR 4.10 to EUR 2.90 based on a DCF and a peer group analysis.23 page report
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