reports
Altri SPGS S.A.: 1 director
A director at Altri SPGS S.A. sold 284,081 shares at 4.958EUR and the significance rating of the trade was 67/100. 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...
- Nicolas David
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
BFIT BASIC-FIT NV
ALCLA CLASQUIN SA
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
NRG NRJ GROUP SA
GBT GUERBET SA
ATE ALTEN SA
ERA ERAMET SA
CAP CAPGEMINI SE
FAE FAES FARMA S.A.
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
PAT PATRIZIA AG
LFDE LA FRANCAISE DE L'ENERGIE SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
VOS VOSSLOH AG
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
ECMPA EUROCOMMERCIAL PROPERTIES NV
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
BFIT BASIC-FIT NV
ALCLA CLASQUIN SA
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
NRG NRJ GROUP SA
GBT GUERBET SA
ATE ALTEN SA
ERA ERAMET SA
CAP CAPGEMINI SE
FAE FAES FARMA S.A.
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
PAT PATRIZIA AG
LFDE LA FRANCAISE DE L'ENERGIE SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
VOS VOSSLOH AG
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
ECMPA EUROCOMMERCIAL PROPERTIES NV
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Luis de Toledo Heras
Altri : Pulp prices to extend results momentum into H1 2024
>Operating results in line, lower financial and tax charges drive net profit beat - Altri results came slightly above our estimates at the operating level (+4.7% EBITDA). As expected, Q4 2023 results reflect a large sequential improvement in market conditions (+7.4% growth in sales vs Q3 2023, EBITDA margin of 21.3% vs 9.3% in Q3 2023) on higher pulp prices (+9% q-o-q: demand recovery in Asia, end of destocking process) and contained cash costs (normalization of energ...
- Jean-François Granjon
- Louis Boujard
- CFA
PUB PUBLICIS GROUPE SA
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
PBB DEUTSCHE PFANDBRIEFBANK AG
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
LPE LAURENT-PERRIER SA
ISP INTESA SANPAOLO S.P.A.
WPP WPP PLC
SOC SUBSEA 7 S.A.
ARCAD ARCADIS NV
GNFT GENFIT SA
UCG UNICREDIT S.P.A.
EDR EDREAMS ODIGEO SA
RENE REDES ENERGETICAS NACIONAIS SA
COPN COSMO PHARMACEUTICALS NV
VK VALLOUREC SA
ALHAF HAFFNER ENERGY SA
- Jean-François Granjon
- Louis Boujard
- CFA
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
PBB DEUTSCHE PFANDBRIEFBANK AG
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
LPE LAURENT-PERRIER SA
ISP INTESA SANPAOLO S.P.A.
SOC SUBSEA 7 S.A.
ARCAD ARCADIS NV
GNFT GENFIT SA
UCG UNICREDIT S.P.A.
EDR EDREAMS ODIGEO SA
RENE REDES ENERGETICAS NACIONAIS SA
COPN COSMO PHARMACEUTICALS NV
VK VALLOUREC SA
ALHAF HAFFNER ENERGY SA
- Luis de Toledo Heras
Altri : Results broadly in line with estimates, pulp price rise to dri...
>Pulp price weakness depress quarterly results as expected - Altri’s results came broadly in line with our estimates. Results were affected by the sharp decline in hardwood pulp prices in euros (-43% vs Q3 2023 and -24% compared to Q2 2023) which significantly dragged revenues (-39% y-o-y and -14% sequentially) as expected. Price declines were the result of the normalisation of the value chains (after a troubled 2022 affected by supply disruptions and logistic difficu...
- Luis de Toledo Heras
ODDO : Switching preferences towards pulp over paper
We are updating our view on the Pulp and Paper sector in Iberia and switch our preference to pulp over paper producers on price cycle fundamentals. We have consequently upgraded our recommendation on Altri from Underperform to Neutral (TP € 5.1, -12% vs a previous € 5.8) while we maintain our Outperform recommendation on Ence (TP € 3.9). We have also downgraded our recommendation on Navigator (from Outperform to Underpeform, TP € 3.9: -17% vs a previous € 4.7) while we stick to ...
CSGN CREDIT SUISSE GROUP AG
AMS AMS AG
ENX EURONEXT NV
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
ATO ATOS SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ALTR ALTRI SGPS SA
NRG NRJ GROUP SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
ERA ERAMET SA
FAE FAES FARMA S.A.
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ROYAL VOPAK NV
UCG UNICREDIT S.P.A.
WBD WEBUILD S.P.A.
CABK CAIXABANK SA
TLGO TALGO SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IBG IBERPAPEL GESTION S.A.
ROTH ROTHSCHILD & CO. SCA
ALVAL VALBIOTIS SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
SYAB SYNLAB AG
ALLFG ALLFUNDS (UK) LTD
STM STABILUS SE
CSGN CREDIT SUISSE GROUP AG
AMS AMS AG
ENX EURONEXT NV
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
ATO ATOS SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ALTR ALTRI SGPS SA
NRG NRJ GROUP SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
ERA ERAMET SA
FAE FAES FARMA S.A.
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ROYAL VOPAK NV
UCG UNICREDIT S.P.A.
WBD WEBUILD S.P.A.
CABK CAIXABANK SA
TLGO TALGO SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
ROTH ROTHSCHILD & CO. SCA
ALVAL VALBIOTIS SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
SYAB SYNLAB AG
ALLFG ALLFUNDS (UK) LTD
STM STABILUS SE
- Luis de Toledo Heras
Altri : Poor prices and sticky costs drive Q2 2023 margins to multi-ye...
>Weak set of results on poor prices, low volumes and persistent cost inflation - Weak Q2 2023 results (EBITDA -38% sequentially and -20% vs our estimates) marked by the decline in pulp prices (-18% vs Q1 2023 levels) and sticky operating costs (-13% unadjusted cash costs compared to Q1 2023), which drove EBITDA margins towards 15.4%, well below our estimates (21%) and previous quarter levels (22.3%) despite the significant increase in production volumes (+17%) after m...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 26/05/2023 Date Performance dep...
Que ce soit en termes macroéconomiques ou sur les profits des sociétés européennes exposées à la Chine, la réouverture est amenée à décevoir dans les mois qui viennent. Dans ce contexte, nous proposons une stratégie de long/short sur 7 secteurs: Hotels / Airports : long IHG / short ADP - Luxury / Textiles : long Moncler / short adidas - Food & Bev / consumers : long Pernod Ricard / short L’Oréal - Cap Goods : long Knorr-Bremse / Short Kone - Chemicals : long Covestro / short BASF - A...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 05/26/2023 Date Performance sin...
On the macroeconomic front or in terms of the profits of European firms exposed, China’s reopening could disappoint in the months ahead. We offer a long/short strategy with players set to stand out in this context: hotels/airports: long IHG/short ADP, luxury/textiles: long Moncler/short adidas, food and beverages/consumer: long Pernod Ricard/short L’Oréal, capital goods: long Knorr-Bremse/short Kone, chemicals: long Covestro/short BASF, auto and parts: long Porsche /short Volkswagen, ...
- Luis de Toledo Heras
Altri : Results in line with estimates, pulp price decline set to weig...
>Results in line with estimates - Results were in line with our estimates, reflecting the correction in pulp prices and maintenance downtime at the Celbi plant. Indeed, sales came in slightly above our estimates but lower margins drove EBITDA to € 50m vs € 52m expected. The destocking process along the pulp and paper value chains in Europe led to a decrease in volumes and declines in fibre prices. Pulp production stood at 240k tonnes (-14.5% y-o-y, -17.5% q-o-q) due t...
- Fehmi Ben Naamane
ALESK ESKER SA
ALLIX WALLIX GROUP SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
WTB WHITBREAD PLC
INF INFOTEL SA
ASY ASSYSTEM SA
SX CS GROUP SA
SQI SQLI SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
VIRP VIRBAC SA
NRG NRJ GROUP SA
PIG HAULOTTE GROUP SA
GBT GUERBET SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
SIGHT GENSIGHT BIOLOGICS SA
SHOT SCANDIC HOTELS GROUP
VLTSA VOLTALIA
LFDE LA FRANCAISE DE L'ENERGIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
WAVE WAVESTONE SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
ECMPA EUROCOMMERCIAL PROPERTIES NV
VTSC VITESCO TECHNOLOGIES GRP AG
OVH OVH GROUPE
GVOLT GREENVOLT - ENERGIAS RENOVAVEIS S.A.
- Fehmi Ben Naamane
ALESK ESKER SA
ALLIX WALLIX GROUP SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
WTB WHITBREAD PLC
INF INFOTEL SA
ASY ASSYSTEM SA
SX CS GROUP SA
SQI SQLI SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
VIRP VIRBAC SA
NRG NRJ GROUP SA
PIG HAULOTTE GROUP SA
GBT GUERBET SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
SIGHT GENSIGHT BIOLOGICS SA
SHOT SCANDIC HOTELS GROUP
VLTSA VOLTALIA
LFDE LA FRANCAISE DE L'ENERGIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
WAVE WAVESTONE SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
ECMPA EUROCOMMERCIAL PROPERTIES NV
VTSC VITESCO TECHNOLOGIES GRP AG
OVH OVH GROUPE
GVOLT GREENVOLT - ENERGIAS RENOVAVEIS S.A.
- Luis de Toledo Heras
Altri : Operating results in line with estimates, weakness in more cyc...
>Record results, broadly in line with estimates - Altri’s FY 2022 results (EBITDA € 301m: +34% y-o-y, +6% vs estimates) slightly exceeded our estimates at the operating level on strong pulp prices ($ 1,380/tn in Q4 2022, now at $ 1,300/t), resilient volumes (1.1mt, in line with our estimates) and strong operating performance (EBITDA margin of 28.3%) despite the persistent inflationary pressures (wood, logistics, energy and chemicals). Both Sales and EBITDA reached his...
- Haythem BOHLI
- Maxime Kogge
ODDO BHF Small & MIDCAP MORNING NEWS - 11/25/2022
We are initiating coverage of Deutsche PfandbriefBank AG (‘PBB’) with a Neutral rating and a target price set at € 9.2. Despite its robust balance sheet (CET1 FL ratio ~16%, NPL ratio ~1%) and niche positioning (real estate and public sector financing via Pfandbriefe, or bank-issued covered bonds), the group’s operating performances (RoE 24m ~4%) are likely to be penalised by the deterioration in the macroeconomic climate and the uncertainty on the real estate market, notably in Germa...
- Haythem BOHLI
- Maxime Kogge
ODDO BHF Small & MIDCAP MORNING NEWS - 25/11/2022
Nous initions la couverture de Deutsche PfandbriefBank AG (‘PBB’) avec une recommandation Neutre et un OC fixé à 9.2 €. En dépit d’un bilan solide (ratio CET1 FL ~16%, ratio NPL ~1%) et d’un positionnement de niche (financement immobilier & public via Pfandbriefe - obligations bancaires adossées), les performances opérationnelles (RoE 24M ~4%) du groupe devraient être pénalisées par la détérioration du contexte macroéconomique et les incertitudes sur le marché immobilier notamment en ...
- Luis de Toledo Heras
Altri : Record-level profitability per ton, no sign of pulp prices run...
>EBITDA per ton at record levels - Altri’s Q3 2022 results came in slightly above our estimates due to higher operating margins (EBITDA margin of 32.6% vs 30% estimated) despite persisting inflationary pressures in natural gas, chemicals and wood. EBITDA per ton reached € 338m, +23% vs Q3 2021 and +41% vs Q2 2022, its highest level due to record pulp prices ($1,380/t) and strong operating performance. Sales performed in line with estimates (+31% y-o-y, driven by the ...
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