reports
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
- Robert Jan Vos
Corbion N.V. : Mostly a strong Q3 2024 update; TP raised to € 32; Outp...
>Q3 2024 sales and EBITDA ahead of consensus by 5% and 4%, respectively - Corbion’s sales and EBITDA came in 5% and 4%, respectively, higher than consensus. Sales came in much better than expected in Health & Nutrition, to which all sub-segments (Nutrition, Pharma and Biomedical) contributed. In Functional Ingredients & Solutions, the strong volume growth was encouraging, attributable to the Food segment. As expected, Biochemicals (semiconductors and agrochemicals) re...
- Wim Hoste
Corbion Conference call feedback
Below are the highlights of the conference call. 3Q24 adj EBITDA jumped by 44% and was c. 4% above our estimate and 5% above consensus, supported by cost savings and an acceleration of organic growth. FY adj EBITDA growth guidance is upped from >18% to 22-25% which seems conservative with our and consensus forecasts even higher (at +30% and +28%). Although the recent track record has been more volatile than expected, the strategic choices made recently (sticking to PLA, a disciplined investment ...
- Michael B. Schäfer
ODDO BHF Small & MIDCAP MORNING NEWS - 10/29/2024
Temenos, the European leader in core banking solutions with significant market share with Tier 3, 4 and 5 banks, faces structural challenges that impair its growth outlook: 1/ the reticence of major banking groups to renew their core banking system; 2/ fierce competition in the digital segment; and 3/ the slowdown in the launch pace for new neo-banks. Indeed, the group is set to scale back its medium-term targets at its CMD on 12 November. Moreover, the support for the stock offered b...
- Michael B. Schäfer
ODDO BHF S all & MIDCAP MORNING NEWS - 29/10/2024
Temenos, leader européen des solutions Core Banking avec une part de marché significative auprès des banques Tiers 3, 4 et 5, fait face des défis structurels qui réduisent ses perspectives de croissance : 1/ la réticence des grands acteurs bancaires à renouveler leur Core banking system; 2/ la forte compétition sur le segment Digital et 3/ le ralentissement du rythme de lancement de nouvelles néo-banques. Aussi, le groupe devrait abaisser ses objectifs MT lors du CMD du 12 novembre. E...
- ING Helpdesk
- Robert Jan Vos
Corbion N.V. : Strong Q3 2024 results, except for PLA; FY 2024 guidanc...
>Better-than-expected volume/mix growth in both divisions in Q3 2024 - Corbion reported net sales of € 335.8m and adjusted EBITDA of € 49.6m in Q3 2024. Net sales came in 5.2% higher than consensus and 4.1% ahead of our forecast. Adjusted EBITDA was 4.4% ahead of consensus and 1.2% better than our estimate. Group organic sales growth was 9.2%, versus our estimate of 5.4% and consensus of 3.3%. Both divisions beat our and consensus growth expectations, with a particula...
- Wim Hoste
Corbion FIRST LOOK: 3Q EBITDA +44%, FY guidance upped but still looks ...
3Q24 adj EBITDA jumped by 44% and was c. 4% above our estimate and 5% above consensus, supported by cost savings and an acceleration of organic growth. FY adj EBITDA growth guidance is upped from >18% to 22-25% which seems conservative with our and consensus forecasts even higher (at +30% and +28%). Although the recent track record has been more volatile than expected, the strategic choices made recently (sticking to PLA, a disciplined investment approach on Algae, a much increased FCF focus) ma...
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
Corbion reports sales growth, profit improvement, and positive free ca...
Corbion reports sales growth, profit improvement, and positive free cash flow driven by strong Q3 and upgrades full year guidance Corbion, the Amsterdam-listed sustainable ingredients company that champions preservation through application of science, today publishes its results for the first nine months of 2023. Key highlights first nine months 2024: Organic sales growth: +2.6% (Q3: +9.2%): Volume/mix: +6.1% (Q3: +11.1%)Price: -3.5% (Q3: -1.9%) Continued Operations: Sales € 972.9 million ...
- Fatma Agnès Hamdani
ODDO BHF Small & MIDCAP MORNING NEWS - 10/09/2024
A specialist in fluid treatment, Sulzer is a global player present in the energy, natural resources and industrial process markets. With two centuries’ experience, Sulzer offers a solid profile with structural mid-single growth and EBITDA margin improvement to 17% out to 2028 (vs 13.3% in 2023), thanks to the strategic plan based on a favourable product mix and industrial efficiency. Despite the stock’s strong performance, it is trading at a discount of 22% to its historical multiples...
- Fatma Agnès Hamdani
ODDO BHF Small & MIDCAP MORNING NEWS - 09/10/2024
Spécialiste du traitement des fluides, Sulzer est un acteur mondial évoluant sur les marchés de l’énergie, des ressources naturelles et des process industriels. Fort de 2 siècles d’expérience, Sulzer offre un profil solide avec une croissance structurelle mid-single digit et une amélioration de la marge d’EBITDA à 17% d’ici 2028 (vs 13.3% en 2023), grâce à son plan stratégique reposant sur un mix-produits favorable et une efficience industrielle. Malgré la forte performance du titre,...
- Robert Jan Vos
Corbion N.V. : FY guidance seen raised on 29 October; TP raised to € 3...
>Q3 2024 results due 29 October: EBITDA growth of more than 40% expected - Corbion is set to report its Q3 2024 trading update (reporting on sales and EBITDA only) on 29 October at 07:00, and host a conference call later that morning at 11:00.Health & Nutrition: growth engine Algae Ingredients running smoothly - In Health & Nutrition, we forecast organic sales growth of 17.5% (volume/mix: 16%) and sales of € 67.5m in Q3 2024. We expect ongoing solid g...
- Reg Watson
- CFA
Corbion/Hope springs eternal/SELL
We revise our Corbion forecasts to account for the balance sheet restructuring and currency moves as well as the disappointing 1H24 results and headwinds from higher input costs. As a result, our 2024F revenues decline by 11% while adj. EPS falls by 5%. Peer group valuations have risen since our last report, and we increase our 12-month target price to €15.00 from €13.40.
- Emna Ben Bdira
- Maxime Kogge
- Emna Ben Bdira
- Maxime Kogge
- Robert Jan Vos
Corbion N.V. : Solid Q2 2024 performance underpins our investment case...
>Strong performance from the consolidated operations in Q2 2024 - Corbion’s consolidated divisions, Functional Ingredients & Solutions (FI&S), and Health & Nutrition (H&N), surprised positively in Q2 2024. In FI&S, we were enthusiastic about the recovery of volume/mix growth to clear positive territory. And H&N surprised with sequential expansion in EBITDA profitability to 31.6% in Q2 2024 compared with the already very healthy margin of 27.1% reported in Q1 2024. We ...
- Roy Külter
- Steven Boumans
- Roy Külter
- Steven Boumans
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