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Thijs Berkelder ... (+2)
  • Thijs Berkelder
  • Usama Tariq

ODDO BHF Small & MIDCAP MORNING NEWS - Date1

We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...

Thijs Berkelder ... (+2)
  • Thijs Berkelder
  • Usama Tariq

ODDO BHF Small & MIDCAP MORNING NEWS - 11/14/2024

We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...

Geoffroy Michalet
  • Geoffroy Michalet

Applus Service SA : The story comes to an end

>9M revenues in line with our expectations organically - Applus published yesterday evening its 9M revenues, which were up 7.5% to € 1,632m, slightly below our expectations of € 1,645m, due to a difference in our estimates for the forex effect. Organic growth came in at 7.6%, in line with our expectations (ODDO BHF estimates: 7.6%), implying organic growth of 5.4% in Q3 (after 10.1% in Q2), which is already included in our estimates, with a demanding comparison base ...

Geoffroy Michalet
  • Geoffroy Michalet

Applus Service SA : L'histoire touche à sa fin

>CA 9M 2024 en ligne avec nos attentes en organique - Applus a publié hier soir son CA pour les 9 premiers mois de l’année qui s’établit à 1 632 M€ en hausse de 7.5%, légèrement inférieur à nos attentes de 1 645 M€, en raison de l’effet changes. La croissance organique est ressortie à 7.6%, en ligne avec notre attente (ODDO BHF : 7.6%e), impliquant une croissance organique de 5.4% au T3 (après 10.1% au T2), ce qui est déjà intégré dans nos estimations, compte tenu d...

Geoffroy Michalet
  • Geoffroy Michalet

Applus Service SA : H1 revenue well above forecast. Amber’s delisting ...

>A very solid trend - Applus published its H1 revenue yesterday evening, which came out at € 1,094m, up 9.3%, beating our forecast of € 1,017m and the VA consensus of € 1,043m. Organic growth reached 8.8%, well above our forecast (ODDO BHF: 6.8% estimated). There was a negative forex effect of -1.4%. The scope effect was 1.9%. Organic growth in Q2 came to 10.1%. By division: it should be stressed that the group did not communicate any figures for the first qua...

Geoffroy Michalet
  • Geoffroy Michalet

Applus Service SA : Publication S1 dépasse largement les attentes. La ...

>Une dynamique très solide - Applus a publié hier soir son CA S1. Il est ressorti à 1 094 M€ en hausse de 9.3%, au-dessus de nos attentes de 1 017 M€ et celles du css VA à 1 043 M€. La croissance organique est ressortie à 8.8% et dépasse largement nos attentes (ODDO BHF: 6.8%e) L’effet FX est négatif à -1.4%. Quant à l’effet scope, il ressort à 1.9%. Au T2, la croissance organique est ressortie à 10.1%. Par division : il convient de souligner que le group...

Geoffroy Michalet
  • Geoffroy Michalet

Applus Service SA : Applus story set to come to a close soon... Target...

>No Q1 revenues - The group did not report its Q1 revenues due to the ongoing public tender offer. We had a contact with the company and noted that top-line momentum remains strong in the high single digits, carrying on from Q4 2023. Where the takeover bid is concerned, on 30 April 2024, the CNMV confirmed that Amber’s winning bid (TDR & I Squared) is the successful offer and will be subject to an acceptation period. Last Friday, the two funds filed their propos...

Geoffroy Michalet
  • Geoffroy Michalet

Applus Service SA : L’histoire de Applus touche bientôt à sa fin... OC...

>Pas de CA T1 - Le groupe n'a pas divulgué son CA T1 en raison du processus d'offre publique d'achat en cours. Nous avons eu un contact avec la société et nous avons retenu que la dynamique de topline demeure soutenue « high single digit », dans la continuité du T4 2023. Concernant l’OPA, le 30 avril 2024, la CNMV a confirmé que l'offre gagnante d'Amber (TDR & I Squared) a été acceptée et sera soumise à une période d'acceptation. Vendredi dernier, les deux fonds...

Geoffroy Michalet
  • Geoffroy Michalet

Applus Service SA : 2023 figures beat expectations

>Very solid Q4, well ahead of expectations - 2023 margin very close to our expectations, above consensus - The group reported its FY 2023 results this morning. Revenues totaled € 2,058m (ODDO BHF: € 2,020m, consensus: € 2,030m), up 8.4%, including organic growth of 9.7%, ahead of our expectations (8.9%) and consensus (8.3%). The FY forex effect stood at -3.4% (vs. ODDO BHF -2.5%, consensus -2.7%). The FY scope effect came in at 2.1%. Organic growth in Q4 was 11.5%...

Geoffroy Michalet
  • Geoffroy Michalet

Applus Service SA : Publication 2023 supérieure aux attentes

>T4 très solide, dépassant largement les attentes - Marge 2023 très proche de notre attente et supérieure au consensus - Le groupe a communiqué ce matin ses résultats annuels. Le CA s’élève à 2 058 M€ (ODDO BHF : 2020 M€ / CSS 2030 M€) en croissance de 8.4% incluant une croissance organique de 9.7% supérieure à nos attentes (8.9%e) et le consensus (8.3%). L’effet FX en FY est à –3.4% (vs. ODDO BHF -2.5%e / CSS -2.7%e ). L’effet scope ressorte à 2.1% en FY. La crois...

Fatma Manaa ... (+2)
  • Fatma Manaa
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 10/30/2023

Since begin July 2023 Triodos Bank (TB) has been quoted at the multilateral trading facility (MTF) Captin, where each week on a Wednesday a price is being determined. For the next few years, we estimate an EPS of about € 5.5, a circa 6.0% ROE and an IFRS book value per share of about € 91 end 2023. TB is quoting at a PE of about 4.5x and a P/B of about 0.25x. For the fair value PE of TB, we take a material discount on the bank peer group PE which is now at 5-8x. We identified five dis...

Geoffroy Michalet
  • Geoffroy Michalet

Applus Service SA : Q3 figures in line with expectations – guidance ma...

>Nice surprise in automotive - The group this morning reported Q3 2023 sales in line with our expectations and those of the consensus, in line with the previous quarter. Q3 sales came in at € 518m (€ 524m ODDO BHF/ € 520m css), up 6.5%. Organic growth came in at 9.5% (ODDO BHF 8.6%e, css 7.6%). The forex effect was negative at -5.6%, ahead of our expectations (ODDO BHF: -2.1%e). The scope effect came to 2.6% (ODDO BHF 1.0%e)By division in Q3: Energy & industry (...

Geoffroy Michalet
  • Geoffroy Michalet

Applus Service SA : Publication T3 en ligne avec les attentes – Guidan...

>Bonne surprise dans Automotive - Le groupe a publié ce matin son CA T3 en ligne avec nos attentes et celles du consensus, dans la lignée du précédent trimestre. Le CA T3 s’élève à 518 M€ (524 M€ ODDO BHF / 520 M€ CSS) en croissance de 6.5%. La croissance organique est ressortie à 9.5% (ODDO BHF 8.6%e, CSS 7.6%). L’effet Forex est négatif à -5.6%, supérieur à nos attentes (ODDO BHF : -2.1%e). Quant à l’effet scope, il ressort à 2.6% (ODDO BHF 1.0%e)Par divisio...

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