reports
- 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...
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
ITP INTERPARFUMS
SDF K+S AG
NEX NEXANS SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ADN1 ADESSO AG
GNFT GENFIT SA
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
NVG NAVIGATOR COMPANY SA
ASS APPLUS SERVICES S.A.
S92 SMA SOLAR TECHNOLOGY AG
CLA CLARANOVA SE
SRAIL STADLER RAIL AG
KTA KNAUS TABBERT
UPG UNIFIEDPOST GROUP
DEME DEME GROUP NV
AF AIR FRANCE - KLM
- 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...
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
ITP INTERPARFUMS
SDF K+S AG
NEX NEXANS SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ADN1 ADESSO AG
GNFT GENFIT SA
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
NVG NAVIGATOR COMPANY SA
ASS APPLUS SERVICES S.A.
JST JOST WERKE AG
S92 SMA SOLAR TECHNOLOGY AG
CLA CLARANOVA SE
SRAIL STADLER RAIL AG
KTA KNAUS TABBERT
UPG UNIFIEDPOST GROUP
DEME DEME GROUP NV
AF AIR FRANCE - KLM
- 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
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...
- Jerôme Bodin
IPS IPSOS
SOP SOPRA STERIA GROUP SA
ROG ROCHE HOLDING LTD
EO FAURECIA SA
NOVN NOVARTIS AG
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MERY MERCIALYS SA
VIV VIVENDI SE
AUB AUBAY SA
NRG NRJ GROUP SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
SAN SANOFI
ELIS ELIS SA
MAREL MAREL HF.
VASTN VASTNED RETAIL NV
VID VIDRALA SA
AIXA AIXTRON SE
ARCAD ARCADIS NV
ALVIV VISIATIV SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ARG ARGAN SA
SIFG SIF HOLDING NV
ASS APPLUS SERVICES S.A.
VLTSA VOLTALIA
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
S30 SOLUTIONS 30 SE
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
FUR FUGRO NV
FORSE FORSEE POWER SA
MTRK MOTORK LTD
ALVGO VOGO SA
IVG IVECO GROUP
SPM SAIPEM S.P.A.
GSK GSK PLC
AF AIR FRANCE - KLM
NOVO B NOVO NORDISK A/S
- Jerôme Bodin
IPS IPSOS
SOP SOPRA STERIA GROUP SA
ROG ROCHE HOLDING LTD
EO FAURECIA SA
NOVN NOVARTIS AG
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MERY MERCIALYS SA
VIV VIVENDI SE
AUB AUBAY SA
NRG NRJ GROUP SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
SAN SANOFI
ELIS ELIS SA
MAREL MAREL HF.
VASTN VASTNED RETAIL NV
VID VIDRALA SA
AIXA AIXTRON SE
ARCAD ARCADIS NV
ALVIV VISIATIV SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ARG ARGAN SA
SIFG SIF HOLDING NV
ASS APPLUS SERVICES S.A.
VLTSA VOLTALIA
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
S30 SOLUTIONS 30 SE
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
FUR FUGRO NV
FORSE FORSEE POWER SA
MTRK MOTORK LTD
ALVGO VOGO SA
IVG IVECO GROUP
SPM SAIPEM S.P.A.
GSK GSK PLC
AF AIR FRANCE - KLM
NOVO B NOVO NORDISK A/S
- 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
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...
- Olfa Taamallah
- Yan Derocles
VLS VALNEVA SE
ELG ELMOS SEMICONDUCTOR SE
NOEJ NORMA GROUP SE
ELIS ELIS SA
SHA SCHAEFFLER AG
KRN KRONES AG
PSPN PSP SWISS PROPERTY AG
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
ASS APPLUS SERVICES S.A.
COFA COFACE SA
JUN3 JUNGHEINRICH AG PREF
IDR INDRA SISTEMAS S.A. CLASS A
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Olfa Taamallah
- Yan Derocles
VLS VALNEVA SE
ELG ELMOS SEMICONDUCTOR SE
NOEJ NORMA GROUP SE
ELIS ELIS SA
SHA SCHAEFFLER AG
KRN KRONES AG
PSPN PSP SWISS PROPERTY AG
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
ASS APPLUS SERVICES S.A.
COFA COFACE SA
JUN3 JUNGHEINRICH AG PREF
IDR INDRA SISTEMAS S.A. CLASS A
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- 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
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...
- Emmanuel Matot
NK IMERYS SA
SOP SOPRA STERIA GROUP SA
EO FAURECIA SA
F3C SFC ENERGY AG
POM PLASTIC OMNIUM SE
ALCLA CLASQUIN SA
GXI GERRESHEIMER AG
ISS ISS A/S
WHA WERELDHAVE N.V.
ISP INTESA SANPAOLO S.P.A.
ERA ERAMET SA
GLB GLANBIA PLC
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
VGP VGP NV
ASS APPLUS SERVICES S.A.
FFARM FORFARMERS
HOME NEINOR HOMES SA
VRLA VERALLIA SAS
- Emmanuel Matot
NK IMERYS SA
SOP SOPRA STERIA GROUP SA
EO FAURECIA SA
F3C SFC ENERGY AG
POM PLASTIC OMNIUM SE
ALCLA CLASQUIN SA
GXI GERRESHEIMER AG
ISS ISS A/S
WHA WERELDHAVE N.V.
ISP INTESA SANPAOLO S.P.A.
ERA ERAMET SA
GLB GLANBIA PLC
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
VGP VGP NV
ASS APPLUS SERVICES S.A.
FFARM FORFARMERS
HOME NEINOR HOMES SA
VRLA VERALLIA SAS
- 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
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
- 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
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
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...
- Emmanuel Matot
BIO BB BIOTECH AG
MMB LAGARDERE SCA
ASY ASSYSTEM SA
FII LISI SA
LNA LNA SANTE SA
CDA COMPAGNIE DES ALPES SA
HOT HOCHTIEF AG
NEX NEXANS SA
ERA ERAMET SA
ICAD ICADE SA
MMT METROPOLE TELEVISION SA
CARM CARMILA SAS
ADOC ADOCIA SA
ASS APPLUS SERVICES S.A.
COPN COSMO PHARMACEUTICALS NV
TKWY JUST EAT TAKEAWAY.COM N.V.
MVC METROVACESA SA
GEST GESTAMP AUTOMOCION S.A.
VAR1 VARTA AG
WAVE WAVESTONE SA
S30 SOLUTIONS 30 SE
VRLA VERALLIA SAS
DSC1 DUTCH STAR C SHAR
HGEA HGEARS AG
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