reports
- 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
- Geoffroy Michalet
Applus Service SA : Good momentum expected in H2. Target price adjuste...
>Conference call feedback – Estimates revised for H2 - Applus successfully maintained stable organic growth in Q2 vs Q1 2023 at 8.8% with a price effect of c. 3.0% in H1, helping to partly offset the wage inflation of c. 4.5%. The price hike should accelerate slightly in H2. Increase in guidance: organic growth that was better than expected led Applus to raise its guidance for 2023, to high single-digit growth vs mid- to high single-digit growth. This is more o...
- Geoffroy Michalet
Applus Service SA : Bonne dynamique attendue au S2. OC revu à 11.0 € v...
>Feedback Confcall – Estimations révisées au S2 - Applus a su maintenir sa croissance organique stable au T2 vs le T1 2023 à 8.8% avec un effet prix de c. 3.0% au S1 permettant de compenser en partie l’inflation salariale de c. 4.5%. La hausse des prix devrait légèrement s’accélérer au S2. Hausse de la guidance : une croissance organique meilleure qu’attendu a poussé Applus à relever sa guidance pour 2023 à savoir : i/ une croissance « high single digit » vs « ...
- 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
- Charlotte Vaisse
- Marc Lavaud
- Thijs Berkelder
ODDO BHF Small & MIDCAP MORNING NEWS - 25/07/2023
Founded in 2006, Deutsche Rohstoff (DRAG) is an independent German-based company focusing on oil & gas production in the US. In addition, DRAG participates globally in exploration and mining projects in the field of battery and strategic metals. In view of growing revenues (CAGR 3.7%, 2023e to 2025e), strong EBITDA margins (+90bp to 74.8% in 2025e vs 2023e) and a solid balance sheet (equity ratio >70%, net cash position as of 2025e), we initiate coverage with Outperform and a target p...
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
TNET TELENET GROUP HOLDING NV
BEN BENETEAU SA
BIG BIGBEN INTERACTIVE SA
NVG NAVIGATOR COMPANY SA
INSD VERIMATRIX SA
ASS APPLUS SERVICES S.A.
ALM ALMIRALL SA
PWG PRODWAYS GROUP SA
NACON NACON SASU
DSC1 DUTCH STAR C SHAR
DEME DEME GROUP NV
- Charlotte Vaisse
- Marc Lavaud
- Martin Marandon-Carlhian
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 07/25/2023 Date Performance sin...
Founded in 2006, Deutsche Rohstoff (DRAG) is an independent German-based company focusing on oil & gas production in the US. In addition, DRAG participates globally in exploration and mining projects in the field of battery and strategic metals. In view of growing revenues (CAGR 3.7%, 2023e to 2025e), strong EBITDA margins (+90bp to 74.8% in 2025e vs 2023e) and a solid balance sheet (equity ratio >70%, net cash position as of 2025e), we initiate coverage with Outperform and a target p...
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
TNET TELENET GROUP HOLDING NV
BEN BENETEAU SA
BIG BIGBEN INTERACTIVE SA
NVG NAVIGATOR COMPANY SA
INSD VERIMATRIX SA
ASS APPLUS SERVICES S.A.
ALM ALMIRALL SA
FTG111 FLATEXDEGIRO AG
PWG PRODWAYS GROUP SA
NACON NACON SASU
DSC1 DUTCH STAR C SHAR
DEME DEME GROUP NV
- Geoffroy Michalet
Applus Service SA : H1 2023 earnings a shade above estimates – Guidanc...
>A very strong performance in line with Q1 - The group published its H1 earnings this morning. Sales stand at € 1,001m (€ 992m ODDO BHF / € 1,006m consensus), up 9.0% of which organic growth of 8.8%. The forex effect is negative at -1.5%, slightly above forecasts (ODDO BHF: -0.6% est., consensus: -0.8%) and the scope effect at +1.7% (ODDO BHF: 1.3% est., consensus: 0.5%).Organic growth in Q2 came to 8.8% in line with Q1 (8.8%), beating by far our forecasts and t...
- Geoffroy Michalet
Applus Service SA : Résultats S1 2023 un peu au-dessus des attentes – ...
>Très bonne performance dans la ligné du premier trimestre - Le groupe a communiqué ce matin ses résultats S1. Le CA s’élève à 1 001 M€ (992 M€ ODDO BHF / 1 006 M€ CSS) en hausse de 9.0 % dont une croissance organique de 8.8%. L’effet FX est négatif à -1.5% un peu supérieur aux attentes (ODDO BHF : -0.6%e, CSS : -0.8%) et l’effet scope à +1.7% (ODDO BHF : 1.3%e, CSS : 0.5%).La croissance organique au T2 ressort à 8.8% dans lignée du T1 (8.8%) et dépasse largement...
- Emira Sagaama
- Olfa Taamallah
- Yan Derocles
- Emira Sagaama
- Olfa Taamallah
- Yan Derocles
- Geoffroy Michalet
Applus Service SA : Q1 revenues beat expectations
>Good Q1 – positive surprises in E&I and labs - Q1 revenues came in slightly ahead of expectations at € 477m (ODDO BHF: 463m), up 10.2%. Organic growth was much higher than we expected at 8.8% (vs 5.6%e), a sequential acceleration vs the 7.6% in Q4 2022. The forex effect was slightly negative at -0.2% (vs 0.7%e). The scope effect was 1.6%, slightly greater than we expected (0.8%e). By division:E&I (55% of revenues) showed organic growth of 11.2%, much higher th...
- Geoffroy Michalet
Applus Service SA : CA T1 au-dessus des attentes
>Bon T1 – Bonnes surprises dans E&I et Labs - Le CA T1 est ressorti légèrement au-dessus des attentes à 477 M€ (ODDO BHF : 463 M€) en croissance de 10.2%. La croissance organique dépasse largement nos attentes à 8.8% (vs. 5.6%e) en accélération séquentielle par rapport (7.6% au T4 22). L’effet FX légèrement négatif à -0.2% (vs 0.7%e). Quant à l’effet périmètre, il ressort à 1.6% un peu au-dessus de nos attentes (0.8%e)Par division :E&I (55% du CA) à 11.2%...
- Anis Zgaya
- Baptiste Salaville
- Charlotte Vaisse
- Louis Boujard
- CFA
- Sinan Doganli
EBRO EBRO FOODS SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
AIXA AIXTRON SE
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
PAT PATRIZIA AG
CIE CIE AUTOMOTIVE S.A.
ASS APPLUS SERVICES S.A.
MEL MELIA HOTELS INTERNATIONAL S.A.
IBG IBERPAPEL GESTION S.A.
FTG111 FLATEXDEGIRO AG
GEST GESTAMP AUTOMOCION S.A.
GRE GRENERGY RENOVABLES
GRP GREENCOAT RENEWABLES
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
HDF HYDROGENE DE FRANCE
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