reports
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 09/26/2024
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
EN BOUYGUES SA
SDG SYNERGIE SA
INF INFOTEL SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GBT GUERBET SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
VRNL VERNEUIL PARTICIPATIONS
MONT MONTEA SCA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AXS ACCSYS TECHNOLOGIES
CLNX CELLNEX TELECOM S.A.
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
LDO LEONARDO SPA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALVGO VOGO SA
LAT LATECOERE
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 26/09/2024
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
EN BOUYGUES SA
SDG SYNERGIE SA
INF INFOTEL SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GBT GUERBET SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
VRNL VERNEUIL PARTICIPATIONS
MONT MONTEA SCA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AXS ACCSYS TECHNOLOGIES
CLNX CELLNEX TELECOM S.A.
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
LDO LEONARDO SPA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALVGO VOGO SA
LAT LATECOERE
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
- Martijn Den Drijver
Accsys Technologies plc : Moving in the right direction but some uncer...
>On the right track but too early to upgrade. Neutral reiterated - We are updating our estimates after the recent positive trading update and the discontinuation of the Tricoya Hull plant. Our adj. EBITDA for 2025 declines to €5.8m (was €7.5m) solely because of earlier than expected winddown costs of Tricoya UK. In 2026 and 2027 the adj. EBITDA is expected to improve materially (to €24m and €39m respectively) as Accoya NL production and sales should ramp-up to near f...
- Toby Thorrington
Accsys Technologies - Tricoya project to be discontinued
Accsys will discontinue the Tricoya project in Hull, England, as it has not found a financial or strategic partner to finalise the construction of the plant. The project started in 2017 and was put on hold in November 2022 after several problems during construction. Accsys will write down the remaining book value of €20m and will need €4.5m for the discontinuation and winding up of the plant. Although this is a setback for the company’s strategy to boost Tricoya sales, Accsys will continue to su...
- Emira Sagaama
- Thijs Berkelder
ODDO BHF Small & MIDCAP MORNING NEWS - 09/19/2024
After a challenging H1 for champagne, the industry expects volumes to stabilise in H2 ahead of a recovery in 2025. We lower our estimates for the current year for all champagne groups. In these conditions, we prefer Laurent-Perrier, the sector best-in-class which has many times proven its resilience in champagne market slumps, and upgrade our rating to Outperform vs Neutral. We downgrade Lanson-BCC to Neutral and remain at Neutral on Vranken Pommery given their more fragile profiles. - ...
- Emira Sagaama
- Thijs Berkelder
ODDO BHF Small & MIDCAP MORNING NEWS - 19/09/2024
Après un S1 difficile pour le champagne, la profession table sur une stabilisation des volumes au S2 avant une reprise en 2025. Nous révisons en baisse nos estimations pour l’année en cours pour l’ensemble des groupes. Dans ce cadre, nous privilégions le Best-in-class du secteur, Laurent-Perrier, qui a maintes fois démontré sa capacité de résilience en temps de « crise » et relevons notre opinion à Surperformance vs Neutre. Nous abaissons Lanson-BCC à Neutre et maintenons Vranken Pomm...
- Martijn Den Drijver
Accsys Technologies plc : Accsys discontinues Hull plant….as expected
>No strategic partner found at the right terms - Accsys has announced that the company will discontinue the Tricoya plant in Hull in the UK. This implies that the financial advisor and the company, who have been reviewing options for over a year, have not been able to find a strategic partner at the right terms. The company was looking for a financially strong partner that could (partially) fund the completion of the plant and add other benefits, preferably on the sup...
- Toby Thorrington
Accsys Technologies - Second Accoya plant operational
Accsys Technologies has achieved the milestone of starting commercial operations at its Accoya USA plant (the second in the world). The company also reported that the improved momentum of Q424 has continued into Q125 and that Accsys has returned to revenue growth after last year’s decline. Supported by a good order book, Accsys is positive about its outlook despite the current challenging markets. There was no update on the Tricoya project, for which an external adviser has been hired and a fina...
Hybridan Small Cap Feast - 4 September 2024
4th September 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: Mattioli Woods (MTW.L) has delisted from AIM What’s baking in the oven ? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet Buffet*** Accsys ...
- Martijn Den Drijver
Accsys Technologies plc : Encouraging trading update but more is requi...
>Encouraging Q1 trading update - Accsys has unexpectedly issued a Q1 2024/2025 trading update. Sales developments are positive. Accsys says that in Q1 (April to June 2024), sales grew by 3% suggesting that the destocking has in fact ended and that demand is picking up or there is a bit of restocking from very low inventory levels at distributors. Comps were also relatively easy as sales declined in Q1 of 2023/2024. Positive is that the statement that the North America...
- Toby Thorrington
Accsys Technologies - Good progression shown in Q424
Accsys Technologies’ FY24 results were affected by weak construction markets, particularly in Q3, but the company noticed better trading conditions in Q4. Although Accsys expects construction markets to remain subdued, the company is positive about its volume development, partly driven by its increased sales efforts. The construction of the Accoya plant in the US is complete and on schedule for operation by the end of the summer. For the Tricoya project in the UK, an external adviser has been hi...
Hybridan Small Cap Feast - 05 July 2023
* A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 24th June 2024: Rosebank Industries: The Company aims to repeat the successful 'Buy, Improve, Sell' business model which the Rosebank Co-Founders implemented during their...
- Martijn Den Drijver
Accsys Technologies plc : Good start in FY24/25 but still challenges a...
>2024 results release (pre-released already) little incremental information - This morning, Accsys published its audited results for the fiscal year 2023/2024. As the company had already pre-released the key metrics (production, sales, EBITDA and net debt), the earnings release contained little incremental information about the 2023/2024 results. Accsys reported production of 57k m3 (down 11% yoy), sales of €136m (down 17% yoy), adj. EBITDA of €4.8m (down c. 80% yoy) ...
- Toby Thorrington
Accsys Technologies - FY24 better than previously expected
In its pre-close FY24 trading update, Accsys stated that trading in Q424 was better than expected and cost saving measures are on track to deliver more than €3m annually. Management now expects adjusted group FY24 EBITDA to be higher than consensus of €2.5m. It also commented that the construction of the Accoya USA plant is still on track to begin commercial operations in mid-2024 and it is committed to make a decision on the Tricoya project in the UK in H125. On higher estimates, our discounted...
Hybridan Small Cap Feast - 16 May 2024
16th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange...
Hybridan Small Cap Feast - 02 May 2024
2nd May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Smartspace Software (SMRT.L) has delisted from the AIM Market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is pr...
Accsys Technologies: 2 directors
Two Directors at Accsys Technologies bought 74,205 shares at between 0.673EUR and 0.681EUR. The significance rating of the trade was 69/100. 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 ...
- Toby Thorrington
Accsys Technologies - Updating estimates for guidance and capital rais...
In September 2023, Accsys warned of weaker market conditions in the building materials and construction markets and in November, it stated not to expect trading conditions to improve materially until mid-CY24. For FY24–25, we have lowered our revenue estimates by 8–18% and EBITDA by 68–79%. The construction of the Accoya plant in the US is on schedule for operation by mid-CY24 and management will undertake a review of the viability of the Tricoya project in the UK in early CY24. Accsys raised €2...
- Martijn Den Drijver
Accsys Technologies plc : New financing solves near term issues, Neutr...
We reiterate our Neutral rating, price target to €0.80 per share. The material additional investment requirements for Accoya USA caught us by surprise. The proceeds of the share issue and the convertible loan plus the amendment of the RCF and term loan ensure that the Accoya USA plant can be completed (>80% done) and that sufficient sales and marketing power can be applied to develop demand in the US to ensure that sales match the envisaged output. In a scenario where demand in E...
- Jean-François Granjon
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