reports
- 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. - ...
- Christophe-Raphaël Ganet
LNA Santé : H1 2024 earnings broadly in line with expectations, guidan...
>Virtually stable earnings (post-acute care and rehab centres down, nursing homes up) - LNA published H1 2024 EBITDA of € 75m (+2.2%), of which € 72m from operations, and EBIT of € 33.3m (+3.5%), of which € 32.5m from operations. Net profit rose by 3.6% to € 12.4m. Management reiterated its guidance, namely 6.5% growth in operating revenues, i.e. at least € 780m, and an EBITDA margin for mature facilities of 11% (compared with 11.3% in 2023). As expected, the g...
- 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...
- Thijs Berkelder
Fastned : Selected for £ 3bn ultra rapid London charging JV
>Places for London partner for potential of 65 charging sites - Preferred bidder. On Tuesday 17 February, Fastned announced it “has been identified as Places for London's preferred bidder to expand London’s public charging network. Subject to approvals and finalisation of contract terms, Fastned will form a joint venture with Places for London to develop multiple electric vehicle ultra-rapid charging hubs across London. Further details on the joint venture between Fas...
- Nicolas Thorez
Aubay : Interim results in line with expectations Full-year guidance c...
>Interim results in line with our forecasts. Decline in adjusted EBIT, good level of FCF - Aubay has published H1 2024 results in line with our forecasts. For H1 revenue (already published) of € 272.3m (-0.9% y-o-y, of which +0.1% in Q2), adjusted EBIT was down -9.6% y-o-y to € 22.1m, in line with our initial forecast (vs ODDO BHF of € 22.0m). This reveals an adjusted operating margin of 8.1% (excluding free share allocations), down -80bp y-o-y (vs ODDO BHF 8.0%). Not...
- Emmanuel Matot
Solutions 30 : Unsurprising H1 release ahead of next Thursday’s CMD
>Further margin recovery in H1 - Solutions 30 reported its H1 2024 results yesterday evening. They just beat our expectations (which we had downgraded following the disappointing revenue report at end-July) and confirm the gradual upturn in margins (more selective approach to contracts).The improvement in EBITDA is significant (+37%) and relates to 3 regions (Benelux = +12% at € 20m, France = +10% at € 17m and other countries = € 7m vs -€ 1m).IFRS net incom...
- Emmanuel Matot
Solutions 30 : Publication S1 sans surprise en amont du CMD jeudi proc...
>Poursuite du redressement des marges au S1 - Solutions 30 a publié hier soir ses résultats S1 2024. Ils ressortent légèrement supérieurs à nos attentes (qui avaient été abaissées suite à la publication d’un CA décevant fin juillet) et confirment le redressement progressif des marges (sélectivité accrue des contrats).La progression de l’EBITDA est significative (+37%) et concerne les 3 régions (Benelux = +12% à 20 M€, France = +10% à 17 M€ et Autres pays = 7 M€ v...
- Aurelien Sivignon
Prodways Group : Towards a gradual recovery in profitability but still...
>Difficult H1 2024 results as expected - For sales (already published) of € 31.1m, down 28% y-o-y (-4% on a like-for-like basis), underlying EBITDA fell by 47% to € 2.5m (vs € 2.7m est), giving a margin of 8% (-3 pts y-o-y), although reflecting a sequential improvement (+4 pts vs H2 2023) as a result of the various measures taken in recent months (shutdown of the Solidscape business, disposal of Cristal), which led to a reduction in the workforce of around 100 people....
- Christophe-Raphaël Ganet
LNA Santé : Résultat S1 2024 assez conforme. Guidance confirmée. Momen...
>Quasi-stabilité de résultats (tassement des SMR, hausse des Ehpad) - LNA a publié un EBITDA S1 2024 qui se monte à 75 M€ (+2,2%) dont 72 M€ en Exploitation et un EBIT de 33,3 M€ (+3,5%) dont 32,5 M€ en Exploitation. Le RN ressort à 12,4 M€, soit +3,6%.Le management renouvelle sa guidance, à savoir une croissance du CA Exploitation de 6,5%, soit au moins 780 M€ et une marge d’EBITDA des sites matures à 11% (vs 11,3% en 2023). Evidemment, la ligne directrice du pl...
- Aurelien Sivignon
Prodways Group : Vers une recovery progressive de la rentabilité mais ...
>Des résultats S1 difficiles comme attendu - Pour un CA (déjà publié) de 31.1 M€ en diminution de 28% y-o-y (-4% à base comparable), l’EBITDA courant ressort en baisse de 47% à 2.5 M€ (vs 2.7 M€e) traduisant une marge de 8% (-3 pts y-o-y), bien qu’en amélioration en séquentiel (+4 pts vs S2 2023) sous l’effet des différentes mesures entreprises au cours des derniers mois (arrêt activité Solidscape, cession Cristal) qui ont résulté en une réduction des effectifs d’envi...
- Nicolas Thorez
Aubay : Résultats S1 en ligne avec les attentes. Guidances annuelles r...
>Résultats S1 en ligne avec nos attentes. Baisse du ROA, bon niveau de FCF - Aubay a publié des résultats S1 2024 conformes à nos attentes. Pour un CA S1 (déjà publié) de 272.3 M€ (-0.9% y/y dont +0.1% au T2), l’EBIT ajusté (ROA) ressort en baisse de -9.6% y/y à 22.1 M€, en ligne avec notre attente initiale (vs ODDO BHF 22.0 M€). Ceci fait ressortir une MOA de 8.1% (hors AGA), en retrait de -80 pb y/y (vs ODDO BHF 8.0%). A noter que l’érosion de la rentabilité (qui ét...
- Stephane Beyazian
IONOS : Upgrade to Outperform (vs Neutral) with a better H2 in prospec...
>Recommendation upgraded to Outperform after the fall of 37% in the share price since 11 July and of 35% vs peers - We are upgrading our recommendation to Outperform on the basis of 1/ the upside regained in relation to our € 27 target price after the decline in the share price linked to an anecdotal target adjustment (2024 sales revised from 10% to 9% with no impact on EBITDA); 2/ the reacceleration in H2 2024 sales (from 6% in H1 to 11% in H2) and EBITDA (from 10% t...
- Stephane Beyazian
IONOS : Relèvement à Surperformance (vs Neutre) avec un meilleur S2 en...
>Opinion relevée à Surperformance après le recul de 37% depuis le 11/07 et 35% relatif aux comparables - Nous relevons notre opinion à Surperformance en raison 1/ du potentiel retrouvé par rapport à notre objectif de cours de 27 €, après le recul du titre lié à un ajustement anecdotique d’objectif (CA 2024 revu de 10% à 9% sans impact EBITDA) ; 2/ de la réaccélération au S2 2024 du CA (de 6% au S1 à 11% au S2) et de l’EBITDA (de 10% à 23%); et 3/ de l’élargissement de...
Telenet renews its partnership with Unit-T, a Solutions30 subsidiary, ...
Telenet renews its partnership with Unit-T, a Solutions30 subsidiary, for a five-year period to connect and maintain Belgian homes and offices to fiber Unit-T, a Solutions30 subsidiary of which Telenet group owns 30%, announces the renewal of its strategic partnership with Telenet group in Belgium. This significant contract, structured as a shared-interest (Vested) outsourcing agreement, spans a five-year period. Under the renewed agreement, Unit-T will continue to deliver a comprehensive range of services for Telenet group. The company will manage the installation and repair of both fiber...
Telenet group renouvelle son partenariat avec Unit-T, une filiale de S...
Telenet group renouvelle son partenariat avec Unit-T, une filiale de Solutions30, pour une période de cinq ans pour le raccordement des foyers et entreprises belges à la fibre Unit-T, filiale de Solutions30 dont le groupe Telenet détient 30 %, annonce le renouvellement de son partenariat stratégique avec le groupe Telenet en Belgique. Ce contrat structuré sous la forme d'un accord d'externalisation à intérêts partagés (Vested), s'étend sur une période de cinq ans. Dans le cadre de cet accord renouvelé, Unit-T continuera de fournir une large gamme de services pour le groupe Telenet. La soci...
Wyre signs major partnership contract with Unit-T, Solutions30 subsidi...
Wyre signs major partnership contract with Unit-T, Solutions30 subsidiary, for cable network maintenance services in Flanders Wyre, a joint venture between Telenet and Fluvius, has announced the completion of a strategic partnership with Unit-T, a subsidiary of Solutions30, in Belgium. This major contract is structured as a long-term, shared-interest (Vested) outsourcing agreement. Under the agreement, Unit-T will deliver a broad range of critical services for Wyre. These include maintaining the hybrid fiber-coaxial (HFC) network, primarily in Flanders, ensuring seamless management of majo...
2024 Half-Year Earnings Report
2024 Half-Year Earnings Report Adjusted EBITDA up +37% Strong improvement in profitability and cash generation indicators, with broadly stable revenue in the first half of the year 2024 half-year revenue of €517.4 million (-0.3%)Significant improvement in adjusted EBITDA margin, to 7.3% (+200 basis points)Adjusted EBITDA of +€37.7 million, up +37.4%, with growth in all three geographical segmentsFree cash flow up sharply by €26.1 million compared with the first half of 2023, to -€6.3 million Confirmation of 2024 full-year targets Revenue down slightlyContinued improvement in the Group...
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