reports
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Russell Waller
European Telecoms High Yield review Setting out our key preferences
We published our Global High Yield Quarterly this week – HERE. For a European perspective, we provide a summary of our thoughts and ideas on the European HY issuers in this piece, which takes excerpts from the Global HYQ and adds to it, including asset cover and a summary of our most preferred and least preferred names.
PGS Contract Award in West Africa
PGS Contract Award in West Africa May 10, 2024, Oslo, Norway: PGS is awarded a 4D contract in West Africa for an international energy company. Mobilization is scheduled for early September. The contract has a total duration of approximately 65 days, with an option to extend. “We are very pleased with this contract award, securing visibility for another of our vessels well into the fourth quarter. After completion of scheduled acquisitions programs during the Northern Europe summer season we will steam a vessel to West Africa to commence this contract. By combining the Ramform acquisition p...
- ABGSC Oil & Oil Services Research
- John Olaisen
- Juan Ros-Padilla
- Juan Ros-Padilla
- Emna Ben Bdira
- Maxime Kogge
Aurubis : Outlook still in good shape despite ongoing TC/RC slump
>Positive indications on H2 thanks to metals prices and recycling - Aurubis’ Q2 2023-24 results (to end-March), reported yesterday, were pretty good and in line with expectations (see our first take published yesterday). But the market reaction was mixed, with the stock shedding up to 3.5% to end the day down 0.9%. And yet Aurubis slightly upgraded its outlook with the CEO Roland Harings indicating in the call that he now expects to stand in the midrange of the 2023...
- Emna Ben Bdira
- Maxime Kogge
Aurubis : Les perspectives restent bien orientées malgré le marasme ac...
>Indications positives sur le S2 grâce aux cours des métaux et au recyclage - Aurubis a publié hier des résultats T2 2023/24 (clos au 31 mars) plutôt bons et en ligne avec les attentes (cf. notre first take publié hier). La réaction du marché a toutefois été mitigée, l’action perdant jusqu’à 3,5% pour finir en recul de 0,9%. Aurubis a pourtant légèrement relevé ses prévisions puisque le CEO Roland Harings a indiqué lors du call s’attendre désormais à se situer au mi...
- Steffen Evjen
PGS (Hold, TP: NOK8.50) - Negative underlying FCF
Q1 EBITDA was below expectations, on higher costs. While cash conversion appeared exceptionally strong, we believe it was driven by non-recurring items, leaving underlying cash flow much weaker than headline figures suggest. We forecast negative underlying FCF in 2024, adjusting for arbitration proceeds received in Q1. Expecting soft vessel utilisation in Q2 as well, due to steaming and yard stays, we have reduced our 2024e EBITDA by 7%. We reiterate our HOLD, but have cut our target price to NO...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/Standard Chartered Singapore covered, Sabadell spreads at ...
Standard Chartered Bank (Singapore) to debut in covered bonds. BBVA rules out raising its bid for Sabadell, a clear negative for Sabadell spread performance in a short term. BoE policymaker stresses that AI could pose risks to financial stability
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/Standard Chartered Singapore covered, Sabadell spreads at ...
Standard Chartered Bank (Singapore) to debut in covered bonds. BBVA rules out raising its bid for Sabadell, a clear negative for Sabadell spread performance in a short term. BoE policymaker stresses that AI could pose risks to financial stability
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024 Date Performance sin...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2024 Date Performance dep...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Klaus Ringel
- Michael Foundoukidis
SAF-HOLLAND SE : A robust start in Q1 24 and on track to deliver on th...
>Solid Q1 24 results in a difficult environment - SAF-Holland’s Q1 24 reported group sales are +5% y-o-y to € 505m (-2% vs. ODDO BHF; -1% vs cons.) thanks to acquisition effects, while the organic growth rate is -8% y-o-y, due to the normalisation of the commercial vehicle market, particularly in the EMEA and Americas regions. The company’s group adj. EBIT is +12% y-o-y at € 48.6m (-1% vs ODDO BHF; in line with css) with a strong adj. EBIT margin of 9.6% (+10bp vs ODD...
- Emna Ben Bdira
- Maxime Kogge
Aurubis : Solid Q2 results, guidance confirmed but outlook comments a ...
>Good, in-line Q2 results driven by metal gains - Aurubis this morning released good, in-line Q2 2023-24 (ended 31 March) results with operating EBITDA at € 179m, 3% below ODDO BHF and 2% below company-compiled consensus. The figure improved 13% q-o-q despite lower TC/RCs for concentrate (the benchmark stepped down to $ 80 and 8ct/lb on January 1 from $ 88.8 and 8.8ct in 2023). The pick-up was mostly driven by higher metal gains on the back of recent solid development...
- Emna Ben Bdira
- Maxime Kogge
Aurubis : Solid Q2 results, guidance confirmed but outlook comments a ...
>Good, in-line Q2 results driven by metal gains - Aurubis this morning released good, in-line Q2 2023-24 (ended 31 March) results with operating EBITDA at € 179m, 3% below ODDO BHF and 2% below company-compiled consensus. The figure improved 13% q-o-q despite lower TC/RCs for concentrate (the benchmark stepped down to $ 80 and 8ct/lb on January 1 from $ 88.8 and 8.8ct in 2023). The pick-up was mostly driven by higher metal gains on the back of recent solid development...
EQS-News: SAF-HOLLAND with a solid start to fiscal year 2024: Adjusted...
EQS-News: SAF-HOLLAND SE / Key word(s): Quarterly / Interim Statement/Quarter Results SAF-HOLLAND with a solid start to fiscal year 2024: Adjusted EBIT margin significantly improved to 9.6 per cent in the first quarter – full-year guidance confirmed 08.05.2024 / 07:01 CET/CEST The issuer is solely responsible for the content of this announcement. SAF-HOLLAND with a solid start to fiscal year 2024: Adjusted EBIT margin significantly improved to 9.6% in the first quarter – full-year guidance confirmed Group sales increase by 5.2% to EUR 505.4 million (previous year: E...
EQS-News: SAF-HOLLAND mit solidem Start in das Geschäftsjahr 2024: Ber...
EQS-News: SAF-HOLLAND SE / Schlagwort(e): Quartals-/Zwischenmitteilung/Quartalsergebnis SAF-HOLLAND mit solidem Start in das Geschäftsjahr 2024: Bereinigte EBIT-Marge im 1. Quartal auf 9,6 Prozent deutlich verbessert – Jahresprognose bestätigt 08.05.2024 / 07:01 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. SAF-HOLLAND mit solidem Start in das Geschäftsjahr 2024: Bereinigte EBIT-Marge im 1. Quartal auf 9,6 Prozent deutlich verbessert – Jahresprognose bestätigt Konzernumsatz steigt um 5,2 % auf 505,4 Mio. Euro (Vorjahr 480,4 M...
EQS-News: Aurubis erzielt im ersten Halbjahr 2023/24 ein anhaltend sta...
EQS-News: Aurubis AG / Schlagwort(e): Halbjahresergebnis/Halbjahresbericht Aurubis erzielt im ersten Halbjahr 2023/24 ein anhaltend starkes Ergebnis 08.05.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Aurubis erzielt im ersten Halbjahr 2023/24 ein anhaltend starkes Ergebnis Operatives Ergebnis von 243 Mio. € durch höhere Schmelz- und Raffinierlöhne, starke operative Performance, sowie hohe Nachfrage nach Kathoden und Gießwalzdraht Deutliche Steigerung der Investitionstätigkeit im ersten Halbjahr 2023/24 im Rahmen de...
EQS-News: Aurubis achieves another strong result in first half of 2023...
EQS-News: Aurubis AG / Key word(s): Half Year Results/Half Year Report Aurubis achieves another strong result in first half of 2023/24 08.05.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Aurubis achieves another strong result in first half of 2023/24 Operating result of € 243 million due to higher treatment and refining charges, powerful operating performance, and high demand for cathodes and wire rod Significant increase in investment activities in the first half of 2023/24 as part of growth strategy Confirmation of fore...
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