>Global sales for March 2024 at +15.2% y-o-y (vs +16.4% in February), Q1 2024 at +15% - Worldwide semiconductor sales in March 2024 were published by the WSTS (World Semiconductor Trade Statistics), with the usual one-month lag. In terms of the three-month moving average, sales came to $ 50.8bn, falling short of our estimate of $ 52.2bn, pointing to y-o-y growth +15.2% (a slight sequential decline of -0.6%). This marks a slowdown vs February, which stood at +16.4%. Q1...
>Ventes mondiales de mars 2024 à +15.2% yoy (vs +16.4% en février), un T1 24 à +15% - Les ventes mondiales de semiconducteurs de mars 2024 ont été publiées par la WSTS (World Semiconductor Trade Statistics), avec comme toujours, un mois de décalage. En données lissées (moyenne 3 mois), elles ressortent à 50.8 Md$, inférieures à notre prévision à 52.2 Md$, en croissance annuelle de 15.2% (légère baisse en séquentiel de -0.6%). Il s’agit d’un ralentissement par rapport ...
>Q1 2024 earnings beat forecasts, 2024 guidance confirmed - Moderna reported yesterday during trading Q1 2024 earnings above forecasts. In brief, Q1 sales stood at $ 167m, +60% above forecasts. On the operating front, we note strong cost control justifying a net loss that was better than expected (-$ 1.2bn, 12% above forecasts). Lastly, the company’s cash position remains just as robust with $ 12.2bn at the end of March, vs $ 13.3bn at the end of last year.The ke...
>Résultats T1 24 supérieurs aux attentes et Guidance 2024 confirmée - Moderna a publié hier en journée des résultats du T1 24 supérieurs aux attentes. Brièvement, les ventes du T1 ressortent à 167 M$, +60% au-dessus des attentes. Sur le plan opérationnel, nous pouvons noter un bon contrôle des coûts justifiant une perte nette meilleure qu’attendu (-1,2 Md$ ; 12% sup. aux att). Enfin, la trésorerie de l'entreprise reste toujours aussi solide, avec 12,2 Md$ à la fin du...
Cellnex and Inwit have recently pivoted towards buying more land. Why? In part because they still see a good opportunity to deploy capital attractively, but we believe this is also driven by a defensive angle against a gradually rising role of land aggregators in Europe
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
>Q1 2024 review – Beat but only driven by China - Straumann’s Q1 2024 revenues of CHF 644m (+8.1% y-o-y) were 1% ahead of our and 4% ahead of the consensus’ expectations. Organic growth came in at a strong 15.1%, 2 percentage points ahead of our 13.5% and of the consensus’ 13.3%. External growth contributed by 140bp; forex effects created a headwind of 840bp. From a regional perspective, Europe achieved 5.2% organic growth and was 0%/-2% vs ODDO BHF/consensus, North A...
>A very solid Q1 above expectations; high end of FY guidance targeted - On Friday morning, TRATON published very solid Q1 results, above expectations (EBIT +15% vs the consensus, +11% vs ODDO BHF). Despite the decline in volumes (-4% y-o-y, more resilient than some peers), the group managed to continue to grow its sales (€ 11.8bn, +6% y-o-y), results (EBIT € 1.1bn, +18% y-o-y), and margins (operating margin 9.4%, +100bp y-o-y), notably thanks to a still robust pricing...
>T1 très solide et supérieur aux attentes ; haut de fourchette de guidance visé - TRATON a publié vendredi matin des résultats T1 très solides et supérieurs aux attentes (EBIT +15% vs css, + 11% vs ODDO BHF). Malgré la baisse (attendue) des volumes (-4% y-o-y, plus résilient que certains pairs), le groupe a réussi à continuer à faire progresser son CA (11.8 Md€, +6% y-o-y), ses résultats (EBIT 1.1 Md€, +18% y-o-y), et ses marges (MOP 9,4%, +100 pb y-o-y), grâce notamm...
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