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...
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). - ...
>Soft Q1 2024 results in line with pre-released KPIs from early April - Grammer pre-released weak Q1 2024 KPIs in early April and today’s full release is in line with those: group sales are -6% y-o-y to € 557m, with the decline said to be driven by weaker demand from customers in response to the significant and continuing macroeconomic and industry-specific uncertainties, which led to lower sales vs internal expectations in EMEA (-12% y-o-y) and APAC (+3% y-o-y) in t...
EQS-News: GRAMMER Aktiengesellschaft / Schlagwort(e): Quartalsergebnis/Quartals-/Zwischenmitteilung GRAMMER AG veröffentlicht Ergebnisse für das erste Quartal 2024 29.04.2024 / 09:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. GRAMMER AG veröffentlicht Ergebnisse für das erste Quartal 2024 Umsatz der GRAMMER Gruppe mit einem Minus von 5,5 % auf 556,6 Mio. EUR im ersten Quartal 2024 rückläufig Operatives EBIT liegt mit 2,4 Mio. EUR deutlich unter dem Vorjahresquartal (Q1 2023: 13,9 Mio. EUR) Geschäftsentwicklung von schwäche...
EQS-News: GRAMMER Aktiengesellschaft / Key word(s): Quarter Results/Quarterly / Interim Statement GRAMMER AG publishes results for the first quarter of 2024 29.04.2024 / 09:00 CET/CEST The issuer is solely responsible for the content of this announcement. GRAMMER AG publishes results for the first quarter of 2024 GRAMMER Group revenue down 5.5% at EUR 556.6 million in the first quarter of 2024 Operating EBIT significantly lower than same quarter of previous year at EUR 2.4 million (Q1 2023: EUR 13.9 million) Business performance impacted by weaker demand owing to gen...
Petrofac Limited ( PFC) Petrofac Limited: Delay to publication of 2023 results, Update on restructuring and Trading Update 29-Apr-2024 / 07:01 GMT/BST This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 of 16 April 2014 (MAR) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. 29 April 2024DELAY TO PUBLICATION OF 2023 RESULTS, UPDATE ON RESTRUCTURING AND TRADING UPDATEDelay of full year 2023 results and temporary suspension of sharesThe Company expects a short delay in issuing its...
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Som...
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être l...
Petrofac Limited ( PFC) Petrofac Limited: Petrofac supporting the National Oil Company of Equatorial Guinea 18-Apr-2024 / 07:00 GMT/BST Press Release 18 APRIL 2024 PETROFAC SUPPORTING NATIONAL OIL COMPANY OF EQUATORIAL GUINEA Petrofac, a leading provider of services to the global energy industry, has today been awarded a Technical Services Contract by Compañía Nacional de Petróleos de Guinea Ecuatorial (GEPetrol), the National Oil Company of Equatorial Guinea, to support the operation of the region’s Block B asset. Under the contract1, valued at around US$350 ...
Petrofac Limited ( PFC) Petrofac Limited: Update on strategic and financial options 12-Apr-2024 / 07:00 GMT/BST 12 April 2024 UPDATE ON REVIEW OF STRATEGIC AND FINANCIAL OPTIONS Further to its recent announcements, Petrofac today provides an update on the status of ongoing negotiations as part of its review of strategic and financial options. The Company has engaged and remains in discussions with its lenders to restructure its debt which would result in a significant proportion of the debt being exchanged for equity in the business. It also continues to be in discussi...
>Grammer released weak preliminary KPIs for Q1 24 - Grammer surprisingly released a weak set of Q1 24 KPIs during yesterday’s trading session. Group sales are -6% y-o-y to € 557m, with the decline said to be driven by weaker demand from customers in response to the significant and continuing macroeconomic and industry-specific uncertainties, which led to lower sales vs internal expectations in EMEA and APAC in the quarter under review. Grammer’s adj. EBIT declined fro...
Nous réitérons notre recommandation Surperformance (conviction Midcap Europe) avec un objectif de cours et des prévisions de résultats relevés. L’optimisme est de rigueur sur les perspectives d’activité, les marges offrent encore un potentiel d’amélioration, le bilan est sous-leveragé, les multiples de valorisation restent attractifs et le fondateur achète des actions. - ...
We reiterate our Outperform recommendation on the stock (European midcap top pick). We have revised up our target price and earnings forecasts. Bright prospects ahead for revenues, still room for margin improvement, the balance sheet is underleveraged, valuation multiples remain attractive and the founder is buying shares. - ...
A director at ProSiebenSat Media SE bought 1,800 shares at 6.705EUR and the significance rating of the trade was 51/100. 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 the last two years c...
>Our scenario for the restructuring of Altice France - Faced with a debt wall in 2027-2029 (€ 22bn) and already negative FCF, Altice France has opted to force the hand of its creditors by attempting to impose the restructuring of its debt. We see three scenarios: 1/ A general agreement: assuming the reinitialisation of leverage in 2024 at 3.7x and the use of the ~€ 5.4bn proceeds from divestments (Altice Media, La Poste Mobile, XP Fibre, data centres), we calcul...
>Notre scenario de restructuration d’Altice France - Face à son mur de dette sur 2027-2029 (22 Md€) et ses FCF déjà négatifs, Altice France a choisi de forcer la main de ses créanciers en tentant d’imposer une restructuration de sa dette. Notre équipe crédit, dans une note publiée ce matin, perçoit trois scenarios : 1/ Un accord général : en supposant une réinitialisation du levier 2024 à 3,7x et l’utilisation de ~5,4 Md€ de produits de cession (Altice Medi...
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