ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/26/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/11/2024

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/26/2024

Intertek : Trading update figures in line with expectations - Guidance...

Intertek : Publication en ligne avec attentes – Guidance confirmée

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/02/2024

The Stoxx 600 gained just 1.1% in July after shedding 1.3% in June, driven by the SMI (+2.5%) and the Footsie 100 (+2.7%). With business sentiment indicators continuing to weaken, defensive stocks outperformed cyclicals in July, and many healthcare stocks were among the best performers of the Stoxx 600. Long-term interest rates have fallen sharply (probably too much), but this has not benefited tech and luxury goods stocks, penalised by their disappointing results publications. - ...

Intertek : Margin well above our forecasts and the consensus - guidanc...

>A positive trajectory for organic growth and the margin - The group reported this morning its H1 earnings. Sales came to £ 1,670m, in line with forecasts, up 1.8%, including a negative forex effect at -4.8% (vs -5.0%e) and a marginal contribution from acquisitions at 0.5% (vs 0.5%e). We had forecast £ 1,666m and the consensus £ 1,674m. Organic growth stands at 6.1%, a shade above our forecast (5.7%e) and the consensus (5.7%)All divisions are showing brisk moment...

Intertek : Marge sensiblement supérieure à nos attentes et au CSS – Gu...

>Une trajectoire de croissance organique et de marge bien orientée - Le groupe a publié ce matin ses résultats S1. Le CA ressort à 1 670 M£ en ligne avec les attentes, en hausse de 1.8% incluant un effet de change négatif à -4.8% (vs -5.0%e), une contribution marginale des acquisitions à 0.5% (vs 0.5%e). Là où nous attendions 1 666 M£ et le consensus 1 674 M£. La croissance organique ressort à 6.1% légèrement supérieure à notre attente (5.7%e) et le CSS (5.7%).T...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/27/2024

On Wednesday 22 May we hosted our 29th ABN AMRO – ODDO BHF Benelux Forum at ABN AMRO’s headquarters. The forum was attended by 27 listed companies (almost all C-level attendance) and about 80 investors. We hosted roughly 400 meetings overall. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/05/2024

On Wednesday 22 May we hosted our 29th ABN AMRO – ODDO BHF Benelux Forum at ABN AMRO’s headquarters. The forum was attended by 27 listed companies (almost all C-level attendance) and about 80 investors. We hosted roughly 400 meetings overall. - ...

Intertek : Growth and margins on track - Target price raised to 5,700p

>Confident on 2024, notably thanks to the consumer segment and despite the negative forex effect - The group particularly focused on two divisions: i/ consumer products (28% of sales) a strong recovery in new SKU launches, particularly in softlines, should support growth in the coming quarters. Favourable momentum on energy storage and battery testing should underpin the electrical and connected world sub-division, and ii/ industry and infrastructure (25% of sales) wi...

Intertek : Une trajectoire de croissance et de marge bien orientée – O...

>Confiant pour 2024, notamment grâce à Consumer et malgré le FX qui pèse - Le groupe est revenu particulièrement sur les deux divisions : i/ Consumer products (28% du CA) Une forte reprise des lancements de nouveaux SKU, en particulier dans Softlines, devrait soutenir la croissance dans les trimestres à venir. Un moment favorable pour le stockage de l'énergie et le testing des batteries devrait porter la sous-division Electrical & Connected World ; ii/ Industry and In...

Intertek : A good start to the year - 2024 guidance confirmed

>Sales (Jan. to April) beat forecasts on an organic basis, a welcome surprise in consumer products, health & safety, and world of energy - This morning, Intertek published a quarterly trading statement (Jan-Apr.). Sales were £ 1,081m up 2.0% a shade above our forecasts (£ 1,067m) and the VA cons. (£ 1,079m). The group reported organic growth of 7.0%, beating our forecast of 6.1%e and the VA consensus at 5.7%, a shade below BVI (8.0%) and in line with SGS (7.1%) in Q1 ...

Intertek : Un début d’année de bonne facture – guidance 2024 confirmée

>Un CA janvier-avril supérieur aux attentes en organique, bonne surprise dans Consumer Products et Health&Safety et world of Energy - Intertek a publié ce matin son trading update quadrimestriel (janv-avr.). Le CA ressort à 1 081 M£ en hausse de 2.0% légèrement au-dessus de nos attentes (1 067 M£) vs le CSS VA (1 079 M£). La croissance organique est ressortie à 7.0% au-dessus de nos attentes de 6.1%e et de celles du CSS VA 5.7%, légèrement inférieure à BVI (8.0%) et e...

Intertek : Reassuring message for 2024 – continuing margin improvement...

>Update on China, margins and capital allocation - Key takeaways from the conference call: The group said it had seen a slight sequential acceleration in its organic growth over the last two months of the year (5.8+% in Nov-Dec vs +5.1% in July-Oct) despite an unfavourable calendar effect of 1 day. The group indicated that momentum is set to gradually accelerate in consumer products (28% of sales), potentially with a more marked improvement in H2, but it did not ...

Intertek : Message rassurant pour 2024 - Poursuite de la trajectoire d...

>Update sur la Chine, la marge et l’allocation du capital - Nous retenons les points suivants de la conférence téléphonique : Le groupe indique avoir enregistré une légère accélération séquentielle de sa croissance organique sur les 2 derniers mois de l’année (5.8+% en nov-déc vs +5.1% en juill-oct) malgré un effet calendaire défavorable de 1 jour. Le groupe précise que le Momentum devrait progressivement s’accélérer dans Consumer products (28% du CA) avec éventu...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/06/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/03/2024

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Intertek : A 2023 margin above forecasts, robust balance sheet, greate...

>2023 earnings a shade ahead of estimates - The group reported its full-year results this morning. Revenues came to £ 3,329m in line with our estimates (£ 3,317m) and those of the consensus (£ 3,327m) up 4.3%, including organic growth of 6.2% in line with our forecasts (6.1%e). The continuing negative forex effect is at -2.8% (ODDO BHF 3.1%e). The scope effect stood at 0.9% (ODDO BHF 0.8%e).By division, consumer products (29% of sales): at 1.3% organic in line wi...

Intertek : Marge 2023 supérieure aux attentes, bilan solide, payout au...

>Résultats 2023 légèrement supérieurs aux attentes - Le groupe a communiqué ce matin ses résultats annuels. Le CA ressort à 3 329 M£ en ligne avec nos estimations (3 317 M£) et celles du consensus (3 327 M£) en croissance de 4.3% incluant une croissance organique de 6.2% en ligne avec nos attentes (6.1%e), L’effet FX toujours négatif est à -2.8% (ODDO BHF -3.1%e). L’effet scope ressorte à 0.9% (ODDO BHF 0.8%e).Par division, Consumer Products (29% du CA) : à 1.3%...