reports
- Emmanuel Matot
- Marc Lavaud
- Emmanuel Matot
- Marc Lavaud
- Gautier Le Bihan
Ekinops : Ekinops turns in further growth sequentially
>Q3 revenues at € 30.4m, up 9% YoY and up 4% sequentially - Ekinops reported yesterday after market close Q3 revenues of € 30.4m, up 9% on a reported basis and 10% cc, slightly ahead of our expectations (ODDO BHF € 30.0m). Revenues were up 4% vs Q2 2024. Ekinops delivered further sequential growth in 2024. The company reported 9m revenues of € 87.9m, down 11% YoY. This was mainly due to a 34% YoY decline in Transport. In addition to a tough comparison base (Q3 2024 +...
- Gautier Le Bihan
Ekinops : Ekinops continue sa croissance en séquentiel
>CA T3 de 30.4 M€ en hausse de 9% y-o-y et en progression de 4% en séquentiel - Ekinops a publié hier après Bourse un CA T3 de 30.4 M€, en hausse de 9% en données publiées et de 10% à cc, légèrement supérieur à nos attentes (ODDO BHF 30.0 M€). Le CA est en progression de 4% par rapport au T2 2024. Ekinops continue donc sa croissance en séquentiel sur l’année 2024. La société affiche un CA sur 9 mois de 87.9 M€ en baisse de 11% y-o-y. Cela provient principalement de la...
- Antoine Lebourgeois
Ekinops: Cautious start to recovery in Optical Transport
Yesterday, Ekinops published Q3 revenues in line with our expectations, up +9% yoy and +4% qoq. The recovery continues in Access, notably supported by the French market, and is now coupled with tangible recovery in Optical Transport (+16% qoq). However, management comments suggest more caution rega
- Michael B. Schäfer
- Sinan Doganli
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 07/30/2024
With regard to our list of recommended stocks, i) we are adding: adidas, Merck KGaA, Santander, Technip FMC, Unilever and Vivendi , ii) we are maintaining ASMi, Atlas Copco, AXA, Deutsche Boerse, GSK, Holcim, Inditex, Lonza, Sodexo, RELX and Rolls-Royce, iii) we are removing: BASF, Nemetschek, Nestlé and TUI AG. - ...
- Michael B. Schäfer
- Sinan Doganli
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 30/07/2024
Au sein de notre liste de valeurs recommandées, i) nous faisons entrer : adidas, Merck KGaA, Santander, Technip FMC, Unilever et Vivendi, ii) nous maintenons ASMi, Atlas Copco, Axa, Deutsche Boerse, GSK, Holicm, Inditex, Lonza, Sodexo, RELX et Rolls-Royce, iii) nous faisons sortir : BASF, Nemetschek, Nestlé, TUI AG. - ...
NK IMERYS SA
ALDEL DELFINGEN INDUSTRY SA
EKI EKINOPS SA
MRN MERSEN SA
EBRO EBRO FOODS SA
COR CORTICEIRA AMORIM SGPS SA
IDR INDRA SISTEMAS S.A. CLASS A
SAE SHOP APOTHEKE EUROPE NV
DUFN DUFRY AG
GEST GESTAMP AUTOMOCION S.A.
THEP THERMADOR HOLDING SA
FPE3 FUCHS PETROLUB SE
ALLFG ALLFUNDS (UK) LTD
- Gautier Le Bihan
Ekinops : Excellent cost control in a challenging environment
>EBITDA margin at 14.3%, beating our expectations thanks to tight control over costs - Ekinops reported yesterday evening solid results, ahead of our expectations. Despite € 57.5m in revenues (previously published), down 19%, gross margin hit an all-time record at 56.1% (vs. 53.1% in the previously year). This is attributable mainly to a favourable business mix, with Access accounting for a larger share of revenues and Software and Services playing a growing role. Wh...
- Gautier Le Bihan
Ekinops : Une très bonne maitrise des couts dans un environnement comp...
>Une marge d’EBITDA de 14.3%, supérieure à nos attentes grâce à une très bonne maitrise des couts - Hier soir, Ekinops a publié des résultats solides supérieurs à nos attentes. Malgré un CA (déjà publié) de 57.5 M€, en baisse de 19%, le groupe affiche une marge brute à un niveau historique de 56.1% (vs. 53.1% en N-1). Cela principalement grâce à un mix activités favorable avec une participation plus importante de l’Accès dans le CA et un poids croissant de l’activité ...
- Antoine Lebourgeois
Ekinops: resilient profitability comes to the rescue in H1
Despite low revenues in Q1 and Q2 (already published), Ekinops delivered relatively resilient margins in H1 2024 with gross margin increasing by 300bps to 56.1%, and EBITDA margin, albeit down by 590bps to 14.3%, demonstrating controlled opex growth (+2.6% yoy, and -6% including D&A). The outlo
- Jean Danjou
- Oliver Metzger
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
DAI DAIMLER AG
EKI EKINOPS SA
KOF KAUFMAN & BROAD SA
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
REP REPSOL SA
FIE FIELMANN AG
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
LFDE LA FRANCAISE DE L'ENERGIE SA
RACE FERRARI NV
BP. BP P.L.C.
ALKAL KALRAY SA
THEP THERMADOR HOLDING SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
NXFIL NX FILTRATION HLDG BV
SHEL SHELL PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Jean Danjou
- Oliver Metzger
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
DAI DAIMLER AG
EKI EKINOPS SA
KOF KAUFMAN & BROAD SA
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
REP REPSOL SA
FIE FIELMANN AG
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
LFDE LA FRANCAISE DE L'ENERGIE SA
RACE FERRARI NV
BP. BP P.L.C.
ALKAL KALRAY SA
THEP THERMADOR HOLDING SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
NXFIL NX FILTRATION HLDG BV
SHEL SHELL PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Gautier Le Bihan
Ekinops : H1 sales down 19%. A back-end loaded year expected in 2024
>Q2 2024 sales a shade below our forecasts - The environment remains tough - Yesterday evening, Ekinops published Q2 2024 sales of € 29.2m, down 25% y-o-y. This is slightly below our initial estimates (ODDO BHF € 30.4m). Regarding the sequential trend, sales for Q2 2024 are up 3% vs Q1 2024 sales. H1 2024 sales are down 19% y-o-y due to a decline in the transport division of 41% y-o-y. This is due to: 1/ an unfavourable base effect (+41% in 2023); 2/ still-existing in...
- Gautier Le Bihan
Ekinops : CA S1 en baisse de 19%. Une année back end loaded attendue n...
>CA T2 2024 légèrement en dessous de nos attentes – L’environnement reste difficile - Ekinops a publié hier soir un CA T2 2024 à 29.2 M€, en baisse de 25% y-o-y. Ce niveau est légèrement inférieur à nos attentes initiales (ODDO BHF 30.4 M€). En évolution séquentielle, le CA du T2 2024 est en progression de 3% par rapport au CA T1 2024. Le CA S1 2024 est en baisse de 19% y-o-y en raison d’une décroissance de la division Transport de 41% y-o-y. Cela est dû 1/ à un effet...
- Antoine Lebourgeois
- Paul Charpentier
Ekinops: return to growth expected in Q4
Ekinops has reported a 25% decline in Q2 2024 revenue yoy (at cc), but +3% growth qoq. At EUR29.3m, Q2 2024 is now the fourth consecutive quarter with revenues in the range of ~EUR28-30m, demonstrating a stabilisation of activity after a period of significant market slowdown. The Access division (+
- Jeremy Garnier
ODDO : ODDO BHF Nextcap Forum: Feedback from day one
>Feedback from the 12 companies present on day one - Our 13th edition of the ODDO BHF Nextcap Forum takes place on June 4 and 5 in Paris, and on June 6 virtually. Following the first day, which took place yesterday at our Paris office with around a dozen companies in attendance, we publish hereafter feedback for each of the companies covered:ArcureCarbiosEkinopsEskerEUROAPIForsee PowerPullup EntertainmentPVA TeplaRoche Bobo...
- Jeremy Garnier
ODDO : ODDO BHF Nextcap Forum : Feedbacks 1ère journée
Feedback de 12 sociétés présentes le 1er jour - >Notre 13ème édition du ODDO BHF Nextcap Forum a lieu les 4 et 5 juin en physique à Paris et le 6 juin en virtuel. Suite à la première journée qui a eu lieu hier dans nos locaux avec une douzaine de sociétés présentes, nous publions ci-après un feedback pour chacune des sociétés couvertes. - Arcure - Carbios - Ekinops - Esker - EUROAPI - Forsee Power - Pullup Entertainment - PVA Tepla - Roche Bobois - Séché Environnement - Thermador Groupe - Waga E...
- Thijs Berkelder
- Gautier Le Bihan
Ekinops : Mixed results, little visibility, weak growth in Access, dec...
>Q1 2024 revenue down 11% to € 28.3m, missing our expectations - Ekinops published yesterday evening € 28.3m in Q1 revenue, down 11% YoY, missing our expectations (ODDO BHF € 30.3m, -5%) and in line with the trend seen in Q3 and Q4 2023 (€ 27.8m and € 30.3m respectively). The decline was due to a 27% fall in Transport, as a result of: 1/ an unfavourable base effect (+32% a year earlier), 2/ cautious capex policies and 3/ existing operator inventories and 4/ a wait-an...
- Antoine Lebourgeois
- Paul Charpentier
Ekinops: Reversal in divisional dynamics
Ekinops has reported an 11% decline in revenue for Q1 2024, consistent with the performance observed in H2 2023. However, the decline was primarily driven by Optical Transport, which displayed signs of market weakness after a strong FY23. The Access segment showed a more resilient performance, mark
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