reports
- 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
- Oliver Metzger
- Stephan Wulf
- Gautier Le Bihan
Ekinops : Des résultats mitigés, peu de visibilité, faible croissance ...
>CA T1 24 en repli de 11% à 28.3 M€, en deçà de nos attentes - Ekinops a publié hier soir un CA T1 24 à 28.3 M€, en repli de 11% y-o-y. Ce niveau, en deçà de nos attentes (ODDO BHF 30.3 M€, -5%e), s’inscrit dans la tendance du CA T3 et CA T4 2023 (respectivement de 27.8 M€ et 30.3 M€). Cette baisse est due au Transport en recul de 27%, en raison de : 1/ d’un effet de base défavorable (+32% en N-1), 2/ des politiques de Capex prudentes et 3/ à l’existence de stocks che...
- Pierre Dinet (IDMidCaps)
Ekinops - Disappointment in 2023, transition in 2024 and expected rebo...
Disappointing margins in 2023 after growth stalled in H2The start of 2024 will still not be dynamic, but the expected return to growth after the summer gives hopeThis smallcap “growth” has been hit by the halt in investment in the telecoms sector, and has been heavily punished by the market, which no longer even values the prospects of a rebound in a structurally growing sectorWe remain at BUY in view of the various catalysts: target or consolidator M&A, return to sales and margin growth, etc.
- Michael B. Schäfer
- Michael B. Schäfer
- Gautier Le Bihan
- Nicolas Thorez
Ekinops : 800G solution to hit the market
>800G optical solution to be put on the market - Ekinops announced yesterday evening after market close the launch of its 800G optical solution, which will double network capacity. The company had previously announced this when it published its 2023 revenues in early January and when it reported its 2023 earnings in early March. With this launch, the group is looking to round out its Transport offering by including a new long-haul transport solution with 800 Gb/s thr...
- Gautier Le Bihan
- Nicolas Thorez
Ekinops : Lancement de la solution 800G
>Annonce du lancement de la solution optique 800G - Ekinops a annoncé hier soir après Bourse le lancement de sa solution optique 800G, permettant de doubler la capacité des réseaux. La société en avait déjà parlé lors de la publication du CA 2023 début janvier puis lors de la publication des résultats 2023 début mars. Celle-ci a pour but de compléter l’offre d’Ekinops dans le Transport, qui propose ainsi une nouvelle solution pour le transport longue distance avec un...
- Anis Zgaya
- Louis Boujard
- CFA
ODDO BHF Small & MIDCAP MORNING NEWS - 03/06/2024
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
- Anis Zgaya
- Louis Boujard
- CFA
ODDO BHF Small & MIDCAP MORNING NEWS - 06/03/2024
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
- Gautier Le Bihan
- Nicolas Thorez
Ekinops : 2023 EBITDA in the announced range, caution for 2024
>Earnings in line with expectations, EBITDA margin of 14.4% - Ekinops reported its 2023 results yesterday evening. For sales (already reported) of € 129.1m (+1% y-o-y), the group posted 1/ a gross margin of 52.1%, lower than we expected and flat relative to last year (53%) and 2/ an EBITDA margin of 14.4%, in line with our expectations (14.0%) and within the 13-17% range announced by the company. However, the EBITDA margin was down 330bp relative to the previous year....
- Gautier Le Bihan
- Nicolas Thorez
Ekinops : EBITDA 2023 dans la fourchette annoncée, prudence affichée p...
>Des résultats en ligne avec les attentes, la marge d’EBITDA de 14.4% - Ekinops a publié hier soir ses résultats 2023. Pour un CA (déjà publié) de 129.1 M€ (+1% yoy), le groupe affiche 1/ un taux de MB de 52.1%, plus faible que nos attentes, qui reste stable par rapport à l’année dernière (53%) et 2/ une marge d’EBITDA de 14.4%, en ligne avec nos attentes (14.0%) et dans la fourchette de 13% à 17% annoncée par la société. La marge d’EBITDA est cependant en recul de 33...
- Antoine Lebourgeois
- Paul Charpentier
Ekinops - limited visibility on FY24e
The previously disclosed slowdown in activity is stabilising YTD but visibility remains poor, especially in the Access division. As such, the company refrained from providing guidance for FY24e. As the disappointment resets expectations to lower levels, the stock should offer an attractive entry po
- Pierre Dinet (IDMidCaps)
Ekinops - Q4 just in line with our expectations, focus on the start of...
Q4 sales in line with our expectations in value terms, but including "new biz" that we had not fully anticipatedEBITDA landing range revised downwards in Q3 confirmedThe Group is focusing on its very short-term performance after a complicated H2 2023We remain at BUY for reasons of valuation and medium-term growth potential, even if newsflow is not favorable and consensus still seems a little high to us
- Emmanuel Matot
- Gautier Le Bihan
- Nicolas Thorez
Ekinops : Q4 2023 sales lower than forecast. Cautious optimism for 202...
>Q4 2023 sales lower than forecast, still penalised by the access division - Ekinops reported yesterday after closing Q4 2023 sales of € 30.3m, down 4% and 3% at cc, namely over 10% below our forecasts (ODDO BHF € 35.2m, FactSet consensus € 33.4m). This publication reflects the same difficulties that Ekinops encountered in Q3 (-15% y-o-y). H2 2023 was therefore down 9.2%, and despite H1 showing growth of over 12%, Ekinops is ending the year virtually flat with sales ...
- Emmanuel Matot
- Gautier Le Bihan
- Nicolas Thorez
Ekinops : CA T4 inférieur aux attentes. Optimisme prudent pour 2024
>CA T4 inférieur aux attentes, toujours pénalisé par la division Accès - Ekinops a publié hier après Bourse un CA T4 de 30.3 M€, en baisse de 4% et de 3% à tcc, soit plus de 10% en dessous de nos attentes (ODDO BHF 35.2 M€, css FactSet 33.4 M€). Cette publication reflète les mêmes difficultés qu’avait traversées Ekinops durant le T3 (-15% yoy). Le S2 2023 est donc en baisse de 9.2% et malgré un S1 en croissance de plus de 12%, Ekinops termine l’année quasi flat avec ...
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