reports
- Jean-François Granjon
VAC PIERRE & VACANCES SA
EVT EVOTEC SE
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
WHA WERELDHAVE N.V.
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
ALCAR CARMAT SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BB SOCIETE BIC SA
NEX NEXANS SA
CTAC CTAC N.V.
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
TKO TIKEHAU CAPITAL SCA
ALKAL KALRAY SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
BAR BARCO NV
OVH OVH GROUPE
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
- Jean-François Granjon
VAC PIERRE & VACANCES SA
EVT EVOTEC SE
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
WHA WERELDHAVE N.V.
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
ALCAR CARMAT SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BB SOCIETE BIC SA
NEX NEXANS SA
CTAC CTAC N.V.
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
TKO TIKEHAU CAPITAL SCA
ALKAL KALRAY SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
BAR BARCO NV
OVH OVH GROUPE
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
- Emmanuel Matot
OVHcloud : Warning on the top line heavily sanctioned by the market
>Feedback on the key announcements from the H1 publication - Disappointment on business and welcome surprises on costs and investments - OVHcloud’s interim publication yesterday morning, above all highlighted an unexpected warning on the FY 2024 target for organic revenue growth (+9-10% vs +11-13% previously targeted - recap 2023 = +13.4%). This stems from the deterioration of market conditions in Europe (78% of H1 revenue) over the last quarter, with 1/ in private cl...
- Emmanuel Matot
OVHcloud : Un warning sur la topline lourdement sanctionné en Bourse
>Retour sur les principales annonces de la publication S1 – Déceptions sur le business et bonnes surprises sur les coûts et les investissements - La publication semestrielle d’OVHcloud hier matin a surtout mis en avant en avant un warning inattendu sur l’objectif annuel FY 24 de croissance organique du CA (+9-10% vs +11-13% visé auparavant – rappel FY 23 = +13.4%). Il provient d’une détérioration au dernier trimestre des conditions de marché en Europe (78% du CA S1) a...
- Ahmed Ben Salem
- Emmanuel Matot
OVHcloud : Deterioration in business indicators - Situation under bett...
>Unexpected slowdown in organic sales growth in Q2 - Marked improvement in operating leverage in H1 - OVH just released its first half results (period from September 2023 – February 2024). The results came in close to expectations (EBITDA = +18% at € 184m vs ODDO/consensus = € 182m/180m) with 1/ disappointing organic sales growth (+10.8% vs ODDO/consensus = +11.5%/12.0% - slowdown in Q2 at +9.6% vs Q1 = +12.0%) and 2/ a nice surprise on the EBITDA margin (+250bp to 37...
- Ahmed Ben Salem
- Emmanuel Matot
OVHcloud : Dégradation des indicateurs de business. Situation mieux so...
>Ralentissement inattendu de la croissance organique du CA au T2 - Amélioration marquée du levier opérationnel au S1 - OVH vient de publier ses résultats semestriels (période septembre 2023 – février 2024). Ils ressortent proches des attentes (EBITDA = +18% à 184 M€ vs ODDO BHF/consensus = 182/180 M€) avec 1/ une déception sur la croissance organique du CA (+10.8% vs ODDO BHF/consensus = +11.5/12.0% - ralentissement au T2 à +9.6% vs T1 = +12.0%) et 2/ une bonne surpri...
- 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...
- Nicolas David
BVI BUREAU VERITAS SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
GRF GRIFOLS S.A. CLASS A
AIR AIRBUS SE
CAP CAPGEMINI SE
ENEL ENEL SPA
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NEM NEMETSCHEK SE
COK CANCOM SE
BC8 BECHTLE AG
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
AGN AEGON N.V.
- Nicolas David
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
BFIT BASIC-FIT NV
ALCLA CLASQUIN SA
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
NRG NRJ GROUP SA
GBT GUERBET SA
ATE ALTEN SA
ERA ERAMET SA
CAP CAPGEMINI SE
FAE FAES FARMA S.A.
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
PAT PATRIZIA AG
LFDE LA FRANCAISE DE L'ENERGIE SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
VOS VOSSLOH AG
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
ECMPA EUROCOMMERCIAL PROPERTIES NV
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
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