reports
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 04/25/2024
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
ATO ATOS SE
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MMB LAGARDERE SCA
ITP INTERPARFUMS
HCO HIGHCO SA
MRN MERSEN SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
EBRO EBRO FOODS SA
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
ALVIV VISIATIV SA
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ADOC ADOCIA SA
VLTSA VOLTALIA
SPIE SPIE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
COPN COSMO PHARMACEUTICALS NV
SAE SHOP APOTHEKE EUROPE NV
XFAB X-FAB SILICON FOUNDRIES SE
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
FUR FUGRO NV
RWI RENEWI PLC
FLOW FLOW TRADERS LTD
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 25/04/2024
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
ATO ATOS SE
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MMB LAGARDERE SCA
ITP INTERPARFUMS
HCO HIGHCO SA
MRN MERSEN SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
EBRO EBRO FOODS SA
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
ALVIV VISIATIV SA
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ADOC ADOCIA SA
VLTSA VOLTALIA
SPIE SPIE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
COPN COSMO PHARMACEUTICALS NV
SAE SHOP APOTHEKE EUROPE NV
XFAB X-FAB SILICON FOUNDRIES SE
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
FUR FUGRO NV
RWI RENEWI PLC
FLOW FLOW TRADERS LTD
- Jean-François Granjon
Mersen : A good start to the year
>Q1 sales come out 1.5% higher than we expected - Mersen posted Q1 sales of € 312.5m (€ 308.1m est.) vs € 301.7m, i.e. +3.6% and +6.8% organic (+3% for our own forecast). Both divisions delivered growth, including 8.9% organic growth for Advanced Materials and 4.2% for Electrical Power. This is a solid performance considering that base effects were unfavourable (+18.3% organic in Q1 2023, of which +19.2% for EP and +17.5% for AM).Full-year guidance confir...
- Jean-François Granjon
Mersen : Un bon début d’exercice
>Publication du CA T1 supérieur de 1.5% à nos attentes - Mersen publie un CA T1 de 312.5 M€ (308.1 M€ estimés) vs 301.7 M€ en hausse de 3.6% et de 6.8% en organique (+3% pour nos propres estimations). Il se caractérise par une hausse pour les 2 pôles dont une hausse organique de 8.9% pour Advanced Materials et de 4.2% pour Electrical Power. Il s’agit d’une bonne performance alors que l’effet de référence était défavorable (+18.3% en organique pour le trimestre de réfé...
- Ahmed Ben Salem
ODDO BHF Small & MIDCAP MORNING NEWS - 03/19/2024 Date Performance sin...
With momentum around electrification less favourable of late, we have seen a major shift in perception, from doubtless overly rose-tinted optimism to what looks to be similarly excessive pessimism. While we have reduced our BEV assumptions, we nonetheless still anticipate growth in the next few years (including this year), well ahead of that of the automotive market as a whole. In the face of these changes, the players in the value chain (mines, semiconductors, auto) are differently p...
- Ahmed Ben Salem
ODDO BHF Small & MIDCAP MORNING NEWS - 19/03/2024 Date Performance dep...
Le momentum autour de l’électrification, moins favorable dernièrement, a conduit à un changement profond de perception, passant d’un optimisme sans doute excessif à un pessimisme qui le semble tout autant. En effet, si nous avons revu en baisse nos hypothèses, nous visons néanmoins toujours une croissance dans les années à venir (y compris cette année), bien supérieure à celle du marché automobile dans son ensemble. Face à ces changements, tous les acteurs au sein de la chaîne de vale...
- Jean-François Granjon
Mersen : A robust 2024 capex plan confirming very favourable momentum
>Performance delivered in 2023 - Based on the strong organic momentum (+13%), the group posted a 13% increase in underlying operating profit (+19% excluding forex) i.e. a 40bp improvement in the underlying operating margin to 11.3% (vs 10.9%). The group benefited from a robust volume effect (+210bp), controlled raw materials and energy costs (-350bp) as well as wage inflation (+6%, -170bp) via price effects (+440bp) and productivity gains (+110bp) despite higher costs...
- Jean-François Granjon
Mersen : Un plan Capex 2024 « musclé » confirmant une très bonne dynam...
>Des performances au rendez-vous en 2023 - Sur la base d’une forte dynamique organique (+13%), le groupe affiche une hausse de 13% du ROC (+19% hors changes) soit un gain de 40 pb de la MopC à 11.3% (vs 10.9%). Le groupe a bénéficié d’un effet volume soutenu (+210 pb), a maîtrisé les coûts matières premières, énergétique (-350 pb) ainsi que l’inflation salariale (+6%, -170 pb) par des effets prix (+440 pb) et des gains de productivité (+110 pb) malgré des coûts accrus...
- Aurore Aventin (IDMidCaps)
Mersen - 2024 will be less impressive but still growing
Very good 2023 results, with organic growth of 13% and a 0.4pt improvement in MOC to 11.3%.2024 guidance in line with our scenario: organic growth of 5% and MOC around 11%.A business that has become less cyclical thanks to its new markets: semiconductors and electric vehicles in particular.Valuation still affordable in relation to the market and historical dataBuy opinion confirmed, especially as Mersen could be an attractive target for a "strategic buyer".
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Jean-François Granjon
ROG ROCHE HOLDING LTD
ZIL2 ELRINGKLINGER AG
NOVN NOVARTIS AG
GYC GRAND CITY PROPERTIES SA
MRN MERSEN SA
SAN SANOFI
ERG ERG S.P.A.
DLG DE'LONGHI S.P.A.
AZN ASTRAZENECA PLC
DUFN DUFRY AG
RUI RUBIS SCA
TFF TFF GROUP
SRAIL STADLER RAIL AG
VK VALLOUREC SA
LOCAL SOLOCAL GROUP
NA9 NAGARRO
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Jean-François Granjon
ROG ROCHE HOLDING LTD
ZIL2 ELRINGKLINGER AG
NOVN NOVARTIS AG
GYC GRAND CITY PROPERTIES SA
MRN MERSEN SA
SAN SANOFI
ERG ERG S.P.A.
DLG DE'LONGHI S.P.A.
AZN ASTRAZENECA PLC
DUFN DUFRY AG
RUI RUBIS SCA
TFF TFF GROUP
SRAIL STADLER RAIL AG
VK VALLOUREC SA
LOCAL SOLOCAL GROUP
NA9 NAGARRO
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Jean-François Granjon
Mersen : Fresh investment plan ahead
>FY results fully in line with our expectations - The full-year sales figures, previously published, were a pleasant surprise, with organic growth of 13.2%, above the guidance at 11-12%, despite a largely unfavourable base effect after two years of strong growth (8.6% in 2021 and 15.8% in 2022). The underlying operating profit came in at € 137.3m (€ 137m estimated, € 135.2m for consensus), up 12.9% YoY. The underlying operating margin stood at 11.3% (+40bp), in line ...
- Jean-François Granjon
Mersen : Poursuite du plan d’investissement
>Publication des résultats annuels totalement en ligne avec nos attentes - Le CA annuel déjà publié a constitué une bonne surprise avec une croissance organique de 13.2% au-dessus des guidances de +11/12% et malgré un effet de référence largement défavorable après 2 exercices de forte croissance (+8.6% en 2021 et +15.8% en 2022). Le ROC ressort à 137.3 M€ (137 M€ estimé, 135.2 M€ pour le css) +12.9% YoY. La MopC ressort à 11.3% (+40pb) en ligne avec les guidances (11....
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 01/26/2024
Although Argentina was only an anecdotal factor in Puma's profit warning, it has rekindled investors' questions about the impact of the peso's (official) depreciation following the election of Javier Milei last November. Here we recap on the risks faced by the twenty or so companies and sectors with a presence in Argentina within our universe of coverage. While the potential impact is marginal in most cases, it is more significant for: Prosegur, Prosegur Cash, Tenaris, Verallia, Save...
DEC JCDECAUX SA
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
MRN MERSEN SA
MTU MANITOU BF SA
GLO GL EVENTS SA
ATE ALTEN SA
ALLAN LANSON-BCC
PNL POSTNL NV
WIZZ WIZZ AIR HOLDINGS PLC
DLG DE'LONGHI S.P.A.
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
LIGHT SIGNIFY NV
RBO ROCHE BOBOIS INTERNATIONAL SAS
BAR BARCO NV
AERO MONTANA AEROSPACE AG
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 26/01/2024
Même si l’Argentine n’est qu’un élément accessoire du profit warning de Puma, il a ravivé les interrogations des investisseurs sur l’impact de la dépréciation du peso (officiel) à la suite de l’élection de Javier Milei en novembre dernier. Nous revenons ici sur les risques encourus par la vingtaine de sociétés et secteurs ayant une présence en Argentine au sein de notre univers de couverture. Si l’impact potentiel est le plus souvent marginal, il est plus matériel chez : Prosegur, Pro...
DEC JCDECAUX SA
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
MRN MERSEN SA
MTU MANITOU BF SA
GLO GL EVENTS SA
ATE ALTEN SA
ALLAN LANSON-BCC
PNL POSTNL NV
WIZZ WIZZ AIR HOLDINGS PLC
DLG DE'LONGHI S.P.A.
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
LIGHT SIGNIFY NV
RBO ROCHE BOBOIS INTERNATIONAL SAS
BAR BARCO NV
AERO MONTANA AEROSPACE AG
- Jean-François Granjon
Mersen : Organic growth beats the guidance – Underlying operating marg...
>Full-year sales in line with our expectations - Mersen reported full-year sales of € 1,210.9m (€ 1,213.6m for our estimate, € 1,209.0m for the consensus) vs € 1,114.8m the previous year, up 8.6% and up 13.2% on an organic basis, or above the guidance for growth of +11-12%, which was fine-tuned at the Q3 sales report (+10-12%). This implies Q4 sales of € 301.1m (€ 303.7m estimated) vs € 293.6m, up 2.6% and 8.6% on an organic basis (the same as in Q3), which was a real...
- Jean-François Granjon
Mersen : Croissance organique supérieure aux guidances – Révision en h...
>CA annuel en ligne avec nos attentes - Mersen publie un CA annuel de 1210.9 M€ (1213.6 M€ estimés, 1209.0 M€ pour le css) vs 1114.8 M€ YoY en hausse de 8.6% et 13.2% en organique soit un niveau supérieur à la guidance de +11/12% resserrée lors de la publication du CA T3 (+10/12%). Cela induit un CA T4 de 301.1 M€ (303.7 M€ estimé) vs 293.6 M€ en hausse de 2.6% et 8.6% en organique (id au T3) soit une réelle performance du fait d’un effet de référence largement défavo...
Mersen: 1 director
A director at Mersen sold 3,999 shares at 34.000EUR and the significance rating of the trade was 60/100. 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 clearly showing C...
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 10/11/2023
La saison des résultats du T3, qui a vu se succéder de vives sanctions pour les titres qui décevaient les attentes, n’a pourtant jusqu’à présent occasionné qu’une modeste révision baissière du consensus. Les BPA 2023 sont désormais attendus en baisse de 1,1% vs 2022, avec bien entendu des divergences sectorielles importantes. C’est toutefois la baisse des taux, intervenue depuis fin septembre, qui a davantage drivé les performances boursières, à l’instar de la Technology et des Consum...
PROX PROXIMUS SA DE DROIT PUBLIC
APAML APERAM SA
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
DEC JCDECAUX SA
TNET TELENET GROUP HOLDING NV
INTO INTERVEST OFFICES & WAREHOUSES SA
GAMA GAMMA COMMUNICATIONS
VLS VALNEVA SE
MRN MERSEN SA
WIZZ WIZZ AIR HOLDINGS PLC
DTE DEUTSCHE TELEKOM AG
FIE FIELMANN AG
WIE WIENERBERGER AG
SAX STROEER SE & CO. KGAA
BPOST BPOST SA
TIT TELECOM ITALIA S.P.A.
LTA ALTAMIR ACT PORTEUR
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
SIFG SIF HOLDING NV
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
SAE SHOP APOTHEKE EUROPE NV
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
S92 SMA SOLAR TECHNOLOGY AG
TITC TITAN CEMENT INTERNATIONAL N.V.
COP COMPUGROUP MEDICAL SE & CO. KGAA
MRX MISTER SPEX SE
RWI RENEWI PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
STM STABILUS SE
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2023
The Q3 earnings season, which has seen stocks that have disappointed expectations take a severe pounding, has thus far resulted in only a modest downward revision to the consensus. EPS for 2023 are now expected to be down -1.1% vs 2022, with of course significant divergences between sectors. However, it is the fall in interest rates since the end of September that has driven stock market performances the most, with technology and consumer products & services (including luxury goods) r...
PROX PROXIMUS SA DE DROIT PUBLIC
APAML APERAM SA
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
DEC JCDECAUX SA
TNET TELENET GROUP HOLDING NV
INTO INTERVEST OFFICES & WAREHOUSES SA
GAMA GAMMA COMMUNICATIONS
VLS VALNEVA SE
MRN MERSEN SA
WIZZ WIZZ AIR HOLDINGS PLC
DTE DEUTSCHE TELEKOM AG
FIE FIELMANN AG
WIE WIENERBERGER AG
SAX STROEER SE & CO. KGAA
BPOST BPOST SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
LTA ALTAMIR ACT PORTEUR
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
SIFG SIF HOLDING NV
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
SAE SHOP APOTHEKE EUROPE NV
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
S92 SMA SOLAR TECHNOLOGY AG
TITC TITAN CEMENT INTERNATIONAL N.V.
COP COMPUGROUP MEDICAL SE & CO. KGAA
MRX MISTER SPEX SE
RWI RENEWI PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
STM STABILUS SE
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