reports
- Denis Scherrer (IDMidCaps)
Manitou BF - Clear rebound in profitability and good visibility for 20...
150% increase in EBIT in 2023, a return to over 7% EBIT margin in line with the latest guidance (compared with 3.6% in 2022)Net debt up sharply over the year, but stabilised in H2, and very reasonable balance sheet ratiosConfirmation of the target of stable sales in 2024, given that the order book covers almost 80% of this targetFor reasons of prudence, management anticipates a slight fall in EBIT margin to 6.5% in 2024Multiples still very low, while business is not collapsing
- Baptiste Lebacq
VIRP VIRBAC SA
MTU MANITOU BF SA
GLO GL EVENTS SA
BOSS HUGO BOSS AG
EBRO EBRO FOODS SA
BAYN BAYER AG
ELIS ELIS SA
CPINV CARE PROPERTY INVEST SA
SPIE SPIE SA
IDR INDRA SISTEMAS S.A. CLASS A
MAU ETABLISSEMENTS MAUREL & PROM SA
DUFN DUFRY AG
CGG CGG
NFN NFON AG
ANTIN ANTIN INFRASTRUCTURE PARTNERS
ALLFG ALLFUNDS (UK) LTD
CTPNV CTP NV
- Baptiste Lebacq
VIRP VIRBAC SA
MTU MANITOU BF SA
GLO GL EVENTS SA
BOSS HUGO BOSS AG
EBRO EBRO FOODS SA
BAYN BAYER AG
ELIS ELIS SA
CPINV CARE PROPERTY INVEST SA
SPIE SPIE SA
IDR INDRA SISTEMAS S.A. CLASS A
MAU ETABLISSEMENTS MAUREL & PROM SA
DUFN DUFRY AG
CGG CGG
NFN NFON AG
ANTIN ANTIN INFRASTRUCTURE PARTNERS
ALLFG ALLFUNDS (UK) LTD
CTPNV CTP NV
- Emmanuel Matot
Manitou : Record profits in 2023 which should remain comfortable in 20...
>An impressive recovery in the operating margin in 2023 - Yesterday evening, Manitou reported its 2023 results. As announced at the sales publication at the end of January (+23% on an organic basis), the underlying operating margin beat the 7% threshold, at 7.4% (ODDO BHF/consensus = 7.2/7.1%) i.e. more than doubling the 2022 level (3.6%).This impressive recovery in profitability was notably due to the increase in selling prices, the decline in raw materials...
- Emmanuel Matot
Manitou : Des profits records en 2023 et qui vont rester confortables ...
>Redressement impressionnant de la MOP en 2023 - Manitou a publié hier soir ses résultats 2023. Comme annoncé lors de la publication du CA fin janvier (+23% en organique), la MOP courante dépasse le seuil de 7%, à 7.4% exactement (ODDO BHF/consensus = 7.2/7.1%) soit plus qu’un doublement par rapport à 2022 (3.6%).Ce redressement impressionnant de la profitabilité s’explique notamment par les hausses des prix de vente, les baisses des matières premières et la...
- Denis Scherrer (IDMidCaps)
Manitou BF - Very good end to 2023 and reassuring outlook for 2024
Solid Q4 (+11%), enabling the Group to exceed its full-year sales targetEBIT margin guidance revised upwards again to over 7%, compared with 6.5% previously and 4.6% initiallyQ4 order intake down yearn-on-year but higher than Q32024 sales expected to be stableValuation below 1x NAV unjustified in our view, given that earnings are not set to collapse in the short term
- 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
- Emmanuel Matot
Manitou : Impressive upturn in margins in 2023, revenues on track for ...
>Further double-digit revenue growth in Q4 - Very deep order backlog continues to flow through - Manitou reported yesterday evening its Q4 2023 revenue figures. The group delivered further double-digit sales growth (+11%), beating its guidance (+6%), albeit at a slower pace than in previous quarters due to increasingly tough comparison bases (Q1 = +48%, Q2 = +21% and Q3 = +14%). The group continued to ramp up its production rates and benefit from improved su...
- Emmanuel Matot
Manitou : Redressement impressionnant des marges en 2023 – Vers une st...
>Croissance toujours à 2 chiffres du CA au T4 – Poursuite de l’écoulement d’un carnet de commandes très profond - Manitou a publié hier soir son CA au titre du T4 2023. La croissance des ventes reste à 2 chiffres (+11%) et dépasse la guidance (+6% attendu par les dirigeants), bien qu’en ralentissement par rapport aux trimestres précédents du fait des bases de comparaison de plus en plus difficiles (rappel T1 = +48%, T2 = +21% et T3 = +14%). Le groupe continu...
- Denis Scherrer (IDMidCaps)
Manitou BF - Margin guidance raised further and order book still deep
Q3 sales up 14%, broadly in line with our expectationsGuidance for annual growth of +20% confirmedEBIT margin target revised upwards (from over 5.5% to 6.5%), as we had expectedOrder intake still weak, but orders for 2025 are not yet open, and the backlog remains in excess of one year's revenueWe have raised our earnings forecasts for 2023 and 2024E, but lowered them for 2025-2026E to take account of the confirmed slowdown in the construction sector in Europe and, to a lesser extent, in agr...
- Anthony Dick
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
POM PLASTIC OMNIUM SE
STF STEF
ASY ASSYSTEM SA
CGM CEGEDIM SA
VETO VETOQUINOL SA
MTU MANITOU BF SA
FII LISI SA
FNAC FNAC DARTY SA
ATE ALTEN SA
FR VALEO SE
ELIS ELIS SA
AF AIR FRANCE-KLM SA
FAE FAES FARMA S.A.
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
SESL SES-IMAGOTAG SA
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
ONTEX ONTEX GROUP N.V.
LIGHT SIGNIFY NV
XIL XILAM ANIMATION SA
GCO GRUPO CATALANA OCCIDENTE S.A.
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
BFSA BEFESA SA
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
FPE3 FUCHS PETROLUB SE
SPM SAIPEM S.P.A.
- Anthony Dick
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
POM PLASTIC OMNIUM SE
STF STEF
ASY ASSYSTEM SA
CGM CEGEDIM SA
VETO VETOQUINOL SA
MTU MANITOU BF SA
FII LISI SA
FNAC FNAC DARTY SA
ATE ALTEN SA
FR VALEO SE
ELIS ELIS SA
AF AIR FRANCE-KLM SA
FAE FAES FARMA S.A.
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
SESL SES-IMAGOTAG SA
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
ONTEX ONTEX GROUP N.V.
LIGHT SIGNIFY NV
XIL XILAM ANIMATION SA
GCO GRUPO CATALANA OCCIDENTE S.A.
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
BFSA BEFESA SA
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
FPE3 FUCHS PETROLUB SE
SPM SAIPEM S.P.A.
- Emmanuel Matot
Manitou : More good news on margin recovery
>Q3 sales showing no real surprises – Further healthy momentum thanks to fluidification of the operating chain - Manitou has reported still dynamic Q3 2003 sales (+14% to € 656m), albeit not ahead of our estimate (€ 675m).The group continued to benefit from a fluidification of the operating chain enabling it to step up clearance of its order backlog.2023 targets reiterated for sales, and increased for EBIT margin – Order backlog providing good visi...
- Emmanuel Matot
Manitou : Encore des bonnes nouvelles sur le redressement des marges
>CA T3 sans grande surprise – Poursuite d’une bonne dynamique grâce à la fluidification de la chaîne opérationnelle - Manitou a publié hier soir son CA T3 2023. Il reste dynamique (+14% à 656 M€) mais ne dépasse pas nos attentes (675 M€). Le groupe continue de bénéficier d’une fluidification de la chaîne opérationnelle permettant d’accélérer l’apurement de son carnet de commandes.Objectifs 2023 réitérés pour le CA et relevés pour la MOP courante – Bo...
- Anthony Dick
- Gautier Le Bihan
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
EO FAURECIA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
KORI KORIAN SA
ALCLA CLASQUIN SA
CGM CEGEDIM SA
NTG NETGEM SA
EKI EKINOPS SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
LSS LECTRA SA
FNAC FNAC DARTY SA
ALTA ALTAREA SCA
ATE ALTEN SA
FR VALEO SE
AF AIR FRANCE-KLM SA
ICAD ICADE SA
COFB COFINIMMO SA
BRE BREMBO S.P.A.
MBWS MARIE BRIZARD WINE & SPIRITS SA
CTAC CTAC N.V.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
PAT PATRIZIA AG
MCPHY MCPHY ENERGY SA
BRNL BRUNEL INTERNATIONAL N.V.
ONTEX ONTEX GROUP N.V.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
TEC TECHNIPFMC PLC
TKO TIKEHAU CAPITAL SCA
XFAB X-FAB SILICON FOUNDRIES SE
UNI UNICAJA BANCO S.A.
SMCP SMCP SA
CGG CGG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
NEOEN NEOEN S.A.
THEP THERMADOR HOLDING SA
TITC TITAN CEMENT INTERNATIONAL N.V.
HAG HENSOLDT AG
VK VALLOUREC SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
FPE3 FUCHS PETROLUB SE
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
- Anthony Dick
- Gautier Le Bihan
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
EO FAURECIA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
KORI KORIAN SA
ALCLA CLASQUIN SA
CGM CEGEDIM SA
NTG NETGEM SA
EKI EKINOPS SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
LSS LECTRA SA
FNAC FNAC DARTY SA
ALTA ALTAREA SCA
ATE ALTEN SA
FR VALEO SE
AF AIR FRANCE-KLM SA
COFB COFINIMMO SA
BRE BREMBO S.P.A.
MBWS MARIE BRIZARD WINE & SPIRITS SA
CTAC CTAC N.V.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
PAT PATRIZIA AG
MCPHY MCPHY ENERGY SA
BRNL BRUNEL INTERNATIONAL N.V.
ONTEX ONTEX GROUP N.V.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
TEC TECHNIPFMC PLC
TKO TIKEHAU CAPITAL SCA
XFAB X-FAB SILICON FOUNDRIES SE
UNI UNICAJA BANCO S.A.
SMCP SMCP SA
CGG CGG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
NEOEN NEOEN S.A.
THEP THERMADOR HOLDING SA
TITC TITAN CEMENT INTERNATIONAL N.V.
HAG HENSOLDT AG
VK VALLOUREC SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
FPE3 FUCHS PETROLUB SE
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
- Emmanuel Matot
Manitou : Margin increased better than expected
>Excellent interim results - Manitou reported its interim results yesterday evening.While sales slightly exceeded our expectations (+33% to € 1,402m vs ODDO = € 1,371m), the recovery in the current operating margin is a surprise (+2 points to 6.3% vs ODDO = 3.0%). This performance is mainly explained by the management of the flow of the order book (increase in production in a context of better fluidity of the supply chain) and by price increases (exceeding i...
- Emmanuel Matot
Manitou : Redressement plus fort que prévu des marges
>Excellents résultats semestriels - Manitou a publié hier soir ses résultats semestriels.Si le CA dépasse légèrement nos attentes (+33% à 1402 M€ vs ODDO = 1371 M€), le redressement de la MOP courante constitue une surprise (+2 points à 6.3% vs ODDO = 3.0%). Cette performance s’explique surtout par la gestion de l’écoulement du carnet de commandes (hausse de la production dans un contexte de meilleure fluidité de la supply chain) et par les hausses de prix (...
- Arnaud Despre
- Augustin Socié
- Clément Bassat
- Gaetan Calabro
- Jeremy Sallee
- Nicolas Delmas
- Nicolas Royot
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.