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Baptiste Salaville ... (+3)
  • Baptiste Salaville
  • Jerôme Bodin
  • Steven Boumans

ODDO BHF Small & MIDCAP MORNING NEWS - 18/03/2024

We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...

Baptiste Salaville ... (+3)
  • Baptiste Salaville
  • Jerôme Bodin
  • Steven Boumans

ODDO BHF Small & MIDCAP MORNING NEWS - 03/18/2024 Date Performance sin...

We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...

Baptiste Salaville ... (+4)
  • Baptiste Salaville
  • Bruno Cavalier
  • Gerardo Ibanez
  • Steven Boumans
Florent Laroche-Joubert ... (+5)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA
  • Steven Boumans

ODDO : Shifting sands at La Croisette: A recap from MIPIM 2024

>The direct investment market is still muted today, but we think real estate markets could reignite after seeing the first interest rate cuts - We visited the annual real estate conference MIPIM in Cannes last week. Although the weather was great, the mood in the investment market was still a bit muted. The changes in the real estate market leaves many investor uncertain today. It is still too early to see transactions to go up materially and pricing recovery in the ...

Kaufman & Broad: 1 director

A director at Kaufman & Broad sold 32,373 shares at 30.340EUR and the significance rating of the trade was 100/100. 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 clearl...

Christophe Chaput ... (+2)
  • Christophe Chaput
  • Hela Zarrouk

Kaufman & Broad : 2023 results close to expectations, 2024 guidance in...

>2023 results close to expectations: net profit at € 60.2m vs € 58.4m estimated - Kaufman & Broad reported 2023 results broadly in line with expectations, marked by: 1/ Revenues up 7.2% to € 1,409.1m, in line with our forecasts (€ 1,420m), bearing in mind that management had targeted growth of between 6% and 10%. 2/ Underlying operating profit at € 109.3m, implying an operating margin of 7.8% (targets based on an operating margin of around 8%), up 30bp vs 2022. In Q4,...

Christophe Chaput ... (+2)
  • Christophe Chaput
  • Hela Zarrouk

Kaufman & Broad : Des résultats 2023 proches des attentes et une guida...

>Des résultats 2023 proches des attentes : RN 60.2 M€ vs 58.4 M€ estimés - Au titre de son exercice 2023, le groupe Kaufman & Broad publie des résultats globalement proches des attentes. Ceux-ci se caractérisent par : 1/ un chiffre d’affaires en progression de 7.2% à 1409.1 M€ soit un niveau cohérent avec nos prévisions (1420 M€) en rappelant que le management avait pour objectif une croissance comprise entre +6% et +10%, 2/ un ROC de 109.3 M€ laissant apparaitre une ...

Florent Laroche-Joubert ... (+5)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA
  • Steven Boumans

ODDO : The horizon is clearing with a stabilisation, and even decline,...

The stabilisation and even slight decline of interest rates in 2024 represents a catalyst for the sector, and leads us to now favour the players that are the best positioned to execute their growth and/or debt reduction strategy. In this context, we prefer Gecina, URW, CTP, Xior and Aedas Homes. We are making 10 rating changes: we upgrade Covivio, NSI, VGP, Patrizia and Xior to Outperform and Altarea, Deutsche Euroshop and SFL to Neutral. We are downgrading Icade and Mercialys to...

Florent Laroche-Joubert ... (+5)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA
  • Steven Boumans

ODDO : L’horizon s’éclaircit avec la stabilisation des taux d’intérêt,...

La stabilisation des taux d’intérêt, voire éventuellement leur légère baisse courant 2024, constituent un catalyseur pour le secteur et nous amènent à privilégier désormais les acteurs les mieux positionnés pour exécuter leur stratégie de croissance et/ou de désendettement. Dans ce cadre, nous privilégions Gecina, URW, CTP, Xior et Aedas Homes. Nous effectuons 10 changements de recommandation : nous relevons Covivio, NSI, VGP, Patrizia et Xior à Surperformance ainsi que Altarea, ...

Oliver Metzger
  • Oliver Metzger

ODDO BHF Small & MIDCAP MORNING NEWS - 10/05/2023 Date Performance sin...

The IEA’s Net Zero Emissions (NZE) scenario has served as a basis for many stakeholders since 2021 (coalitions of investors, companies, SBTi, etc.). The NZE’s update was eagerly awaited, following the upheavals in the energy landscape caused notably by the Russian-Ukrainian war. Issued a few days ago, the update provides investors with some critical new insights into trends, perspectives and possibilities for decarbonising businesses. - ...

Oliver Metzger ... (+2)
  • Oliver Metzger
  • Thomas Zlowodzki

ODDO BHF Small & MIDCAP MORNING NEWS - 05/10/2023

Le style qualité est celui qui performe le mieux depuis la dernière réunion de la Fed et la remontée des taux concomitante à une aggravation des inquiétudes sur le cycle en Europe. Nous avons sélectionné au sein du Stoxx 600, dans notre univers de couverture, les 25 valeurs correspondant le mieux à ce style Qualité, avec une recommandation Surperformance et un potentiel de plus de 20% par rapport aux objectifs de cours des analystes de notre bureau d’études actions. - ...

Christophe Chaput ... (+2)
  • Christophe Chaput
  • Hela Zarrouk

Kaufman & Broad : Good capacity to adapt to a difficult context - The ...

>Feedback from the road show in Paris - At a road show with management in Paris (CEO, CFO, HIR), we reviewed the 9M results as well as the outlook for growth in the short to medium term. Our key takeaways: For 9M 2023, sales grew by +22.4% to € 1,083.9m which is relatively satisfactory bearing in mind that the group benefited from the contribution from Austerlitz (commercial property sales of € 410.7m vs € 113.7m). For the housing segment, sales were down 13% but...

Christophe Chaput ... (+2)
  • Christophe Chaput
  • Hela Zarrouk

Kaufman & Broad : Une bonne capacité à s’adapter à un contexte diffici...

>Feedback roadshow Paris - A l’occasion d’un roadshow avec le management à Paris (CEO, CFO, HIR), nous sommes revenus sur les résultats 9m ainsi que sur les perspectives de croissance à CT/MT. Nous retenons essentiellement : A l’issue des 9m, le chiffre d’affaires s’apprécie de 22.4% à 1083.9 M€ ce qui est relativement satisfaisant en rappelant que le groupe bénéficie de la contribution d’Austerlitz (CA Tertiaire 410.7 M€ vs 113.7 M€). Pour le logement, le CA rec...

Christophe Chaput ... (+2)
  • Christophe Chaput
  • Hela Zarrouk

Kaufman & Broad : A Q3 publication with no real surprises

>9M results close to forecasts: underlying operating profit € 86.4m vs € 87.2m estimated - For the first nine months of its financial year, Kaufman & Broad group reported a +22.4% increase in sales to € 1,083.9m, showing a Q3 down 24.5% at € 235.1m. This trend is close to our forecasts as we were expecting Q3 sales of € 242m (-2.9% gap). EBIT came to € 86.4m for 9M, up 35.8% with Q3 down 10.4% at € 18.6m (-3.7% vs our estimates). Since the start of the year, the oper...

Christophe Chaput ... (+2)
  • Christophe Chaput
  • Hela Zarrouk

Kaufman & Broad : Une publication T3 sans réelles surprises

>Des résultats 9m proches des attentes : ROC 86.4 M€ vs 87.2 M€ estimés - Au titre des 9 premiers mois de son exercice, le groupe Kaufman & Broad publie un chiffre d’affaires en progression de 22.4% à 1083.9 M€ laissant apparaitre un T3 en recul de 24,5% à 235,1 M€. Cette évolution est proche de nos estimations puisque nous retenions 242 M€ (écart -2.9%). L’EBIT ressort à 86.4 M€ sur 9m, en hausse de 35.8% avec un T3 en déclin de 10.4% à 18,6 M€ (-3.7% vs nos estima...

Jean-François Granjon ... (+2)
  • Jean-François Granjon
  • Steven Boumans

ODDO BHF Small & MIDCAP MORNING NEWS - 09/12/2023

Bad news on the macroeconomic front and a lacklustre earnings season this summer lend weight to our blended sector allocation, a group of defensive and cyclical sectors with little debt: healthcare, personal care and grocery stores, specialist retail, insurance, travel & leisure, semiconductors, tobacco, auto components & tyres, oil services, defence & aerospace. We are returning to a positive stance on the US vs Europe, as the US economy is looking more solid in the slowdown that is ...

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