Vetoquinol - A disappointing start to the year, far from Virbac's exce...

Sales down by almost -8% in Q1, well below our forecastsA disappointing performance compared with Virbac's double-digit organic growth at the start of the year.We maintain our Add opinion, with an unchanged target price of €110/share.

Chargeurs: 1 director

A director at Chargeurs sold 10,000 shares at 12.800EUR 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 showi...

Q1-24 Chargeurs kicks off the year in high gear

Q1-24 Chargeurs kicks off the year in high gear EARNINGS/SALES RELEASES Chargeurs got off to a good start in 2024 with 10% yoy organic revenue growth, boosted by all of its divisions. As in the previous quarters, the Luxury segment continued to be the Group’s main driving force, bolstered by the museum activity. The positive surprise of this release, however, was Advanced Materials, which returned to growth territory after 6 consecutive quarters of decline, lifted by a volume effect, even in a...

ODDO BHF Small & MIDCAP MORNING NEWS - 30/04/2024 Date Performance dep...

L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...

ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2024

BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...

Chargeurs : Q1 sales higher than expected but still cautious for 2024

>Q1 sales up 6.7% (+10% l-f-l) to € 177.8m (vs € 165m est.) - Chargeurs this morning reported Q1 sales that were higher than expected at € 177.8m (vs € 165m est.), up 6.7% (+10% l-f-l).Return of growth in all divisions at the start of the year - Q1 in the end showed growth for the group with a contribution from all divisions. Besides a favourable base effect (Q1 2023 -18% l-f-l), the group benefited from a recovery in all divisions. Advanced mate...

Vetoquinol : Q1 2024 sales: in decline but for temporary reasons

>Q1 2024 earnings: -7.8% - Q1 sales came to € 133.7m i.e. down 7.8% with sales of essentials at € 83.4m (-4%) and sales of complementary products at € 50.3m (-13%).Pets were down 9%, as was livestock by 6%. By region, we see growth in Asia-Pacific sales (+1.8% in reported data) while Europe dropped by -5% (including overstocking) and the Americas were down 14% in reported data.In its announcement, the group also stated (as almost always) that its cash gener...

HRS : Confirmation of the targets recently deferred

>First-half results in line for EBITDA - H1 revenues already published (cf. comment on 25/1/2024) showed an increase of +19.7% with +18.2% for the charging station activity. On this basis, H1 underlying EBITDA came to -€ 4.1m (-€ 4m estimated) vs -€ 2.9m in H1 2022-23 and underlying EBIT was -€ 6.5m (vs -€ 3.6m in H1 2022-23). These results reflect the ongoing structuring of the company with less favourable seasonality in activity in H1 (1/3 of activity). Given incre...

Chargeurs : CA T1 supérieur aux attentes mais toujours de la prudence ...

>CA T1 en hausse de 6.7% (+10% lfl) à 177.8 M€ (vs 165 M€e) - Chargeurs a publié ce matin un CA T1 supérieur aux attentes à 177.8 M€ (vs 165 M€e) en croissance de 6.7% (+10% lfl).Retour de la croissance sur l’ensemble des pôles en ce début d’année - Le T1 est finalement ressorti en hausse pour le groupe avec une contribution de l’ensemble des pôles. Au-delà d’un effet de base favorable (T1 2023 -18% lfl), le groupe a bénéficié d’une reprise sur l’ense...

HRS : Confirmation des objectifs récemment décalés

>Résultats semestriels en ligne pour l’EBITDA - Le CA S1 déjà publié (cf. commentaire du 25/1/2024) affichait une hausse de 19.7% dont +18.2% pour l’activité stations de recharge. Sur cette base, l’EBITDA courant semestriel ressort à -4.1 M€ (-4 M€ estimé) vs -2.9 M€ YoY et le ROC à -6.5 M€ (vs -3.6 M€ YoY). Ces résultats sont le reflet de la poursuite de la structuration de la société avec une saisonnalité de l’activité moins favorable au S1 (1/3 de l’activité). Comp...

Vetoquinol : CA T1 2024 : en recul mais pour des raisons ponctuelles

>Résultats CA T1 2024 : -7,8% - Le CA T1 ressort à 133,7 M€ ie. une baisse de 7,8% avec un CA Essentiels à 83,4 M€ (-4%) et CA Produits complémentaires à 50,3 M€ (-13%).Les Animaux de Compagnie sont en baisse de 9% et les Animaux de Production baissent de 6%. Par zone, on observe une progression du CA Asie-Pacifique (+1,8% en données publiées) alors que l’Europe baisse de -5% (en incluant le surstockage) et que les Amériques reculent de 14% en données publiées.§r...

INVEST SECURITIES - VALBIOTIS : Résultats 2023 conformes, un newsflow ...