reports
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Carole Braudeau
- Carole Braudeau
- Fehmi Ben Naamane
NH Hoteles : Good-quality Q3 numbers, upgrade of 8% to our 2024 EPS se...
>Good-quality Q3 results - NH Hoteles yesterday evening reported good-quality Q3 2024 results, slightly beating expectations. Group revenues came in at € 644m, up 10.5% y-o-y (or the same pace as in Q2), and 2% ahead of our estimates (and +3% better than the company-compiled consensus). L-f-l RevPAR, with growth of 9.0%, was mostly driven by price growth of 7.3%, with occupancy rates up by 1.0 pt. Scope effects were significant in the quarter, with the contribution fr...
- Fehmi Ben Naamane
NH Hoteles : Un T3 de bonne facture, relèvement de 8% de notre séquenc...
>Des résultats T3 de bonne facture - NH Hoteles a publié hier soir des résultats T3 2024, de bonne facture, légèrement au-dessus des attentes. Les revenus groupe ressortent à 644 M€, en croissance de 10.5% yoy (soit le même rythme que le T2), et supérieurs de 2% à nos estimations (et de +3% par rapport au consensus collecté par la société). Les RevPAR en augmentation de 9.0% sont tirés majoritairement par des hausses de prix de 7.3%, les taux d’occupation progressant ...
- Rafael Bonardell
MINOR HOTELS: RDOS. 3T’24 Y CAMBIO DE P.O. AL ALZA (ANÁLISIS BANCO SAB...
Rdos. 3T'24 vs 3T'23: Ventas: 644,2 M euros (+10,0% vs +9,5% BS(e) y +6,7% consenso); EBITDA: 200,1 M euros (+11,2% vs +8,7% BS(e) y +6,4% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 1.789 M euros (+10,9% vs +10,8% BS(e) y +9,7% consenso); EBITDA: 498,1 M euros (+11,3% vs +10,3% BS(e) y +9,4% consenso).
- Research Department
INFORME DIARIO 12 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER, CAIXABANK, MINOR HOTELS, SECTOR INMOBILIARIO, SECTOR SEGUROS. EUROPA: BAYER. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. Los mercados se estabilizan En una jornada de pocos catalizadores las bolsas europeas rebotaron, compensand...
Moody's Ratings upgrades MHEA's CFR to Ba3 from B1; outlook changed to...
Moody's Ratings (Moody's) has today upgraded the ratings of Minor Hotels Europe & Americas, S.A. (MHEA, previously NH Hotel or the company) including its long term corporate family rating (CFR) to Ba3 from B1 and probability of default rating (PDR) to Ba3-PD from B1-PD. We also upgraded MHEA's instr...
Moody's Ratings upgrades MHEA's CFR to Ba3 from B1; outlook changed to...
Moody's Rating (Moody's) has today upgraded the ratings of Minor Hotels Europe & Americas, S.A. (MHEA, previously NH Hotel or the company) including its long term corporate family rating (CFR) to Ba3 from B1 and probability of default rating (PDR) to Ba3-PD from B1-PD. We also upgraded MHEA's instru...
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 27/09/2024
Bystronic est un groupe suisse spécialisé dans les machines de découpe laser et de pliage, avec un business model hybride entre vente d’équipements, services récurrents et logiciels. Alors que ses commandes pâtissent d’un momentum difficile depuis plusieurs trimestres, nous n’anticipons pas d’amélioration au S2 et la visibilité reste réduite pour 2025. En parallèle, le plan de restructuration initié cette année devrait surtout être visible à compter du S1 2025. Dans ce contexte, Bystr...
OSE OSE IMMUNOTHERAPEUTICS SA
WTB WHITBREAD PLC
CGM CEGEDIM SA
GBT GUERBET SA
TRI TRIGANO SA
BAMNB KONINKLIJKE BAM GROEP NV
MBWS MARIE BRIZARD WINE & SPIRITS SA
SHOT SCANDIC HOTELS GROUP
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
S92 SMA SOLAR TECHNOLOGY AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
S30 SOLUTIONS 30 SE
SOL SOLTEC POWER HOLDINGS
ENER GRUPO ECOENER S.A.
- Baptiste Salaville
- Charlotte Vaisse
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 09/23/2024
CF Alba, the March family holding company, invests in listed and unlisted companies where it identifies strong potential, regardless of the investment horizon. Since 1993, it has achieved a total annualized shareholder return of +11%, beating the EuroStoxx index by 3pp. The company currently trades at a c.50% discount to its NAV which is close to its historical maximum. We initiate coverage with an Outperform rating and a target price of € 68, representing a discount to its NAV of 35...
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
EL ESSILORLUXOTTICA SA
SQI SQLI SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ATE ALTEN SA
ELIS ELIS SA
01913 PRADA S.P.A.
SAVE SAVENCIA SA
MONC MONCLER SPA
SHOT SCANDIC HOTELS GROUP
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
GRE GRENERGY RENOVABLES
IHG INTERCONTINENTAL HOTELS GROUP PLC
- Baptiste Salaville
- Charlotte Vaisse
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 23/09/2024
CF Alba, the March family holding company, invests in listed and unlisted companies where it identifies strong potential, regardless of the investment horizon. Since 1993, it has achieved a total annualized shareholder return of +11%, beating the EuroStoxx index by 3pp. The company currently trades at a c.50% discount to its NAV which is close to its historical maximum. We initiate coverage with an Outperform rating and a target price of € 68, representing a discount to its NAV of 35...
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
EL ESSILORLUXOTTICA SA
SQI SQLI SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ATE ALTEN SA
ELIS ELIS SA
01913 PRADA S.P.A.
SAVE SAVENCIA SA
MONC MONCLER SPA
SHOT SCANDIC HOTELS GROUP
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
GRE GRENERGY RENOVABLES
IHG INTERCONTINENTAL HOTELS GROUP PLC
- Fehmi Ben Naamane
- Johanna Jourdain
ODDO : July/August: two high-flying months for European hotels
>Western Europe: RevPAR growth of ~15% y-o-y in July/August - Based on the RevPAR figures in western Europe for August (+17.3% y-o-y according to STR with price growth of +15.3%), growth over July/August stands at +15% on average. This very positive trend was driven very largely by prices, with occupancy rates up 1%. The performance, which is exceptional in the context, was underpinned by strong leisure demand in Europe but also, importantly, by France (RevPAR at 9.2%...
- Fehmi Ben Naamane
- Johanna Jourdain
ODDO : Juillet/août : deux mois d’été de haute volée pour l’hôtellerie...
>Europe de l’Ouest : RevPAR en croissance de ~15% yoy sur juillet/août - Avec les chiffres d’évolution des RevPAR en Europe de l’Ouest pour le mois d’août (+17.3% en yoy selon STR dont +15.3% de hausse de prix), la progression sur les mois de juillet/août ressort en moyenne à 15%. Cette évolution très positive est tirée exclusivement par les prix, les taux d’occupation progressant de 1%. Cette performance, exceptionnelle dans le contexte, s’explique par la forte deman...
- Research Department
INFORME DIARIO 20 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, MINOR HOTELS, VISCOFAN. EUROPA: MERCEDES BENZ GROUP, VOLKSWAGEN El mercado, y sobre todo los cíclicos, celebran la decisión de la Fed Las bolsas europeas subieron con fuerza el jueves a pesar de la apreciación del euro, con la confianza de que la Fed logrará un aterrizaje “suave” de la economía estadounidense. En el STOXX 600 los mejores fueron cíclicos muy castigados recientemente como Tecnología y R. Básicos mientras que Utilities y Telec...
- Research Department
IBERIAN DAILY 20 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, MINOR HOTELS, VISCOFAN. The market and mainly cyclical stocks welcome the Fed’s decision European stock markets climbed significantly yesterday despite the appreciation of the euro, remaining confident that the Fed will enable a soft landing of the US economy. Thus, in the STOXX 600 cyclical stocks severely and recently hit such as Technology and Basic Resources were the best performers whereas Utilities and Telecoms posted the biggest drops. On the macro side, in the UK...
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 24/07/2024
The Platform Group (TPG) is a software company that is active across 20 industries through its digital platform solutions. Via its four segments (consumer goods, freight goods, industrial goods, service and retail goods), it serves both B2B and B2C customers. Given the growing revenues (2023-2026e CAGR +14.7%) and adjusted EBITDA margins (+270bp to 7.8% in 2026e vs 2023), as well as a solid financial profile (equity ratio >30%, average positive FCF of c.€ 8m for 2024e to 2026e) and un...
OSE OSE IMMUNOTHERAPEUTICS SA
VAC PIERRE & VACANCES SA
FLY SOCIETE FONCIERE LYONNAISE SA
POM PLASTIC OMNIUM SE
MMB LAGARDERE SCA
ITP INTERPARFUMS
CDA COMPAGNIE DES ALPES SA
NEX NEXANS SA
TIETO TIETOEVRY OYJ
MMT METROPOLE TELEVISION SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
COFA COFACE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
NHH NH HOTEL GROUP SA
IBG IBERPAPEL GESTION S.A.
COPN COSMO PHARMACEUTICALS NV
FTG111 FLATEXDEGIRO AG
MVC METROVACESA SA
SAB BANCO DE SABADELL SA
NSI NSI N.V.
AEDAS AEDAS HOMES SA
EXN EXCLUSIVE NETWORKS SA
HGEA HGEARS AG
EXENS EXOSENS
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