reports
- Juan Ros-Padilla
- Juan Ros-Padilla
- Anthony Dick
- Michael Foundoukidis
CIE Automotive : Still best-in-class yet still under appreciated
>Very solid Q1 2024 results, scenario confirmed - CIE’s Q1 results, reported yesterday during trading hours, came in strong and ahead of expectations (+7% vs css EBIT, +15% at net income level). The group posted solid growth in revenues (€ 1.0bn, +3% y-o-y, +4% org.), but also, importantly, further margin expansion (EBIT € 146m, +9% y-o-y, i.e. margin of 14.0%, +70bp y-o-y) and solid FCF (€ 79m, 8% of revenues). The group still has not given detailed financial guida...
- Anthony Dick
- Michael Foundoukidis
CIE Automotive : Un best-in-class loin d’être apprécié à sa juste vale...
>Résultats T1 2024 très solides, scénario confirmé - CIE a publié hier en séance des résultats T1 très solides et supérieurs aux attentes (+7% vs EBIT css, +15% au niveau du RNpdg). Le groupe a fait état d’une progression solide de son CA (1,0 Md€, +3% y-o-y, +4% org.), mais aussi et surtout d’une nouvelle expansion de ses marges (EBIT 146 M€, +9% y-o-y, soit une marge de 14,0%, +70bp y-o-y) et d’un FCF solide (79 M€, 8% du CA). Le groupe ne fournit toujours pas de ...
- Ignacio Romero
- Ignacio Romero
- Olfa Taamallah
- Yan Derocles
VLS VALNEVA SE
ELG ELMOS SEMICONDUCTOR SE
NOEJ NORMA GROUP SE
ELIS ELIS SA
SHA SCHAEFFLER AG
KRN KRONES AG
PSPN PSP SWISS PROPERTY AG
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
ASS APPLUS SERVICES S.A.
COFA COFACE SA
JUN3 JUNGHEINRICH AG PREF
IDR INDRA SISTEMAS S.A. CLASS A
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Olfa Taamallah
- Yan Derocles
VLS VALNEVA SE
ELG ELMOS SEMICONDUCTOR SE
NOEJ NORMA GROUP SE
ELIS ELIS SA
SHA SCHAEFFLER AG
KRN KRONES AG
PSPN PSP SWISS PROPERTY AG
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
ASS APPLUS SERVICES S.A.
COFA COFACE SA
JUN3 JUNGHEINRICH AG PREF
IDR INDRA SISTEMAS S.A. CLASS A
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Nicolas David
Indra Sistemas : Indra delivers another excellent performance in Q1. B...
>Q1 results well above forecasts and of good quality - Yesterday morning's conference call confirmed the quality of Q1 2024 results, which came in well above consensus forecasts on all fronts (+12% for sales, +17% for EBIT, 25% for attributable net profit and x2 for FCF). Granted, the contribution from FCAS was strong (€ 56m vs € 50m est.) fuelling growth by 6 points but the group’s performance remained solid even excluding FCAS, with organic growth of +12%, of which ...
- Nicolas David
Indra Sistemas : Indra réalise une nouvelle excellente performance au ...
>Résultats T1 très supérieurs aux attentes et de bonne qualité - La conférence téléphonique, qui s’est tenue hier matin, est venue confirmer la qualité des résultats du T1 2024, qui sont ressortis très au-dessus des attentes du consensus à tous les niveaux (+12% au niveau du CA ; +17% sur l’EBIT ; 25% pour le RNpg et x2 pour le FCF). Certes la contribution du FCAS a été forte (56 M€ vs 50 M€e) alimentant la croissance de 6 pt mais la performance du groupe reste très s...
- Nicolas David
Indra Sistemas : Impressive Q1 2024 earnings, well above expectations ...
>Organic growth of 19% in Q1, well above expectations. Solid bookings - Indra posted this morning solid Q1 2024 figures with revenue of € 1118m, up 21.9% y-o-y, 12.1% above market expectations and 10.1% above ours (vs ODDO BHF: € 1015m; Css: € 997m). Organic growth stands at 19%, 10pts above our expectations (ODDO BHF: 8.6%) and accelerating vs previous quarter (14.0% y-o-y org in Q4 2023). Growth was driven by a solid performance in Defence with organic growth of 53...
- Nicolas David
Indra Sistemas : Impressive Q1 2024 earnings, well above expectations ...
>Organic growth of 19% in Q1, well above expectations. Solid bookings - Indra posted this morning solid Q1 2024 figures with revenue of € 1118m, up 21.9% y-o-y, 12.1% above market expectations and 10.1% above ours (vs ODDO BHF: € 1015m; Css: € 997m). Organic growth stands at 19%, 10pts above our expectations (ODDO BHF: 8.6%) and accelerating vs previous quarter (14.0% y-o-y org in Q4 2023). Growth was driven by a solid performance in Defence with organic growth of 53...
- Jerôme Bodin
LR LEGRAND SA
FRA FRAPORT AG
LI KLEPIERRE SA
ALV ALLIANZ SE
ORSTED ORSTED
RAA RATIONAL AG
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Bruno Cavalier
- Jerôme Bodin
LR LEGRAND SA
FRA FRAPORT AG
LI KLEPIERRE SA
ALV ALLIANZ SE
ORSTED ORSTED
RAA RATIONAL AG
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Benoit Valleaux
- Steven Gould
Santander : A robust start to 2024 and guidance confirmed
>Outperform rating maintained - Target price raised to € 5.5 (vs € 5.4) - Santander’s Q1 2024 results underpin our Outperform rating and lead us to increase our net profit estimates (+2% on average over the period 2024-2026e), due to a slightly more favourable stance on the top line trend. Our target price has thus been lifted to € 5.5 (vs € 5.4). The trend in the group’s operating performances remains broadly solid with the validation of the main financial targets se...
- Benoit Valleaux
- Steven Gould
Santander : Début d’année 2024 solide & guidances confirmées
>Opinion Surperformance maintenue – OC porté à 5.5 € (vs 5.4 €) - Les résultats T1 2024 de Santander viennent conforter notre opinion Surperformance et nous amènent à rehausser nos estimations de RN (+2% en moyenne sur la période 2024-26), en raison d’un biais un peu plus favorable notamment sur l’évolution de la topline. Notre OC est en conséquence porté à 5.5 € (vs 5.4 €). L’évolution des performances opérationnelles du groupe reste globalement solides avec une vali...
- Ben Rickett
- James Ratzer
EU Towers Review: A rising risk from land aggregators Cellnex (Neutra...
Cellnex and Inwit have recently pivoted towards buying more land. Why? In part because they still see a good opportunity to deploy capital attractively, but we believe this is also driven by a defensive angle against a gradually rising role of land aggregators in Europe
- Carole Braudeau
Credit Morning 04/30/2024
Iliad Holding plans to issue new bonds to fund the investment in Tele2 and a tender on Iliad Holding 2026 notesIsabel Marant: well preserved liquidity but further deep fall in the wholesale order bookVerisure markets new bonds with two special covenants linked to a potential IPOBUT/Mobilux: new bond offering with the inclusion of Conforama into the scope>...
- Carole Braudeau
Morning Crédit 30/04/2024
Isabel Marant : liquidité supérieure aux attentes mais nouvelle chute du carnet de commandesBUT/Mobilux : Nouvelle émission obligataire avec intégration de Conforama dans le périmètreIliad Holding compte émettre des de nouvelles obligations pour financer l’investissement dans Tele2 et un tender sur la souche Iliad Holding 2026Verisure commercialise des nouvelles obligations avec deux covenants spéciaux liés à une potentielle IPO>...
- Javier Esteban
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