reports
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Luis de Toledo Heras
Iberpapel : Anticipated deterioration on normalising energy contributi...
>Normalising results on lower energy contribution - Uninspiring Q1 2024 results following the extraordinary contribution from the energy activities in Q4 2023 with the low prices of energy forcing the group to moderate the production at the gas cogeneration plant in the period. Results reflect the normalisation in demand patterns in paper (reactivation of demand and production in Europe after the sharp destocking process experienced in 2023) and a recovery in paper pr...
- Andreas Riemann
ODDO BHF Small & MIDCAP MORNING NEWS - 03/11/2024 Date Performance sin...
Our 8th TMT Forum, held again in virtual format, was attended by 46 listed companies and around 399 investors (+30%). The tone was generally upbeat, with key markets still showing positive momentum, notably in advertising. For semiconductors, the exposure to AI is positive, the rest is more muted. In IT Services, business has remained weak QTD. Nevertheless, clients are constructive and committed to their digital transformation. On telecoms, there was confirmation most markets are ret...
- Andreas Riemann
ODDO BHF Small & MIDCAP MORNING NEWS - 11/03/2024 Date Performance dep...
Our 8th TMT Forum, held again in virtual format, was attended by 46 listed companies and around 399 investors (+30%). The tone was generally upbeat, with key markets still showing positive momentum, notably in advertising. For semiconductors, the exposure to AI is positive, the rest is more muted. In IT Services, business has remained weak QTD. Nevertheless, clients are constructive and committed to their digital transformation. On telecoms, there was confirmation most markets are ret...
- Luis de Toledo Heras
Iberpapel : Resilient business model at historical discount
>Outperform rating maintained on attractive valuation - We are fine-tuning our estimates following the release of 2023 accounts and some recent corporate announcements (dividend, investments). We reiterate our Outperform rating based on its attractive valuation (3.2x EV/ EBITDA 2024e) and integrated (250kt paper, 240kt pulp, 60MW power) and flexible business model which continues to allow the group to adapt to a volatile market environment (paper and pulp demand and ...
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Luis de Toledo Heras
Iberpapel : Results beat expectations on collapsing energy costs
>Extraordinary margin on energy cost collapse - Iberpapel’s results were significantly better than expected with an EBITDA margin in Q4 2023 of 25% compared to our 10% estimate and 13.6% for 9M 2023. Lower operating costs explain the significant improvement in profitability driven by much cheaper natural gas costs. Total supply costs for natural gas and electricity in 2023 declined by 63% largely reflecting the price variation and lower cogeneration volumes as the com...
- Fatma Manaa
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 10/30/2023
Since begin July 2023 Triodos Bank (TB) has been quoted at the multilateral trading facility (MTF) Captin, where each week on a Wednesday a price is being determined. For the next few years, we estimate an EPS of about € 5.5, a circa 6.0% ROE and an IFRS book value per share of about € 91 end 2023. TB is quoting at a PE of about 4.5x and a P/B of about 0.25x. For the fair value PE of TB, we take a material discount on the bank peer group PE which is now at 5-8x. We identified five dis...
- Fatma Manaa
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 30/10/2023
Since begin July 2023 Triodos Bank (TB) has been quoted at the multilateral trading facility (MTF) Captin, where each week on a Wednesday a price is being determined. For the next few years, we estimate an EPS of about € 5.5, a circa 6.0% ROE and an IFRS book value per share of about € 91 end 2023. TB is quoting at a PE of about 4.5x and a P/B of about 0.25x. For the fair value PE of TB, we take a material discount on the bank peer group PE which is now at 5-8x. We identified five dis...
- Luis de Toledo Heras
Iberpapel : Operating results slightly above estimates, higher cash in...
>Operating results slightly above estimates - Iberpapel’s 9M 2023 results came in slightly above our estimates with EBITDA of € 26.3m (+3.3% vs our estimates, +60% y-o-y) despite the sharp contraction in revenues (-19%) on lower production and selling volumes in paper and a sharp decline in electricity sales (CCGT plant not operating at full capacity given high natural gas prices and declining electricity prices). The European paper industry has operated at capacity u...
- Luis de Toledo Heras
ODDO : Switching preferences towards pulp over paper
We are updating our view on the Pulp and Paper sector in Iberia and switch our preference to pulp over paper producers on price cycle fundamentals. We have consequently upgraded our recommendation on Altri from Underperform to Neutral (TP € 5.1, -12% vs a previous € 5.8) while we maintain our Outperform recommendation on Ence (TP € 3.9). We have also downgraded our recommendation on Navigator (from Outperform to Underpeform, TP € 3.9: -17% vs a previous € 4.7) while we stick to ...
CSGN CREDIT SUISSE GROUP AG
AMS AMS AG
ENX EURONEXT NV
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
ATO ATOS SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ALTR ALTRI SGPS SA
NRG NRJ GROUP SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
ERA ERAMET SA
FAE FAES FARMA S.A.
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ROYAL VOPAK NV
UCG UNICREDIT S.P.A.
WBD WEBUILD S.P.A.
CABK CAIXABANK SA
TLGO TALGO SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IBG IBERPAPEL GESTION S.A.
ROTH ROTHSCHILD & CO. SCA
ALVAL VALBIOTIS SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
SYAB SYNLAB AG
ALLFG ALLFUNDS (UK) LTD
STM STABILUS SE
CSGN CREDIT SUISSE GROUP AG
AMS AMS AG
ENX EURONEXT NV
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
ATO ATOS SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ALTR ALTRI SGPS SA
NRG NRJ GROUP SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
ERA ERAMET SA
FAE FAES FARMA S.A.
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ROYAL VOPAK NV
UCG UNICREDIT S.P.A.
WBD WEBUILD S.P.A.
CABK CAIXABANK SA
TLGO TALGO SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
ROTH ROTHSCHILD & CO. SCA
ALVAL VALBIOTIS SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
SYAB SYNLAB AG
ALLFG ALLFUNDS (UK) LTD
STM STABILUS SE
- Luis de Toledo Heras
Iberpapel : Increasing margins in Q2 2023 on successful production dis...
>Higher margins on resilient paper prices and lower natural gas consumption - Iberpapel’s results significantly topped our estimates (>20%) at the EBITDA level in Q2 2023 (€ 11.3m), benefitting from resilient average prices and a sharp reduction in operating expenses following the relaxation in energy costs (partially offset by lower electricity revenues). The deceleration in paper demand in Europe and the increase in imports from Asia has forced an adjustment in cap...
- Emira Sagaama
- Jean Danjou
- Oliver Metzger
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
OSE OSE IMMUNOTHERAPEUTICS SA
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
ASY ASSYSTEM SA
CGM CEGEDIM SA
RIN VILMORIN & CIE SA
FII LISI SA
LSS LECTRA SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
PGS PGS ASA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
COFB COFINIMMO SA
SAVE SAVENCIA SA
FIE FIELMANN AG
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
RENE REDES ENERGETICAS NACIONAIS SA
SPIE SPIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
XFAB X-FAB SILICON FOUNDRIES SE
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
WAVE WAVESTONE SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
ALHRS HYDROGEN REFUELING SOLUTIONS
BLV BELIEVE SA
- Emira Sagaama
- Jean Danjou
- Oliver Metzger
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
OSE OSE IMMUNOTHERAPEUTICS SA
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
ASY ASSYSTEM SA
CGM CEGEDIM SA
RIN VILMORIN & CIE SA
FII LISI SA
LSS LECTRA SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
PGS PGS ASA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
COFB COFINIMMO SA
SAVE SAVENCIA SA
FIE FIELMANN AG
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
RENE REDES ENERGETICAS NACIONAIS SA
SPIE SPIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
XFAB X-FAB SILICON FOUNDRIES SE
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
WAVE WAVESTONE SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
ALHRS HYDROGEN REFUELING SOLUTIONS
BLV BELIEVE SA
- Luis de Toledo Heras
Iberpapel : Q1 2023 results in line with estimates, value creation pot...
>Results in line with estimates in a deteriorating environment for paper and continued challenging conditions for cogeneration - Iberpapel results were in line with our implied estimates (annual EBITDA of € 33m) with weaker revenues on lower volumes in Paper and Electricity. Paper sales (88% of total) grew by +18% despite lower volumes due to the resilience of selling prices in a context of weakening demand and rising Asian imports. Electricity sales declined by -72%...
- Anis Zgaya
- Baptiste Salaville
- Charlotte Vaisse
- Louis Boujard
- CFA
- Sinan Doganli
EBRO EBRO FOODS SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
AIXA AIXTRON SE
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
PAT PATRIZIA AG
CIE CIE AUTOMOTIVE S.A.
ASS APPLUS SERVICES S.A.
MEL MELIA HOTELS INTERNATIONAL S.A.
IBG IBERPAPEL GESTION S.A.
FTG111 FLATEXDEGIRO AG
GEST GESTAMP AUTOMOCION S.A.
GRE GRENERGY RENOVABLES
GRP GREENCOAT RENEWABLES
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
HDF HYDROGENE DE FRANCE
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.