reports
- Andreas Riemann
- Jean Danjou
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 03/28/2024
With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a substantia...
OSE OSE IMMUNOTHERAPEUTICS SA
ZIL2 ELRINGKLINGER AG
SBS STRATEC SE
F3C SFC ENERGY AG
HCO HIGHCO SA
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
LNA LNA SANTE SA
TRI TRIGANO SA
BCP BANCO COMERCIAL PORTUGUES S.A.
QDT QUADIENT SA
SESL SES-IMAGOTAG SA
BEZ BERENTZEN GRUPPE
ALBFR SIDETRADE SA
SMHN SUESS MICROTEC AG
JUN3 JUNGHEINRICH AG PREF
S92 SMA SOLAR TECHNOLOGY AG
RBO ROCHE BOBOIS INTERNATIONAL SAS
JEN JENOPTIK AG
KTA KNAUS TABBERT
INPST INPOST S.A.
MRX MISTER SPEX SE
LHYFE LHYFE S.A.
- Andreas Riemann
- Jean Danjou
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 28/03/2024
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la Chin...
OSE OSE IMMUNOTHERAPEUTICS SA
ZIL2 ELRINGKLINGER AG
SBS STRATEC SE
TNG TRANSGENE SA
F3C SFC ENERGY AG
HCO HIGHCO SA
CGM CEGEDIM SA
NTG NETGEM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
LNA LNA SANTE SA
TRI TRIGANO SA
BCP BANCO COMERCIAL PORTUGUES S.A.
QDT QUADIENT SA
SESL SES-IMAGOTAG SA
BEZ BERENTZEN GRUPPE
ALBFR SIDETRADE SA
SMHN SUESS MICROTEC AG
JUN3 JUNGHEINRICH AG PREF
S92 SMA SOLAR TECHNOLOGY AG
RBO ROCHE BOBOIS INTERNATIONAL SAS
JEN JENOPTIK AG
KTA KNAUS TABBERT
INPST INPOST S.A.
MRX MISTER SPEX SE
LHYFE LHYFE S.A.
- Fabian Semon
Jungheinrich AG : Q4 23 EBIT 11% below consensus & b-t-b remained subd...
>Weak profitability in Q4 (EBIT margin -2.8pp y-o-y) & less order intake momentum compared to KION - Jungheinrich reported a Q4 2023 order intake increase of 14% y-o-y to € 1,365m (o/w € 30m from SSI), which is 3% above the consensus estimate of € 1,320m but compares to reported 29% y-o-y increase at KION's ITS division in Q4 2023. Revenues increased by 12% y-o-y to € 1,526m (cons. € 1,379m) in Q4 2023. In FY 2023, 20% of sales were achieved outside of Europe, fuell...
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 30/01/2024 Date Performance dep...
A date, il nous semble un peu tôt pour pleinement repondérer les Midcaps en raison du timing de la baisse des taux que nos économistes/stratégistes situent à mi-2024, mais : i/ les valorisations (PE 24e : 12,5x - VE/EBITDA 24e : 6,3x) offrent, ponctuellement au moins, des opportunités (décote proche de 30% par rapport aux Large caps), ii/ la croissance attendue est de ~4% (CA 24e) et 8% sur l’EBITDA 24e, iii/ l’approche de la détente des taux amorce un changement dans la perception gé...
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 01/30/2024 Date Performance sin...
To date, we believe it is a bit early to fully reweight midcaps due to the timing of the interest rate cut which our economists/strategists are expecting in mid-2024, but: i/ valuations (P/E 2024e: 12.5x - 2024e EV/EBITDA: 6.3x) offer, at least occasionally, a number of opportunities (discount close to 30% compared to large caps), ii/ expected growth is at ~4% (2024e sales) and 8% in 2024e EBITDA and iii/ the approach of easing interest rates initiates a change in the general risk per...
- Fabian Semon
Jungheinrich AG : We switch places – Higher order intake growth, EBIT ...
>Structural (e.g. automated warehouse recovery) and organic (e.g. China volumes) growth drivers to favour KGX over JUN3 - We expect only limited impetus for Jungheinrich in FY 2024, based on: 1/ low regional diversification, 2/ limited organic volume growth potential (ODDO BHFe: +3% y-o-y) in industrial truck orders, 3/ good market prospects, especially for counterbalance trucks (JUN3: only ~15% exposure in FY 23e) and 4/ new product introductions (e.g. cubic storage ...
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 10/11/2023
La saison des résultats du T3, qui a vu se succéder de vives sanctions pour les titres qui décevaient les attentes, n’a pourtant jusqu’à présent occasionné qu’une modeste révision baissière du consensus. Les BPA 2023 sont désormais attendus en baisse de 1,1% vs 2022, avec bien entendu des divergences sectorielles importantes. C’est toutefois la baisse des taux, intervenue depuis fin septembre, qui a davantage drivé les performances boursières, à l’instar de la Technology et des Consum...
PROX PROXIMUS SA DE DROIT PUBLIC
APAML APERAM SA
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
DEC JCDECAUX SA
TNET TELENET GROUP HOLDING NV
INTO INTERVEST OFFICES & WAREHOUSES SA
GAMA GAMMA COMMUNICATIONS
VLS VALNEVA SE
MRN MERSEN SA
WIZZ WIZZ AIR HOLDINGS PLC
DTE DEUTSCHE TELEKOM AG
FIE FIELMANN AG
WIE WIENERBERGER AG
SAX STROEER SE & CO. KGAA
BPOST BPOST SA
TIT TELECOM ITALIA S.P.A.
LTA ALTAMIR ACT PORTEUR
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
SIFG SIF HOLDING NV
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
SAE SHOP APOTHEKE EUROPE NV
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
S92 SMA SOLAR TECHNOLOGY AG
TITC TITAN CEMENT INTERNATIONAL N.V.
COP COMPUGROUP MEDICAL SE & CO. KGAA
MRX MISTER SPEX SE
RWI RENEWI PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
STM STABILUS SE
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2023
The Q3 earnings season, which has seen stocks that have disappointed expectations take a severe pounding, has thus far resulted in only a modest downward revision to the consensus. EPS for 2023 are now expected to be down -1.1% vs 2022, with of course significant divergences between sectors. However, it is the fall in interest rates since the end of September that has driven stock market performances the most, with technology and consumer products & services (including luxury goods) r...
PROX PROXIMUS SA DE DROIT PUBLIC
APAML APERAM SA
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
DEC JCDECAUX SA
TNET TELENET GROUP HOLDING NV
INTO INTERVEST OFFICES & WAREHOUSES SA
GAMA GAMMA COMMUNICATIONS
VLS VALNEVA SE
MRN MERSEN SA
WIZZ WIZZ AIR HOLDINGS PLC
DTE DEUTSCHE TELEKOM AG
FIE FIELMANN AG
WIE WIENERBERGER AG
SAX STROEER SE & CO. KGAA
BPOST BPOST SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
LTA ALTAMIR ACT PORTEUR
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
SIFG SIF HOLDING NV
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
SAE SHOP APOTHEKE EUROPE NV
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
S92 SMA SOLAR TECHNOLOGY AG
TITC TITAN CEMENT INTERNATIONAL N.V.
COP COMPUGROUP MEDICAL SE & CO. KGAA
MRX MISTER SPEX SE
RWI RENEWI PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
STM STABILUS SE
- Fabian Semon
Jungheinrich AG : Q3 23 order intake/EBIT 3% below consensus, lower b-...
>Q3 2023 EBIT showed resilience (-1% y-o-y), confirming the success of measures to safeguard profitability - Jungheinrich reported Q3 23 order intake up 5% y-o-y to € 1,189m (o/w € 38m from SSI), 3% below the consensus estimate of € 1,225m, but this compares to a reported -8% y-o-y decline at KION's ITS segment in Q3 2023. Revenues increased by 14% y-o-y to € 1,362m (cons € 1,318m) in Q3 2023 fuelled by supply chain normalisation and new business including a € 67m con...
- Anthony Dick
- Michael Foundoukidis
- Anthony Dick
- Michael Foundoukidis
- Fabian Semon
Jungheinrich AG : Typical conservative communication, resilient order ...
>Q2 wrap-up: Q2 2023 EBIT up 38% y-o-y, yielding an EBIT margin of 8.5% - Jungheinrich reported a Q2 2023 order intake increase of 18% y-o-y to € 1,334m (o/w € 89m from SSI) not indicating the expected sequential normalisation vs strong Q1 level of € 1.35bn. Revenues were driven by 1/ new business incl. storage solutions (€ 69m) and 2/ procurement risk management to safeguard production. Fears that JUN3 might see a deterioration of b-t-b ratio far below 1.0x are expec...
- Aurelien Sivignon
- Aurelien Sivignon
- Fabian Semon
Jungheinrich AG : Q2 2023 EBIT 5% below cons. (on higher costs and des...
>Q2 order intake 4% ahead of cons., B2B remains resilient (i.e. close to 1.0x), Q2 EBIT negatively affected by higher costs - Jungheinrich reported an Q2 2023 order intake increase of 18% y-o-y to € 1,334m (o/w € 89m from SSI) not indicating the expected sequential normalisation vs the strong Q1 level of € 1.35bn and leaving the consensus estimate (€ 1,282m) 4% behind. Revenues increased by 20% y-o-y to € 1,367m (cons. € 1,317m) in Q2 2023, fuelled by: 1/ new busines...
- Eric Wilmer
- Salome Charamalet
ODDO BHF Small & MIDCAP MORNING NEWS - 25/04/2023
En dépit d’un parcours boursier déjà flatteur YTD, le titre Millennium BCP offre encore un potentiel important de rerating au cours actuel (+30% à notre nouvel OC de 0.30 €). Celui-ci devrait s’appuyer sur des perspectives de redressement significatif de l’opérationnel, encore mal identifiées, alors que les headwinds en Pologne (non structurels) devraient s’estomper à MT, nous conduisant à relever nos prévisions 2023/25 de 4%. - ...
EXE EXEL INDUSTRIES SA
BIG BIGBEN INTERACTIVE SA
ORDI ORDINA N.V.
COK CANCOM SE
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
MMT METROPOLE TELEVISION SA
BPOST BPOST SA
JUN3 JUNGHEINRICH AG PREF
PWG PRODWAYS GROUP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
NACON NACON SASU
CABKA CABKA N.V.
TUI TUI AG
- Eric Wilmer
- Salome Charamalet
ODDO BHF Small & MIDCAP MORNING NEWS - 04/25/2023
Despite an already positive performance YTD, Millennium BCP still offers significant upside at current levels (+30% at our target price of € 0.30). The stock will likely continue to benefit from the prospect of a substantial operating recovery, which has yet to be properly priced in, while the headwinds in Poland (not structural) are set to ease in the medium term. This prompts us to upgrade our 2023-2025 forecasts by 4%. - ...
EXE EXEL INDUSTRIES SA
BIG BIGBEN INTERACTIVE SA
ORDI ORDINA N.V.
COK CANCOM SE
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
MMT METROPOLE TELEVISION SA
BPOST BPOST SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
JUN3 JUNGHEINRICH AG PREF
PWG PRODWAYS GROUP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
NACON NACON SASU
CABKA CABKA N.V.
TUI TUI AG
- Fabian Semon
Jungheinrich AG : Preliminary Q1 EBIT >50% above consensus, FY 2023 EB...
>Q1 2023 EBIT 54% ahead of consensus (incl. € 9m adverse SSI effect), we already pointed in this direction after promising ITS segment prelims of KGX - Based on preliminary Q1 2023 results, JUN3 expects order intake of € 1.35bn (i.e. up 1% y-o-y), while revenues are expected come in at a level of € 1.29bn (up 21% y-o-y, cons € 1.1bn). In combination with expected EBIT of € 120m, this yields an extraordinary strong EBIT margin of 9.3% (up 2pp y-o-y) and beating EBIT co...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 04/04/2023 Date Performance sin...
In a market that is still recovering from stress on the banking sector, we have carried out a quantitative screening of the Stoxx 600, identifying 57 stocks that are most immune to the risk of a slowdown and an increase in the cost of credit for companies and households. Our research department analysts have Outperform ratings on 15 of those stocks. They are: “defensives” (Dassault Aviation), “balanced” (Volkswagen, Stellantis, Wacker Chemie, K+S AG, Solvay, Arkema Total Energies, Rep...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 04/04/2023 Date Performance dep...
Dans un marché qui reste convalescent des stress sur le secteur bancaire, nous avons réalisé, au sein du Stoxx 600, un screening quantitatif permettant d’identifier 57 valeurs les plus immunes au risque d’un ralentissement et d’un renchérissement du crédit aux entreprises et aux ménages. Parmi celles-ci, 15 valeurs bénéficient d’une opinion « Surperformance » par les analystes de notre bureau d’étude : « défensives » (Dassault Aviation), « équilibrées » (Volkswagen, Stellantis, Wacker...
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