reports
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Healthcare Research
- Morten Larsen
- Rune Majlund Dahl
GN Group (Buy, TP: DKK250.00) - Gaining confidence in management
The Q1 results beat our expectations and consensus, with c5% organic growth and a 12.5% EBITA margin, driven by the Hearing division, while Enterprise and Gaming & Consumer saw c0% organic revenue growth in still-muted markets. The 2024 guidance was maintained for organic sales growth of 2–8%, an EBITA margin of 12–14%, and FCF of >DKK700m. At the upcoming CMD, we expect focus to be on One-GN and market outlook. We reiterate our BUY, and have raised our target price to DKK250 (230).
- Konrad Zomer
- Thomas Zlowodzki
LHA DEUTSCHE LUFTHANSA AG
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
DBK DEUTSCHE BANK AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
RXL REXEL SA
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
RAA RATIONAL AG
AENA AENA SME SA
CABK CAIXABANK SA
WLN WORLDLINE SA
INGA ING GROEP NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
NOVO B NOVO NORDISK A/S
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2024
We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...
LHA DEUTSCHE LUFTHANSA AG
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
DBK DEUTSCHE BANK AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
RXL REXEL SA
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
RAA RATIONAL AG
AENA AENA SME SA
CABK CAIXABANK SA
WLN WORLDLINE SA
INGA ING GROEP NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
NOVO B NOVO NORDISK A/S
- Oliver Metzger
GN Store Nord : Strong hearing aid business, stabilisation at Enterpri...
>Q1 review – Strong beat on bottom line - GN Store Nord achieved Q1 revenues of DKK 4,303m (+2.1% y-o-y, 0%/+1% vs ODDO BHF/consensus). Q1 adj. EBITA reached DKK 538m (+218% y-o-y, margin 12.5%), which was a strong beat by 35% of our estimates and by 32% vs consensus. EPS reached DKK 1.74 (vs DKK 0.87/0.85 expected). The 2024 guidance is confirmed.GN Hearing - Excellent organic growth on new Nexia platform - GN Hearing’s Q1 revenues of DKK 1,737m (+7....
- ABGSC Healthcare Research
- Morten Larsen
Interim Report Q1 2024: GN Store Nord delivered organic revenue growth...
Interim Report Q1 2024: GN Store Nord delivered organic revenue growth of 5% reaching an EBITA margin of 12.5% Highlights GN delivered continued execution across the three divisions resulting in 5% organic revenue growth for the GroupThe Hearing division delivered continued market share gains leading to 14% organic revenue growth, resulting in 8.2 percentage point increase in the divisional profit margin supported by synergies and a successful ReSound Nexia roll-outThe Enterprise division continued its relentless commercial execution in a stabilizing market leading to 0% organic revenue gr...
DSV, 1105 - SHARE BUYBACK IN DSV A/S
DSV, 1105 - SHARE BUYBACK IN DSV A/S Company Announcement No. 1105 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save fo...
- Douglas Lindahl
Hexpol (Hold, TP: SEK140.00) - Smooth operator
Despite weaker organic growth than we had expected, Q1 had strong cost control and solid margins. We have raised our 2024–2026e adj. EBIT by c1% on average, having become more positive on margins. We reiterate our HOLD and SEK140 target price, continuing to see risk/reward as fairly balanced.
- Jacob Berg Nielsen
- ABGSC Shipping & Transport Research
- Peter Sehested
- Rune Majlund Dahl
GN Group (Buy, TP: DKK230.00) - Time to rebuild credibility
We forecast Q1 organic sales growth of 3.0% YOY (consensus 2.8%) and an EBITA margin of 9.7% (consensus 9.6%). We see Hearing as starting well, and despite still-negative growth in Enterprise, we expect unchanged 2024 guidance. The upcoming CMD offers management scope to rebuild credibility, and we expect updated long-term targets to reflect “One-GN”. We reiterate our BUY and have raised our target price to DKK230 (215).
- ABGSC Healthcare Research
- Morten Larsen
- ABGSC Shipping & Transport Research
- Peter Sehested
DSV, 1104 - LAUNCH OF NEW SHARE BUYBACK PROGRAMME ACCORDING TO THE SAF...
DSV, 1104 - LAUNCH OF NEW SHARE BUYBACK PROGRAMME ACCORDING TO THE SAFE HARBOUR METHOD Company Announcement No. 1104 The Board of Directors of DSV A/S has decided to exercise the authority to buy back shares granted by the Annual General Meeting on 14 March 2024. The authority is valid until 14 March 2029 and covers a maximum of 21,400,000 shares. Purpose The purpose of the share buyback is to adjust the capital structure and meet obligations relating to the Group’s share-based incentive programmes. At a General Meeting of DSV A/S, a resolution will be proposed that any shares not ...
DSV, 1103 - INTERIM FINANCIAL REPORT Q1 2024
DSV, 1103 - INTERIM FINANCIAL REPORT Q1 2024 Company Announcement No. 1103 Selected key figures and ratios for the period 1 January – 31 March 2024 Q1 2024Q1 2023Key figures (DKKm) Revenue38,34040,954Gross profit10,26511,391Operating profit (EBIT) before special items3,6414,672Profit for the period2,3933,287Adjusted earnings for the period2,4633,340 Ratios Conversion ratio35.5%41.0%Diluted adjusted earnings per share of DKK 1 for the last 12 months55.376.9 Jens H. Lund, Group CEO: “In a normalising market, we are off to a good start delivering strong financial results in the fi...
- Douglas Lindahl
Hexpol (Hold, TP: SEK140.00) - Still-balanced risk/reward
We estimate Q1 sales of SEK5,483m and adj. EBIT of SEK932m, in line with consensus. We have increased our 2024–2026e adj. EBIT by c1% on average, mainly reflecting updated FX. We reiterate our HOLD, but have raised our target price to SEK140 (130) on updated valuation and estimates.
DSV, 1102 - REDUCTION OF SHARE CAPITAL IN DSV A/S
DSV, 1102 - REDUCTION OF SHARE CAPITAL IN DSV A/S Company Announcement No. 1102 At the Annual General Meeting on 14 March 2024, a decision was passed to reduce the share capital by DKK 5,000,000 by cancelling 5,000,000 treasury shares. No objections to the share capital reduction have been received. Thus, registration of the share capital reduction was made by the Danish Business Authority on 12 April 2024. Following the cancellation of the 5,000,000 shares, the share capital of DSV A/S has a current nominal value of DKK 214,000,000 divided into 214,000,000 shares with a face value of DK...
DSV, 1101 - CONCLUSION OF SHARE BUYBACK PROGRAMME IN DSV A/S
DSV, 1101 - CONCLUSION OF SHARE BUYBACK PROGRAMME IN DSV A/S Company Announcement No. 1101 On 1 February 2024, we initiated a share buyback programme, as described in Company Announcement No. 1087. The share buyback programme announced has now been concluded. The programme has been carried out in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. Trading dayNumber of shares bought back Average transaction priceAmount DKK Ac...
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