reports
- Luis de Toledo Heras
ATO ATOS SE
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
MF WENDEL SE
EXE EXEL INDUSTRIES SA
BIO BB BIOTECH AG
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SWP SWORD GROUP SE
CGM CEGEDIM 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
VID VIDRALA SA
TIETO TIETOEVRY OYJ
VIS VISCOFAN S.A.
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
WAF SILTRONIC AG
LIGHT SIGNIFY NV
NVG NAVIGATOR COMPANY SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
LFDE LA FRANCAISE DE L'ENERGIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
SPM SAIPEM S.P.A.
- Luis de Toledo Heras
ATO ATOS SE
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
MF WENDEL SE
EXE EXEL INDUSTRIES SA
BIO BB BIOTECH AG
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SWP SWORD GROUP SE
CGM CEGEDIM 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
VID VIDRALA SA
TIETO TIETOEVRY OYJ
VIS VISCOFAN S.A.
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
WAF SILTRONIC AG
LIGHT SIGNIFY NV
NVG NAVIGATOR COMPANY SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
LFDE LA FRANCAISE DE L'ENERGIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
SPM SAIPEM S.P.A.
- Nicolas David
Alten : Much more challenging year-end in 2024 because of automotive a...
>Q2 2024 revenues slightly lower than expected due to auto and aerospace - Alten yesterday evening reported Q3 revenues of € 1,009m, stable y-o-y in organic terms, and close to expectations (ODDO BHF: € 1,017m up 0.9%: css: € 1,015m, growth of 0.6%). France still showed a robust performance (+5.9% organic), admittedly helped by a very positive calendar effect. Stripping out the calendar effect, growth was 2.9%, slower than in Q2 (+5.4% organic), penalised by the stron...
- Maxime Dubreil
- Nicolas David
Alten : Fin d’année 2024 nettement plus difficile à cause de l’Auto et...
>CA T3 2024 légèrement inférieur aux attentes à cause de l’Auto et l’Aero - Alten a publié hier soir un CA T3 de 1 009 M€, stable y/y en organique, un chiffre proche des attentes (ODDO BHF : 1 017 M€ en hausse de 0.9% : css : 1 015 M€, en hausse de 0.6%). La France affiche toujours une performance solide (+5.9% org) certes aidée par un effet calendaire très positif. Hors effet calendaire, la croissance est de 2.9%, en ralentissement par rapport auT2 (+5.4% org) pénali...
- Nicolas David
- Nicolas Thorez
ODDO : The sector recovery will be slower than expected in H2 2024 and...
The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefe...
ATO ATOS SE
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
- Nicolas David
- Nicolas Thorez
ODDO : La recovery du secteur sera plus lente qu’attendu au S2 2024 et...
La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissanc...
ATO ATOS SE
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
- 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
- Maxime Dubreil
- Nicolas David
Alten : Greater caution on the auto and aerospace sectors and lack of ...
>H1 results under control in a challenging context - The H1 2024 results published on Thursday evening and detailed on Friday morning contained few surprises after the indications already given at the Q2 sales release in July. The operating margin on activity was down -80bp, with -30bp reflecting the unfavourable calendar effect. The balance mainly reflects the -60bp y-o-y decline in the utilisation rate and (non-billable) investments made to structure the group’s int...
- Nicolas David
Alten : Davantage de prudence concernant les secteurs Auto et Aero et ...
>Résultats S1 sous contrôle dans un contexte difficile - Les résultats S1 2024 publiés jeudi soir et détaillés vendredi matin ont révélé peu de surprises après les indications déjà données lors de la publication du CA T2 en juillet dernier. La marge opérationnelle d’activité est en baisse de 80 pb, dont 30 pb liés à l’effet calendaire défavorable. Le solde est essentiellement lié à la baisse de 60 pb y/y du taux d’utilisation et aux investissements (non facturables) r...
- Damien Choplain
- Marc Lavaud
- Oussema Denguir
- Damien Choplain
- Marc Lavaud
- Oussema Denguir
ODDO BHF Small & MIDCAP MORNING NEWS - 09/20/2024
Tubacex is a solutions provider for the energy and mobility sectors through high value-added products (seamless stainless-steel tubes) and services. It has recently completed a successful transformation which should result in a much more stable results and cash flow profile going forward (EBITDA margin c.15% vs 10-year historical average of 9%) although 2024 will be a transition year ahead of the completion of the ADNOC contract and the closing of Mubadala’s transaction (acquisition o...
- Nicolas David
Alten : H1 2024 results a shade above expectations but adjusted organi...
>H1 margin and FCF a shade above expectations… - Alten reported its H1 2024 results after the close yesterday, after releasing sales figures back in July. Operating profit on activity came to € 177m, down -6% y-o-y and 2% above the consensus expectations (ODDO BHF: € 172m; consensus: € 174m). This implies an operating margin on activity of 8.4%, down -80bp y-o-y and 10bp ahead of expectations (ODDO BHF: 8.1%, consensus: 8.3%). This margin erosion is explained by a low...
- Nicolas David
Alten : Résultats S1 2024 légèrement supérieurs aux attentes mais guid...
>Marge et FCF S1 légèrement au-dessus des attentes … - Alten a publié hier après Bourse ses résultats S1 2024, après avoir déjà annoncé son CA en juillet dernier. Le ROA ressort à 177 M€, en baisse de -6% y/y et 2% supérieur aux attentes du css (ODDO BHF : 172 M€ ; css : 174 M€). Cela implique une MOA de 8.4%, en baisse de -80 pb y/y et 10 pb au-dessus des attentes (ODDO BHF : 8.1% ; css : 8.3%). Cette érosion de marge s’explique par un nombre de jours ouvrés et un ta...
- Delphine Brault
- Quentin Borie
APAML APERAM SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
MF WENDEL SE
INF INFOTEL SA
KCO KLOECKNER & CO SE
NRG NRJ GROUP SA
ATE ALTEN SA
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
BB SOCIETE BIC SA
WIZZ WIZZ AIR HOLDINGS PLC
DEZ DEUTZ AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
DLG DE'LONGHI S.P.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
WLN WORLDLINE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
ALD ALD SA
VOS VOSSLOH AG
ATRY ATRYS HEALTH
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
NEXI NEXI S.P.A.
TE TECHNIP ENERGIES NV
FUR FUGRO NV
- Charlotte Vaisse
- Juan Ros-Padilla
NK IMERYS SA
NXI NEXITY SA CLASS A
NTG NETGEM SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
ALTA ALTAREA SCA
ATE ALTEN SA
MBB MBB INDUSTRIES SE
BIG BIGBEN INTERACTIVE SA
FAE FAES FARMA S.A.
ECV ENCAVIS AG
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AED AEDIFICA SA
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
CGG CGG
TKWY JUST EAT TAKEAWAY.COM N.V.
TMV TEAMVIEWER AG
VRLA VERALLIA SAS
NACON NACON SASU
ZEL PHARMA MAR SA
AG1 AUTO1 GROUP
EBUS EBUSCO HLDG NV
AELIS AELIS FARMA SA
EAPI EUROAPI
BRE BREMBO S.P.A.
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
ELIS ELIS SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
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