SSAB AB: 2 directors

Two Directors at SSAB AB bought 15,813 shares at between 60.100SEK and 61.060SEK. The significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last t...

Banco Sabadell : Q1 2024 suggests a more favourable-than-expected traj...

>Neutral rating reiterated – target price raised to € 1.70 (vs € 1.50) - Q1 2024 was another solid quarter (on the operating front as well as in terms of asset quality, capital, liquidity) and confirms the favourable trend related to the transformation plan (costs, etc.) to a contained CoR, in addition to momentum on NII that was better than initially expected. The group confirms most of its guidance, slightly improves RoTE's guidance while providing further clarific...

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. - ...

Banco Sabadell : Le T1 2024 suggère une trajectoire plus favorable qu’...

>Opinion Neutre réitérée – OC porté à 1.70 € (vs 1.50 €) - Le T1 2024 ressort de nouveau solide (opérationnel, qualité d’actifs, capital, liquidité) et confirme l’orientation favorable associé au plan de transformation (coûts…) et à un CdR contenu ainsi qu’à une dynamique meilleure qu’initialement prévu sur les NII. Le groupe confirme l'essentiel de ses guidances, par ailleurs améliore un peu celle de RoTE tout en apportant plus de précision sur les NII et délivre un ...

Credit Morning 04/26/2024

Ardagh reports very weak Q1 2024 results, confirms guidance and gives details about Apollo deal>...

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. - ...

Morning Crédit 26/04/2024

Ardagh publie un T1 2024 très faible, confirme sa guidance et donne quelques détails sur le deal avec Apollo>...

STEF : Resilient start to the year in an ongoing challenging climate

>Q1 sales of € 1,139m (vs. estimate of € 1,150.1m), up 5.7% or +0.7% lfl - STEF yesterday reported Q1 sales of € 1,139m, up 5.7% or +0.7% like-for-like, close to our estimate of 6.7% growth to € 1,150.1m, reflecting strong resilience despite the slowdown in consumer spending on food in France.Solid momentum supported by international operations - Sales in France (approx. 60% of Q1 sales) remained more or less stable at € 576.7m (vs. estimate of € 585m...

Cegedim : Satisfactory Q1, guidance reiterated

>Q1 sales up organically by 6% - For Q1 2024, Cegedim published yesterday evening sales of € 155.9m, up 6.9% including +6% organically, +0.7% scope effect linked to the acquisition of Visiodent (1 March 2024) and +0.2% in currency effect. All divisions have contributed to this growth except the Software & Services activity. Note that the Cegedim Outsourcing, Audiprint and BSV activities (integrated respectively into the Software & Services and Flows divisions) have b...

Signify : Weak first quarter, but momentum picking up.

>A weak first quarter - The company is in the process of restructuring its internal business lines / reporting and hence we only have results on group level and limited disclosure on business unit level for this quarter as previously announced. Group revenues fell 4,9% short of expectations as the comparable sales growth (CSG) came in at minus 10,1% vs minus 7,3% expected. On a sequential basis CSG in Professional deteriorated from -2,9% in 4Q23 to -7,6% in 1Q24, larg...

Cegedim : Un T1 correct, guidance réitérée

>CA T1 en hausse organique de 6% - Au titre du T1 2024, Cegedim a publié hier soir un CA de 155.9 M€ en hausse de 6.9% dont +6% en organique, +0.7% d’effet périmètre lié à l’acquisition de Visiodent (1er mars 2024) et +0.2% d’effet devises. Toutes les divisions contribuent à cette croissance sauf l’activité Logiciels & Services. Notons que les activités Cegedim Outsourcing, Audiprint et BSV (intégrées respectivement dans les divisions Logiciels & Services et Flux) on...

Alten : Q1 2024 revenue below expectations. Less optimistic outlook fo...

>Q1 organic growth below expectations - Alten yesterday reported Q1 revenue of € 1,067m, with organic growth of 0.8%, below expectations (ODDO BHF: 3.1% organic; consensus: 2.3% organic; Q4: 5.8% organic). The performance was again driven by France, which posted organic growth of 6.0% (ODDO BHF: 8.0% organic), albeit at a much slower pace than in Q4 (11.3% organic). The performance was driven by the Aero, Defence, Automotive and Energy sectors, while Retail and Bank,...

Corbion N.V. : Decent sales/EBITDA; € 0.10 special dividend and € 20m ...

>EBITDA in line with estimates; € 0.10 special dividend; € 20m share buyback - Corbion reported net sales of € 301m and adjusted EBITDA of € 41.4m in its core operations in Q1 2024. Our forecasts were € 306m and € 41m, respectively. Consensus was at € 309m and € 40m, respectively. Sales from the PLA joint venture amounted to € 31.6m and adjusted EBITDA came in at € 4.9m, both higher than our forecasts (€ 29.6m and € 4.7m, respectively) and consensus (€ 28.6m and € 4.6...

Manitou : Start to the year in line with full-year guidance

>Only slight growth in Q1 sales – disappointment in the US - Manitou has reported Q1 2024 sales up 3% to € 685m, below our forecast for € 750m and a sharp slowdown relative to 2023 (+22%). Europe and Asia-Pacific were in the green (+6% for the two regions – European markets more dynamic than expected by management), whereas the Americas were in decline (-9% - North American market affected by increasing customer wait-and-see attitudes and a very gradual ramp-up...

INVEST SECURITIES - ALTEN : Pas de drame mais pas de signes de reprise...

Benelux Morning Notes

Basic-Fit: 1Q24 update in line, FY24 outlook in line with consensus at mid-point. bpost: Agreement on Flemish newspaper delivery; risk of provisions largely removed. Cofinimmo: Q1 results in line. Corbion: Tail wags the dog. IMCD: The last hurdle was a harsh clip. Proximus: Strong start to the year, guidance unchanged ahead of Digi arrival. Recticel: Kingspan 1Q24 trading update. Signify: 1Q24 results; revenue decline accelerates. Umicore: Confirms FY 2024 EBITDA guidance range. ...

STEF : Un début d’année résilient face à un contexte toujours challeng...

>CA T1 de 1139 M€ (vs 1150.1 M€e) en hausse de 5.7% (+0.7% lfl) - STEF a publié hier son CA T1 qui est ressorti à 1 139 M€ en hausse de 5.7% (+0.7% lfl) proche de notre attente de 1150.1 M€e (+6.7%e) reflétant une bonne résilience de l’activité face à un ralentissement de la consommation alimentaire en France.Une dynamique solide soutenue par le déploiement à l’international - La France (~60% du CA T1) enregistre un CA quasiment stable à 576.7 M€ (vs ...

Morning Notes : BFIT NA, BPOST BB, COFB BB, CRBN NA, MTLS US, PROX BB,...

: BFIT NA, BPOST BB, COFB BB, CRBN NA, MTLS US, PROX BB, UMI BB, XFAB FP, XIOR BB, IMCD NA

Greencoat Renewables : NAV stable in Q1 and a share buyback programme ...

>NAV at € 1.116, practically stable vs end-December - Net Asset Value (NAV) came to € 1,274m, i.e. € 1.116 per share, in line with our forecast of € 1.11. It was therefore stable compared with end-December (€ 1.121) despite lower short-term power prices, offset by a rising long-term power price curve. Note that net operating cash-flow reached € 72.8m in Q1 despite generation coming out 12% below budget, largely thanks to capacity growth. The group’s net debt stood at...