reports
- Jerôme Bodin
PBB DEUTSCHE PFANDBRIEFBANK AG
STF STEF
DEC JCDECAUX SA
SWP SWORD GROUP SE
PSM PROSIEBENSAT.1 MEDIA SE
ALLAN LANSON-BCC
SAVE SAVENCIA SA
MCPHY MCPHY ENERGY SA
ARG ARGAN SA
RENE REDES ENERGETICAS NACIONAIS SA
SPIE SPIE SA
RUI RUBIS SCA
AEIN ALLGEIER HOLDING AG
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Jerôme Bodin
PBB DEUTSCHE PFANDBRIEFBANK AG
STF STEF
DEC JCDECAUX SA
SWP SWORD GROUP SE
PSM PROSIEBENSAT.1 MEDIA SE
ALLAN LANSON-BCC
SAVE SAVENCIA SA
MCPHY MCPHY ENERGY SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ARG ARGAN SA
RENE REDES ENERGETICAS NACIONAIS SA
SPIE SPIE SA
RUI RUBIS SCA
AEIN ALLGEIER HOLDING AG
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Fatma Agnès Hamdani
Lanson-BCC : 2023 earnings far above our forecasts thanks to a strong ...
>2023 underlying operating profit up 17% at € 58.8m, with a margin up 420bp at 21.6% - Based on already-published sales of € 271.1m (-6.1%), 2023 underlying operating profit was up 17% at € 58.8m, better than expected (€ 48.8m est.). The operating margin was up 420bp at 21.6%. Contrary to our forecasts, the increase in the price mix of 11.6% and the tight control of structural costs help to attenuate inflation in production costs. The deterioration in the mix in H2 re...
- Fatma Agnès Hamdani
Lanson-BCC : Résultats 2023 largement supérieurs à nos attentes grâce ...
>Un ROC 2023 en croissance de 17% à 58.8 M€ avec une marge en hausse de 420 pb à 21.6% - Sur la base d’un CA 2023 déjà publié de 271.7 M€ (-6.1%), le ROC 2023 ressort en croissance de 17% à 58.8 M€, soit bien mieux qu’escompté (48.8 M€e) ; La marge opérationnelle progresse de 420 pb à 21.6%. Contrairement à nos attentes, la hausse du mix prix de 11.6% et la bonne maitrise des charges de structure permettent de pondérer les inflations de coûts production. La dégradatio...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 01/26/2024
Although Argentina was only an anecdotal factor in Puma's profit warning, it has rekindled investors' questions about the impact of the peso's (official) depreciation following the election of Javier Milei last November. Here we recap on the risks faced by the twenty or so companies and sectors with a presence in Argentina within our universe of coverage. While the potential impact is marginal in most cases, it is more significant for: Prosegur, Prosegur Cash, Tenaris, Verallia, Save...
DEC JCDECAUX SA
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
MRN MERSEN SA
MTU MANITOU BF SA
GLO GL EVENTS SA
ATE ALTEN SA
ALLAN LANSON-BCC
PNL POSTNL NV
WIZZ WIZZ AIR HOLDINGS PLC
DLG DE'LONGHI S.P.A.
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
LIGHT SIGNIFY NV
RBO ROCHE BOBOIS INTERNATIONAL SAS
BAR BARCO NV
AERO MONTANA AEROSPACE AG
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 26/01/2024
Même si l’Argentine n’est qu’un élément accessoire du profit warning de Puma, il a ravivé les interrogations des investisseurs sur l’impact de la dépréciation du peso (officiel) à la suite de l’élection de Javier Milei en novembre dernier. Nous revenons ici sur les risques encourus par la vingtaine de sociétés et secteurs ayant une présence en Argentine au sein de notre univers de couverture. Si l’impact potentiel est le plus souvent marginal, il est plus matériel chez : Prosegur, Pro...
DEC JCDECAUX SA
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
MRN MERSEN SA
MTU MANITOU BF SA
GLO GL EVENTS SA
ATE ALTEN SA
ALLAN LANSON-BCC
PNL POSTNL NV
WIZZ WIZZ AIR HOLDINGS PLC
DLG DE'LONGHI S.P.A.
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
LIGHT SIGNIFY NV
RBO ROCHE BOBOIS INTERNATIONAL SAS
BAR BARCO NV
AERO MONTANA AEROSPACE AG
- Fatma Agnès Hamdani
Lanson-BCC : 2023 sales down by a bit less than expected
>2023 sales down 6.1% to € 271.7m vs € 266.9m est. - Lanson-BCC yesterday reported 2023 sales down 6.1% to € 271.7m, or 1.8% above our estimate of € 266.9m. Excluding brokerage activities, sales were down 5.8% to € 266.4m. As expected, sales in France were down 5.4% due mainly to the elimination of an entry-price range at Champagne Chanoine Frères. Export sales were down 6.1% reflecting overstocking at clients, notably in the US and Australia. This fall in export vol...
- Fatma Agnès Hamdani
Lanson-BCC : Le CA 2023 baisse un peu moins que prévu
>CA 2023 en retrait de 6.1% à 271.7 M€ vs 266.9 M€e - Lanson-BCC a publié hier un CA 2023 en baisse de 6.1% à 271.7 M€, soit un 1.8% au-dessus de notre estimation de 266.9 M€. Hors activités de courtage, les ventes reculent de 5.8% à 266.4 M€. Comme attendu, le CA France baisse de 5.4% en raison principalement de la suppression d’une gamme peu valorisée du Champagne Chanoines Frères. Les ventes à l’export se replient de 6.1% en lien avec les surstockages chez les cli...
- Martial Descoutures
- Oussema Denguir
ODDO BHF Small & MIDCAP MORNING NEWS - 01/12/2024 Date Performance sin...
We host our 27th ODDO BHF Forum in Lyon in 11th and 12th January 2024 and virtually 15th and 16th January 2024. In total, 335 companies will be presenting. In the following note, we provide some initial feedback of the company on day 1. - ...
- Martial Descoutures
- Oussema Denguir
ODDO BHF Small & MIDCAP MORNING NEWS - 12/01/2024 Date Performance dep...
We host our 27th ODDO BHF Forum in Lyon in 11th and 12th January 2024 and virtually 15th and 16th January 2024. In total, 335 companies will be presenting. In the following note, we provide some initial feedback of the company on day 1. - ...
- Fatma Agnès Hamdani
Lanson-BCC : 2023 expected to be down, penalised by the sharp fall in ...
>A decline in the champagne market after two years of growth - At end-November and over 12 rolling months, champagne shipments were down by 9.2% to 301.4m bottles. Shipments from the champagne houses were down 9.9% with those of cooperatives down 15%. By region, volumes shipped were down by 10% in France and 8.7% for the export market. After a two-year period of euphoria in the market following the pandemic, consumption slowed in an inflationary context. Surplus stock...
- Fatma Agnès Hamdani
Lanson-BCC : Une année 2023 attendu en retrait, pénalisée par la chute...
>Un marché du champagne en recul après deux années d’embellie - A fin novembre et sur 12 mois glissants, les expéditions de champagnes sont en déclin de 9.2% à 301.4 millions de bouteilles. Les expéditions des maisons sont en retrait de 9.9% et celles des coopératives de 15%. Par géographies, les volumes expédiées chutent de 10% en France et de 8.7% à l’export. Après deux années d’euphorie sur le marché post pandémie, la consommation a ralenti dans un contexte inflati...
- Charlotte Vaisse
ODDO BHF Small & MIDCAP MORNING NEWS - 09/11/2023
At the 14th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic slowdown in parts of the world and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Energy-intensive sectors remain concerned about German energy cost levels. Destocking of high inventory levels is gradually fading as supply chains normalise. Hen...
AMS AMS AG
WHA WERELDHAVE N.V.
ALLAN LANSON-BCC
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
LTA ALTAMIR ACT PORTEUR
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
TFF TFF GROUP
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
TMV TEAMVIEWER AG
- Charlotte Vaisse
ODDO BHF Small & MIDCAP MORNING NEWS - 11/09/2023
At the 14th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic slowdown in parts of the world and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Energy-intensive sectors remain concerned about German energy cost levels. Destocking of high inventory levels is gradually fading as supply chains normalise. Hen...
AMS AMS AG
WHA WERELDHAVE N.V.
ALLAN LANSON-BCC
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
LTA ALTAMIR ACT PORTEUR
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
TFF TFF GROUP
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
TMV TEAMVIEWER AG
- Fatma Agnès Hamdani
Lanson-BCC : Strong earnings growth in H1 despite the fall in sales
>Sharp fall in volumes. H1 sales down 5.2% (vs -2.6%e) to € 109.1m - Lanson-BCC reported its H1 results on Friday evening. Sales came to € 109.1m, down 5.2% and slightly short of our expectation (€ 112m est.). Adjusted for brokerage activities, champagne sales amounted to € 107.2m, down 4.4% on a high base of comparison (H1 2022 +15%). The fall in volumes (>10%e), which was much bigger than the drop in shipments in the first half (-4.7% according to the champagne trad...
- Fatma Agnès Hamdani
Lanson-BCC : Forte progression des résultats au S1 malgré le recul des...
>Baisse importante des volumes. Le CA S1 décroît de 5.2% (vs-2.6%e) à 109.1 M€ - Lanson-BCC a publié vendredi soir ses résultats du S1. Le CA ressort à 109.1 M€, en recul de 5.2% et un peu en dessous de nos attentes (112 M€e). Retraité des activités de courtage le CA champagne s’élève à 107.2 M€, en retrait de 4.4% sur une base de comparaison élevée (S1 2022 +15%). La baisse des volumes (> 10%e) bien au-delà de l’évolution des expéditions sur le semestre (-4.7% selon ...
- Damien Choplain
- Emmanuel Matot
- Oussema Denguir
ODDO BHF Small & MIDCAP MORNING NEWS - 25/05/2023 Date Performance dep...
Le 15 & 16 mai, notre forum Sustainability réunissait 41 sociétés. Cette année, nous avons perçu un lien resserré entre politiques RSE et modèles d’affaires, pour une intégration de la durabilité à 360°. Nous privilégions 9 valeurs conjuguant positionnement différenciant et dynamique RSE positive (GSK, Veolia, SPIE, Mersen, Bureau Veritas, Voltalia, Iberdrola, Forsee Power et Carbios), et retenons 2 « ESG Improvers » à suivre (Renault, Umicore). - ...
DBG DERICHEBOURG SA
FGA FIGEAC AERO SA
NTG NETGEM SA
BOLS LUCAS BOLS NV
ALLAN LANSON-BCC
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
EDR EDREAMS ODIGEO SA
NFN NFON AG
WOLF SOCIETE LDC SOCIETE ANONYME
GRE GRENERGY RENOVABLES
FAST FASTNED
MFEB MEDIASET NV
BAI BENEVOLENTAI
- Damien Choplain
- Emmanuel Matot
- Oussema Denguir
ODDO BHF Small & MIDCAP MORNING NEWS - 05/25/2023 Date Performance sin...
On 15 and 16 May, our Sustainability Forum brought together 41 companies. This year, we noted a closer connection between CSR policies and business models, for an all-round integration of sustainability. We prefer nine names combining differentiating positioning and positive CSR momentum (GSK, Veolia, SPIE, Mersen, Bureau Veritas, Voltalia, Iberdrola, Forsee Power and Carbios) and highlight two ESG improvers to watch (Renault, Umicore). - ...
DBG DERICHEBOURG SA
FGA FIGEAC AERO SA
NTG NETGEM SA
BOLS LUCAS BOLS NV
ALLAN LANSON-BCC
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
EDR EDREAMS ODIGEO SA
NFN NFON AG
WOLF SOCIETE LDC SOCIETE ANONYME
GRE GRENERGY RENOVABLES
FAST FASTNED
RWI RENEWI PLC
MFEB MEDIASET NV
BAI BENEVOLENTAI
- Fatma Agnès Hamdani
Lanson-BCC : Value strategy still on track for all the maisons
>Feedback from our visit to the Lanson and Chanoine Frères maisons in Reims - Lanson BCC recently organised a visit to its Lanson and Chanoine Frères champagne maisons in Reims. We were able to visit part of the cellars (7km long) of the main Lanson maison where the wines are aged for a minimum of 4 years and which house 20 vintages produced since 1904 (some of which are not commercialised). At the Chanoine Frères maison we toured an ultra-modern, above-ground 6-hecta...
- Fatma Agnès Hamdani
Lanson-BCC : Cap maintenu sur la stratégie de valeur pour l’ensemble d...
>Feedback de notre visite à Reims chez les maisons Lanson et Chanoines frères - Lanson BCC a organisé dernièrement une visite à Reims de ses maisons Lanson et Chanoine Frères. Nous avons pu visiter une partie des caves (longues de 7km) de la principale maison Lanson où les vins sont vieillis au minimum 4ans et où reposent notamment 20 millésimes produits depuis 1904 (dont certains ne sont pas commercialisés). A la maison Chanoine Frères, nous avons pu découvrir un sit...
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