ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/06/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/01/2025

Randstad : Tough market conditions still outweigh appealing valuation ...

Benelux Morning Notes

Avantium: Christmas (Round) Robin. dsm-firmenich: A lot of hot air about Bovaer®. Fastned: JV confirmed with Places of London. Shell: JV with Equinor on UKCS. Staffing: Belgium staffing, French govt falls - less growth but fiscal policy less restrictive?

Benelux Morning Notes

ABN AMRO: Reducing footprint of ABF activities should release capital. EVS: Investor day key takeaways. Sofina: Newsflow from China, USA and India. Staffing: Dutch figs Period 11, stable trends in October/early November

Benelux Morning Notes

B&S Group: Strong top line, margin guidance lowered due to high costs. Staffing: France September trend weaker on tough comps, October outlook stable

Randstad/3Q24 beat and outlook provide comfort/BUY

We reiterate our BUY rating and keep our target price of €60.00 post a comforting 3Q24 reporting. Randstad reported a 2% beat on 3Q24F, reiterated to see stable trends through the quarter and into October, has room to manoeuvre on the OPEX to mitigate headwinds in 4Q24 if needed, and sees early cyclical segments still showing the typical cyclical pattern. It thus seems we are at a trough bouncing around a bottom with a recovery in slow-motion while we still lack visibility on a turning point. We...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/22/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/10/2024

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Benelux Morning Notes

Ahold Delhaize: Preview 3Q24 Econocom: 3Q24 impressive sales of 6%, driven by leasing Greenyard: No Fruit Farm? PostNL: Preview 3Q24F; consensus released; (implied) warning? Randstad: 3Q24 beats 2% on lower opex; outlook 4Q24 c.3/4% below consensus; better than expected; nice strategic and accretive acquisition. UCB: Regains all global rights to Bepranemab. Var Energi: Pressure on costs continues. Events Calendar

Morning Notes : RAND NA, UCB BB, ALFEN NA

: RAND NA, UCB BB, ALFEN NA

Randstad : A sound performance in tough market circumstances

>EBITA 2% above consensus, some stabilisation in challenging markets - In Q3, Randstad reported organic revenue growth of -5.9% (consensus: -5.6%, we at -6.6%) with revenues at € 6,015m (css: € 6,002m, we at € 5,834m). Adjusted EBITA declined 28% in Q3 at €196m, which was 2% above consensus at € 192m (we at € 195m). Both the gross margin as well as the adjusted EBITA margin declined 110bps YoY. Temp fees had a 60bps negative impact on the gross margin and perm fees a ...

Randstad Strong cost control, but not enough to compensate weak gross ...

Randstad's 3Q24 results show a significantly weaker gross margin than expected. The company once again demonstrates its strong cost control, though not enough to fully compensate. We adjusted our numbers down last week on the back of weak economic environment, though todays numbers still represent a mis. We reiterate our rating & TP, though note further short-term downside risk if the environment doesn't improve.

Benelux Morning Notes

Basic-Fit: 3Q24 results strong, membership ingrowth ahead, on track to FY24 outlook. BE Semiconductor Industries: 3Q24 preview - a mixed picture. CM.com: 3Q24 trading update – in the right direction. Coca-Cola Europacific Partners PLC: No more pussyFTSEing around. Exor: Once-in-a-decade launch of Ferrari's next flagship supercar. Signify: 3Q24 Preview, prolonged market weakness. Staffing sector: Manpower 3Q24 results a slight miss, 4Q24 outlook weak and well below. WDP: Results in ...

Morning Notes : ASML NA, RAND NA, TKWY NA

: ASML NA, RAND NA, TKWY NA

Randstad Adjusting model for a more subdued market

We have updated our estimates following a significant weaker macro environment than we had anticipated last quarter. While we were banking on a recovery of confidence, fuelled by lower interest rates, we have seen many indicators for the quarter take a significant hit. Adjusting our FY24-FY25 estimates, we come to a new DCF valuation of €47.5, down from €52 previously. We reiterate our Accumulate rating.

Benelux Morning Notes

Just Eat Takeaway.com: Preview of 3Q24. Kinepolis: Peer Cineplex September box office revenue at 79% of 2019 level, up 3% YoY. Randstad: Preview of 3Q24F results due 22 October, consensus released. Staffing: Hays' 1Q24/25 trading update; 1Q24/25 growth slightly better on easier comps. TomTom: 3Q24 results - Enterprise partly saves the day. Coverage change

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/10/2024

Thanks to unit revenue that has proven more resilient than anticipated, real discipline on capacity and a decline in the fuel bill, we expect margins to recover, especially for the legacies. IAG remains our top pick. We are upgrading Air France-KLM and Lufthansa to Neutral and downgrading Ryanair to Underperform as well as WizzAir on Neutral. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/10/2024

Grâce à une recette unitaire qui se tient mieux que prévu, une discipline capacitaire notable et une baisse de la facture carburant, nous anticipons un rebond des marges tout particulièrement pour les majors. IAG reste notre valeur préférée. Nous relevons Air France-KLM et Lufthansa à Neutre et abaissons Ryanair à Sous-performance ainsi que Wizz Air à Neutre. - ...

Randstad : As long as downside risk exceeds upside potential….

>Market conditions have remained challenging - Staffing markets in North America, France, the Benelux and in particular Germany have not shown signs of improvement in recent months versus the first half of the year. Recent macro-economic data have not yet recovered and we believe corporates remain reluctant to recruit and candidates remain reluctant to change jobs. Staffing volumes in manufacturing, automotives and logistics are likely to remain under pressure. As a r...