reports
- Martin Marandon-Carlhian
- Stephane Houri
- Eya Drira
- Geoffroy Michalet
SGS : A credible CMD but with no major revelations
>A very marked focus on North America and near-shoring in Asia... - At the CMD, the group issued an update on its performance by region and reiterated its growth ambitions, notably in North America (c.10% of sales), driven by bolt-on acquisitions in environmental tests and connectivity, followed by pharma and cosmetics. In ASIA-Pacific (34% of sales), the group confirmed that it was maintaining strong momentum in China, a key market. The group is capitalising on an ad...
- Martin Marandon-Carlhian
- Stephane Houri
- Eya Drira
- Geoffroy Michalet
SGS : CMD crédible mais sans révélations majeures
>Un focus très prononcé sur l’Amérique du Nord et le near shoring en Asie … - Lors du CMD, le groupe est revenu sur sa performance par région et réaffirmé ses ambitions de croissance, notamment en Amérique du Nord (c. 10 % du CA) portée par des acquisitions bolt-on dans les tests environnementaux et la connectivité, suivis de la pharma et des cosmétiques. En Asie-Pacifique (34 % du CA), le groupe confirme maintenir une bonne dynamique en Chine, un marché clé. Le group...
- Eya Drira
- Geoffroy Michalet
SGS : CMD: realistic update on 2027 targets – guidance confirmed
>Digital and sustainability at the heart of growth initiatives with a focus on North America. More reasonable M&A ambitions than anticipated - For its Investor Day in Rotterdam and Antwerp, SGS this morning issued an update on its 2027 targets. Key points to highlight: The group confirmed its 2027 guidance, with: i/ mid-single digit organic growth (5-7%), ii/ EBITA margin improvement of at least +150bp out to end-2027 (target of 16.2% for AOI margin) and iii...
- Damien Choplain
- Martial Descoutures
RHM RHEINMETALL AG
BLND BRITISH LAND COMPANY PLC
GRF GRIFOLS S.A. CLASS A
ELE ENDESA S.A.
ISP INTESA SANPAOLO S.P.A.
TLX TALANX AG
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
GRF.P GRIFOLS S.A. PREF CLASS B
ARGX ARGEN-X SE
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Eya Drira
- Geoffroy Michalet
SGS : CMD : un point sur les objectifs 2027 – Guidance réitérée – réal...
>Le digital et la durabilité au cœur des initiatives de croissance avec un focus sur l’Amérique du Nord. Ambition M&A plus raisonnable qu’anticipé. - À l'occasion de son Investor Day tenu à Rotterdam et Anvers, SGS publie ce matin un update sur ses objectifs 2027 Nous retenons les principaux points suivants : Le groupe réitéré ses objectifs 2027 à savoir : i/ une croissance organique mid-single digit (5-7%) ii/ une amélioration de la marge d’EBITA d’au moins...
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #47
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week we look at the impact of Donald Trump's election. Happy reading!
- Cedric Rossi
Sporting Goods: hurdling the threat of higher tariffs
With 99% of all shoes sold in the US being imported in 2023, Donald Trump’s proposal to place a universal 10-20% tariff on imports from all foreign countries and an additional 60-100% tariff on imports specifically from China, would significantly impact the footwear (and apparel) categories. The in
- Clement Genelot
Zalando: On track, constant execution needed to continue rerating
Post-FY guidance upgrade and the full Q3 release, we still believe in Zalando's ability to further accelerate growth in 2025 and have notched up our estimates and our PT from EUR36 to EUR37. We no longer see Zalando as an e-commerce growth story, but more as a business model optimisation/show-me st
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Carl Smith
Auto Trader Group (AUTO LN) - Steady progress at interim results - HOL...
Auto Trader’s interim results show a solid performance on nearly all its financial and operating metrics. The underlying UK used car market is robust, with the number of retailers using the platform at record levels, and the Group continues to find ways of increasing average revenue per retailer (ARPR), which increased by 6.3% in the first half. Based on guidance in the outlook statement relating to retailer stock volume on the platform, Zeus lower FY25 revenue estimates by 1.5%. We also increas...
- Eya Hmaied
- Jerôme Bodin
Auto Trader : The rest of the year will be slightly more challenging t...
>Neutral rating reiterated - Yesterday evening, Auto Trader published its H1 2024-25 results followed by a conference call. Earnings topped our expectations, with EBIT coming in at £ 188.4m vs our forecast of £ 170m but undershot the consensus estimate of £190m. We were more conservative on H1 earnings. We have revised down our full-year forecasts in the wake of this release, which has prompted us to lower our target price to 800p from 850p previously. All told, we re...
- Eya Hmaied
- Jerôme Bodin
Auto Trader : Le reste de l’année sera un peu plus difficile qu’attend...
>Opinion Neutre réitérée - Auto Trader a publié hier ses résultats semestriels pour l’exercice 2024/25 et a tenu sa conférence téléphonique dans la foulée. Les résultats sont ressortis supérieurs à nos attentes avec un EBIT de 188,4 M£ alors que nous tablions sur 170 M£ alors qu’ils sont inférieurs aux attentes du consensus qui tablait sur 190 M£. Nous étions plus conservateurs sur les résultats du S1. Nos attentes annuelles sont revues en baisse suite à cette publica...
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
- Eya Hmaied
- Jerôme Bodin
Auto Trader : H1 2024/25 results beat expectations
>H1 2024/25 results come out higher than expected - Auto Trader released its H1 2024/25 results this morning, exceeding our expectations. EBIT reached £ 188.7m whereas we were looking for £ 170m, i.e. a 14% increase vs H1 2023/24. The momentum remains healthy for Auto Trader (the core business) and its margin came to 70%. Autorama posted a loss of £ 2.8m, which is a little better than expected. The main difference between our forecasts and the actual figures concerned...
- Eya Hmaied
- Jerôme Bodin
Auto Trader : Résultats S1 2024/25 supérieurs aux attentes
>Résultats S1 2024/25 supérieurs aux attentes - Auto Trader a publié ce matin ses résultats du S1 2024/25 supérieurs à nos attentes. L’EBIT est ressorti à 188,7 M£ alors que nous tablions sur 170 M£ soit une hausse de 14% vs le S1 2023/24. La dynamique reste bonne au niveau d’Auto Trader (core) dont la marge est ressortie à 70%. Autorama enregistre une perte de 2,8 M£ légèrement meilleure qu’attendu. La principale différence avec nos attentes dans cette publication pr...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2024
European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...
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