ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/05/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/10/2024

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Recordati : Q1 results: a solid operational performance and guidance r...

>Slightly higher profitability than expected - Recordati has published its Q1 results. Sales, already announced, were up 10.9% cc to € 608m driven by the momentum of the SPC (+10.1% cc at € 395.5m) and rare diseases franchises (+13.9% cc at € 197.5m) reabsorbing the negative forex of -5.7% notably due to the depreciation of the Turkish lira. On the operational front, profitability was slightly better than expected with an EBITDA margin at 40.2% of sales (vs co...

Recordati : Résultats T1 2024: performance opérationnelle solide et gu...

>Une profitabilité légèrement meilleure qu’attendu - Recordati a publié hier ses chiffres du 1er trimestre. Les ventes, déjà communiquées, ont augmenté de 10.9% à cc à 608 M€ sous l’impulsion des dynamiques des franchises SPC (+10.1% cc à 395.5 M€) et maladies rares (+13.9% cc à 197.5 M€) résorbant l’impact change négatif de -5.7% sous l’effet de la dévaluation de la lire turque notamment. Sur le plan opérationnel, la profitabilité ressort légèrement meilleure ...

Enel : Q1 24 slightly better, with unchanged trajectory for 2024

>Outperform rating and € 9.20 target price maintained - Enel’s Q1 24 performances just beat expectations. Q1 was, as expected, driven by generation and marketing but it also benefited from investments in grids and price revisions. Management confirmed the group’s compliance with the 2024-2026 trajectory given last November. In view of this confirmation, we are leaving our estimates unchanged. We maintain our Outperform rating and target price of € 9.20, still based on...

Enel : Un T1 24 un peu meilleur avec une trajectoire 2024 inchangée

>Opinion Surperformance et OC 9.20 € maintenus - Le groupe a publié des performances au T1 24 un peu au-dessus des attentes. Le premier trimestre est, comme attendu porté par les activités de génération et de commercialisation mais bénéficie également des investissements dans les réseaux et des révisions tarifaires. Le management a confirmé le respect de la trajectoire 2024-2026 délivrée en novembre dernier. Compte tenu de cette confirmation, nous maintenons inchangé...

Just Kickin' It, Monthly Sneaker Tracker, May'24 Edition

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/05/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/09/2024

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Amadeus IT Group : Q1 performance heading in right direction pending C...

>Good Q1 performance despite adverse calendar effect - Bookings growth in Q1 (+2.8% y-o-y for bookings still 23% below Q1, stable relative to Q4) was impacted by the unfavourable positioning of the Easter vacation, for an impact of c. -1.5 pt by our calculations. This calendar effect, coupled with the loss of some local bookings in the US migrated to direct connect (stable impact vs Q4), had an impact of -5 pt on bookings growth in Q1. This factor was largely offset b...

Amadeus IT Group : Une performance T1 qui va dans la bonne direction e...

>Bonne performance T1 malgré l’effet calendaire défavorable - La croissance des bookings au T1 (+2.8% y/y pour des bookings toujours 23% en dessous du T1, stable par rapport au T4) a été impactée par le positionnement défavorable des vacances de pâques, pour un impact de c. -1.5 pt selon nos calculs. Cet effet calendaire, couplé à la perte de certains bookings locaux aux USA migrés en direct connect (impact stable vs Q4), a un impact de -5 pt sur la croissance des boo...

Ahold Delhaize N.V. : € 33 TP and Outperform reiterated following a so...

>Underlying EBIT beats consensus by 6.4% in Q1 2024 - Ahold Delhaize’s sales and underlying EBIT beat both our and consensus expectations in Q1 2024. We were surprised by the strong revenue and underlying EBIT reported in Europe, but noted that the US operations outperformed sales and EBIT expectations as well in Q1 2024. Also, Global Support Office costs came in lower than we (and consensus) had expected.US – Apart from Stop & Shop, all is fine - Com...

Ahold Delhaize 1Q24: Conference call feedback

Ahold Delhaize reported a nice set of 1Q24 results, with comparable sales increasing 1.6% y/y to € 21.7bn (kbcse: € 21.6bn, css: € 21.5bn), while the underlying operating result increased 0.7% at constant fx to € 861m (kbcse: € 825m, css: € 824). Following the good results, Ahold reiterates its outlook. Given that we expected 1Q24 to be the softest quarter of the year, we reiterate our Buy rating and € 32.0 TP.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/08/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/05/2024

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RTL Group : Q1 driven by good advertising trends but impacted by Frema...

>Neutral opinion reiterated - RTL Group has reported this morning Q1 sales of € 1.32bn, below our forecast and the consensus estimate (€ 1.38bn and € 1.36bn respectively). This was mainly due to the unexpected decline at Fremantle (-9.2%). The group did not break down its performance by country. TV advertising sales grew by 10% in Q1, slightly above expectations. As a reminder, M6 (20% of sales) had already reported its Q1 sales. The start of the year was fairly solid...

Amadeus IT Group : Strong Q1 earnings, slightly above expectations at ...

>Q1 sales up 14% y-o-y, 1.5% above expectations - Q1 revenue came to € 1,496.3m, up 14.1% y-o-y. This is 1.5% above css expectations and roughly in line with ours (vs ODDO BHF: € 1,492.7m; css: € 1,474.8m) Air Distribution revenues came in at € 764.4m, up 12.6% y-o-y but still down -9.0% vs Q1 2019. This figure is 0.5% above css expectations but -0.8% below our expectations (vs ODDO BHF: € 770.8m; css: € 760.6m). Bookings came in at 125.2m, up 2.8% y-o-y, -2.7%...

RTL Group : Un T1 tiré par une bonne tendance publicitaire mais impact...

>Opinion Neutre réitérée - RTL Group a publié ce matin son CA T1 ressorti à 1 318 M€, inférieur à nos attentes et à celle du consensus (nous tablions sur 1 380 M€ et le consensus sur 1 362 M€). Ceci est principalement due à une baisse inattendue au niveau de Fremantle (-9,2%). Le groupe ne communique pas de détail sur ses performances par pays. Le CA publicitaire TV ressort en hausse de 10% sur le T1, légèrement supérieur aux attentes. Rappelons que M6 (20% du CA) ava...

Amadeus IT Group : Strong Q1 earnings, slightly above expectations at ...

>Q1 sales up 14% y-o-y, 1.5% above expectations - Q1 revenue came to € 1,496.3m, up 14.1% y-o-y. This is 1.5% above css expectations and roughly in line with ours (vs ODDO BHF: € 1,492.7m; css: € 1,474.8m) Air Distribution revenues came in at € 764.4m, up 12.6% y-o-y but still down -9.0% vs Q1 2019. This figure is 0.5% above css expectations but -0.8% below our expectations (vs ODDO BHF: € 770.8m; css: € 760.6m). Bookings came in at 125.2m, up 2.8% y-o-y, -2.7%...