>Q1 even weaker than expected; guidance confirmed but challenging - Aston Martin reported yesterday morning Q1 results below expectations. Although the group had warned that Q1 would be weak, results still missed already low forecasts, with sales down 10% year-on-year to £ 268m (css £ 290m, ODDO BHF £ 313m), EBITDA down 34% to £ 20m (css £ 30m, ODDO BHF £ 34m) and FCF negative at -£ 190m (css/ODDO BHF -£ 133m). The group was impacted by the refresh of several of its ...
>Q1 even tougher than expected but with no consequence for the year - Although VW had expected a tough Q1, earnings were nonetheless 7% below estimates (EBIT) with an operating margin of 6.1% (consensus at 6.5%) and negative FCF of close to € 3bn (vs consensus at -€ 921m). The causes were known, but had an even more negative impact than anticipated, mainly with the supply difficulties at Audi (operating margin for Progressive unit at just 3.4% vs consensus 7.7%) and, ...
>An unexpected ‘reset’ and an unfortunate first for Stellantis… - Stellantis on Tuesday reported Q1 sales down 12% at € 41.7bn (-4% vs consensus), hurt by the decline in volumes (-10%) but also FX headwinds (-3%). Also, the OEM clearly confirmed its full-year guidance, albeit providing clarifications that suggest that H1 will be tougher than expected, with a targeted operating margin of between 10.0% and 11.0% (10.5%e) and visibly lower FCF, ahead of a hoped-for impro...
During the conference call, management tried to maintain a subtle equilibrium between presenting stronger-than-expected Q1 results and tempering somewhat analysts' optimism for FY24, as evidenced by a CSS estimate (EUR1.02bn) already standing well above ADS' revised guidance of "around EUR700m". We
>Continued erosion of Cars fundamentals - MBG reported subdued Q1 results Tuesday morning, below expectations (adjusted EBIT 5% below consensus, -10% for the Cars division), see First Take. The group reported a marked erosion of its earnings and margins in the Cars division (adjusted EBIT € 2.3bn, -44% y-o-y, margin 9.0%, -580bp y-o-y), partly offset by a still very solid performance from Vans (adjusted EBIT € 0.8bn, +11% y-o-y, margin 16.3%, -20bp y-o-y). The group ...
>Un T1 encore plus difficile qu’anticipé mais sans conséquence sur l’année - Si VW avait bien prévenu d’un T1 difficile, les résultats sont néanmoins ressortis inférieurs de 7% aux attentes (EBIT) avec une MOP de 6.1% (consensus à 6.5%) et un FCF négatif de près de 3 Md€ (vs consensus à -921 M€). Les causes étaient connues mais ont eu un impact encore plus négatif qu’anticipé avec, essentiellement, les difficultés d’approvisionnement chez Audi (MOP Progressive à seule...
>Un « reset » inattendu et une première fâcheuse pour Stellantis… - Stellantis a publié un CA T1 en baisse de 12% à 41.7 Md€ (-4% vs consensus), pénalisé par la baisse de ses volumes (-10%) mais aussi un impact devises négatif (-3%). Au-delà, le constructeur a bien confirmé ses objectifs annuels, en apportant néanmoins des précisions qui suggèrent un S1 plus difficile qu’attendu avec une MOP visée entre 10.0% et 11.0% (10.5%e) et un FCF en nette baisse, avant une amél...
>Poursuite de l’érosion des fondamentaux de Cars - MBG a publié hier matin des résultats T1 mitigés et inférieurs aux attentes (EBIT ajusté 5% en dessous du css, -10% pour la division Cars), voir First Take. Le groupe a fait état d’une forte érosion de ses résultats et de ses marges dans la division Cars (EBIT ajusté 2,3 Md€, -44% y-o-y, marge 9,0%, -580 pb y-o-y, partiellement compensée par une performance toujours très solide dans les Vans (EBIT ajusté 0,8 Md€, +11%...
>Un T1 encore plus faible qu’attendu ; guidance confirmée mais challenging - Aston Martin a publié hier matin des résultats T1 inférieurs aux attentes. Si le groupe avait déjà prévenu que le T1 serait faible, celui-ci déçoit tout de même les attentes déjà basses, avec un CA en baisse de 10% y-o-y à 268 M£ (css 290 M£, ODDO BHF 313 M£), un EBITDA en baisse de 34% à 20 M£ (css 30 M£, ODDO BHF 34 M£), et un FCF négatif à -190 M£ (css/ODDO BHF -133 M£). Le groupe est not...
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Anglo American plc 01-May-2024 / 14:43 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s...
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: BHP Group Limited 01-May-2024 / 14:38 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s)...
EQS-News: Allane SE / Schlagwort(e): Jahresbericht/Prognose Allane Mobility Group veröffentlicht Geschäftsbericht 2023 30.04.2024 / 17:05 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. PRESSEMITTEILUNGAllane Mobility Group veröffentlicht Geschäftsbericht 2023 Konzernvertragsbestand steigt um 8,5% auf 125.800 Verträge Operativer Konzernumsatz* wächst um 13,9 % auf 342,7 Mio. Euro Ergebnis vor Steuern mit 12,6 Mio. Euro im Rahmen der Prognose Dividendenvorschlag von 0,09 Euro je Aktie Pullach, 30. April 2024 – Die Allane Mobility G...
EQS-News: Allane SE / Key word(s): Annual Report/Forecast Allane Mobility Group publishes Annual Report 2023 30.04.2024 / 17:05 CET/CEST The issuer is solely responsible for the content of this announcement. PRESS RELEASEAllane Mobility Group publishes Annual Report 2023 Group contract portfolio increases by 8.5% to 125,800 contracts Consolidated operating revenue* grows by 13.9% year-on-year to EUR 342.7 million Earnings before taxes of EUR 12.6 million in line with full year guidance Dividend proposal of EUR 0.09 per share Pullach, 30 April 2024 – Allane Mobility Gr...
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Anglo American plc 30-Apr-2024 / 14:23 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s...
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: BHP Group Limited 30-Apr-2024 / 14:25 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s)...
Ferrari N.V.: Periodic Report on the Buyback Program Maranello (Italy), April 30 2024 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) informs that the Company has purchased, under the Euro 350 million share buyback program announced on November 7, 2023, as the fourth tranche of the multi-year share buyback program of approximately Euro 2 billion expected to be executed by 2026 in line with the disclosure made during the 2022 Capital Markets Day (the “Fourth Tranche”), the additional common shares - reported in aggregate form, on a daily basis - on the Euronext Milan (EXM) as f...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
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