>Mixed results because of HPA but robust leaving aside exceptionals - Acerinox on Thursday reported mixed Q1 results with EBITDA of € 111m, 10% below our estimate and 5% below the consensus. The guidance was met however since the group expected a slightly higher EBITDA vs Q4 (€ 96m). The gap with expectations is mainly due to the High Performance Alloys (HPA) division whose earnings normalised strongly after Q3 and Q4 had been driven by a very high price effect from p...
>Résultats en demi-teinte à cause de HPA mais solides hors exceptionnels - Acerinox a publié jeudi des résultats T1 en demi-teinte avec un EBITDA de 111 M€, 10% sous nos attentes et 5% sous le consensus. La guidance a toutefois été respectée puisque le groupe tablait sur une légère hausse de l’EBITDA vs T4 (96 M€). L’écart avec les attentes est principalement dû à la division Alliages de Haute Performance (HPA) qui a vu ses résultats se normaliser fortement par rappor...
We raise our price target for Arcadis to € 68.5 (DCF based) and maintain our Outperform rating. Although Arcadis’s shares have already performed well over the last 12 months (+43%), we see further upward potential as the delta in terms of peer multiples has only marginally diminished (still c. 35% lower EV/EBITDA, was c. 40%) and we see no reason to expect an industry multiples contraction. Given the GEC and automation/digitisation components of the company’s strategy, which come on t...
We raise our price target for Arcadis to € 68.5 (DCF based) and maintain our Outperform rating. Although Arcadis’s shares have already performed well over the last 12 months (+43%), we see further upward potential as the delta in terms of peer multiples has only marginally diminished (still c. 35% lower EV/EBITDA, was c. 40%) and we see no reason to expect an industry multiples contraction. Given the GEC and automation/digitisation components of the company’s strategy, which come on t...
>Dominant position in attractive US stainless steel market still a strong asset - We hosted CFO Miguel Ferrandis Torres and COO Hans O. Helmrich on a roadshow in Paris. Investor interest was centred on the core US stainless steel business, the recently announced acquisition of US alloy manufacturer Haynes and the short-term results trajectory. In the US stainless steel market, the group still considers its dominant position as a key differentiating factor. It benefits...
>Dominant position in attractive US stainless steel market still a strong asset - We hosted CFO Miguel Ferrandis Torres and COO Hans O. Helmrich on a roadshow in Paris. Investor interest was centred on the core US stainless steel business, the recently announced acquisition of US alloy manufacturer Haynes and the short-term results trajectory. In the US stainless steel market, the group still considers its dominant position as a key differentiating factor. It benefits...
Destacamos los principales mensajes de la Conference Call de Rdos: Inoxidable (75% EBITDA): ACX puesto en valor las cifras publicadas pese a que en 2023 la demanda de inoxidable cayó un -20% (la producción está al nivel de 2009).
4Q'23 vs. 4Q'22 Results Sales: € 1.529 Bn (-9.7% vs. -15.5% BS(e) and -11.9% consensus); EBITDA: € 96.0 M (+6.7% vs. +26.7% BS(e) and +46.7% consensus); Net Profit: € -119.0 M (€ -185.0 M in FY2022 vs. € 54.0 M BS(e) and € 55.0 M consensus); FY2023 vs. FY2022 Results Sales: € 6.608 Bn (-24.0% vs. -25.1% BS(e) and -24.4% consensus); EBITDA: € 704.0 M (-44.8% vs. -43.4% BS(e) and -42.0% consensus); Net Profit: € 228.0 M (-59.1% vs. -27.8% BS(e) and -27.6% consensus);
>Q4 results dragged down by inventory loss and Bahru impairment, good cashflow - Acerinox released in the night soft Q4 results with EBITDA down 41% q-o-q to € 86m, 40% below ODDO BHF expectations and 36% below the consensus. The miss was however mostly driven by a higher-than-expected € 65m inventory valuation loss to reflect subdued prices in Europe (we understand the adjustment was essentially carried out in the Stainless-Steel division). By division, Stainless Ste...
>Q4 results dragged down by inventory loss and Bahru impairment, good cashflow - Acerinox released in the night soft Q4 results with EBITDA down 41% q-o-q to € 86m, 40% below ODDO BHF expectations and 36% below the consensus. The miss was however mostly driven by a higher-than-expected € 65m inventory valuation loss to reflect subdued prices in Europe (we understand the adjustment was essentially carried out in the Stainless-Steel division). By division, Stainless Ste...
Rdos. 4T'23 vs 4T'22: Ventas: 1.529 M euros (-9,7% vs -15,5% BS(e) y -11,9% consenso); EBITDA: 96,0 M euros (+6,7% vs +26,7% BS(e) y +46,7% consenso); BDI: -119,0 M euros (-185,0 M euros en 2022 vs 54,0 M euros BS(e) y 55,0 M euros consenso); Rdos. 2023 vs 2022: Ventas: 6.608 M euros (-24,0% vs -25,1% BS(e) y -24,4% consenso); EBITDA: 703,0 M euros (-44,8% vs -43,4% BS(e) y -42,0% consenso); BDI: 228,0 M euros (-59,1% vs -27,8% BS(e) y -27,6% consenso).
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACERINOX, ACS, AMADEUS, BBVA, CELLNEX, COLONIAL, ELECTRICITY SECTOR, ENCE, FCC, GRUPO CATALANA OCCIDENTE, MELIÁ HOTELES, MERLIN, VISCOFAN. IBEX remains stuck February ended with improved macro indicators (today we will learn euro zone inflation), sharp rises in most European indices (yesterday the gains were moderate) and with the IBEX lagging, staying just above 10,000 points. On the macro side, in Spain February’s inflation fell in line with expectation...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ACERINOX, ACS, AMADEUS, BBVA, CELLNEX, COLONIAL, ENCE, FCC, GRUPO CATALANA OCCIDENTE, MELIÁ HOTELES, MERLIN, SECTOR ELÉCTRICO, VISCOFAN. EUROPA: N/A. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. El Ibex sigu...
Nous faisons rentrer aujourd’hui CRH dans notre liste de valeurs recommandées Large Caps. Elle est exposée à l’économie américaine qui va continuer ,selon nous, de se montrer plus dynamique que l’économie européenne, comme en ont attesté les très bons chiffres de création d’emploi vendredi dernier. Elle réalise 75% de son EBITDA dans les 10 Etats américains à plus forte croissance et dispose en outre de catalyseurs techniques positifs comme sa future entrée dans les indices S&P TMI et...
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