reports
- Baptiste Lebacq
PGS : Fundamentals are improving
>Underperform recommendation, target price of NOK6 - Following the link-up with TGS, PGS shareholders will receive 0.06829 TGS shares for each PGS share held. We think this transaction makes sense for PGS shareholders, but we believe that it is more difficult to justify for shareholders of TGS shareholder whose business model of an asset-light group has proven its resilience over the past cycles. Following the Q1 2024 results publication and conference call, we maint...
- Baptiste Lebacq
PGS : Les fondamentaux s’améliorent
>Recommandation Sous-performance OC 6 NOK - A l’issue du rapprochement avec TGS, les actionnaires de PGS recevront 0.06829 action TGS pour chaque action PGS. Nous pensons que cette opération fait du sens pour les actionnaires de PGS mais nous estimons qu’elle est plus difficile à justifier pour un actionnaire de TGS dont le business model d’un groupe asset light a fait la preuve de sa résilience aux cours des différents cycles passés. A l’issue de la publication et d...
- Gerardo Ibanez
- Steven Boumans
- Gerardo Ibanez
- Steven Boumans
- Delphine Brault
- Quentin Borie
CAF : Q1 below forecasts, but guidance is confirmed and can be reached
>Q1 2024: sales up 6% and EBIT margin up 10bp to 4.7% - CAF reported its Q1 2024 results yesterday evening. Orders were down 42% to € 444m, bringing the book-to-bill ratio to well below 1x (0.44x). The backlog therefore declined to € 13.6bn. We think that this order level, although weak, does not pose a problem for the group as the pipeline is so well stocked. Moreover, CAF has announced contracts for a value of € 350m since the start of April. Sales reached € 1,...
- Delphine Brault
- Quentin Borie
CAF : Un T1 en-dessous des attentes, mais la guidance est confirmée et...
>T1 2024 : CA en croissance de 6% et marge d’EBIT en hausse de 10 pb à 4.7% - CAF a publié hier soir ses résultats T1 2024. Les commandes sont en recul de 42% à 444 M€, portant le book-to-bill largement en-dessous de 1x (0.44x). Le carnet de commandes est donc en baisse à 13.6 Md€. Nous estimons que ce niveau de commandes, certes faible, n’est pas un problème pour le groupe tant le pipeline est fourni. CAF a d’ailleurs annoncé des contrats pour une valeur de 350 M€ de...
PGS Contract Award in West Africa
PGS Contract Award in West Africa May 10, 2024, Oslo, Norway: PGS is awarded a 4D contract in West Africa for an international energy company. Mobilization is scheduled for early September. The contract has a total duration of approximately 65 days, with an option to extend. “We are very pleased with this contract award, securing visibility for another of our vessels well into the fourth quarter. After completion of scheduled acquisitions programs during the Northern Europe summer season we will steam a vessel to West Africa to commence this contract. By combining the Ramform acquisition p...
- ABGSC Oil & Oil Services Research
- John Olaisen
- Delphine Brault
- Quentin Borie
Alstom : 1 Md€ d’augmentation de capital et 750 M€ de dette hybride po...
>Un FCF de 562 M€ au S2, en ligne avec les objectifs - Alstom publie ce matin ses résultats annuels (clôture à fin mars) 2023-24. Les commandes atteignent 19 Md€ (book-to-bill 1.08x), permettant au carnet de commandes d’atteindre les 91.9 Md€. Le chiffre d’affaires progresse de 9.4% en comparable, à 17.6 Md€ et la marge d’EBIT ajusté atteint 5.7% (+50 pb). Ces chiffres sont globalement en ligne avec les attentes. Le résultat net intègre 147 M€ de charges de restr...
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Delphine Brault
- Quentin Borie
Knorr-Bremse AG : The effects of the strategic plan are clearly visibl...
>A good Q1 2024, ahead of expectations for both divisions - Knorr-Bremse reported yesterday morning better-than-expected Q1 2024 results, despite a consensus which had adjusted upwards in recent weeks. The order intake topped expectations in both divisions at a consolidated € 2.11bn (css at € 1.95bn), i.e. a book-to-bill of 1.07x.The group generated revenues of € 1,974m (css € 1,962m), up 6.1% organically (css 5.1%), and an operating EBIT margin of 12.1% (cs...
- Delphine Brault
- Quentin Borie
Alstom : Bientôt un nouveau chapitre, après l’augmentation de capital
>2.4 Md€ de mesures inorganiques pour renforcer le bilan – suffisant selon nous - Comme anticipé, Alstom a détaillé hier comment allaient s’articuler les 2 Md€ de mesures inorganiques : i/ 700 M€ de cash provenant des cessions (TMH et signalisation conventionnelle), ii/ 1 Md€ d’augmentation de capital, avec droits préférentiels de souscription. CDPQ et BPI, qui détiennent respectivement 17.4% et 7.5% du capital, participeront à l’opération, et iii/ l’émission d’une de...
- Delphine Brault
- Quentin Borie
Alstom : New chapter starting, after the capital increase
>€ 2.4bn in inorganic measures to bolster the balance sheet – should be enough in our view - As expected, Alstom yesterday detailed how the € 2bn of inorganic measures would be structured: i/ € 700m of cash from disposals (TMH and conventional signalling), ii/ a € 1bn capital increase, with preferential subscription rights. CDPQ and BPI, which hold 17.4% and 7.5% of the capital respectively, will take part in the operation, and iii/ the issue of hybrid debt for € 750m...
- Delphine Brault
- Quentin Borie
Knorr-Bremse AG : Les effets du plan stratégique clairement visibles s...
>Un bon T1 2024, au-dessus des attentes dans les deux divisions - Knorr-Bremse a publié hier matin des résultats T1 2024 meilleurs qu’attendu, malgré un consensus qui s’était ajusté à la hausse ces dernières semaines. Les prises de commandes étaient supérieures aux attentes dans les deux divisions à 2.11 Md€ au niveau consolidé (css à 1.95 Md€), soit 1.07x de book-to-bill.Le groupe a réalisé un chiffre d’affaires de 1 974 M€ (css à 1 962 M€), en hausse de 6....
- Steffen Evjen
PGS (Hold, TP: NOK8.50) - Negative underlying FCF
Q1 EBITDA was below expectations, on higher costs. While cash conversion appeared exceptionally strong, we believe it was driven by non-recurring items, leaving underlying cash flow much weaker than headline figures suggest. We forecast negative underlying FCF in 2024, adjusting for arbitration proceeds received in Q1. Expecting soft vessel utilisation in Q2 as well, due to steaming and yard stays, we have reduced our 2024e EBITDA by 7%. We reiterate our HOLD, but have cut our target price to NO...
Carmila: Réduction des moyens du contrat de liquidité
PARIS--(BUSINESS WIRE)-- Regulatory News: Par contrat en date du 3 novembre 2023 la société Carmila SA (Paris:CARM) a confié à Kepler Cheuvreux la mise en œuvre d’un Contrat de Liquidité. Ce Contrat de Liquidité, doté d’un montant initial de 124 528 Actions et 971 454,65 Euros, renouvelable annuellement par tacite reconduction, a pour objet l'animation des actions de la société Carmila SA (ISIN : FR0010828137) sur le marché réglementé de Euronext Paris. Afin de réajuster l’enveloppe mise à disposition de ce contrat, il a été procédé, en date du 07/05/2024, à un retrait de 78 000 Actions ...
- Andres Bolumburu
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024 Date Performance sin...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
G1A GEA GROUP AG
PUM PUMA SE
AFX CARL ZEISS MEDITEC AG
UTDI UNITED INTERNET AG
ALO ALSTOM SA
ELE ENDESA S.A.
GEBN GEBERIT AG
RWE RWE AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
SIX2 SIXT SE
BC8 BECHTLE AG
AMS AMADEUS IT GROUP SA CLASS A
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
KBX KNORR-BREMSE AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
UN0 UNIPER SE
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