>Full release of FY 2023 results looks to be in line - Norma already released preliminary KPI’s for FY 2023 down to the adj. EBIT line in mid-February and today’s full release is fully in line with the preliminary figures: Norma’s FY 2023 reported group sales were -2% y-o-y to € 1.22bn with an organic growth rate of +0.7% y-o-y. Looking at the regions organic sales growth was driven by EMEA (+5.7% y-o-y) and APAC (+4.0%), while the Americas lagged behind (-4.0%). Norm...
>FY 2023 preliminary earnings slightly ahead with a decent FCF - According to preliminary, unaudited figures Norma’s FY 2023 reported group sales are -2% y-o-y to € 1.22bn (in line with ODDO BHF; -1% vs consensus) with an organic growth rate of +1% y-o-y (vs guidance for flat y-o-y organic top-line growth). Norma’s group adj. EBIT declined by 1% y-o-y to € 97.5m (+4% vs ODDO BHF; +5% vs consensus) and reached an adj. EBIT margin of 8.0% for FY 2023 (ODDO BHF: 7.7%; co...
A director at Norma Group AG bought 3,220 shares at 15.659EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
Since its integration into our European Large Caps Convictions list on 11 January 2023, KPN has made a significant contribution to the list’s performance, thanks to its defensive profile and high dividend yield (11.33% total return). We have decided to take profits as the company is holding its Capital Market Day today. The outlook remains very bright, but the smaller-than-expected share buyback programme announced this morning in the group's press release could disappoint. - ...
Since its integration into our European Large Caps Convictions list on 11 January 2023, KPN has made a significant contribution to the list’s performance, thanks to its defensive profile and high dividend yield (11.33% total return). We have decided to take profits as the company is holding its Capital Market Day today. The outlook remains very bright, but the smaller-than-expected share buyback programme announced this morning in the group's press release could disappoint. - ...
>Full Q3 2023 results release fully in-line with the pre-released KPIs - Norma already pre-released weaker-than-expected Q3 2023 KPI’s and cut its FY 2023 sales guidance on 2 November. The full release of Norma’s Q3 2023 results is fully in-line with the KPIs they pre-released at the end of last week: Q3 2023 reported group sales are -7% y-o-y to € 297m with an organic growth rate of -1.5% (9M 2023: +1.5%). Group adjusted EBIT is -8% y-o-y to € 25m with an adj. EBIT m...
>Q3 2023 developed worse than expected, but the adj. EBIT margin is OK - Just five days before the full release of its Q3 2023 (7 Nov.) Norma has pre-released KPIs for the quarter, which are below our and market expectations. Q3 2023 reported group sales are -7% y-o-y to € 297m (-7% vs ODDO BHF; -9% vs consensus) with an organic growth rate of -1.5% (ODDO BHF: +5.0%; H1 2023: +3.1%). Group adjusted EBIT is -8% y-o-y to € 24.8m (-7% vs ODDO BHF; -9% vs. consensus) wit...
>We expect a mixed set of Q3 2023 results in a volatile environment - Norma is due to release its Q3 23 results on 7 November and we expect reported group sales to be just flat y-o-y at € 319m. In our view, organic top line growth continued to accelerate from +4.0% in the previous quarter to +5.0% in Q3 2023, driven by new project start-ups in Norma’s Auto OE business unit. But increasingly strong FX headwinds are diluting the sequential improvement in organic growth ...
>Q2-23 profitability was less bad than feared - Norma’s Q2-23 Group sales were-1-2% below Oddo BHF and consensus estimates, but their Group adj. EBIT came in 2% ahead of Oddo BHF expectations and +5% ahead of consensus. The Q2-23 adj. EBIT margin of 8.4% (+40-60bp vs. us and cons.) was a sequential improvement from the 7.2% in Q1-23. Norma benefitted from a marked increase in demand from the automotive industry and targeted price management, while demand in their wate...
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