+450bp gross margin underpins turnaround

A strong start to 2024 with 5-13% divisional profit beats. +450bp gross margin expansion validates turnaround story. BUY on deep values and turnaround, TP DKK 235 (225).

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/05/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2024

We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...

GN Store Nord : Strong hearing aid business, stabilisation at Enterpri...

>Q1 review – Strong beat on bottom line - GN Store Nord achieved Q1 revenues of DKK 4,303m (+2.1% y-o-y, 0%/+1% vs ODDO BHF/consensus). Q1 adj. EBITA reached DKK 538m (+218% y-o-y, margin 12.5%), which was a strong beat by 35% of our estimates and by 32% vs consensus. EPS reached DKK 1.74 (vs DKK 0.87/0.85 expected). The 2024 guidance is confirmed.GN Hearing - Excellent organic growth on new Nexia platform - GN Hearing’s Q1 revenues of DKK 1,737m (+7....

Growth and margin beat in key business'

Another value-accretive event

Q1 net capital employed up to NOK 17.2 per share. More could materialise during the year. Still significant discount to fair value - BUY.

Sandvik AB: 1 director

A director at Sandvik AB bought 500,000 shares at 228.239SEK and the significance rating of the trade was 67/100. 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 ...

8% EBIT on beat

GN Group (Buy, TP: DKK230.00) - Time to rebuild credibility

We forecast Q1 organic sales growth of 3.0% YOY (consensus 2.8%) and an EBITA margin of 9.7% (consensus 9.6%). We see Hearing as starting well, and despite still-negative growth in Enterprise, we expect unchanged 2024 guidance. The upcoming CMD offers management scope to rebuild credibility, and we expect updated long-term targets to reflect “One-GN”. We reiterate our BUY and have raised our target price to DKK230 (215).

A decent Q1 while we await the CMD

Q1 2 May with ABG +8% vs. cons. on low-visibility quarter. All days at potential new targets at CMD 7 May, little news on Q1. We stay BUYers on cheap turnaround potential.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2024

In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Some med...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2024

En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier  : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être les pr...

Sandvik (Hold, TP: SEK245.00) - Weakness expected but not flagged

Q1 was weak, but management commentary suggests the issues were both expected and temporary, and should recover through the year. We are still left with some concerns – particularly the margin weakness and why the temporary issues in SMR had not been communicated if they were anticipated. Early Q2 trading comments for SMM (stable compared to Q1) do not change our view of the short cycle in general or the division in particular. We have lowered our 2024–2026e underlying adj. EBITA by 2–3%, but po...

Sandvik : Un début d’année compliqué, mais qui semblait anticipé par l...

>T1 2024 : commandes et CA en recul de 5% en organique, marge en fort recul - Sandvik a publié hier, en journée, ses résultats T1 2024 (voir détails en page suivante).Les prises de commandes étaient en recul organique de 5% yoy (-6.5% attendu par le css) avec une demande stable sur des niveaux élevés dans le secteur minier et en baisse sur les infrastructures et le secteur industriel (avec des signaux tout de même positifs, voir ci-dessous). Le CA a reculé d...

Sandvik : A complicated start to the year, but it appears to have been...

>Q1 2024: orders and revenues down 5% on an organic basis, sharp contraction in the margin - Sandvik published its Q1 2024 results yesterday (see details overleaf).The order intake was down organically by 5% y-o-y (-6.5% expected by the consensus), with stable demand at high levels in the mining sector and contracting demand in the infrastructure and industrial sectors (though with some positive signals, see hereafter). Revenues were down 5% on an organic ba...