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). - ...
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...
>Résultats inférieurs aux attentes mais guidance confirmée - Nokian Tyres a publié des résultats T1 2024 nettement inférieurs à nos attentes et celles du consensus avec un CA seulement stable à 237 M€ (consensus 265 M€) et un EBIT ajusté de -15 M€ (consensus +4 M€, ODDO BHF -3 M€), notamment pénalisé par des facteurs externes (grèves en Finlande, impacts Mer Rouge) qui ont davantage impacté sa production que ce que nous anticipions (impact CA de ~25 M€ au T1) et qui ...
>Earnings short of estimates but guidance confirmed - Nokian Tyres reported Q1 2024 earnings far below our estimates and those of the consensus with sales merely stable at € 237m (consensus € 265m and adjusted EBIT of -€ 15m (consensus +€ 4m, ODDO BHF -€ 3m), notably penalised by external factors (strikes in Finland, disruptions in the Red Sea) which have hit the group’s production harder than we expected (sales impact of ~€ 25m in Q1), and which should continue to af...
The Q1 results were below our expectations, even after adjusting for the negatives on the group profit from the political strikes in Finland and the Red Sea conflict. On a positive note, the PCT price/mix was guided to hold up well, partly offsetting our revised lower sales expectations, while the Romanian factory appears to be ramping up on schedule. We reiterate our HOLD but have cut our target price to EUR9.0 (9.5), after lowering our 2024–2026e clean EBIT by c6% on average.
We forecast Q2 organic revenue growth of 7.6% YOY (in line with consensus), driven by the Chronic Care business segments, and an EBIT margin before special items of 27.6% (consensus 27.5%). We continue to expect QOQ improvements for the coming quarters. We expect the 2023/24 guidance to be unchanged for c8% organic revenue growth, and a 27–28% EBIT margin before special items. We reiterate our BUY, and have raised our target price to DKK1,050 (1,000).
Long-term Incentive Programme 2024 COMPANY ANNOUNCEMENT NO. 7-2024 11 April 2024, Copenhagen, Denmark The Board of Directors of FLSmidth & Co. A/S has today allocated performance shares to members of the Executive Management and key staff (155 persons in total) as part of the Group's Long-term Incentive Programme. The primary purpose of the programme is to retain key staff and to align the interests of shareholders and the incentive programme participants by rewarding performance in accordance with the company’s strategy and its long-term financial targets. The number of per...
Resumé af FLSmidth & Co. A/S' ordinære generalforsamling COMPANY ANNOUNCEMENT 6-2024 10. april 2024, København, Danmark Onsdag den 10. april 2024 kl. 16:00 afholdt FLSmidth & Co. A/S ordinær generalforsamling på selskabets adresse, Vigerslev Allé 77, 2500 Valby, med følgende dagsorden: Bestyrelsens beretning om selskabets virksomhed i 2023Forelæggelse og godkendelse af årsrapport for 2023Godkendelse af honorarer til bestyrelsen: Endelig godkendelse af honorarer for 2023Foreløbig fastsættelse af honorarer for 2024 Anvendelse af overskud eller dækning af underskud i henhold ti...
Summary of FLSmidth & Co. A/S' Annual General Meeting COMPANY ANNOUNCEMENT 6-2024 10 April 2024, Copenhagen, Danmark On Wednesday 10 April 2024 4 pm (CEST), FLSmidth & Co A/S held its Annual General Meeting at the offices of the company, Vigerslev Allé 77, DK-2500 Valby with the following agenda: The Board of Directors' report on the company’s activities in 2023Presentation and approval of the 2023 Annual ReportApproval of the Board of Directors’ fees: Final approval of fees for 2023.Preliminary determination of fees for 2024 Distribution of profits or covering of losses in accord...
For 2024, Nokian Tyres is set to see a boost in capacity, but most of the increase should stem from less-profitable contract manufacturing, leaving limited upside potential to consensus, in our view. For Q1, we expect reiterated 2024 guidance on slightly improved sell-in trends and an update on capacity expansion. We reiterate our HOLD but have nudged up our target price to EUR9.5 (9.0).
Moody's Ratings has completed a periodic review of the ratings of Citycon OYJ and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 21 March 2024 in which Moody's reassessed the appropriateness of the ratings in the context of the releva...
INDKALDELSE til ordinær generalforsamling i FLSmidth & Co. A/S COMPANY ANNOUNCEMENT NO. 5-202413 marts 2024, København, Danmark Bestyrelsen indkalder herved til ordinær generalforsamling onsdag den 10. april 2024 kl. 16.00 på selskabets adresse, Vigerslev Allé 77, 2500 Valby. Dagsorden: Bestyrelsens beretning om selskabets virksomhed i 2023Forelæggelse og godkendelse af årsrapport for 2023Godkendelse af honorarer til bestyrelsen: a. Endelig godkendelse af honorarer for 2023 Bestyrelsen foreslår uændret godkendelse af honorarerne for 2023, som blev f...
NOTICE TO CONVENE the Annual General Meeting of FLSmidth & Co. A/S COMPANY ANNOUNCEMENT NO. 5-202413 March 2024, Copenhagen, Denmark The Board of Directors hereby convenes the Annual General Meeting to be held on Wednesday 10 April 2024 at 4 pm (CEST) at the offices of the company, Vigerslev Allé 77, DK-2500 Valby. Agenda: The Board of Directors' report on the company’s activities in 2023Presentation and approval of the 2023 Annual ReportApproval of the Board of Directors’ fees: a. Final approval of fees for 2023. The Board of Directors proposes unchanged approval ...
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