ODDO BHF Small & MIDCAP MORNING NEWS – 11/26/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 26/11/2024

Bigben Interactive : H1 2024-25 earnings down

Bigben Interactive : Résultats S1 2024/25 en baisse

Melia : Q3 results in line, annual guidance confirmed

>Q3 figures in line with estimates - Melia Hotels has published Q3 results that are broadly in line with expectations. Group revenues came in at € 584.1 million (ODDO BHF: € 587.3m; Visible Alpha consensus: € 596.8m), representing growth of 3.3% y-o-y. RevPAR rose by 10.7% y-o-y, thanks to a 10.3% y-o-y increase in average prices while occupancy rates were virtually flat at +0.3 pt. By region, RevPAR rose sharply in Europe (up 15.1% y-o-y, of which +14.5% in Germany a...

Melia : Q3 results in line, annual guidance confirmed

>Q3 figures in line with estimates - Melia Hotels has published Q3 results that are broadly in line with expectations. Group revenues came in at € 584.1 million (ODDO BHF: € 587.3m; Visible Alpha consensus: € 596.8m), representing growth of 3.3% y-o-y. RevPAR rose by 10.7% y-o-y, thanks to a 10.3% y-o-y increase in average prices while occupancy rates were virtually flat at +0.3 pt. By region, RevPAR rose sharply in Europe (up 15.1% y-o-y, of which +14.5% in Germany a...

MELIÁ HOTELS: 3Q’24 RESULTS AND T.P. UPGRADE (ANÁLISIS BANCO SABADELL)

3Q'24 vs. 3Q'23 Results Sales: € 584.1 M (+2.7% vs. +3.9% BS(e) and +3.0% consensus); EBITDA: € 188.3 M (+11.8% vs. +9.3% BS(e) and +8.8% consensus). 9M'24 vs. 9M'23 Results Sales: € 1.544 Bn (+4.5% vs. +4.7% BS(e) and +4.4% consensus); EBITDA: € 428.6 M (+10.8% vs. +9.0% BS(e) and +8.8% consensus).

MELIÁ HOTELS: RDOS. 3T’24 Y CAMBIO DE P.O. AL ALZA (ANÁLISIS BANCO SAB...

Rdos. 3T'24 vs 3T'23: Ventas: 584,1 M euros (+2,7% vs +3,9% BS(e) y +3,0% consenso); EBITDA: 188,3 M euros (+11,8% vs +9,3% BS(e) y +8,8% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 1.544 M euros (+4,5% vs +4,7% BS(e) y +4,4% consenso); EBITDA: 428,6 M euros (+10,8% vs +9,0% BS(e) y +8,8% consenso).

INVEST SECURITIES - BIGBEN : Bon T2 mais à l'impact limité sur le refi...

ODDO BHF Small & MIDCAP MORNING NEWS - 10/29/2024

Temenos, the European leader in core banking solutions with significant market share with Tier 3, 4 and 5 banks, faces structural challenges that impair its growth outlook: 1/ the reticence of major banking groups to renew their core banking system; 2/ fierce competition in the digital segment; and 3/ the slowdown in the launch pace for new neo-banks. Indeed, the group is set to scale back its medium-term targets at its CMD on 12 November. Moreover, the support for the stock offered b...

ODDO BHF S all & MIDCAP MORNING NEWS - 29/10/2024

Temenos, leader européen des solutions Core Banking avec une part de marché significative auprès des banques Tiers 3, 4 et 5, fait face des défis structurels qui réduisent ses perspectives de croissance : 1/ la réticence des grands acteurs bancaires à renouveler leur Core banking system; 2/ la forte compétition sur le segment Digital et 3/ le ralentissement du rythme de lancement de nouvelles néo-banques. Aussi, le groupe devrait abaisser ses objectifs MT lors du CMD du 12 novembre. E...

Bigben Interactive : Momentum still lacklustre for historical operatio...

>Q2 lower than expected in both divisions - Bigben’s Q2 2024-25 revenues, reported after trading yesterday, saw growth of 21% y-o-y to € 78m, below our expectations (€ 93m) for both divisions. Audio-Vidéo/Telco (42% of Q2 revenues) posted growth of 3% in Q2 at € 33m, below our expectations (€ 37m est.) with i/ growth for the mobile accessory business of 5% (easy comps) in a sluggish smartphone market, ii/ the audio/video segment still in decline at € 7.8m in Q2. The N...

Bigben Interactive : Momentum toujours poussif sur les activités histo...

>T2 inférieur aux attentes sur les deux divisions - Bigben a publié hier après bourse un CA T2 2024/25 en progression de 21% y-o-y à 78 M€, inférieur à nos attentes (93 M€), sur les deux divisions. Audio-Vidéo/Telco (42% du CA T2) était en hausse de 3% au T2 à 33 M€, en dessous de nos prévisions (37 M€e) avec i/ une activité Accessoires mobiles en progression de 5% (effet de base facile) dans un marché du smartphone qui reste atone, ii/ un segment Audio/vidéo toujours...

ODDO BHF Small & MIDCAP MORNING NEWS - 27/09/2024

Bystronic est un groupe suisse spécialisé dans les machines de découpe laser et de pliage, avec un business model hybride entre vente d’équipements, services récurrents et logiciels. Alors que ses commandes pâtissent d’un momentum difficile depuis plusieurs trimestres, nous n’anticipons pas d’amélioration au S2 et la visibilité reste réduite pour 2025. En parallèle, le plan de restructuration initié cette année devrait surtout être visible à compter du S1 2025. Dans ce contexte, Bystr...

ODDO BHF Small & MIDCAP MORNING NEWS - 09/23/2024

CF Alba, the March family holding company, invests in listed and unlisted companies where it identifies strong potential, regardless of the investment horizon. Since 1993, it has achieved a total annualized shareholder return of +11%, beating the EuroStoxx index by 3pp. The company currently trades at a c.50% discount to its NAV which is close to its historical maximum. We initiate coverage with an Outperform rating and a target price of € 68, representing a discount to its NAV of 35...

ODDO BHF Small & MIDCAP MORNING NEWS - 23/09/2024

CF Alba, the March family holding company, invests in listed and unlisted companies where it identifies strong potential, regardless of the investment horizon. Since 1993, it has achieved a total annualized shareholder return of +11%, beating the EuroStoxx index by 3pp. The company currently trades at a c.50% discount to its NAV which is close to its historical maximum. We initiate coverage with an Outperform rating and a target price of € 68, representing a discount to its NAV of 35...

ODDO : July/August: two high-flying months for European hotels

>Western Europe: RevPAR growth of ~15% y-o-y in July/August - Based on the RevPAR figures in western Europe for August (+17.3% y-o-y according to STR with price growth of +15.3%), growth over July/August stands at +15% on average. This very positive trend was driven very largely by prices, with occupancy rates up 1%. The performance, which is exceptional in the context, was underpinned by strong leisure demand in Europe but also, importantly, by France (RevPAR at 9.2%...