reports
- Julian Dobrovolschi
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2024
As the world leader in logistics, DHL operates in 220 countries via 5 main activities (post and parcels in Germany, Express, freight forwarding, supply chain and e-commerce). Despite buoyant structural trends (global trade, e-commerce, outsourcing of logistics chains), we are initiating coverage with a Neutral rating and target price of € 43 in the absence of short-term visibility on the global macro environment and due to the risk of a consensus downgrade. - ...
- Bruno Cavalier
- Julian Dobrovolschi
- Oliver Metzger
Merck KGaA : Healthcare and Electronics to drive 2024, Life Sciences t...
>Solid start into the year, Healthcare and Electronics to drive 2024 - The first quarter was a good start into the year for Merck on the back of a strong Healthcare performance as well as Electronics ahead of expectations. The quantitative guidance for 2024 looks solid on the top line with 1% to 5% organic sales growth (ODDO BHF 3.3%) and an EBITDA pre of € 5.7bn to € 6.3bn (ODDO BHF € 6.0bn). The most relevant driver for the share price will be better visibility on t...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Solid results bode well going forward
>Q1 2024 results beat expectations - RWE's Q1 2024 results, reported yesterday, beat expectations. EBITDA came in at € 1.709bn, (-26%) vs € 1.57bn expected (€ 1.569bn css). Adjusted EBIT fell by 34% to € 1.22bn vs € 1.07bn expected (ODDO BHF) / € 1.048bn (css). Adjusted net income came in at € 801m (vs € 1.315bn y-o-y) up relative to our expectations at € 654m and € 646m (css). All the divisions were in line with expectations, except for trading which posted € 251m (...
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Des résultats solides de bon augure pour la suite
>Résultats T1 2024 supérieurs aux attentes - RWE a publié hier ses résultats T1 2024 supérieurs aux attentes. L'EBITDA est ressorti à 1 709 M€, (-26%) contre 1 570 M€ attendus (1 569 M€ Css). L'EBIT ajusté est en baisse de 34% à 1 220 M€ vs 1 070 M€ attendus (ODDO BHF) / 1 048 € (Css). Le résultat net ajusté est ressorti à 801 M€ (vs 1 315 M€ y-o-y) en hausse par rapport à nos attentes à 654 M€ et 646 M€ (Css). Toutes les divisions ont été conformes aux prévisions, à...
- Oliver Metzger
Merck KGaA : Strong momentum in Healthcare & Semiconductors, Life Scie...
>Q1 review – Better on bottom line - Q1 2024 revenues of € 5,120m (-3.3% y-o-y) were -2%/0% vs ODDO BHF/consensus. The organic decline was -1.2%, (ODDO BHF +0.2%). EBITDA pre of € 1,454m (-8.4% y-o-y, margin 28.4%) was 3%/7% better than ODDO BH/consensus. EPS pre was € 2.06 some 0%/7% ahead of expectations. For 2024, the company detailed its guidance and looks for sales of € 20.6bn to € 22.1bn (ODDO BHF € 21.6bn, consensus € 21.2bn) with +1% to +5% organic growth with...
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Results above forecast but no change in the guidance at this poi...
>Good set of results above forecast due to trading business - RWE released its Q1 2024 results this morning, which came in above expectations. EBITDA came in at €1,709, (-26%) vs €1,570 m anticipated (€ 1,569m Css). Adjusted EBIT was down 34% to € 1,220m vs € 1,070m expected (ODDO BHF) / € 1,048m (Css). Adjusted net income was € 801m (vs € 1,315m y-o-y) above our forecast at € 654m and € 646m (Css). By division, EBITDA at the offshore wind business was up 16% y-o-y to...
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Results above forecast but no change in the guidance at this poi...
>Good set of results above forecast due to trading business - RWE released its Q1 2024 results this morning, which came in above expectations. EBITDA came in at €1,709, (-26%) vs €1,570 m anticipated (€ 1,569m Css). Adjusted EBIT was down 34% to € 1,220m vs € 1,070m expected (ODDO BHF) / € 1,048m (Css). Adjusted net income was € 801m (vs € 1,315m y-o-y) above our forecast at € 654m and € 646m (Css). By division, EBITDA at the offshore wind business was up 16% y-o-y to...
- Thomas J. Schiessle
Inventory reduction in China completed - guidance FY24 confirmed - gro...
Costs are under control, but an increase in sales in H2/FY 24 is necessary to achieve the bottom line of guidance FY24, which is now qualified as "ambitious". Once there is more clarity on this, the guidance will be specified. The guidance FY24will now only be raised by the D.O.R.C. top-line contribution (FY24: approx. € 100m; D.O.R.C. bottom-line contributions (incl. ppa) will follow later).
- Thomas J. Schiessle
Lagerabbau in China abgeschlossen - 24er Guidance betätigt - Wachstums...
Die Kosten sind im Griff, doch ist eine Umsatzausweitung im H2/FY 24 nötig, um die inzwischen als „ambitioniert“ qualifizierte bottom-line der Guidance 24 zu erreichen. Wenn hierüber mehr Klarheit herrscht, wird die 24er Guidance konkretisiert werden. Die 24er Guidance wird jetzt nur um den D.O.R.C.-Topline-Beitrag (FY 24: ca. € 100 Mio.) angehoben (D.O.R.C.-Bottomline-Beiträge (inkl. ppa) folgen später).
- 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
- 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
UCG UNICREDIT S.P.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
- Oliver Metzger
Carl Zeiss Meditec : Q2 review – Miss on top line and adj. EBIT
>Q2 review – miss on top line and adj. EBIT - Q2 2024 revenues € 472.1m (-6.4% y-o-y) were driven by a constant currency decline of c. 0.7% and a forex headwind of 570bp, or -7%/-7% vs ODDO BHF/consensus. EBIT of € 64.7m (-22.7% y-o-y, margin 13.7%) was 11%/17% ahead of expectations pushed by Topcon settlement. Adj. EBIT reached € 49.0m (-43.2% y-o-y, margin 10.4%) and was -3%/-13% vs consensus. EPS of € 0.52 compares to expectations of € 0.49 and € 0.46 for the conse...
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : What to think of the potential divestment of Amprion?
>Why would Amprion be up for sale? - Amprion is one of Germany’s four transmission systems operators. RWE holds a stake of 25.1% in the company’s capital alongside financial investors. Rumours of a divestment have emerged following an interview of Klaus Müller, chair of the Bundesnetzagentur (the German monitoring body), suggesting that coordinating the will of the German government with an acquisition of a stake in the operators’ capital could be a solution adapted t...
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Que penser d’une potentielle cession d’Amprion ?
>Pourquoi Amprion serait à vendre ? - Amprion est un des 4 opérateurs de transport de réseau (TSO) en Allemagne. RWE détient une participation de 25.1% dans le capital de la société au côté d’investisseurs financiers. Les rumeurs de cession émergent à la suite de l’interview de Klaus Müller président de la Bundesnetzagentur (organisme de surveillance allemand), suggérant que coordonner la volonté du gouvernement Allemand avec une prise de participation au capital des ...
EQS-News: Carl Zeiss Meditec closes first six months 2023/24 with a sl...
EQS-News: Carl Zeiss Meditec AG / Key word(s): Half Year Report/Half Year Results Carl Zeiss Meditec closes first six months 2023/24 with a slight decline in revenue due to currency effects 08.05.2024 / 06:26 CET/CEST The issuer is solely responsible for the content of this announcement. Carl Zeiss Meditec closes first six months 2023/24 with a slight decline in revenue due to currency effects Planned reduction of stocks of surgical consumables in the Chinese distribution channel successfully completed JENA, 8 May 2024 Carl Zeiss Meditec generated revenue of around ...
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