reports
- Andres Bolumburu
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024 Date Performance sin...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2024 Date Performance dep...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Delphine Brault
- Quentin Borie
Talgo : A Q1 2024 ahead of expectations, giving a head start on 2024 g...
>Q1 2024 ahead of expectations, with an EBITDA margin of 12% - Talgo yesterday evening reported Q1 2024 results ahead of expectations.Revenues totalled € 166.5m (css at € 163m), up 31% vs Q1 2023 thanks to an acceleration of the manufacturing activity. Maintenance revenues were stable.The EBITDA margin reached 12% (css at 11.5%), +10bp vs Q1 2023. Net profit totalled € 10.4m, i.e. a quadrupling of the Q1 2023 net profit figure and well above expectation...
- Research Department
INFORME DIARIO 08 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADAS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, AMADEUS, ENDESA, FERROVIAL, FLUIDRA, NATURGY, ROVI, TALGO. EUROPA: AB INVEB, BMW, MUNICH RE. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. Continúa el rebote en Europa Las bolsas europeas continuaron con el rebote de comienzos de seman...
- Delphine Brault
- Quentin Borie
Talgo : Un T1 2024 au-dessus des attentes, donnant de l’avance sur la ...
>T1 2024 au-dessus des attentes avec une marge d’EBITDA de 12% - Talgo a publié hier soir des résultats T1 2024 au-dessus des attentes.Le CA s’établit à 166.5 M€ (css à 163 M€), en hausse de 31% vs T1 2023 grâce à une accélération de l’activité de fabrication. Les revenus de maintenance sont stables.La marge d’EBITDA atteint 12% (css à 11.5%), +10 pb vs T1 2023. Le résultat net atteint 10.4 M€, soit près de 4x le résultat net du T1 2023 et largement au-...
- Research Department
IBERIAN DAILY 08 MAY + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...
NEWS SUMMARY: AENA, AMADEUS, ENDESA, FERROVIAL, FLUIDRA, NATURGY, ROVI, TALGO. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’24 results to be released over the coming days in Spain. The rally in Europe continues European stock markets continued to rally at the start of the week while sovereign debt yields continued to fall, bringing the IBEX back above 11,000 points. With...
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
INFINEON INFINEON TECHNOLOGIES AG
LR LEGRAND SA
AMS AMS AG
RCO REMY COINTREAU SA
DEMANT DEMANT A/S
GLE SOCIETE GENERALE S.A. CLASS A
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ISP INTESA SANPAOLO S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
AMS AMS AG
APAML APERAM SA
EVT EVOTEC SE
SBS STRATEC SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MBB MBB INDUSTRIES SE
PNL POSTNL NV
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
ECV ENCAVIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
AF AIR FRANCE - KLM
ARM ARM HOLDINGS PLC
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
INFINEON INFINEON TECHNOLOGIES AG
LR LEGRAND SA
AMS AMS AG
RCO REMY COINTREAU SA
DEMANT DEMANT A/S
GLE SOCIETE GENERALE S.A. CLASS A
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ISP INTESA SANPAOLO S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
AMS AMS AG
APAML APERAM SA
EVT EVOTEC SE
SBS STRATEC SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MBB MBB INDUSTRIES SE
PNL POSTNL NV
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
ECV ENCAVIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
AF AIR FRANCE - KLM
ARM ARM HOLDINGS PLC
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : March 2024 sales below forecasts, memory continues to underpin ...
>Global sales for March 2024 at +15.2% y-o-y (vs +16.4% in February), Q1 2024 at +15% - Worldwide semiconductor sales in March 2024 were published by the WSTS (World Semiconductor Trade Statistics), with the usual one-month lag. In terms of the three-month moving average, sales came to $ 50.8bn, falling short of our estimate of $ 52.2bn, pointing to y-o-y growth +15.2% (a slight sequential decline of -0.6%). This marks a slowdown vs February, which stood at +16.4%. Q1...
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Ventes de mars 2024 inférieures aux attentes, la mémoire contin...
>Ventes mondiales de mars 2024 à +15.2% yoy (vs +16.4% en février), un T1 24 à +15% - Les ventes mondiales de semiconducteurs de mars 2024 ont été publiées par la WSTS (World Semiconductor Trade Statistics), avec comme toujours, un mois de décalage. En données lissées (moyenne 3 mois), elles ressortent à 50.8 Md$, inférieures à notre prévision à 52.2 Md$, en croissance annuelle de 15.2% (légère baisse en séquentiel de -0.6%). Il s’agit d’un ralentissement par rapport ...
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Thibault Leneeuw
ASML Valuation method update
In this note we make a small adjustment to our forecast, give a valuation overview and change our valuation method. We still see reasons to remain cautious as inventories remain elevated, while the divergence between WFE revenue growth and Semi manufacturers CapEx growth continues to diverge. Furthermore, we provide an extensive multiple overview. Finally, we adjust our valuation method. Our current target price is for 50% based on DCF valuation, 30% based on peer multiples and 20% based on 2025...
ASML discloses 2024 AGM results
ASML discloses 2024 AGM results ASML discloses 2024 AGM results Veldhoven, the Netherlands, April 24, 2024 – ASML Holding N.V. (ASML) today announces the results of its Annual General Meeting (AGM) held on April 24, 2024. The 2024 AGM marks the end of the terms of Peter Wennink and Martin van den Brink as Presidents of ASML and the beginning of Christophe Fouquet's term as President and CEO of ASML. At the AGM, ASML’s statutory financial statements for the 2023 financial year were adopted. In addition, the following items were approved: Proposal to adopt a final dividend payment of €1....
- Research Department
IBERIAN DAILY 24 APRIL + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEW...
NEWS SUMMARY: GLOBAL DOMINION, GRIFOLS, NATURGY, TALGO. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’24 results to be released over the coming days in Spain. Markets continue to climb European stock markets celebrated the easing tensions in the Middle East and the start of the 1Q’24 results season. In the STOXX 600 almost all sectors posted gains, led by Technology (SAP r...
- Research Department
INFORME DIARIO 24 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GLOBAL DOMINION, NATURGY, TALGO. EUROPA: AIR LIQUIDE, KERING. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. Las bolsas europeas celebraron la moderación de las tensiones en Oriente Medio y el arranque de la temporada de resultados del 1T’24....
- Research Department
IBERIAN DAILY 23 APRIL + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABAD...
NEWS SUMMARY: ENAGÁS, ENCE, IAG, NATURGY, TALGO. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’24 results to be released over the coming days in Spain. Rally on the market European stock markets recovered part of the losses from last week and gold recorded its biggest drop of the year, following the correction in public debt and oil prices after tensions in the Middle East...
- Research Department
INFORME DIARIO 23 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. PREVIEWS (ANÁLI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENAGÁS, ENCE, IAG, NATURGY, TALGO. EUROPA: SAP. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. Rebota el mercado Las bolsas europeas recuperaron parte de las pérdidas de la semana pasada y el oro registró su mayor bajada en un año, siguiendo ...
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