reports
- Delphine Brault
- Emmanuel Matot
- Quentin Borie
OUT1V OUTOKUMPU OYJ
LSS LECTRA SA
FAE FAES FARMA S.A.
BRNL BRUNEL INTERNATIONAL N.V.
SEFER SERGEFERRARI GROUP SA
SPIE SPIE SA
CASH PROSEGUR CASH SA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
PLX PLUXEE NV
CO CASINO GUICHARD-PERRACHON
VIRI VIRIDIEN
- Delphine Brault
- Emmanuel Matot
- Quentin Borie
OUT1V OUTOKUMPU OYJ
LSS LECTRA SA
FAE FAES FARMA S.A.
BRNL BRUNEL INTERNATIONAL N.V.
SEFER SERGEFERRARI GROUP SA
SPIE SPIE SA
CASH PROSEGUR CASH SA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
PLX PLUXEE NV
CO CASINO GUICHARD-PERRACHON
VIRI VIRIDIEN
- Juan Ros-Padilla
Prosegur Cash SA : Q3 earnings somewhat below
>Gradually recovering from Argentina’s devaluation - Revenues increased 1% y-o-y in Q3 (vs +5% in Q2, -1% in Q1 and -20% in Q4) to € 525m, broadly aligned with our estimates and the consensus, with a still very negative forex impact (-21pp this quarter vs -41pp in Q2, -49pp in Q1 and -60pp in Q4). This headline sales soft evolution is mainly due to the impact derived from the Argentine peso devaluation in late December 2023 and its translation to the accounts with IA...
- Olfa Taamallah
- Yan Derocles
BFIT BASIC-FIT NV
RHK RHON-KLINIKUM AG
BLC BASTIDE LE CONFORT MEDICAL SA
ERA ERAMET SA
PAT PATRIZIA AG
GCO GRUPO CATALANA OCCIDENTE S.A.
RENE REDES ENERGETICAS NACIONAIS SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
CASH PROSEGUR CASH SA
MDM MAISONS DU MONDE SA
HAG HENSOLDT AG
VK VALLOUREC SA
STM STABILUS SE
ORP ORPEA
- Olfa Taamallah
- Yan Derocles
BFIT BASIC-FIT NV
RHK RHON-KLINIKUM AG
BLC BASTIDE LE CONFORT MEDICAL SA
ERA ERAMET SA
PAT PATRIZIA AG
GCO GRUPO CATALANA OCCIDENTE S.A.
RENE REDES ENERGETICAS NACIONAIS SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
CASH PROSEGUR CASH SA
MDM MAISONS DU MONDE SA
HAG HENSOLDT AG
VK VALLOUREC SA
STM STABILUS SE
ORP ORPEA
- Juan Ros-Padilla
Prosegur Cash SA : Q2 earnings in line
>Gradually recovering from Argentina’s devaluation - Revenues increased 5% y-o-y in Q2 (vs -1% in Q1, -20% in Q4 and -3% in Q3) to € 528m, broadly aligned with our estimates and the consensus, with a very negative forex impact (-41pp this quarter vs -49pp in Q1 and -60pp in Q4). This headline sales soft evolution is mainly due to the impact derived from the Argentine peso devaluation in late December 2023 and its translation to the accounts with IAS 29 hyperinflation...
- Martin Marandon-Carlhian
- Stephane Houri
ATO ATOS SE
BFIT BASIC-FIT NV
LPE LAURENT-PERRIER SA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
SHA SCHAEFFLER AG
FAE FAES FARMA S.A.
AIXA AIXTRON SE
WAF SILTRONIC AG
GCO GRUPO CATALANA OCCIDENTE S.A.
CSM CORBION NV
COFA COFACE SA
CASH PROSEGUR CASH SA
ALFEN ALFEN NV
FUR FUGRO NV
- Martin Marandon-Carlhian
- Stephane Houri
ATO ATOS SE
BFIT BASIC-FIT NV
LPE LAURENT-PERRIER SA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
SHA SCHAEFFLER AG
FAE FAES FARMA S.A.
AIXA AIXTRON SE
WAF SILTRONIC AG
GCO GRUPO CATALANA OCCIDENTE S.A.
CSM CORBION NV
COFA COFACE SA
CASH PROSEGUR CASH SA
ALFEN ALFEN NV
FUR FUGRO NV
- Juan Ros-Padilla
Prosegur Cash SA : Q1 operating results in line
>Gradually recovering from Argentina’s devaluation - Revenues decreased 1% y-o-y in Q1 (vs -20% in Q4 and -3% in Q3) to € 470m, broadly aligned with our estimates yet a touch below the consensus, with a very negative forex impact (-49pp this quarter vs - 60pp in Q4). This headline sales decline is mainly due to the impact derived from the Argentine peso devaluation in late December 2023 and its translation to the accounts with IAS 29 hyperinflation rules, which noneth...
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Juan Ros-Padilla
Prosegur Cash SA : Q4 2023 results in line
>Sales and EBITDA hit by Argentina’s devaluation - Revenues decreased 20% y-o-y in Q4 (vs -3% in Q3 and +6% in Q2) to € 364m, 11% above our estimates yet 7% below the consensus, with a very negative forex impact (-60pp this quarter vs - 54pp in Q3). This headline sales decline is mainly due to the impact derived from the Argentine peso devaluation in late December 2023 and its translation to the accounts with IAS 29 hyperinflation rules (€/ARS at 911 vs 370 in Q3 2023...
- Juan Ros-Padilla
NK IMERYS SA
SOP SOPRA STERIA GROUP SA
F3C SFC ENERGY AG
POM PLASTIC OMNIUM SE
ISS ISS A/S
FII LISI SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ATE ALTEN SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
BRNL BRUNEL INTERNATIONAL N.V.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TEC TECHNIPFMC PLC
CASH PROSEGUR CASH SA
2CRSI 2CRSI SA
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Juan Ros-Padilla
NK IMERYS SA
SOP SOPRA STERIA GROUP SA
F3C SFC ENERGY AG
POM PLASTIC OMNIUM SE
ISS ISS A/S
FII LISI SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ATE ALTEN SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
BRNL BRUNEL INTERNATIONAL N.V.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TEC TECHNIPFMC PLC
CASH PROSEGUR CASH SA
2CRSI 2CRSI SA
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Juan Ros-Padilla
Prosegur Cash SA : Q4 preview: dragged down by the peso devaluation. C...
>Q4 preview: FX revaluation - The company is due to publish its Q4 2023 results on 28 February before the market opens. We expect total sales to decline -28% y-o-y to € 517m (vs -39% in Q3 and -1% in Q2). This headline sales decline is mainly due to the FX impact from the Argentine peso devaluation in late December 2023 and its translation to the accounts with IAS 29 hyperinflation rules (EUR/ARS at 906 vs 370 in Q3 2023 vs 144 in Q3 2022). This sudden drop comes fr...
- Fatma Manaa
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 10/30/2023
Since begin July 2023 Triodos Bank (TB) has been quoted at the multilateral trading facility (MTF) Captin, where each week on a Wednesday a price is being determined. For the next few years, we estimate an EPS of about € 5.5, a circa 6.0% ROE and an IFRS book value per share of about € 91 end 2023. TB is quoting at a PE of about 4.5x and a P/B of about 0.25x. For the fair value PE of TB, we take a material discount on the bank peer group PE which is now at 5-8x. We identified five dis...
- Fatma Manaa
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 30/10/2023
Since begin July 2023 Triodos Bank (TB) has been quoted at the multilateral trading facility (MTF) Captin, where each week on a Wednesday a price is being determined. For the next few years, we estimate an EPS of about € 5.5, a circa 6.0% ROE and an IFRS book value per share of about € 91 end 2023. TB is quoting at a PE of about 4.5x and a P/B of about 0.25x. For the fair value PE of TB, we take a material discount on the bank peer group PE which is now at 5-8x. We identified five dis...
- Juan Ros-Padilla
Prosegur Cash SA : Q3 operating results in line
>Organic pace accelerates but so does the FX deterioration - Revenues decreased by 3% y-o-y in Q3 (vs +6% in Q2 2023 and +16% in Q1 2023) to € 518m, in line with our estimate and the consensus, with very negative FX (-54pp this quarter vs -35pp in Q2 2023 and -19pp in Q1 2023). The comp was harder than in the previous quarters as Q2-Q3 2022 saw a return to normality after the Omicron outbreak. Organic growth accelerated the solid pace seen in previous quarters, reachi...
- Juan Ros-Padilla
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
ABVX ABIVAX SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
ICAD ICADE SA
SAVE SAVENCIA SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CARM CARMILA SAS
ONTEX ONTEX GROUP N.V.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
RIO RIO TINTO PLC
FTG111 FLATEXDEGIRO AG
ECONT ECONOCOM GROUP SE CLASS D
BHP BHP GROUP LTD
CASH PROSEGUR CASH SA
DUE DURR AG
JST JOST WERKE AG
- Juan Ros-Padilla
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
ABVX ABIVAX SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
ICAD ICADE SA
SAVE SAVENCIA SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CARM CARMILA SAS
ONTEX ONTEX GROUP N.V.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
RIO RIO TINTO PLC
FTG111 FLATEXDEGIRO AG
ECONT ECONOCOM GROUP SE CLASS D
BHP BHP GROUP LTD
CASH PROSEGUR CASH SA
DUE DURR AG
JST JOST WERKE AG
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