INVEST SECURITIES - BIOMERIEUX : Dynamique intarissable, objectifs rel...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/09/2024

At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/09/2024

At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...

ODDO : Curtailments in Brazil, limited impact on Iberdrola, Enel and E...

>Recap of the announcement made by Votalia on 20 August - On 20 August, Voltalia announced that the Brazilian transmission network operator was imposing a sizeable curtailment on some parts of the network which will impact group 2024 EBITDA to the tune of € 40m, if these measures to reduce inflow continue over the next few months and if the group is not compensated financially. The curtailment on production volumes for Voltalia in the northeast portion of the network ...

ODDO : Les effacements au Brésil, peu d’impacts sur Iberdrola, Enel et...

>Rappel des faits annoncés par Voltalia le 20 août dernier - Le 20 août dernier, Voltalia a annoncé que l’opérateur du réseau de transmission brésilien impose actuellement des écrêtements prononcés dans certaines parties du réseau qui impacterait l’EBITDA 2024 du groupe à hauteur de 40 M€, si ces mesures de réduction d’injection se prolongeaient au cours des prochains mois et si le groupe n’était pas compensé financièrement. Le volume d’écrêtement de la production de ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/06/2024

The appointment of a prime minister, with experience, particularly on the European stage, from the Républicains party, with a pro-business stance, and RN-compatible, should enable France to exit the governmental stalemate of this summer. Clearly not all of France’s problems are resolved, but the situation opens up the possibility of an initial reduction in the political risk premium on French stocks, particularly on Large Caps. Edenred, Thalès, Gecina, Vinci, Eiffage, Société Générale...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/09/2024

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Engie : Still attractive positioning

>Management road show confirms group’s solid positioning - We organised a roadshow yesterday with Engie’s management in Paris in the presence of Catherine MacGregor, CEO, Pierre-François Riolacci, CFO and the investor relations team. The main issues covered relate to fiscal risks in France, the degree to which operations are in synch with growing market volatility due to the development of renewables and the challenges related to network investments. Overall, the disc...

bioMerieux : Feedback from the analysts’ meeting: growth levers exerci...

>Positive tone on organic performance and new launches - Key takeaways:SpotFire (key launch of 2024): confidence displayed on achieving the full-year sales target of € 80m (€ 33m in H1). The distribution deal with McKesson should deliver more in H2 and Q2 is always the weakest quarter (due to its sensitivity to the respiratory season). In July and August, the pace of installation was deemed “good” by the CEO: Q3 and Q4 could create upside. Compared to Q4 2023 whi...

Engie : Un positionnement toujours attractif

>Le roadshow management confirme le bon positionnement du groupe - Nous avons organisé hier un roadshow avec le management d’Engie à Paris en présence de Catherine MacGregor, CEO, de Pierre-François Riolacci, CFO et de l’équipe des relations investisseurs. Les principaux sujets abordés ont concerné les risques fiscaux en France, la cohérence des activités avec la volatilité croissante du marché lié au développement du renouvelable et les enjeux liés aux investissement...

bioMérieux : Feedback réunion d’analystes : les leviers de croissance ...

>Tonalité positive sur l’organique et les lancements - Voici les principaux éléments que nous retenons :SpotFire (lancement clé de 2024): confiance affichée sur l’atteinte de l’objectif annuel de 80 M€ de CA (33 M€ au S1). Le deal de distribution avec McKesson devrait mieux délivrer au S2 et le T2 se trouve toujours être le trimestre le plus faible (car il est sensible à la saison respiratoire). En juillet et août, le rythme d’installation a été « bon » selon le...

Verbund : Feedback roadshow management. Une vision toujours prudente s...

>Principaux sujets abordés pendant le roadshow - Nous avons organisé une journée investisseurs avec un panel de sociétés autrichiennes à laquelle Verbund a participé. Peter Kollmann CFO et Andreas Wollein, Head of group finance et IR ont animé les échanges avec les investisseurs. Les principaux sujets abordés ont concerné les anticipations de Verbund en matière de prix de marché de l’électricité, les défis posés par le développement accéléré du renouvelable et l’avant...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/05/2024

We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - ...

bioMerieux : H1 2024 results and guidance raised

>Q2: organic growth of +10% - Underlying operating margin : 16.1% - Q2 sales were € 937m (consensus: € 913m est.), with organic growth of +10%, i.e. € 1,902m at end-June (+7.4%% and +9.9% cc / consensus: € 1,878m est.) for H1 underlying operating profit of € 306m, i.e. 16.1% of sales (consensus: € 300m est.), impacted by a forex effect of -€ 44m.The installed base in molecular biology stood at 26,100 for FilmArray and 1,450 for SpotFire.The guidance has been...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/09/2024

We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - ...

bioMérieux : Résultat S1 2024 et guidance de CA/ROC relevée

>T2 : organique à +10% - MOPc: 16,1% - Le CA T2 ressort à 937 M€ (Css: 913 M€e), avec un +10% organique, soit 1902 M€ à fin juin (+7,4%% et +9,9% à tcc. / Css : 1878M€e) pour un ROCc S1 qui atteint 306 M€, soit 16,1% des revenus (Css : 300 M€e), impacté par un effet devises de -44 M€.La base installée en biologie moléculaire ressort à 26100 pour FilmArray et 1450 pour SpotFire.La guidance est relevée (CA : +8 à +10% vs+6%/+8% auparavant- MOP : +50 pb hors FX...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/08/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/05/2024

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Engie : A good H1 publication leads to an unexpected upward revision t...

>Good performance at all business divisions - Engie reported, on Friday 2 August, interim results that beat our estimates. EBIT excl. nuclear was down at € 5,623m (-16.3% org.) vs ODDO BHF at € 5,333m and EBIT including nuclear was down at € 6,393m (-8.0%) above our expectations of € 5,994m. Recurring net profit attributable to equity holders of the parent was € 3.8bn (-6.1%), compared with the € 3,291m expected by ODDO BHF. All divisions posted results in line with o...