reports
- Geoffroy Michalet
SMCP : CA T3 en ligne avec attentes–Toujours dans l’attente d’un updat...
>CA T3 en amélioration séquentielle : bonne dynamique hors Chine - Au titre de son T3, SMCP publie un CA de 293 M€ (vs 292 M€ ODDO BHF, 291 M€ css) en léger recul de 0.8% dont -0.9% en organique, légèrement en dessous de notre attente et celle du consensus (vs -0.6%e ODDO BHF, -0.3% css) en légère amélioration séquentielle (-2.3% au T2 et -5.1% au T1). Sur 9 mois, le CA atteint 878 M€, en recul de 2.7% en organique. Hors Chine, les ventes affichent une croissance or...
- Michael B. Schäfer
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...
- Michael B. Schäfer
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...
- Geoffroy Michalet
SMCP : Q3 revenues in line with expectations-still awaiting update on ...
>Q3 up sequentially: Good momentum excluding China - For Q3, SMCP reported sales of € 293m (vs. ODDO BHF: € 292m; consensus € 291m), inching down 0.8%, of which -0.9% organically, slightly below our expectations and consensus (vs. ODDO BHF: -0.6%; consensus -0.3%), with a slight sequential improvement (-2.3% in Q2 and -5.1% in Q1). Over 9 months, sales came in at € 878m, down 2.7% on an organic basis. Excluding China, organic sales growth was 1.4%. By region: §rc...
SMCP - Communiqué - Ventes T3 2024
SMCP - Communiqué - Ventes T3 2024 Q3 2024 Sales Press release - Paris, October 29th, 2024 Q3 performance driven by Europe and the USEnvironment still challenging in China Q3 2024 Sales at €293m, decreasing by -0.9% on an organic0F0F1 basis vs. Q3 2023 Sales at €295m Sales growth of +3.1% on an organic basis excluding China, with a good resilience of sales in America and Europe (despite a negative effect of Olympic Games in Paris on the business)Trend improvement in September, in particular in France and EuropeContinued strict full-price strategy with a two-point decrease of avera...
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2024
Les mesures annoncées par Michel Barnier correspondent à une augmentation de l’impôt sur les sociétés pour les 2 prochaines années de 31% (+773 pb) pour les entreprises réalisant plus de 3 Md€ de CA en France et de 15,5% (+258 pb) pour celles avec un CA France entre 1 et 3 Md€. L’impact sera négatif pour les actions françaises, en particulier pour les plus grandes capitalisations avec un CA France > 3 Md€ et une base fiscale française importante. - ...
- Julian Dobrovolschi
- Luis de Toledo Heras
- Philippe Ourpatian
- Thomas Zlowodzki
ODDO BHF Sm all & MIDCAP MORNING NEWS - 10/11/2024
The measures announced by Michel Barnier correspond to a Corporate Tax increase on companies for the next two years of 31% (+773bp) for companies generating more than € 3bn in revenues in France and 15.5% (+258bp) for those generating revenues in France between € 1bn and € 3bn. The impact will be negative for French equities, in particular for the largest capitalisations with France revenues in excess of € 3bn and a significant French tax base. - ...
- Geoffroy Michalet
SMCP : Q3 set to show the same trends as Q2, pending progress on the t...
>Q3: organic growth still negative, but a sequential improvement, at -0.6% - For Q3, we believe that SMCP is set to report a slight organic decrease in Q3 sales (-0.6%), which would represent a slight sequential improvement (-2.3% in Q2 and -5.1% in Q1), but with a less demanding base effect (-1.9% in Q3 2023 vs 9.0% in Q2 2023 and 6.7% in Q1 2023). In short, despite a much more favourable base effect, consolidated momentum is slowing, due mainly to the Asia region (C...
- Geoffroy Michalet
SMCP : Vers un T3 dans les mêmes tendances que le T2, dans l’attente d...
>T3 : encore un organique négatif, mais en amélioration séquentielle, à -0.6% - Au titre de son T3, nous pensons que SMCP devrait publier un CA T3 en légère décroissance organique (-0.6%), en légère amélioration séquentielle (-2.3% au T2 et -5.1% au T1), mais avec un effet de base plus facile (-1.9% au T3 2023 vs 9.0% au T2 2023 et 6.7% au T1 2021). En synthèse, malgré un effet de base beaucoup plus favorable, la dynamique consolidée décélère, en raison majoritairemen...
SMCP - Ida Simonsen is appointed as President and CEO of SMCP North Am...
SMCP - Ida Simonsen is appointed as President and CEO of SMCP North America Press release - Paris, October 2nd, 2024 Ida Simonsen is appointed as President and CEO of SMCP North America SMCP Group is pleased to announce the appointment of Ida Simonsen as President and CEO for North America. She will succeed to Paul Griffin who decided to pursue his career outside the Group. Isabelle Guichot, CEO of SMCP Group, said: “We are thrilled to welcome Ida Simonsen to the SMCP family as President and CEO for North America. Ida’s dynamic leadership, extensive industry expertise, and passi...
SMCP - Ida Simonsen est nommée présidente-directrice générale de SMCP ...
SMCP - Ida Simonsen est nommée présidente-directrice générale de SMCP Amérique du Nord Communiqué - Paris, le 2 octobre 2024 Ida Simonsen est nommée présidente-directrice générale de SMCP Amérique du Nord Le Groupe SMCP a le plaisir d'annoncer la nomination d'Ida Simonsen au poste de présidente-directrice générale de la région Amérique du Nord. Elle succède à Paul Griffin qui a décidé de poursuivre sa carrière en dehors du Groupe. Isabelle Guichot, Directeur général du Groupe SMCP, a déclaré : « Nous sommes ravis d'accueillir Ida Simonsen au sein de la famille SMCP en tant que p...
SMCP - New partner in Indonesia and in the Philippines
SMCP - New partner in Indonesia and in the Philippines Press release - Paris, September 9th, 2024 After India, SMCP carries on its international expansion and enters Indonesia and the Philippines SMCP, parent company of the brands Sandro, Maje, Claudie Pierlot and Fursac, is delighted to announce the signing of two new distribution partnerships with two major APAC countries: the Philippines and Indonesia. Following the announcement of its expansion in India over a year ago, the Group has signed two new distribution partnerships with SSI Group (Philippines) and Map Group (Indonesia...
SMCP - Update on the proceedings in the relation with a stake of 15.9%...
SMCP - Update on the proceedings in the relation with a stake of 15.9% of the share capital Press release - Paris, September 9th, 2024 Information on the proceedings in relation to the sale of a 15.9% stake of SMCP’s share capital in 2021The Court of Appeal refuses appeals from Dynamic Treasure Group against the English High Court ruling SMCP has been informed that the London Court of Appeal has refused applications for permission to appeal, in particular from Dynamic Treasure Group (DTG) against the English High Court decision of 12 July 2024 ruling that the sale of a stake of 1...
SMCP - Liquidity contract
SMCP - Liquidity contract Press release - Paris, August 5th, 2024 Termination and implementation of a liquidity contract with Rothschild Martin Maurel On August 2nd, 2024, SMCP terminated the liquidity contract with BNP Paribas Arbitrage since November 28th, 2017.On the termination date of this contract, the following assets were booked to the liquidity account: 192 555 SMCP shares141 131, 16 euros SMCP (ISIN Code: FR0013214145) announces that it has entrusted Rothschild Martin Maurel with effect from August 5th, 2024 and until December 31st, 2024, and for a period of one year,...
- Geoffroy Michalet
SMCP : 2024 : le bout du tunnel ? Surperformance vs Neutre, OC 5.6 € v...
Après 3 ans d’histoires actionnariales qui auront gâché l’equity story, le jugement et l’ordonnance de juillet enlèvent un poids majeur et augmentent la spéculation sur le titre. Si la conjoncture du marché du textile est difficile, SMCP traite à des niveaux de valorisation qui ne reflètent pas ses performances opérationnelles honorables au regard du contexte. Nous passons à Surperformance (vs Neutre) et augmentons notre OC à 5.6 € vs 3.5 €. - >Une histoire actionnariale c...
- Geoffroy Michalet
SMCP : 2024: light at end of the tunnel? Outperform vs Neutral, TP € 5...
After three years of shareholder tussles that have soured the equity story, the July 2024 ruling and order should take a major weight off the stock and enhance its speculative appeal. While the textile market is manifestly going through rough times, SMCP is trading at valuation levels out of keeping with the commendable operational performance it has been delivering in this adverse climate. We are upgrading our rating to Outperform from Neutral and raising our target price to € 5...
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
ELIS ELIS SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Geoffroy Michalet
SMCP : A sequential acceleration in Q2 sales but still in negative ter...
>Resilient sales despite still challenging momentum in China - Sales were € 585m, down 4.0% on reported data, -3.6% organic, in line with our overall forecast. France and the EMEA region were better than expected whereas the APAC zone saw a significant deterioration due to China. Q2 sales were € 298m, -2.0% organic but a sequential improvement (-5% in Q1).France (35% of sales) at -0.7% organic including +6.0% in Q2 thanks to an improvement in the context of...
- Geoffroy Michalet
SMCP : CA T2 en accélération séquentielle mais toujours en territoire ...
>Résilience des ventes malgré un momentum qui reste compliqué en Chine - Le CA s’élève à 585 M€ en baisse de 4.0% en données publiées incluant -3.6% en organique, en ligne avec notre attente au global. La France et la région EMEA sont meilleures qu’attendu tandis que la zone APAC a connu une dégradation significative en raison de la Chine. Le CA T2 ressort à 298 M€ en baisse de 2.0% en organique en amélioration séquentielle (-5% au T1).France (35% du CA) : ...
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