reports
- Emmanuel Matot
- Emmanuel Matot
- Aurelien Sivignon
Prodways Group : Q1 in line with expectations
>Q1 down in both divisions - Prodways Group reported yesterday evening Q1 2024 revenues down 26% YoY to € 16m, in line with our expectations. Both divisions were unsurprisingly hurt by a persistently challenging momentum, and their reported revenues were further dented by the reclassification of the group as a software business agent (Avenao - DS integrator). On a like-for-like basis, Q1 revenues would be down 7% YoY. By division, Systems (48% Q1 revenues) reported ...
- Aurelien Sivignon
Prodways Group : T1 en ligne
>T1 en baisse dans les deux divisions - Prodways Group a publié hier soir un CA T1 2024 en baisse de 26% y-o-y à 16 M€, en ligne avec nos attentes. Outre un momentum sans surprise encore compliqué sur les deux divisions, le CA publié est aussi pénalisé par la requalification en tant qu’agent de l’activité software (Avenao – intégrateur DS). Sur une base comparable, les revenus T1 seraient en baisse de 7% y-o-y. Par division, Systems (48% CA T1) affiche un CA en dimi...
Prodways Group: 1 director
A director at Prodways Group bought 26,000 shares at 0.769EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- Fehmi Ben Naamane
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/20/2024
We are upgrading the energy sector to Overweight vs Neutral (excluding Oil Services, already on Overweight). The recent rebound in oil prices is set to continue, driven by short, medium and long-term factors: value, cyclical, little debt and good shareholder returns. Technical analysis reveals a strong trend that is only just beginning. GALP enters our Large Caps list; CellNex exits it. - ...
WTB WHITBREAD PLC
EURN EURONAV NV
CEN GROUPE CRIT SA
BEN BENETEAU SA
VIRP VIRBAC SA
VLS VALNEVA SE
PIG HAULOTTE GROUP SA
ISP INTESA SANPAOLO S.P.A.
DEQ DEUTSCHE EUROSHOP AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
ALVIV VISIATIV SA
UCG UNICREDIT S.P.A.
SHOT SCANDIC HOTELS GROUP
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
COPN COSMO PHARMACEUTICALS NV
PWG PRODWAYS GROUP SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
CABKA CABKA N.V.
- Fehmi Ben Naamane
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 20/03/2024
Nous upgradons le secteur énergie à Surpondérer vs Neutre (hors Oil Services déjà à Surpondérer). Le rebond récent des prix du pétrole va se poursuivre, soutenu par des facteurs à court, moyen et long terme. Le secteur dispose en outre de 4 atouts dans la configuration de marché actuelle : value, cyclique, peu endetté et bon retour à l’actionnaire. L’analyse technique révèle une tendance forte qui ne fait que commencer. GALP fait son entrée dans notre liste Large Caps ; CellNex en so...
WTB WHITBREAD PLC
EURN EURONAV NV
CEN GROUPE CRIT SA
BEN BENETEAU SA
VIRP VIRBAC SA
VLS VALNEVA SE
PIG HAULOTTE GROUP SA
ISP INTESA SANPAOLO S.P.A.
DEQ DEUTSCHE EUROSHOP AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
ALVIV VISIATIV SA
UCG UNICREDIT S.P.A.
SHOT SCANDIC HOTELS GROUP
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
COPN COSMO PHARMACEUTICALS NV
PWG PRODWAYS GROUP SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
CABKA CABKA N.V.
- Aurelien Sivignon
Prodways Group : No surprises on 2023 results. Confirmed improvement i...
>2023 results down sharply, as expected - Prodways’ 2023 results were in line with our expectations. On already-reported sales of € 75m, down 8% y-o-y (-10% cs), underlying EBITDA came in at € 6m (vs € 5.8m est.), or a margin off 6 pts y-o-y at 8% (in line with the guidance despite everything). By division, Systems posted an EBITDA margin of 9% (-8 pts y-o-y) impacted by the decline in sales of 3D printers and the meagre showing from the jewellery business (Solidscap...
- Aurelien Sivignon
Prodways Group : Pas de surprise sur les résultats 2023. Progression c...
>Résultats 2023 comme attendu en forte baisse - Les résultats 2023 de Prodways sont en ligne avec nos attentes. Pour un CA (déjà publié) de 75 M€ en baisse de 8% y-o-y (-10% à pc), l’EBITDA courant s’établit à 6 M€ (vs 5.8 M€e) soit une marge en retrait de 6 pts y-o-y à 8% (conforme malgré tout à la guidance). Par division, Systems affiche une marge d’EBITDA de 9% (-8 pts y-o-y) impactée notamment par la baisse des ventes d’imprimantes 3D et la piètre performance de ...
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 02/15/2024
GALP, TotalEnergies and Shell have discovered vast oil deposits off the coast of Namibia. Oil services companies see this as a new Eldorado. FPSO-type solutions seem to be favoured, making SBM Offshore a key player, not forgetting subsea companies such as TechnipFMC. The whole sector could help local economic development... and/or have major negative impacts on local communities, biodiversity or the fight against corruption. Not to mention the carbon lock-in. We would therefore urge i...
FLY SOCIETE FONCIERE LYONNAISE SA
TFI TELEVISION FRANCAISE 1 SA
MERY MERCIALYS SA
GXI GERRESHEIMER AG
FAGR FAGRON SA
VLS VALNEVA SE
LSS LECTRA SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
VASTN VASTNED RETAIL NV
ECONT ECONOCOM GROUP SE CLASS D
PWG PRODWAYS GROUP SA
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
COP COMPUGROUP MEDICAL SE & CO. KGAA
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 15/02/2024
GALP, TotalEnergies ou Shell ont découvert de colossaux gisements de pétrole au large des côtes namibiennes. Les sociétés de services y voient un nouvel eldorado. Les solutions de type FPSO semblent être privilégiées, mettant ainsi SBM Offshore en position d’acteur incontournable, sans oublier ceux liés au subsea comme TechnipFMC. Tout le secteur pourrait aider au développement économique local… et/ou avoir des impacts négatifs importants sur les communautés locales, la biodiversité o...
FLY SOCIETE FONCIERE LYONNAISE SA
TFI TELEVISION FRANCAISE 1 SA
MERY MERCIALYS SA
GXI GERRESHEIMER AG
FAGR FAGRON SA
VLS VALNEVA SE
LSS LECTRA SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
VASTN VASTNED RETAIL NV
XIL XILAM ANIMATION SA
ECONT ECONOCOM GROUP SE CLASS D
PWG PRODWAYS GROUP SA
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
COP COMPUGROUP MEDICAL SE & CO. KGAA
- Aurelien Sivignon
Prodways Group : Limited visibility and still no turning point in the ...
>No turning point in momentum, which remained weak at the end of the year - Prodways Group reported yesterday evening Q4 2023 sales of € 18m, down 18% and in line with our forecasts. In the full year, sales decreased by 8% year-on-year to € 75m because of the change in the recognition of software revenues (Avenao) since July and lacklustre sales of 3D printers and associated equipment at the end of the year. The Systems division (53% of sales) reported a 20% drop in s...
- Aurelien Sivignon
Prodways Group : Visibilité limitée et pas encore d’inflexion à CT mêm...
>Pas d’inflexion dans le momentum qui est resté morose sur la fin d’année - Prodways Group a publié hier soir un CA T4 2023 en baisse de 18% à 18 M€, en ligne avec nos attentes. Sur l’exercice, le CA ressort à 75 M€ soit une diminution de 8% y-o-y, en raison du changement de reconnaissance des revenus de l’activité software (Avenao) depuis le mois de juillet, et dans un contexte où les ventes d’imprimantes 3D et de matières associées sont restées moroses sur la fin d’...
- Jean-François Granjon
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
HCO HIGHCO SA
SWP SWORD GROUP SE
VETO VETOQUINOL SA
WIZZ WIZZ AIR HOLDINGS PLC
MAREL MAREL HF.
ALVIV VISIATIV SA
SESL SES-IMAGOTAG SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
MDM MAISONS DU MONDE SA
PWG PRODWAYS GROUP SA
NSI NSI N.V.
S30 SOLUTIONS 30 SE
ALHRS HYDROGEN REFUELING SOLUTIONS
- Jean-François Granjon
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
HCO HIGHCO SA
SWP SWORD GROUP SE
VETO VETOQUINOL SA
WIZZ WIZZ AIR HOLDINGS PLC
MAREL MAREL HF.
ALVIV VISIATIV SA
SESL SES-IMAGOTAG SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
MDM MAISONS DU MONDE SA
PWG PRODWAYS GROUP SA
NSI NSI N.V.
S30 SOLUTIONS 30 SE
ALHRS HYDROGEN REFUELING SOLUTIONS
- Aurelien Sivignon
Prodways Group : A dynamic start to the year: discontinuing the Solids...
>Refocusing the printing business with the discontinuation of Solidscape: negative on the 2023 bottom line but positive for margins in 2024 and beyond - Prodways announced this week that by the end of the summer it will have discontinued activities at Solidscape, a US company acquired in 2018 (for c.€ 12m) specialising in sales of small printers for jewellery. Solidscape’s sales were down sharply in 2023 at close to € 5m, in particular with a major operating loss at t...
- Aurelien Sivignon
Prodways Group : Un début d’exercice animé : arrêt de l’activité Solid...
>Recentrage de l’activité imprimante avec l’arrêt de Solidscape : négatif sur la bottom line 2023 mais positif pour les marges 2024 et au-delà - Prodways a annoncé cette semaine l’arrêt, d’ici la fin de l’été, des activités de Solidscape, société américaine acquise en 2018 (pour c. 12 M€) spécialisée dans la vente de petites imprimantes pour la joaillerie. Le CA de Solidscape était à priori en forte baisse en 2023 avec un CA de proche de 5 M€ mais surtout enregistrait...
- Andreas Riemann
- Jean Danjou
ODDO BHF Small & MIDCAP MORNING NEWS - 10/17/2023 Date Performance sin...
We reiterate our Outperform rating but lower our price target from €56.5 to €45.0 per share. We now expect modest headwind in the Renovation segment of the Building Technology unit in late 2023 and 2024 due to higher interest rates and a weakening of industrial markets in Surface Tech in the Industrial Technology unit. Those are the main reasons for lower EBITA (margin) estimates for the period 2023-2025. Having said that, the 2026 EBITA margin target of 16%-18% is still in reach but ...
- Andreas Riemann
- Jean Danjou
ODDO BHF Small & MIDCAP MORNING NEWS - 17/10/2023 Date Performance dep...
We reiterate our Outperform rating but lower our price target from €56.5 to €45.0 per share. We now expect modest headwind in the Renovation segment of the Building Technology unit in late 2023 and 2024 due to higher interest rates and a weakening of industrial markets in Surface Tech in the Industrial Technology unit. Those are the main reasons for lower EBITA (margin) estimates for the period 2023-2025. Having said that, the 2026 EBITA margin target of 16%-18% is still in reach but ...
- Aurelien Sivignon
Prodways Group : No warning (yet) despite a guidance now looking out o...
>Q3 sales down unexpectedly - Prodways Group yesterday evening reported Q3 2023 sales well below our expectations, down 8% y-o-y to € 15.9m, whereas we had been looking for growth of an estimated 12% (€ 19.2m). Short-cycle activities, notably on-demand printing, were the hardest hit, while sales of 3D printers remained sluggish. In detail, the systems division (53% of Q3 sales) recorded a decline in sales of 8% y-o-y to € 8.4m (vs € 9.9m est), penalised by lacklustr...
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