reports
- Carole Braudeau
Credit Morning 04/30/2024
Iliad Holding plans to issue new bonds to fund the investment in Tele2 and a tender on Iliad Holding 2026 notesIsabel Marant: well preserved liquidity but further deep fall in the wholesale order bookVerisure markets new bonds with two special covenants linked to a potential IPOBUT/Mobilux: new bond offering with the inclusion of Conforama into the scope>...
- Michael B. Schäfer
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2024
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
TKA THYSSENKRUPP AG
DG VINCI SA
JMT JERONIMO MARTINS SGPS S.A.
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
HO THALES SA
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
DAI DAIMLER AG
QIA QIAGEN NV
RXL REXEL SA
VNA VONOVIA SE
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
ABI ANHEUSER-BUSCH INBEV SA/NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STMN STRAUMANN HOLDING AG
- Carole Braudeau
Morning Crédit 30/04/2024
Isabel Marant : liquidité supérieure aux attentes mais nouvelle chute du carnet de commandesBUT/Mobilux : Nouvelle émission obligataire avec intégration de Conforama dans le périmètreIliad Holding compte émettre des de nouvelles obligations pour financer l’investissement dans Tele2 et un tender sur la souche Iliad Holding 2026Verisure commercialise des nouvelles obligations avec deux covenants spéciaux liés à une potentielle IPO>...
- Michael B. Schäfer
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2024
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
TKA THYSSENKRUPP AG
DG VINCI SA
JMT JERONIMO MARTINS SGPS S.A.
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
HO THALES SA
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
DAI DAIMLER AG
QIA QIAGEN NV
RXL REXEL SA
VNA VONOVIA SE
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
ABI ANHEUSER-BUSCH INBEV SA/NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STMN STRAUMANN HOLDING AG
- Olfa Taamallah
- Yan Derocles
MTU Aero Engines : A slightly disappointing release
>Spares parts down by around 5% organically in Q1 - MTU (Neutral, TP -€190) has just reported its Q1 2024 results slightly disappointing with FCF coming slightly below consensus estimates and a lower performance at spares parts vs our estimates. EBITA is reported at € 218m, up 3% y-o-y (ODDO BHF: € 209m consensus: € 214m) and the margin stood at 13% vs 13.7% in Q1 2023, factoring in a negative mix effect (around 5% decline spares vs -3%e offset partially by higher spa...
- Olfa Taamallah
- Yan Derocles
MTU Aero Engines : A slightly disappointing release
>Spares parts down by around 5% organically in Q1 - MTU (Neutral, TP -€190) has just reported its Q1 2024 results slightly disappointing with FCF coming slightly below consensus estimates and a lower performance at spares parts vs our estimates. EBITA is reported at € 218m, up 3% y-o-y (ODDO BHF: € 209m consensus: € 214m) and the margin stood at 13% vs 13.7% in Q1 2023, factoring in a negative mix effect (around 5% decline spares vs -3%e offset partially by higher spa...
- Michael Roeg
Just Eat Takeaway - Rectification: reaffirm coverage
This morning we accidentally sent out a one-pager in which it was incorrectly stated that we dropped coverage on Just Eat Takeaway.com.We reaffirm our coverage on Just Eat Takeaway.com, with a target price of EUR 30 and a Buy rating (Preference List).
- Carole Braudeau
- Carole Braudeau
- Marc Hesselink
- CFA
- Thymen Rundberg
Just Eat Takeaway.com/Building trust/BUY
JET reported a mixed 1Q24 trading update. There was, again, good performance in its core European stronghold, Northern Europe & UK. There was continued weak performance in North America and Southern Europe & Australia. We have small upward revisions to our estimates. We remain positive on the overall investment case as we believe the business is at the inflection point to both grow and improve profitability. In our view, the positives strongly outweigh the negatives, and we reiterate our BUY rat...
- Clement Genelot
Food Delivery: diverging growth/FCF profiles
Post TKWY and ROO's Q1 figures and ahead of DHER's publication, we note an improving growth trend in Q1. This growth will nevertheless have to rebalance towards orders as out-of-home food is also set to face disinflation this year. The ability to recreate HSD% growth will be the name of the 2024-25
- ING Helpdesk
Benelux Morning Notes
Azelis: Bloomberg report citing M&A interest. BE Semiconductor Industries: 1Q24 preview, focus on order intake. Greenyard: Crème de la Crème acquisition. Just Eat Takeaway.com: Deliveroo reports 1Q24 trading. Melexis: 1Q24 Preview, focus on pricing. NSI: Guidance confirmed, LTV improves, small but interesting investments might come. Sligro: 1Q24 results in line with expectations Vastned: Key €100m single asset disposal achieved
- Michiel Declercq
Just Eat Takeaway 1Q24 Conference call feedback
1Q24 GTV decreased by 2% at constant fx to € 6547m (kbcse: € 6519m, css: € 6559m), but was up 3% at constant fx when excluding for N-A, or in line with the +2% to +6% FY24 guidance. Although order volumes of 214.2m came in slightly below expectations (kbcse: 215.1m, css: 216.7m), this was offset by a strong ATV growth 4.5% to € 30.6 per order (kbcse: € 30.3, css: € 30.2m), especially in N-E, the UK & IRE. We are pleased that performance in JET's core geographies continued to improve in 1Q24, eve...
- Carole Braudeau
- Carole Braudeau
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/17/2024 Date Performance sin...
NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - ...
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 17/04/2024 Date Performance dep...
NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - ...
- ING Helpdesk
Benelux Morning Notes
ASML: 1Q24 Results; weak orders but case intact. CM.com: Reasonable 1Q24 trading update, positive EBITDA surprise. Just Eat Takeaway.com: 1Q24 trading update - slowly creeping back to order growth. Staffing: Dutch period 3 - March volume and revenue seeing slight recovery in the trend. TomTom: 1Q24 results - touch weaker but no major surprises
- Michiel Declercq
- Thibault Leneeuw
- Thomas Vranken
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.