reports
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Jean-François Granjon
ROG ROCHE HOLDING LTD
ZIL2 ELRINGKLINGER AG
NOVN NOVARTIS AG
GYC GRAND CITY PROPERTIES SA
MRN MERSEN SA
SAN SANOFI
ERG ERG S.P.A.
DLG DE'LONGHI S.P.A.
AZN ASTRAZENECA PLC
DUFN DUFRY AG
RUI RUBIS SCA
TFF TFF GROUP
SRAIL STADLER RAIL AG
VK VALLOUREC SA
LOCAL SOLOCAL GROUP
NA9 NAGARRO
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Jean-François Granjon
ROG ROCHE HOLDING LTD
ZIL2 ELRINGKLINGER AG
NOVN NOVARTIS AG
GYC GRAND CITY PROPERTIES SA
MRN MERSEN SA
SAN SANOFI
ERG ERG S.P.A.
DLG DE'LONGHI S.P.A.
AZN ASTRAZENECA PLC
DUFN DUFRY AG
RUI RUBIS SCA
TFF TFF GROUP
SRAIL STADLER RAIL AG
VK VALLOUREC SA
LOCAL SOLOCAL GROUP
NA9 NAGARRO
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Jeremy Garnier
TFF Group : 9M sales in line with our expectations
>Q3 sales of € 105.2m (vs € 105m est.), up 7.5% (+ 8.5% l-f-l) - TFF Group yesterday evening reported Q3 2023-24 sales of € 105.m, right in line with our forecast. In the quarter, business thus expanded by 7.5% (+8.5% l-f-l). Over 9 months, sales came to € 369.5m (vs € 369.2m est.), up 11.8%, with: 1/ a negative forex effect of -3.2% (dollar impact), 2/ a scope effect of 0.5% following the integration of Goulard (6 months) and Biossent (4 months) and 3/ organic growth...
- Jeremy Garnier
TFF Group : CA 9 mois en ligne avec nos attentes
>CA T3 de 105.2 M€ (vs 105 M€e), en croissance de 7.5% (+ 8.5% lfl) - TFF group a publié hier soir un CA T3 2023/24 de 105.2 M€ parfaitement en ligne avec notre attente. Sur le trimestre, l’activité ressort ainsi en progression de 7.5% (+8.5% lfl). Sur 9 mois cumulés, le CA atteint 369.5 M€ (vs 369.2 M€e), en croissance de 11.8% composée : 1/ d’un effet devises négatif de -3.2% (impact dollar), 2/ d’un effet périmètre de 0.5% suite à l’intégration des sociétés Goulard...
- Jeremy Garnier
ODDO : Rallumer la flamme
Après 5 années compliquées pour l’univers small caps, les raisons d’espérer sont plus tangibles en 2024 (retour à la collecte, valorisations cohérentes et prime de croissance vs large caps) mais le timing reste encore incertain et le couple momentum/visibilité restera encore clé pour la performance. Notre liste European Nextcap S1 2024 intègre : Compagnie des Alpes, Ence, Esker, Exail Technologies, Schoeller Bleckmann, SFC Energy, TFF Group, et Xior Student Housing. - >Une...
- Mohamed Mansour (IDMidCaps)
TFF Group - H1 sales driven by higher prices and improved profitabilit...
Q2 sales up 12%: Alcohol division up 29%, Wine down 1%.H1 sales up 14% on a reported basis and 17% organicallyLower volumes expected for wine division in Q3 due to poor harvest.Guidance confirmed, with management confident of reaching full-year target of 750k barrels sold, despite delay in H1.Upward revision of our guidance for the current year and of our share price target"ADD" opinion confirmed due to still weak FCF generation.
- Christophe-Raphaël Ganet
- Emmanuel Matot
- Jeremy Garnier
- Christophe-Raphaël Ganet
- Emmanuel Matot
- Jeremy Garnier
- Jeremy Garnier
TFF Group : Good H1 results in line with our forecasts
>Sales of € 264.3m, up 13.6% (+17.1% l-f-l) / underlying operating profit of € 53.2m (underlying operating margin of 20.1%, +90bp) - Yesterday evening, TFF Group published H1 results in line with forecasts: i/ sales were € 264.3m (vs € 263m est.) up 13.6% (organic growth of 17.1%, negative forex effect of 3.8% and a slightly positive scope effect at 0.3% thanks to the acquisitions of Biossent and Goulard) and underlying operating profit of € 53.2m (vs € 51.3m est.), i...
- Jeremy Garnier
TFF Group : Bons résultats S1 en ligne avec nos attentes
>CA de 264.3 M€ en hausse de 13.6% (+17.1% lfl) / ROC de 53.2 M€ (MOC de 20.1%, +90 pb) - TFF Group a publié hier soir des résultats S1 en ligne avec notre attente : i/ le CA ressort à 264.3 M€ (vs 263 M€e) en croissance de 13.6% (croissance organique de 17.1%, effet devise négatif de 3.8% et effet périmètre légèrement positif de 0.3% grâce aux acquisitions de Biossent et Goulard) et le ROC atteint 53.2 M€ (vs 51.3 M€e) soit une MOC de 20.1% (vs 19.5%e) en hausse de 9...
- Mohamed Mansour (IDMidCaps)
TFF Group - Dynamic Q1 after an excellent FY 2022/23 driven by Bourbon...
Q1 sales up +15% as reported (+18% like for like) driven by Bourbon business and price increases, ahead of full year guidance.This follows an already very dynamic FY 2022/23, with sales growth of 45%, of which +35% organic.EBIT margin 2022/23 at 18.0%, up +5.4pts thanks to better-than-expected profitability in Bourbon.FCFE negative at -31M€ (vs. +15M€ last year). Debt leverage reaches 2.0x as Group continues to increase dividend.Organic growth expected to reach at least +10% in 2023-24, guidance...
- Charlotte Vaisse
ODDO BHF Small & MIDCAP MORNING NEWS - 09/11/2023
At the 14th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic slowdown in parts of the world and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Energy-intensive sectors remain concerned about German energy cost levels. Destocking of high inventory levels is gradually fading as supply chains normalise. Hen...
AMS AMS AG
WHA WERELDHAVE N.V.
ALLAN LANSON-BCC
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
LTA ALTAMIR ACT PORTEUR
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
TFF TFF GROUP
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
TMV TEAMVIEWER AG
- Charlotte Vaisse
ODDO BHF Small & MIDCAP MORNING NEWS - 11/09/2023
At the 14th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic slowdown in parts of the world and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Energy-intensive sectors remain concerned about German energy cost levels. Destocking of high inventory levels is gradually fading as supply chains normalise. Hen...
AMS AMS AG
WHA WERELDHAVE N.V.
ALLAN LANSON-BCC
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
LTA ALTAMIR ACT PORTEUR
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
TFF TFF GROUP
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
TMV TEAMVIEWER AG
- Jeremy Garnier
TFF Group : Q1 2023-24 sales in line with our expectations - brisk mom...
>Q1 2023-24 sales totalled € 125.6m (vs € 125m est.), up 15% (+18% l-f-l) - TFF Group this morning reported Q1 2023-24 sales (May-July) in line with our expectations at € 125.6m (vs € 125m est.), reflecting growth of 15%. This increase comprises organic growth of 18%, a negative currency effect of 3.2% and a slight scope effect of 0.2%. Wine & spirits reflect a favourable trend – minor acquisition in oak products - Favourable momentum is confirmed for...
- Jeremy Garnier
TFF Group : CA T1 en ligne avec notre attente – bonne dynamique confir...
>CA T1 de 125.6 M€ (vs 125 M€e) en croissance de 15% (+18% lfl) - TFF Group a publié ce matin un CA T1 2023-24 (mai-juillet) en ligne avec notre attente à 125.6 M€ (vs 125 M€e) en croissance de 15%. Cette hausse est composée d’une croissance organique de 18%, d’un effet devise négatif de 3.2% et d’un léger effet périmètre de 0.2%. Pôles Vin et Alcools bien orientés – petite acquisition dans les produits de boisage - La belle dynamique se confirme pour...
- Emmanuel Matot
CO CASINO GUICHARD-PERRACHON SA
KOF KAUFMAN & BROAD SA
GMM GRAMMER AG
BKT BANKINTER SA
ARCAD ARCADIS NV
CARM CARMILA SAS
CABK CAIXABANK SA
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
TFF TFF GROUP
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
THEP THERMADOR HOLDING SA
CLA CLARANOVA SE
TITC TITAN CEMENT INTERNATIONAL N.V.
- Emmanuel Matot
CO CASINO GUICHARD-PERRACHON SA
KOF KAUFMAN & BROAD SA
GMM GRAMMER AG
BKT BANKINTER SA
ARCAD ARCADIS NV
CARM CARMILA SAS
CABK CAIXABANK SA
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
TFF TFF GROUP
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
THEP THERMADOR HOLDING SA
CLA CLARANOVA SE
TITC TITAN CEMENT INTERNATIONAL N.V.
- Jeremy Garnier
TFF Group : Excellent FY 2022-23 results and positive outlook for FY 2...
>FY 2022-23 sales of € 440m (vs € 425m est.) and underlying operating profit of € 79m (vs € 77m est.) - Yesterday, TFF Group published FY 2022-23 results that came in a shade above our forecasts. After 9M sales up +53%, Q4 showed still solid growth at 26.6% (+24.7% l-f-l). For the full year, sales were € 440m (vs € 425m est.) up 45% (35% l-f-l, +6.5% forex effect and +3.5% scope effect) well above management’s guidance (i.e. € 400m). Underlying operating profit was € ...
- Jeremy Garnier
TFF Group : Excellents résultats 2022/23 et bonnes perspectives pour 2...
>CA 2022/23 de 440 M€ (vs 425 M€e) et ROC de 79M€ (vs 77 M€e) - TFF Group a publié hier des résultats 2022/23 légèrement supérieurs à nos attentes. Après un CA 9 mois à +53%, le T4 marque une croissance toujours solide de 26.6% (+24.7% lfl). Sur l’ensemble de l’exercice, le CA atteint 440 M€ (vs 425 M€e) en hausse de 45% (35% lfl, +6.5% d’effet devise et +3.5% d’effet périmètre) nettement supérieur à la guidance du management (ie. 400 M€). Le ROC ressort à 79 M€ (vs 7...
- Christophe Chaput
- Hela Zarrouk
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/15/2023
The collapse of Silicon Valley Bank and Signature Bank are not isolated events, in our view. They reflect the refinancing difficulties of the global economic fabric caused by higher interest rates, which could cause systemic global banking stress. In our sectoral allocation, we have decided to take profits on the banking sector and to downgrade it from Overweight to Underweight. We are also upgrading Pharmaceuticals and Telecoms to give a more defensive profile to our sectoral allocat...
SREN SWISS RE AG
ZURN ZURICH INSURANCE GROUP LTD
HNR1 HANNOVER RUECK SE
MUV2 MUNICH REINSURANCE COMPANY
SCR SCOR SE
ALV ALLIANZ SE
LXS LANXESS AG
ASY ASSYSTEM SA
MRN MERSEN SA
JCQ JACQUET METALS SA
ALLAN LANSON-BCC
G ASSICURAZIONI GENERALI S.P.A.
ISP INTESA SANPAOLO S.P.A.
TLX TALANX AG
ERG ERG S.P.A.
UCG UNICREDIT S.P.A.
TFF TFF GROUP
DMP DERMAPHARM HOLDING SE
SRAIL STADLER RAIL AG
MAJ MAJOREL GRP SA(LUXEMBOURG)
CABKA CABKA N.V.
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