reports
- Fatma Agnès Hamdani
ODDO BHF Small & MIDCAP MORNING NEWS - 10/09/2024
A specialist in fluid treatment, Sulzer is a global player present in the energy, natural resources and industrial process markets. With two centuries’ experience, Sulzer offers a solid profile with structural mid-single growth and EBITDA margin improvement to 17% out to 2028 (vs 13.3% in 2023), thanks to the strategic plan based on a favourable product mix and industrial efficiency. Despite the stock’s strong performance, it is trading at a discount of 22% to its historical multiples...
- Fatma Agnès Hamdani
ODDO BHF Small & MIDCAP MORNING NEWS - 09/10/2024
Spécialiste du traitement des fluides, Sulzer est un acteur mondial évoluant sur les marchés de l’énergie, des ressources naturelles et des process industriels. Fort de 2 siècles d’expérience, Sulzer offre un profil solide avec une croissance structurelle mid-single digit et une amélioration de la marge d’EBITDA à 17% d’ici 2028 (vs 13.3% en 2023), grâce à son plan stratégique reposant sur un mix-produits favorable et une efficience industrielle. Malgré la forte performance du titre,...
- Jean-François Granjon
Mersen : A more cautious tone - target price adjusted to € 46 (vs € 50...
>Markets still buoyant over a long period - The messages delivered during the interim publications (see our comments of 30 and 31 July 2024) were a fairly good omen for validating the targets of the 2027 plan. As a reminder, the SiC activity posted interim revenue growth of more than 20% to € 50m. The same was true revenue at the EV business with € 13m. The other activities also performed well (chemicals, process industry, transport, etc.), justifying consolidated hal...
- Klaus Ringel
DEUTZ AG : Feedback from CMD: prospects improve the further we look in...
>Encouraging new mid-term targets for 2028 and ambitions for 2030 - Deutz held a CMD in its headquarters in Cologne and provided new mid-term targets out to 2028 and its ambition for 2030. By continuing and fine-tuning its Dual+ strategy, Deutz wants to transform into a more diversified company with a higher resilience over the cycle and with a true global presence. The new target is to grow group sales to € 3.2-3.4bn (ODDO BHF: € 2.6bn; cons.: € 2.5bn) and generate a...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Avantium: FDA approval for PEF in food packaging
Yesterday, Avantium announced it has been granted a Food Contact Notification (FCN) by the US Food and Drug Administration (FDA), allowing for the use of its PEF as a food contact material. As a result, while Avantium launched food-grade PEF and has already been greenlighted for food packaging in E
- Fatma Agnès Hamdani
Bonduelle : Pending more clarity on the trajectory announced for the T...
>Volumes down 3.5% in 2024-23 of which 8% estimated for BFA - Organic sales growth of 2.7% primarily reflects the postponement of the revaluation of prices in 2023. The 3.5% drop in volumes after 5% in 2022-23 is due to the continued decline in volumes in the US (BFA), where volumes are expected to fall by nearly 8% linked to the sharp decline in private label salads (-10%). The fall in consumption in Europe in favour of private label brands also penalised sales in th...
- Fatma Agnès Hamdani
Bonduelle : En attendant plus de clarté sur la trajectoire annoncée du...
>Baisse des volumes de 3.5% en 2024/23 dont près de 8% estimés pour BFA - La croissance organique du CA de 2.7% reflète en particulier le report des revalorisations tarifaires de 2023. La baisse des volumes de 3.5% après 5% en 2022/23 s’explique par la poursuite du recul des volumes aux USA (BFA) dont les volumes seraient en baisse de près de 8% en lien avec la chute des salades MDD (-10%). La baisse de la consommation en Europe au profit des marques MDD a également p...
- Robert Jan Vos
Sligro Food Group N.V. : Excluding tobacco boost, Q3 2024 growth expec...
>Q3 2024 trading update is due on 17 October: 2.8% sales growth expected - Sligro is scheduled to report its Q3 2024 trading update next week on October 17. The updates for the first and third quarters focus solely on sales, and there will be no conference call or webcast with investors and analysts following these updates. We project net sales of €725 million for Q3 2024, indicating an all-organic growth of 2.8%. Specifically, we expect organic sales growth of 4% in ...
- Robert Jan Vos
Corbion N.V. : FY guidance seen raised on 29 October; TP raised to € 3...
>Q3 2024 results due 29 October: EBITDA growth of more than 40% expected - Corbion is set to report its Q3 2024 trading update (reporting on sales and EBITDA only) on 29 October at 07:00, and host a conference call later that morning at 11:00.Health & Nutrition: growth engine Algae Ingredients running smoothly - In Health & Nutrition, we forecast organic sales growth of 17.5% (volume/mix: 16%) and sales of € 67.5m in Q3 2024. We expect ongoing solid g...
- Jean-François Granjon
Mersen : Une tonalité plus prudente – OC ajusté à 46 € (vs 50 €)
>Des marchés toujours porteurs sur longue période - Les messages affichés lors des semestriels (cf. nos commentaires des 30 et 31 juillet 2024) étaient plutôt de bon augure permettant de valider les objectifs du plan 2027. Pour rappel, le CA semestriel du SiC affichait une croissance supérieure à 20% pour atteindre 50 M€. Il en était de même pour le CA EV à 13 M€. Les autres activités n’étaient pas en reste (Chimie, Industrie de procédés, Transport…) permettant de jus...
EQS-News: DEUTZ konkretisiert Wachstumsstrategie und senkt nachhaltig ...
EQS-News: DEUTZ AG / Schlagwort(e): Kapitalmarkttag DEUTZ konkretisiert Wachstumsstrategie und senkt nachhaltig Kosten 08.10.2024 / 10:03 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. DEUTZ konkretisiert Wachstumsstrategie und senkt nachhaltig Kosten Stärkere Diversifizierung für profitableres Wachstum und resilientere Aufstellung Strategische Weiterentwicklung des Portfolios durch neues Segment Solutions 4,0 Mrd. € Umsatz bis 2030 angestrebt, neue Mittelfristziele definiert Kostenprogramm mit nachhaltigen Einsparungen von 50 Mi...
EQS-News: DEUTZ updates its growth strategy and reduces costs sustaina...
EQS-News: DEUTZ AG / Key word(s): Capital Markets Day DEUTZ updates its growth strategy and reduces costs sustainably 08.10.2024 / 10:03 CET/CEST The issuer is solely responsible for the content of this announcement. DEUTZ updates its growth strategy and reduces costs sustainably Greater diversification for more profitable growth and a more resilient setup Further strategic development of the portfolio with the new Solutions segment Revenue target of €4.0 billion by 2030, new mid-term targets defined Cost program with sustainable savings of €50 million set up Cologne,...
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 10/07/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
ELIS ELIS SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 07/10/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
ELIS ELIS SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Fatma Agnès Hamdani
Bonduelle : 2023-24 earnings hit by BFA asset write-downs, 2024-25 loo...
>Underlying operating profit at € 75.3m, beating expectations, lower loss in non-Europe, attributable net profit at -€ 119.3m, hurt by heavy asset write-downs - Bonduelle reported underlying operating profit of € 75.3m, up 14.3% on a reported basis and 30.5% on an organic basis, 7.5% above expectations (€ 70m), thanks to higher profitability in the non-Europe region. The underlying operating margin stood at 3.2%, up 44bp (+74bp l-f-l), on the back of the industrial e...
- Fatma Agnès Hamdani
Bonduelle : Résultats 2023/24 pénalisés par les dépréciations d’actifs...
>Un ROC de 75.3 M€ au-dessus des attentes. Perte moins élevée de la zone Hors Europe. RNpg de -119.3 M€ pénalisé par de fortes dépréciations d’actifs - Bonduelle a publié un ROC de 75.3 M€ en hausse de 14.3% en publié et 30.5% en organique. C’est 7.5% au-dessus des attentes (70 M€) en raison d’une meilleure rentabilité de la zone Hors Europe. La marge opérationnelle courante de 3.2%, en hausse de 44 pb (+74pb en lfl) reflète en particulier un programme d’efficacité i...
Bonduelle - Résultats annuels 2023-2024 : Bonduelle s'engage dans un p...
Bonduelle - Résultats annuels 2023-2024 : Bonduelle s'engage dans un plan de transformation à 3 ans BONDUELLE Siège social - "La Woestyne" - 59173 Renescure - FranceBonduelle SCA - Société en commandite par actions au capital de 57 102 699,50 eurosRCS DUNKERQUE 447 250 044 Bonduelle s’engage dans un plan de transformation à 3 ans Le Groupe Bonduelle présentera le 7 octobre 2024 lors d’une conférence de presse son programme de transformation “Transform to win” ainsi que les performances financières et extra-financières de l’exercice 2023-2024. “...
- Ahmed Ben Salem
- Ahmed Ben Salem
- Klaus Ringel
DEUTZ AG : Profit warning for FY 24 due to mounting macro pressure
>A negative surprise on German national day - Deutz yesterday adjusted its guidance for the current financial year due to a cyclically induced decline in demand due to the economic environment. It now expects unit sales of engines to be below 150,000 vs up to 160,000 before. On this basis, FY 24 group sales are now expected at ~€ 1.8bn vs € 1.9-2.1bn before (ODDO BHF: € 1.77bn; cons.: € 1.90bn). The Group adj. EBIT margin is expected in a range of 4.0-5.0% vs 5.0-6.5...
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