reports
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 03/04/2024
La solidité de l’économie américaine et l’amélioration du sentiment macroéconomique en Europe nous conduisent à maintenir nos calls gagnants : long USA vs Europe et - en Europe - long Cycliques vs Défensives. Toujours en Europe, nous basculons long Value vs Growth et modifions en profondeur notre allocation sectorielle ; nous y intégrons également une analyse chartiste. Nos secteurs préférés sont : Banks, Financial Services, Insurance, Media, Energy, Industrial Goods & Services, Tra...
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 04/03/2024
America’s solid economy and Europe’s improving macro sentiment have prompted us to reiterate our winning calls: long USA vs Europe and - within Europe - long Cyclicals vs Defensives. Also within Europe, we are switching to long Value vs Growth and have overhauled our sector allocation ; furthermore it nows incorporates a chart analysis. Our favourite sectors are as follows: Banks, Financial Services, Insurance, Media, Energy, Industrial Goods & Services, Travel & Leisure, Constructio...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Q1 preview: constructive message overshadowed by the strik...
>A reassuring message on the recovery but the strike had a major impact - Yesterday, CFO Pia Aaltonen-Forsell held a pre-close call during which she gave a relatively constructive message on the market, in line with the indications provided at the roadshow with ODDO BHF in February. Demand has clearly improved in the US in line with the economy as a whole even though the impact will only begin to be felt in Q2 and beyond. Indications are also fairly encouraging in Eur...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Preview T1 : message constructif entaché par la grève, OC ...
>Discours rassurant sur la reprise mais la grève a un lourd impact - La directrice financière Pia Aaltonen-Forsell a tenu hier un pre-close call dans lequel elle a tenu un discours plutôt constructif sur le marché en ligne avec les indications données lors du roadshow avec ODDO BHF en février. La demande s’améliore clairement aux Etats-Unis en ligne avec l’économie dans son ensemble même si les conséquences devraient se faire surtout sentir au T2 voire au S2. En Europ...
- Anis Zgaya
- Louis Boujard
- CFA
ODDO BHF Small & MIDCAP MORNING NEWS - 03/06/2024
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
- Anis Zgaya
- Louis Boujard
- CFA
ODDO BHF Small & MIDCAP MORNING NEWS - 06/03/2024
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Road show feedback: slowly improving momentum, strategic f...
>Current trading in line with expectations at a soft but improving level - We hosted CFO Pia Aaltonen-Forsell and Head of IR Linda Hakkila on a road show in Paris in the wake of solid, above expectations Q4 results published earlier this month. Management confirmed that Q1 was trading in line with expectations, still anticipating a 5-15% q-o-q increase in stainless steel shipments and EBITDA in line with Q4 as higher volumes and stable pricing would likely be offset ...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Road show feedback: slowly improving momentum, strategic f...
>Current trading in line with expectations at a soft but improving level - We hosted CFO Pia Aaltonen-Forsell and Head of IR Linda Hakkila on a road show in Paris in the wake of solid, above expectations Q4 results published earlier this month. Management confirmed that Q1 was trading in line with expectations, still anticipating a 5-15% q-o-q increase in stainless steel shipments and EBITDA in line with Q4 as higher volumes and stable pricing would likely be offset ...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Q4 better than expected but Europe still pressuring the ou...
>Solid operating and financial performances in a challenging environment - Outokumpu turned in a solid set of figures for Q4, ahead of the cautious indications given during the pre-close call on 4 January. Adjusted EBITDA came in at € 73m, up 46% vs Q3, 27% ahead of consensus and 49% of our own forecasts. This performance was achieved despite flat volumes, right at the bottom of the guidance of 0-+10%. It was driven on the one hand by the slight uptick in prices and t...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : T4 meilleur qu’attendu mais l’Europe pèse toujours sur les...
>Performance opérationnelle et financière solide dans un environnement difficile - Outokumpu a livré au T4 une performance solide, au-dessus des indications prudentes données lors du pre-close call le 4 janvier. L’EBITDA ajusté a, en effet, atteint 73 M€, en hausse de 46% vs T3, 27% au-dessus du consensus et 49% supérieurs à nos propres attentes. Cette performance a été atteinte en dépit de volumes étals, tout en bas de la guidance de 0 à +10%. L’amélioration a été ti...
- Baptiste Lebacq
- Fehmi Ben Naamane
- Marc Lavaud
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 09/02/2024
La baisse de l’inflation et de la croissance (en Europe) et – paradoxalement – des taux d’intérêt plus hauts incitent à une reprise du M&A en Europe. Les secteurs qui devraient être les plus actifs sont : la Santé, la Technologie, l’Industrie, les Télécoms et les Utilities/Renouvelables. Nous présentons les perspectives M&A pour l’ensemble des secteurs d’activité et identifions 80 sociétés potentiellement actives (prédatrices, cibles, acquéreuses ou cédantes d’actifs). - ...
AMS AMS AG
ALLIX WALLIX GROUP SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ASY ASSYSTEM SA
GBT GUERBET SA
SAVE SAVENCIA SA
BEZ BERENTZEN GRUPPE
NHH NH HOTEL GROUP SA
XFAB X-FAB SILICON FOUNDRIES SE
TKWY JUST EAT TAKEAWAY.COM N.V.
OBEL ORANGE BELGIUM SA
CLA CLARANOVA SE
NXFIL NX FILTRATION HLDG BV
IVG IVECO GROUP
- Baptiste Lebacq
- Fehmi Ben Naamane
- Marc Lavaud
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 02/09/2024
Falling inflation and weaker growth (in Europe) and – paradoxically – higher interest rates are driving an upturn in M&A in Europe. The sectors that are expected to be the most active are: healthcare, technology, industry, telecoms and utilities/renewables. We present the M&A outlook for all sectors of activity and identify 80 potentially active companies (predators, targets, buyers or sellers of assets). - ...
AMS AMS AG
ALLIX WALLIX GROUP SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ASY ASSYSTEM SA
GBT GUERBET SA
SAVE SAVENCIA SA
BEZ BERENTZEN GRUPPE
NHH NH HOTEL GROUP SA
XFAB X-FAB SILICON FOUNDRIES SE
TKWY JUST EAT TAKEAWAY.COM N.V.
OBEL ORANGE BELGIUM SA
CLA CLARANOVA SE
NXFIL NX FILTRATION HLDG BV
IVG IVECO GROUP
- MarketLine Department
SSAB AB - Mergers & Acquisitions (M&A), Partnerships & Alliances
Summary Marketline's SSAB AB Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by SSAB AB - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a com...
- Fatma Agnès Hamdani
- Baptiste Salaville
- Charlotte Vaisse
- Fatma Agnès Hamdani
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : After a bleak end to the year in 2023, the recovery in 202...
>Q4 set to be relatively subdued but in line with our expectations - CFO Pia Aaltonen-Forsell yesterday held a pre-close call in which she offered a very cautious narrative. The group is expected to be at the lower end of its guidance range for stainless steel shipment QoQ growth of between 0% and 10%. This trend reflects a stable market context at a low level in Europe and a little better in the US albeit showing deterioration. That said, Outokumpu is benefiting in E...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Après une fin 2023 morose, la reprise en 2024 pourrait êtr...
>Vers un T4 relativement faible mais en ligne avec nos attentes - La directrice financière Pia Aaltonen-Forsell a tenu hier un pre-close call dans lequel elle a tenu un discours très prudent. Le groupe devrait ainsi se situer dans la fourchette basse de sa guidance de livraisons d’inox en hausse de 0 à 10%. Cette évolution traduit un contexte de marché stable à un bas niveau en Europe un peu meilleur aux Etats-Unis mais en détérioration. Outokumpu bénéficie pourtant e...
- Emna Ben Bdira
- Maxime Kogge
ODDO BHF Small & MIDCAP MORNING NEWS - 01/12/2023 Date Performance dep...
Lar España has successfully rotated assets over the past five years. On the back of the company’s latest announcements and its expressed willingness to continue on this path, we remain confident about its ability to reach its goals while Lar España continues to see a resilient and strong operational performance regarding its portfolio, which should support the company’s activities. We still find its current discount to NAV unjustified, given the good occupier trends seen in its portfo...
- Emna Ben Bdira
- Maxime Kogge
ODDO BHF Small & MIDCAP MORNING NEWS - 12/01/2023 Date Performance sin...
Lar España has successfully rotated assets over the past five years. On the back of the company’s latest announcements and its expressed willingness to continue on this path, we remain confident about its ability to reach its goals while Lar España continues to see a resilient and strong operational performance regarding its portfolio, which should support the company’s activities. We still find its current discount to NAV unjustified, given the good occupier trends seen in its portfo...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Sensible decision to shelve US hot rolling project, invest...
>A sensible decision as reflected in the very positive reaction from the market - On Wednesday evening, Outokumpu announced that it was shelving plans to develop its own hot rolling mill in the US and held a conf call yesterday afternoon to come back on this decision. The group had disappointed the market in August by announcing a feasibility study for a hot rolling mill, while it currently procures hot rolled sheets from AM/NS Calvert, a JV between ArcelorMittal and ...
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