reports
- Delphine Brault
- Emmanuel Matot
- Quentin Borie
OUT1V OUTOKUMPU OYJ
LSS LECTRA SA
FAE FAES FARMA S.A.
BRNL BRUNEL INTERNATIONAL N.V.
SEFER SERGEFERRARI GROUP SA
SPIE SPIE SA
CASH PROSEGUR CASH SA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
PLX PLUXEE NV
CO CASINO GUICHARD-PERRACHON
VIRI VIRIDIEN
- Delphine Brault
- Emmanuel Matot
- Quentin Borie
OUT1V OUTOKUMPU OYJ
LSS LECTRA SA
FAE FAES FARMA S.A.
BRNL BRUNEL INTERNATIONAL N.V.
SEFER SERGEFERRARI GROUP SA
SPIE SPIE SA
CASH PROSEGUR CASH SA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
PLX PLUXEE NV
CO CASINO GUICHARD-PERRACHON
VIRI VIRIDIEN
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Heading for another transition quarter
>Solid Q3 in Europe, underperformance in America harder to read - Outokumpu reported a relatively strong Q3, albeit with contrasts between the business areas. Adjusted EBITDA was up 54% vs Q2 at € 86m, above the initial guidance (stable or rising EBITDA) and the consensus of € 74m, although the difference is largely due to raw material-related inventory and metal derivative gains, which are exceptional in nature. While the performance had been driven by the US until Q...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Vers un nouveau trimestre de transition
>T3 solide en Europe, contreperformance plus difficile à lire en Amérique - Outokumpu a publié un T3 relativement solide bien que contrasté selon les divisions. L’EBITDA ajusté a grimpé de 54% vs T2 à 86 M€, au-dessus de la guidance initiale (EBITDA stable ou en hausse) et du consensus de 74 M€ même si l’écart est en grande partie dû aux ajustements de valeur sur les stocks et aux gains sur produits dérivés, par nature exceptionnels. Alors que la performance avait été...
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Robust Q3 but weak Q4 ahead on lower demand in both Europe...
>Solid Q3 driven by Europe and Ferrochrome but Americas at four-year low - Outokumpu’s Q3 2024 results came in above expectations with adjusted EBITDA at € 86m, 16% above ODDO BHF and 18% above the consensus although this largely reflected € 10m of raw material-related inventory and metal derivatives gains. The group still achieved a 54% q-o-q improvement in EBITDA, above its initial expectations of stable to higher EBITDA. Overall, the environment remained subdued w...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Robust Q3 but weak Q4 ahead on lower demand in both Europe...
>Solid Q3 driven by Europe and Ferrochrome but Americas at four-year low - Outokumpu’s Q3 2024 results came in above expectations with adjusted EBITDA at € 86m, 16% above ODDO BHF and 18% above the consensus although this largely reflected € 10m of raw material-related inventory and metal derivatives gains. The group still achieved a 54% q-o-q improvement in EBITDA, above its initial expectations of stable to higher EBITDA. Overall, the environment remained subdued w...
- Emmanuel Matot
- Emmanuel Matot
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Feedback from the visit to the Kemi mine: a key component ...
>The only chrome mine in Europe and one of only a few in the western world - We attended the visit to the chrome mine at Kemi in Finland that was organised by Outokumpu last week. This is the only chrome mine in Europe with more than 2 million tonnes of ore produced per year or 2% of global production, placing it well behind players based in South Africa and Kazakhstan. The mine’s production is destined entirely for the group’s ferrochrome division and two-thirds of f...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Feedback de la visite de la mine de Kemi : une composante ...
>La seule mine de chrome en Europe et l’une des seules dans le monde occidental - Nous avons participé à la visite de la mine de chrome de Kemi en Finlande organisée la semaine dernière par Outokumpu. Il s’agit de la seule mine de chrome en Europe avec plus de 2 millions de tonnes de minerai produites en 2023, soit 2% de la production mondiale, ce qui la place loin derrière les acteurs basés en Afrique du Sud et au Kazakhstan. La mine produit entièrement pour la divis...
Outokumpu Oyj: 1 director
A director at Outokumpu Oyj bought 9,000 shares at 3.240EUR and the significance rating of the trade was 50/100. 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 s...
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 09/08/2024
In this note, we initiate coverage on The London Tunnels PLC (TLT), listed on Euronext Amsterdam since 26 June. TLT plans to develop visitor attractions in the Kingsway Exchange Tunnels, built by the UK government to protect its citizens during the London Blitz. The project has secured full planning permission from The City of London and Camden Council. Construction, estimated to cost £ 150m, is expected to begin soon. The attraction, which is designed to host maximum three million vi...
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 08/09/2024
In this note, we initiate coverage on The London Tunnels PLC (TLT), listed on Euronext Amsterdam since 26 June. TLT plans to develop visitor attractions in the Kingsway Exchange Tunnels, built by the UK government to protect its citizens during the London Blitz. The project has secured full planning permission from The City of London and Camden Council. Construction, estimated to cost £ 150m, is expected to begin soon. The attraction, which is designed to host maximum three million vi...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : BA America behind the downgrade in our forecasts, the sequ...
>Robust Q2 performance given the headwinds - Outokumpu reported yesterday decent Q2 earnings with adjusted EBITDA up 49% q-o-q at € 56m in a nonetheless tricky context marked by weak markets notably in Europe, a national strike in Finland with a major impact and several operating incidents in Business Areas (BA) Americas and Ferrochrome. We found the BA Europe’s performance convincing with EBITDA of € 28m which would likely have been above € 50m leaving aside the stri...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : BA America derrière la baisse de nos prévisions, la séquen...
>Performance T2 solide compte tenu des vents contraires - Outokumpu a publié hier des résultats T2 corrects avec un EBITDA ajusté en hausse de 49% vs T1 à 56 M€ dans un contexte pourtant difficile marqué par un marché faible notamment en Europe, une grève nationale en Finlande très impactante et plusieurs incidents opérationnels dans les Business Areas (BA) Americas et Ferrochrome. Nous avons trouvé probante la performance de BA Europe avec un EBITDA de 28 M€ qui aura...
- Roy Külter
- Steven Boumans
- Roy Külter
- Steven Boumans
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Decent Q2 print amid headwinds but Q3 outlook remains caut...
>Decent Q2 driven by cost and mix initiatives amid soft market conditions - Outokumpu’s Q2 2024 results were in line with expectations with adjusted EBITDA at € 56m, 2% above the consensus but 13% below our more bullish forecast. The beat was however partly driven by € 3m of inventory and hedging gains vs a negative impact initially guided and compared with a € 7m loss booked in Q1. With a 47% q-o-q rise, the group attained its guidance of a similar or higher adjusted...
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