reports
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024 Date Performance sin...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2024 Date Performance dep...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Q1 post-view: several encouraging signs but still a subdue...
>Q1 below forecasts due above all to the Americas - Like Acerinox and Aperam previously, Outokumpu disappointed the market with Q1 earnings below expectations and a subdued Q2 guidance. Like for the two competitors, this situation partly reflects the operating issues (strike in Finland, maintenance break in the US) and a lacklustre market environment, above all in Europe. Q1 adjusted EBITDA came to just € 38m, while we had forecast € 56m. By business area, Europe was ...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Postview T1 : quelques signes encourageants mais un contex...
>T1 inférieur aux attentes à cause surtout d’Americas - Comme Acerinox et Aperam avant lui, Outokumpu a déçu le marché avec des résultats T1 inférieurs aux attentes et une guidance T2 assez modeste. Comme chez ses deux concurrents, cette situation reflète pour partie des problèmes opérationnels (grève en Finlande, maintenance plus longue que prévu aux USA) et un environnement de marché peu propice surtout en Europe. L’EBITDA ajusté T1 est ainsi ressorti à seulement 38...
- Baptiste Lebacq
FP TOTAL SE
AMS AMS AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
WAF SILTRONIC AG
XIL XILAM ANIMATION SA
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WOLF SOCIETE LDC SOCIETE ANONYME
ALKAL KALRAY SA
JEN JENOPTIK AG
TMV TEAMVIEWER AG
INPST INPOST S.A.
HDF HYDROGENE DE FRANCE
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
- Baptiste Lebacq
- Emmanuel Matot
FP TOTAL SE
AMS AMS AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
WAF SILTRONIC AG
XIL XILAM ANIMATION SA
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WOLF SOCIETE LDC SOCIETE ANONYME
ALKAL KALRAY SA
JEN JENOPTIK AG
TMV TEAMVIEWER AG
INPST INPOST S.A.
HDF HYDROGENE DE FRANCE
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
- Fatma Agnès Hamdani
LDC : Q4 broadly in line. Volume recovery for the poultry France divis...
>Organic decline in Q4 sales of 1.5% vs -0.3%e due to more negative price effects. Volumes in the poultry France division recovered by +5.5% - LDC yesterday evening reported Q4 2023-24 sales close to our expectations. Sales were up a slight 1.6% to € 1,645.4m (vs cons. € 1,648m and ODDO BHF € 1,653m est.). Organic growth was a bit weaker at -1.5% versus -0.3% expected, reflecting bigger price decreases in poultry. Q4 sales in the poultry France division excluding...
- Fatma Agnès Hamdani
LDC : Un T4 globalement en ligne. Redressement des volumes pour le pôl...
>Décroissance organique du CA T4 de 1.5% vs -0.3%e en raison des effet prix plus négatifs. Les volumes se redressent pour le pôle volaille France de +5.5% - LDC a publié hier soir un CA T4 2023/24 proche de nos attentes. Les ventes ressortent en légère hausse de 1.6% à 1645.4 M€ (vs cons. 1648 M€ et 1653 M€e). La croissance organique est un peu plus faible à -1.5% contre -0.3% attendus, reflétant une baisse des prix plus élevée en volaille. Le CA T4 du pôle Volai...
- 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 ...
- Fatma Agnès Hamdani
LDC : More visibility over the anticipated upturn in volumes in 2024-2...
Against a backdrop of sluggish consumer spending and declining purchasing power, we believe LDC has what it takes to get through this period of uncertainty. The fall in raw material prices should give the group leeway to boost its volumes in 2024-25 while shielding its profitability. Strong FCF generation means it can easily finance its investments and make a more transformational acquisition if the opportunity arises. The recent fall in the share price should be seen an opportun...
- Fatma Agnès Hamdani
LDC : Plus de visibilité sur le redressement des volumes en 2024/25
Dans un contexte de consommation atone marquée par la baisse du pouvoir d’achat, nous pensons que LDC a des atouts pour traverser cette période d’incertitudes. La baisse des matières premières lui confère de la latitude pour redresser ses volumes en 2024/25 tout en préservant sa rentabilité. En outre, la forte génération de FCF lui permet aisément de financer ses investissements et de réaliser une acquisition plus transformante si l’opportunité se présente. La baisse récente du c...
- Bruno Cavalier
- Olfa Taamallah
- Yan Derocles
RR. ROLLS-ROYCE HOLDINGS PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ALV ALLIANZ SE
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
AENA AENA SME SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WOLF SOCIETE LDC SOCIETE ANONYME
- Olfa Taamallah
- Yan Derocles
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.