Brunello Cucinelli’s stock offers investors a rare opportunity to benefit from sustainable and steady growth in high-end luxury thanks to its exclusive positioning, distinctive style and significant potential in Asia. We are initiating coverage with an Outperform rating and a target price of € 110, as the stock is one of the few in the sector with residual upside. - ...
Le titre Brunello Cucinelli offre aux investisseurs une des rares opportunités de bénéficier de la croissance soutenue et régulière du luxe haut de gamme de par son positionnement exclusif, son empreinte stylistique distinctive et son potentiel de développement important en Asie. Nous initions avec une opinion Surperformance sur la base d’un OC à 110 €, le titre étant parmi les rares du secteur sur lequel nous pouvons encore tabler sur une revalorisation. - ...
>A 3%e organic decline in spare parts in Q1 - MTU is due to publish its Q1 results on 30 April. We expect a somewhat sluggish start to the year, impacted by a disappointing performance in spare parts that we expect to fall by 3% y-o-y (vs full-year guidance ‘up low teens’) despite sustained utilisation, notably of the V2500 fleet (flight hours up 15% on average per month since the start of 2023, according to Cirium). We understand that this gap can be explained by t...
>Un recul organique des pièces détachées au T1 attendu autour de 3%e - MTU publiera ses résultats du T1 le 30/04. Nous attendons un début d’année assez poussif en raison d’une performance décevante sur les pièces détachées que nous attendons en recul organique de 3% yoy (contre une guidance annuelle « up low teens ») en dépit d’une utilisation soutenue notamment de la flotte des V2500 (heures de vol en progression de 15% en moyenne par mois depuis le début de 2023 se...
>No big surprise on FY 2023 release - MTU has just reported FY 2023 adjusted results (before GTF impact) pretty much in line with consensus estimates notably for EBITA and FCF generation. EBITA is reported at € 818m, up 25% y-o-y (ODDO BHF: € 817m consensus: € 815m) and the margin stood at 12.9% vs 12.3% in 2022 factoring in a positive mix effect (higher organic growth in spares “up high teens” and better margin performance in MRO). FCF came in at € 352m (ODDO BHF: €...
>No big surprise on FY 2023 release - MTU has just reported FY 2023 adjusted results (before GTF impact) pretty much in line with consensus estimates notably for EBITA and FCF generation. EBITA is reported at € 818m, up 25% y-o-y (ODDO BHF: € 817m consensus: € 815m) and the margin stood at 12.9% vs 12.3% in 2022 factoring in a positive mix effect (higher organic growth in spares “up high teens” and better margin performance in MRO). FCF came in at € 352m (ODDO BHF: €...
Delivery Hero terminates negotiations of a potential sale of its foodpanda business in Asia Overview of Casino stores taken over by Auchan, Les Mousquetaires and Carrefour (LSA). Mahle obtains an extension to its RCF and a term loan Plastic Omnium: 2023 results above revised guidance>...
Delivery Hero annonce la fin des négociations concernant la cession de foodpanda en AsiePlastic Omnium : résultats 2023 au-dessus de la guidance réviséeMahle obtient une extension de sa RCF et un term loanEtat des lieux des magasins Casino repris par Auchan, Les Mousquetaires et Carrefour (LSA)>...
The 27th ODDO BHF forum was held in the form of physical meetings (11-12 January) and digital meetings (15-16 January). It was attended by 325 companies (compared with 322 in 2023 and 314 in 2022): ~40% French, 30% German and 30% from the rest of the EU (except one from US). - Our 2024 Forum welcomed 910 investors (vs. 781 in 2023) 53% of whom were French (vs. 58% in 2023) working for 378 institutions in 20 countries. We organised the equivalent of 8,196 investor meetings (vs. 7,...
Notre 27ième Forum vient de se dérouler de manière présentielle (11-12 janvier), à Lyon, et en digital (les 15-16 janvier). Il a réuni 325 sociétés (vs 322 sociétés en 2023 et 314 en 2022), originaire à ~40% de France, à 30% d’Allemagne et les 30% restant venant du reste de l’Europe (sauf une société américaine). - L’édition 2024 de notre Forum a accueilli 910 investisseurs (781 en 2023) dont 53% français (vs 58% en 2023) travaillant pour 378 institutions de 20 pays. Nous avons ai...
A director at MTU Aero Engines AG bought 256 shares at 194.432EUR and the significance rating of the trade was 55/100. 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 cle...
We have downgraded our rating on UniCredit from Outperform to Neutral, with an unchanged target price of € 34.0. Beyond the attractive share returns (already largely priced in), we do not think its operating outlook and high-quality fundamentals are enough for it to continue substantially outperforming the sector in the short to medium term. - ...
>New stricter FAA directive on the GTF… - The FAA (Federal Aviation Administration) Tuesday issued a new more restrictive directive on the GTF as regards the inspection and replacement of powder metal parts contaminated during the production process which now encompasses the high-pressure compressor (HPC). In detail, the US regulator maintains its recommendation on high-pressure turbines (HPT), namely the obligation to conduct angle ultrasonic scan inspections (A...
>Une nouvelle directive de la FAA plus contraignante sur le GTF… - La FAA (Federal Aviation Authority) a publié mardi une nouvelle directive plus restrictive sur le GTF en ce qui concerne l'inspection et le remplacement des pièces en poudre métallique contaminées lors du processus de production qui englobe désormais le compresseur à haute pression (HPC). Dans le détail, le régulateur américain conserve sa recommandation sur les turbines à haute pression (HPT) à s...
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