A director at Safran S.A. sold 2,095 shares at 208.000EUR and the significance rating of the trade was 83/100. 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 sho...
1Q'24 vs. 1Q'23 Results Sales: € 994.43 M (-23.1% vs. -23.0% BS(e) and -23.5% consensus); EBITDA: € 339.29 M (+6.0% vs. +1.4% BS(e) and +0.9% consensus); EBIT: € 290.3 M (+6.3% vs. +5.6% BS(e) and -5.1% consensus); Net Profit: € 25.45 M (-17.9% vs. +18.3% BS(e) and -6.5% consensus);
Rdos. 1T'24 vs 1T'23: Ventas: 994,43 M euros (-23,1% vs -23,0% BS(e) y -23,5% consenso); EBITDA: 339,29 M euros (+6,0% vs +1,4% BS(e) y +0,9% consenso); EBIT: 290,3 M euros (+6,3% vs +5,6% BS(e) y -5,1% consenso); BDI: 25,45 M euros (-17,9% vs +18,3% BS(e) y -6,5% consenso).
>Neutral vs Outperform - TP revised to € 220 - After gains of 30.8% ytd, the stock is now trading on best in class multiples for the European aerospace sector, with an EV/EBIT of 18.2x (premium of c.25%) and a discount limited to c5% vs GE Aero. Admittedly, Safran is the best-quality stock in our coverage universe and we do not see any clouds on the horizon, but investors seem to have already priced in an upward revision of the 2024 guidance. Furthermore, we believe t...
>Neutre vs Surperformance - OC révisé à 220 € - Après une appréciation de 30.8% YtD, le titre se traite désormais sur des multiples de best in class dans le secteur aéronautique européen avec un multiple VE/EBIT de 18.2x (prime de c25%) et une décote limitée à c5% par rapport à GE Aero. Certes, Safran est le titre le plus qualitatif dans notre univers de couverture et nous ne percevons pas de nuage à l’horizon mais les investisseurs nous semblent avoir déjà intégré un...
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence. ...
>Q1 2024 sales 1.2% above css thanks to volume recovery in Equipment and services across the board - Q1 2024 sales came out 1.2% above consensus expectations at € 6,220m (ODDO BHF: € 6,080m, company compiled css: € 6,145m), showing a 19.1% l-f-l increase. In details:Propulsion sales were up 15.4% l-f-l to € 3,097m thanks to a solid civil aftermarket growth of 27.3% (vs 24% expected) driven by stronger-than-expected growth in LTSA (CFM56 and Leap) as well as incre...
>Q1 2024 sales 1.2% above css thanks to volume recovery in Equipment and services across the board - Q1 2024 sales came out 1.2% above consensus expectations at € 6,220m (ODDO BHF: € 6,080m, company compiled css: € 6,145m), showing a 19.1% l-f-l increase. In details:Propulsion sales were up 15.4% l-f-l to € 3,097m thanks to a solid civil aftermarket growth of 27.3% (vs 24% expected) driven by stronger-than-expected growth in LTSA (CFM56 and Leap) as well as incre...
>Q1 results 6.4% above forecasts - Q1 adjusted net profit came to € 1.27bn (+6% QoQ /-33% YoY), 6.4% above the consensus (ODDO BHF: € 1.07bn; consensus: € 1.19bn), thanks to E&P and Industrial. E&P: the drop in the gap price took a tool - E&P posted an adjusted profit of € 442m, down 20%, whereas the Brent price was near-stable. This is because natural gas makes up two-thirds of the group’s production (590kboe/d) and is mainly produced in North Americ...
>Résultats T1 6.4% supérieurs aux attentes - Le résultat net ajusté du T1 s'est établi à 1267 M€ (+6% QoQ /-33% YoY) et 6.4% au-dessus du consensus (ODDO BHF: 1 067 M€ ; consensus : 1 191 M€), grâce à l’E&P et Industrial. E&P : la baisse du prix du gaz a pesé - Le résultat de l’E&P ressort à 442 M€, en baisse de 20% alors le brent est quasi-stable. En effet, la production du groupe (590 kbep/j) est dominée à hauteur des deux tiers par le gaz natur...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAF, CELLNEX, IBERDROLA, FERROVIAL, ROVI. EUROPA: AIRBUS, DEUTSCHE TELEKOM, SAFRAN, VINCI. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. Los resultados y la macro lastran las bolsas Tras tres días de ganancias, los r...
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
>Adjusted net profit 6.4% above expectations supported by strong refining - Q1 2024 adjusted net profit came in at € 1,267 m (6% q-o-q/-33% y-o-y), 18% above our estimates and 6.5% above the consensus (ODDO BHF: € 1,067m; consensus: € 1,191m).Upstream: Q1 2024 adjusted net income came in at € 442m, well above estimates (ODDO BHF: € 339m; consensus: € 368m) with flat production at 590 kboe/d supported by lower royalties and a regularisation on the tax estimate fro...
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