reports
- Delphine Brault
- Quentin Borie
APAML APERAM SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
MF WENDEL SE
INF INFOTEL SA
KCO KLOECKNER & CO SE
NRG NRJ GROUP SA
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
BB SOCIETE BIC SA
WIZZ WIZZ AIR HOLDINGS PLC
DEZ DEUTZ AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
DLG DE'LONGHI S.P.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
WLN WORLDLINE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
ALD ALD SA
VOS VOSSLOH AG
ATRY ATRYS HEALTH
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
NEXI NEXI S.P.A.
TE TECHNIP ENERGIES NV
FUR FUGRO NV
- Delphine Brault
- Quentin Borie
APAML APERAM SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
MF WENDEL SE
INF INFOTEL SA
KCO KLOECKNER & CO SE
NRG NRJ GROUP SA
ATE ALTEN SA
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
BB SOCIETE BIC SA
WIZZ WIZZ AIR HOLDINGS PLC
DEZ DEUTZ AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
DLG DE'LONGHI S.P.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
WLN WORLDLINE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
ALD ALD SA
VOS VOSSLOH AG
ATRY ATRYS HEALTH
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
NEXI NEXI S.P.A.
TE TECHNIP ENERGIES NV
FUR FUGRO NV
- Juan Ros-Padilla
Atrys Health : Q2 EBITDA in line. FY 2024 guidance reiterated
>Organic sales momentum remains strong, EBITDA accelerates - Q2 2024 group sales were € 57m (+6% y-o-y or +7% excluding -1pp of FX), keeping the solid pace seen in Q1 (+7%), and were broadly in line with our estimate. Precision sales grew by +4% y-o-y to € 32m (vs +10% in Q1 and+13% l-f-l in FY 2023) and were aligned with our numbers., the sequential deterioration is owed to fewer referrals from the Public Health System. Prevention sales posted +8% y-o-y growth to € 2...
- Anthony Dick
- Michael Foundoukidis
- Anthony Dick
- Michael Foundoukidis
- Juan Ros-Padilla
Atrys Health : Q1 2024 trading update broadly in line. Guidance reiter...
>Organic sales momentum remains strong - Q1 2024 group sales were € 51m (+7% y-o-y or +9% excluding -1pp of FX and -1pp of calendar impact), keeping the solid pace seen in FY 2023, and were broadly in line with our estimate. The scope effect of Chilerad and Initia (acquired in December 2022), which contributed with 2-3pp of the group’s sales growth over the last year, in now over. Precision sales grew by +10% y-o-y to € 30m (vs +13% Lfl in FY23) and were aligned with...
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 21/11/2023
Les faibles valorisation et endettement de Wendel et de BVI, permettent pour la première fois depuis 20 ans, d’envisager un scenario original mais créateur de valeur pour Wendel-Participations (WP). Il s’agirait d’une OPA sur les 60% non détenus de Wendel, financée par un dividend recap de BVI, Stahl et Wendel ainsi qu’une cession d’un bloc de BVI. Elle permettrait à Wendel 1/ d’éliminer la forte décote sur l’ANR (52%), 2/ d’offrir une porte de sortie aux minoritaires (prime de 35%e),...
PUB PUBLICIS GROUPE SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BFIT BASIC-FIT NV
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
ELE ENDESA S.A.
RWE RWE AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
WPP WPP PLC
CFEB COMPAGNIE D'ENTREPRISES CFE SA
GAS NATURGY ENERGY GROUP S.A.
SIGHT GENSIGHT BIOLOGICS SA
SHOT SCANDIC HOTELS GROUP
IBE IBERDROLA SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
XFAB X-FAB SILICON FOUNDRIES SE
UN01 UNIPER SE
ATRY ATRYS HEALTH
MOR MORPHOSYS AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 11/21/2023
Les faibles valorisation et endettement de Wendel et de BVI, permettent pour la première fois depuis 20 ans, d’envisager un scenario original mais créateur de valeur pour Wendel-Participations (WP). Il s’agirait d’une OPA sur les 60% non détenus de Wendel, financée par un dividend recap de BVI, Stahl et Wendel ainsi qu’une cession d’un bloc de BVI. Elle permettrait à Wendel 1/ d’éliminer la forte décote sur l’ANR (52%), 2/ d’offrir une porte de sortie aux minoritaires (prime de 35%e),...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BFIT BASIC-FIT NV
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
ELE ENDESA S.A.
RWE RWE AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
GAS NATURGY ENERGY GROUP S.A.
SIGHT GENSIGHT BIOLOGICS SA
SHOT SCANDIC HOTELS GROUP
IBE IBERDROLA SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
XFAB X-FAB SILICON FOUNDRIES SE
UN01 UNIPER SE
ATRY ATRYS HEALTH
MOR MORPHOSYS AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
- Juan Ros-Padilla
Atrys Health : Sells 75% of Conversia for € 35m
>Atrys sells the remaining 75% of Conversia to Arraigo Midco for € 35m - The company has completed the disposal of its non-core compliance unit Conversia with the closeout of the remaining 75% stake for € 35m to Arraigo Midco who already bought an initial 25% stake in December 2022 for € 20m. Taking into account both operations the deal implies 9x EV/EBITDA FY 2023e which in our view is fair despite being somewhat below the group’s current multiple (10x EV/EBITDA FY 2...
- Sinan Doganli
CEC CECONOMY AG
ZIL2 ELRINGKLINGER AG
NXI NEXITY SA CLASS A
CEN GROUPE CRIT SA
SDG SYNERGIE SA
EXE EXEL INDUSTRIES SA
INF INFOTEL SA
SWP SWORD GROUP SE
MRN MERSEN SA
LSS LECTRA SA
PGS PGS ASA
A1XA4J CARBIOS SA
BB SOCIETE BIC SA
XIOR XIOR STUDENT HOUSING N.V.
ERA ERAMET SA
FAE FAES FARMA S.A.
VRNL VERNEUIL PARTICIPATIONS
VASTN VASTNED RETAIL NV
CTAC CTAC N.V.
AIXA AIXTRON SE
ARCAD ARCADIS NV
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
NVG NAVIGATOR COMPANY SA
SMHN SUESS MICROTEC AG
CSM CORBION NV
VLTSA VOLTALIA
LFDE LA FRANCAISE DE L'ENERGIE SA
SOW SOFTWARE AG
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
ATRY ATRYS HEALTH
DSC1 DUTCH STAR C SHAR
LOCAL SOLOCAL GROUP
FUR FUGRO NV
OVH OVH GROUPE
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
- Sinan Doganli
CEC CECONOMY AG
ZIL2 ELRINGKLINGER AG
NXI NEXITY SA CLASS A
CEN GROUPE CRIT SA
SDG SYNERGIE SA
EXE EXEL INDUSTRIES SA
INF INFOTEL SA
SWP SWORD GROUP SE
MRN MERSEN SA
LSS LECTRA SA
PGS PGS ASA
A1XA4J CARBIOS SA
BB SOCIETE BIC SA
XIOR XIOR STUDENT HOUSING N.V.
ERA ERAMET SA
FAE FAES FARMA S.A.
VRNL VERNEUIL PARTICIPATIONS
VASTN VASTNED RETAIL NV
CTAC CTAC N.V.
AIXA AIXTRON SE
ARCAD ARCADIS NV
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
NVG NAVIGATOR COMPANY SA
SMHN SUESS MICROTEC AG
CSM CORBION NV
VLTSA VOLTALIA
LFDE LA FRANCAISE DE L'ENERGIE SA
SOW SOFTWARE AG
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
ATRY ATRYS HEALTH
DSC1 DUTCH STAR C SHAR
LOCAL SOLOCAL GROUP
FUR FUGRO NV
OVH OVH GROUPE
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
- Juan Ros-Padilla
Atrys Health : Q3 2023 trading update a touch above expectations, guid...
>Organic sales momentum remains strong - Q3 2023 group sales were € 51m (+11% y-o-y vs +33% in H1 2023 and +55% in FY 2022) the normalisation of sales growth was due to the end of the scope effect on Bienzobas (acquired in July 2022), while the group continues to benefit from the scope effect on Chilerad and Initia (acquired in December 2022) which contributed with 2-3pp of the group’s sales growth over the quarter, on our estimates, implying organic growth of +8-9%, ...
- Martin Marandon-Carlhian
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 10/02/2023 Date Performance sin...
Elis is trading at a discount of over 30% to peers, even though it has demonstrated excellent FCF resilience in recent months. In 2023, the group showed an excellent capacity to pass on price increases and significant productivity effects. These factors, coupled with the easing of energy prices, should drive the 2024 results. A sharp reduction in the leverage ratio (2024e debt/EBITDA: 1.8x vs 2.1x in 20213 estimated) is compatible with an investment grade rating, paving the way for a ...
- Martin Marandon-Carlhian
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 02/10/2023
Elis subit une décote de plus de 30% sur ces comparables alors qu’au cours des derniers mois, le groupe a démontré une excellente résilience de son FCF. En 2023, nous notons une bonne capacité à passer des hausses de prix et d’importants effets de productivité. Ces facteurs, couplés à la détente des prix de l’énergie soutiendront les résultats 2024. La réduction du ratio de levier (DN/EBITDA 2024e : 1.8x vs 2.1x en 2023e) est compatible avec une notation “investment grade” qui permett...
- Juan Ros-Padilla
Atrys Health : H1 2023 earnings broadly in line, guidance reiterated
>Organic sales momentum remains strong - H1 2023 group sales reached € 118m (+33% y-o-y vs. +55% in FY 2022) still fuelled by the perimeter effect from Bienzobas (July 2022), Chilerad and Initia (December 2022) which we estimate contributed to 23-25pp to the group’s sales growth in the first half, implying +8-10% organic growth, in line with our estimates. Precision sales grew +80% y-o-y to € 60m driven by Spain (+177%, Bienzobas, Initia) and LatAm (+35%, Chilerad) wh...
- Juan Ros-Padilla
Atrys Health : Iberian Precision Medicine consolidator
Atrys Heath is a Spanish health services provider with relevant presence in Iberia and LatAm. In seven years, it has made 16 acquisitions (assets 23x to € 0.7bn, EBITDA 32x to € 47m PF 2022 ), establishing itself as a consolidator and reaching a sufficient scale to capitalise on the very solid prospects for the precision medicine sector (+12% p.a. 2022-2030). We initiate our coverage with an Outperform rating and a € 6.5 price target. The stock enters our European Nextcap Convict...
- Research Department
IBERIAN DAILY 04 FEBRUARY + 4Q’21 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: AENA, ATRYS HEALTH, TOURISM SECTOR. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’21 results to be released over the coming days in Spain. The ECB changes the tone of its message The ECB kept its monetary policy unchanged, but Lagarde warned that the risks on inflation are rising, and there is widespread concern among members due to the latest figures, leavin...
- Research Department
INFORME DIARIO 04 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T'21. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ATRYS HEALTH, SECTOR TURISMO. EUROPA: ENI, INTESA SANPAOLO, SANOFI, 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. 4T’21 que se publicarán en España y Europa en los próximos días. El BCE cambia el tono del mensaje El BCE mantuvo la política monetaria inalterada pero C. Lagarde advirtió que lo...
- Research Department
IBERIAN DAILY 24 JANUARY + 4Q’21 RESULTS. PREVIEWS (ANÁLISIS BANCO SAB...
NEWS SUMMARY: AENA, ATRYS HEALTH, BBVA, CELLNEX, FLUIDRA, IAG, NEINOR. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’21 results to be released over the coming days in Spain. MARKETS YESTERDAY AND TODAY Markets fall at the end of the week The drops in Asia, the negative US opening with the collapse of Netflix (which fell by more than -25%), and heightening tensions between...
- Research Department
INFORME DIARIO 24 ENERO + RDOS. ESPAÑA Y EUROPA 4T'21. PREVIEWS (ANÁLI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ATRYS HEALTH, BBVA, CELLNEX, FLUIDRA, IAG, NEINOR HOMES. EUROPA: PHILIPS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los previews de Rdos. 4T’21 que se publicarán en España y Europa en los próximos días. Viernes negro para cerrar la semana Las caídas en Asia, la apertura negativa en EE.UU. con el derrumbe de Netflix (caídas superiores al -25%) y el incremento de l...
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.