>Outperform recommendation reiterated, TP reduced to € 165 from € 170 - BESI’s share price fell 2% yesterday. While Q1 orders and Q2 guidance clearly indicated a slower-than-expected cyclical upturn, the group was reassuring about hybrid bonding momentum and seems to be in a good position to reach or even exceed the consensus forecast (€ 107m vs ODDO BHF estimate: € 121m which we maintain). Given the weaker-than-expected guidance for the Q2 rebound, we nevertheless cu...
>Opinion Surperformance réitérée, OC abaissé à 165 € vs 170 € - Le titre BESI était en baisse de 2% hier. Si les commandes T1 et la guidance T2 indiquent clairement une reprise cyclique plus lente que prévu, le groupe a rassuré sur sa dynamique dans l’hybrid bonding et semble en bonne position pour atteindre, voire dépasser les attentes du consensus (107 M€ vs notre estimation à 121 M€ que nous maintenons). Compte tenu d’une reprise plus faible qu’attendu au T2, nous ...
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. - ...
>Q1 2024 results below expectations, with a disappointing order intake - BESI reported its Q1 2024 results which were below expectations, notably on the order intake. Revenues were € 146m, down 8% q-o-q and up 10% y-o-y, due primarily to lower shipments for high-performance computing and automotive end-user markets, partially offset by higher shipments for high-end mobile applications. They were in line with the consensus at € 147m (vs guidance at a q-o-q decrease of ...
>Q1 2024 results below expectations, with a disappointing order intake - BESI reported its Q1 2024 results which were below expectations, notably on the order intake. Revenues were € 146m, down 8% q-o-q and up 10% y-o-y, due primarily to lower shipments for high-performance computing and automotive end-user markets, partially offset by higher shipments for high-end mobile applications. They were in line with the consensus at € 147m (vs guidance at a q-o-q decrease of ...
Azelis: Strong margin performance in weak trading results in 3% EBITA beat. BE Semiconductor Industries: 1Q24 results; prolonged downcycle. Coca-Cola Europacific Partners plc: Messy but good. DWS: Record breaking. Flow Traders: Crypto Kings. Fugro: Here we go again. Kinepolis: Weak start to the year, but a bit better than feared. UCB: Changes in the group executive committee. Unilever: Heading in the right direction. Vonovia: Disposal of 4,500 apartments for €700m. Wolters Kl...
Azelis: Bloomberg report citing M&A interest. BE Semiconductor Industries: 1Q24 preview, focus on order intake. Greenyard: Crème de la Crème acquisition. Just Eat Takeaway.com: Deliveroo reports 1Q24 trading. Melexis: 1Q24 Preview, focus on pricing. NSI: Guidance confirmed, LTV improves, small but interesting investments might come. Sligro: 1Q24 results in line with expectations Vastned: Key €100m single asset disposal achieved
Several themes are set to drive the 2024 proxy season, among them the change of voting policy of ISS and a tipping point for climate resolutions. It will also be the last one before the first CSRD reports. Its long-term impact on Boards could also be underestimated. A wave of appointments of specialized sustainability profiles would upset their balance. We identify the AGMs likely to be play the most decisive role for the companies in the medium term: Alstom, Teleperformance, Worldlin...
Plusieurs éléments animeront les assemblées générales 2024 : changement de politique de vote d’ISS, résolutions climat à un tournant… alors que cette saison est la dernière avant les premiers rapports CSRD. Celle-ci pourrait d’ailleurs avoir un impact long terme sous-estimé sur les conseils. Une vague de nominations de profils spécialisés en durabilité bouleverserait leurs équilibres. Nous identifions les AG les plus déterminantes pour la gouvernance des sociétés à moyen terme : Alsto...
>Global sales for February 2024 up +16.4% y-o-y vs +15.5% in January - Worldwide semiconductor sales in February 2024 were published by the WSTS (World Semiconductor Trade Statistics), with the usual one-month lag. On a three-month moving average, sales came to $ 43.6bn, slightly ahead of our forecast of $ 43.2bn. This represents a sequential decline of 3% (usual seasonal effect in February), but a fresh improvement in full-year growth to +16.4%, after +15.5% in Janu...
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