reports
Vicat - Finalization of the cooperative agreement with the US DOE for ...
Vicat - Finalization of the cooperative agreement with the US DOE for the development of the Lebec Net Zero project including a CCS system Finalization of the cooperative agreement with the US Department of Energy (DOE), Office of Clean Energy Demonstrations, for the development of the Lebec Net Zero project, including a CO2 capture, transport and storage system DOE funding to cover up to 50% of the phase 1 investment, up to a maximum project investment of $500 millionBy combining the various decarbonization levers, Lebec Net Zero will enable an emissions reduction of around 950,000 metric ...
Vicat - Finalisation de l’accord de coopération avec le Department of ...
Vicat - Finalisation de l’accord de coopération avec le Department of Energy des Etats-Unis (DOE) pour le développement du projet Lebec Net Zero incluant un dispositif capture et stockage du CO2 Finalisation de l’accord de coopération avec le Department of Energy des Etats-Unis (DOE), Office of Clean Energy Demonstrations, pour le développement du projet Lebec Net Zero incluant un dispositif de capture, de transport et de stockage du CO2Le financement du DOE porte sur 50 % de la phase 1 et peut atteindre jusqu’à 500 millions de dollars de l’investissement dédié au projetLebec Net Zero perme...
- Juan Ros-Padilla
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 11/05/2024
European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...
VCT VICAT-CIMENTS VICAT SA
LEI LEIFHEIT AG
SZG SALZGITTER AG
ALDEL DELFINGEN INDUSTRY SA
ISS ISS A/S
NOEJ NORMA GROUP SE
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
COR CORTICEIRA AMORIM SGPS SA
TUB TUBACEX S.A.
BCHN BURCKHARDT COMPRESSION HOLDING AG
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SAE SHOP APOTHEKE EUROPE NV
SAB BANCO DE SABADELL SA
S30 SOLUTIONS 30 SE
EXN EXCLUSIVE NETWORKS SA
SHUR SHURGARD SELF STORAGE LIMITED
- Juan Ros-Padilla
- Thomas Zlowodzki
ISS A/S : Growing visibility on short- to medium-term triggers leads t...
Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...
VCT VICAT-CIMENTS VICAT SA
LEI LEIFHEIT AG
SZG SALZGITTER AG
ALDEL DELFINGEN INDUSTRY SA
ISS ISS A/S
NOEJ NORMA GROUP SE
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
COR CORTICEIRA AMORIM SGPS SA
TUB TUBACEX S.A.
BCHN BURCKHARDT COMPRESSION HOLDING AG
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SAE SHOP APOTHEKE EUROPE NV
SAB BANCO DE SABADELL SA
S30 SOLUTIONS 30 SE
EXN EXCLUSIVE NETWORKS SA
SHUR SHURGARD SELF STORAGE LIMITED
- Chaima Ferrandon
- Sven Edelfelt
Vicat : Unlucky, Q3 was not spectacular
>Sales 3% below forecasts - Q3 2024 sales were € 979m, up 0.7% l-f-l (-7% on a reported basis) and below our forecast (€ 1,073m) and the consensus (€ 1,008m). All of the group’s activities delivered l-f-l growth over the first nine months thanks to the price effect: cement (2%), concrete and aggregates (+5%) and other products and services (7%). Cement volumes were down 1%, while concrete and granulates saw a decline of 5% and 6% respectively. Independently of this, t...
- Chaima Ferrandon
- Sven Edelfelt
Vicat : Manque de chance, un T3 pas brillant
>CA 3% en dessous des attentes - CA T3 2024 à 979 M€, en hausse de 0.7% à pcc (-7% en réel) et inférieur à nos attentes (1 073 M€) et au consensus (1 008 M€). Toutes les activités connaissent une hausse à pcc sur 9 mois grâce à l’effet prix : le Ciment (2%), le Béton & Granulats (+5%) et les Autres Produits & Services (7%). Les volumes de ciment reculent de 1%, alors que le béton et les granulats accusent une baisse de respectivement de 5% et 6%. Indépendamment, le gr...
Vicat Q3 2024 Sales
Vicat Q3 2024 Sales Organic sales growth of +3.3% over the first nine monthsThird quarter impacted by negative currency effects, especially in the Mediterranean region, and a high base of comparison2024 EBITDA targets confirmed: growth between +3% and +8% and debt reduction to leverage ratio of below 1.7xStrategic combination of VPI’s construction chemicals activities with those of Cermix (Koramic group) in France Nine-month 2024 consolidated sales: (€ million)9M 20249M 2023Change reportedChange lfl*France879931–5.6%–5.6%Europe (excluding France)307303+1.5%+3.4%Americas756720+4.9%+6.5%A...
- Jean Danjou
ODDO BHF Small & MIDCAP MORNING NEWS - 09/09/2024
At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...
VCT VICAT-CIMENTS VICAT SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TNG TRANSGENE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
XIOR XIOR STUDENT HOUSING N.V.
ELIS ELIS SA
01913 PRADA S.P.A.
DEZ DEUTZ AG
PSPN PSP SWISS PROPERTY AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Jean Danjou
ODDO BHF Small & MIDCAP MORNING NEWS - 09/09/2024
At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...
VCT VICAT-CIMENTS VICAT SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TNG TRANSGENE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
XIOR XIOR STUDENT HOUSING N.V.
ELIS ELIS SA
01913 PRADA S.P.A.
DEZ DEUTZ AG
PSPN PSP SWISS PROPERTY AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Chaima Ferrandon
- Sven Edelfelt
Vicat : Industrial footprint still at the heart of the matter
>Feedback from roadshow organised with CFO in Paris - We organised a roadshow in Paris with Hugues Chomel (CFO) and Pierre Pedrosa (HIR). Unsurprisingly, the main topics under discussion were decarbonisation (lower clinker rate, CO2 capture projects and CBAM) and the increase in prices needed to finance this transition (this will depend on CO2 prices). With the depressed valuation, investors also called for clarifications on the group’s strategy and its main sharehold...
- Chaima Ferrandon
- Sven Edelfelt
Vicat : Un outil industriel toujours et encore au centre du jeu
>Feedback roadshow organisé avec le CFO à Paris - Nous avons organisé un RS à Paris avec Hugues Chomel (CFO) et Pierre Pedrosa (HIR). Sans surprise, les principaux sujets de conversation auront été ceux de la décarbonation (baisse du taux de clinker, projets de capture de CO2 ou encore CBAM) et de la hausse des prix nécessaire pour financer cette transition (celle-ci dépendra du prix du CO2). Dans un contexte de valorisation déprimée, les investisseurs ont aussi deman...
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
ELIS ELIS SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Chaima Ferrandon
- Sven Edelfelt
Vicat : H1 figures on the light side, guidance in line with estimates
>H1 EBITDA 3% below forecasts - H1 EBITDA came in at € 353m (+12.3% in absolute terms and +15.6% lfl) but below consensus forecasts for € 365m (Visible Alpha). The rise in H1 EBITDA was driven by the ramp-up of Ragland, a favorable price/cost duo and an improved industrial performance. EBITDA was higher in all regions except France (-6.8%). By business, sales volumes were down in concrete (-2.5 in volume terms) and aggregates (-9.4%) and increased in cement (+1%). Net...
- Chaima Ferrandon
- Sven Edelfelt
Vicat : Un S1 un peu light et une guidance conforme aux attentes
>EBITDA S1 3% inférieur aux attentes - L’EBITDA S1 ressort à 353 M€ (+12.3% en réel et +15.6% à pcc) mais inférieur aux attentes de place à 365 M€ (Visible Alpha). La hausse de l’EBITDA au S1 est tirée par la montée en puissance de Ragland, d’un couple prix/coût favorable et de l’amélioration de la performance industrielle. L’EBITDA ressort en hausse sur toutes les zones sauf sur la France (-6.8%). Par métier, les volumes reculent dans le béton (-2.5% en volume), les ...
Vicat : Résultats au 30 juin 2024
L’ISLE-D’ABEAU, France--(BUSINESS WIRE)-- Regulatory News: Vicat (Paris:VCT): ▼ Croissance organique du chiffre d’affaires de +4,8% ▼ EBITDA publié en hausse de +12,3% ▼ Forte progression des Etats-Unis ▼ Bonne dynamique des pays émergents ▼ EBITDA 2024 attendu en croissance de +3 à +8% (En millions d’euros) 30 juin 2024 30 juin 2023 Variation publiée Variation à pcc* Chiffre d’affaires consolidé 1 937 1 912 +1,3% +4,8% EBITDA 353 314 +12,3% +15,6% Taux de marge (en %) 18,2% ...
Communiqué établissant le bilan semestriel du contrat de liquidité ent...
L’ISLE D’ABEAU, France--(BUSINESS WIRE)-- Regulatory News: Au titre du contrat de liquidité confié par VICAT (Paris:VCT) à NATIXIS ODDO BHF, à la date du 30/06/2024 les ressources suivantes figuraient au compte de liquidité dédié : - 28 866 titres - 1 709 293,08 euros. Il est rappelé que lors de la mise en place du contrat, les moyens suivants figuraient au compte de liquidité dédié : - 25 553 titres - 2 527 226,08 euros. Sur la période du 01/01/2024 au 30/06/2024 ont été exécutées : - 3 780 transactions à l'achat - 3 234 transactions à la vente. Sur cette même période, les volum...
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 30/04/2024 Date Performance dep...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2024
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Chaima Ferrandon
- Sven Edelfelt
Vicat : No major surprises at the start of the year
>Sales in line with the consensus and 3% below our forecast - Q1 2024 sales of € 911m, up 7.9% l-f-l (+1.2% in real terms) and 3% below our forecast (€ 941m). The Visible Alpha consensus anticipated sales of € 917m. By business line, volumes at the cement (+4.1%) and concrete activities (+5.4%) showed an improvement, whereas the aggregates business (-5.4%) posted a decline. Another significant element, the group has reduced the level of detail reported in the quarter...
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