reports
- Bruno Cavalier
- Thijs Berkelder
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 07/01/2024
By calling a snap election in the hope of bringing a majority of voters back to a centrist bloc, Emmanuel Macron has gambled with the Constitution. And he lost. Yesterday's election, marked by a jump in turnout (+20pt vs 2022), confirmed the dominance of the National Rally (RN). There are now two possible scenarios. One is an absolute majority for the RN, enabling it to "conduct the nation's policy"... until a possible dissolution in a year's time. The other is a divided parliament, f...
- Bruno Cavalier
- Thijs Berkelder
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 01/07/2024
En provoquant des élections anticipées dans l’espoir de ramener une majorité d’électeurs vers un bloc centriste, Emmanuel Macron a joué avec la Constitution. Il a perdu. L’élection d’hier marquée par un bond de la participation (+20pts vs 2022) a confirmé la domination du Rassemblement National. Deux scénarios subsistent. L’un est une majorité absolue pour le RN lui permettant de "conduire la politique de la nation"… jusqu’à une possible dissolution dans un an. L’autre est une parleme...
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Vranken
- Wim Lewi
- Thibault Leneeuw
Alfen Confidence break-down needs time to repair
In this note we zoom in on last week's profit warning, the financing situation and the site visit to Alfen. In the short term Alfen needs to get a waiver for their RCF, as long as that hasn't materialised, we expect limited upside. Additionally, we lower our estimates, due to the slowdown and increased costs. The market is now focussed on the short term issues and has given up on the long term energy transition potential. We adjust our valuation method to include both horizons : a multiple appr...
- Oliver Metzger
- Stephan Wulf
SCHOTT Pharma AG & Co. KGaA : Increasing optimism on FY 2024 while lon...
>More optimistic on FY 2024 as visibility increases - The most important topic of SCHOTT Pharma's H1 conference call last week was CFO Dr Almuth Steinkühler's more positive sales guidance for 2024. Previously the company limited the guidance to the low end of its 9-11% sales growth target for FY 2024 as FY 2023 came in stronger than anticipated and therefore comps were challenging. At the conference call, the CFO explicitly emphasised that the full range of the guidan...
- Thomas J. Schiessle
Q2/24 erfreulich – Lagerabbau bei Standart-Vails abgeschlossen- CFO: Q...
FY 24 ist auf Kurs; der Markt intakt, aber das Kundenverhalten eher zurückhaltend. Im H1/24 stieg der Konzernumsatz (in CC) mit 9,0 % YoY auf € 489 Mio. jüngst schneller. Das adj. EBITDA stieg auf € 134 Mio. (in CC.: +2 %; Marge 27,4 %; Vj: 29,4 %), sank (wg. Unterauslastung) im QoQ aber. Die Nachfrage nach Primärverpackungen für Flüssig-Medikamente ist anhaltend hoch, was u.E. ab H2/23-24 deutlich und margenrelevant (vor ramp-up-Kosten (FY 23-24: € 10-15 Mio.)) werden wird, denn der Corona-bedi...
- Thomas J. Schiessle
Q2/24 pleasing - destocking of standard vails completed - CFO: Q3/24 i...
FY 24 is on track; market intact, but customer behavior rather cautious. In H1/24, Group sales (in CC) recently grew faster at 9.0% YoY to € 489m. Adj. EBITDA rose to € 134m (in CC.: +2%; margin 27.4%; PY: 29.4%), but fell (due to underutilization) in QoQ. Demand for primary packaging for liquid medicines remains high, which we believe will become significant and margin-relevant (before ramp-up costs (FY 23-24: € 10-15m)) from H2/23-24, as the corona-related customer destocking (especially vials...
- Carole Braudeau
- Emna Ben Bdira
- Maxime Kogge
- Carole Braudeau
- Oliver Metzger
- Stephan Wulf
- Oliver Metzger
- Stephan Wulf
- Bruno Cavalier
- Emna Ben Bdira
- Maxime Kogge
- Emna Ben Bdira
- Maxime Kogge
Aurubis : Despite other drivers in good shape, contractual TC/RCs at h...
>Contractual TC/RCs at historical lows - Bloomberg yesterday reported that the Chilean producer Antofagasta had agreed with a top Chinese smelter for treatment and refining charges (TC/RC) on copper concentrate of $ 23.25/t and 2.325 ct/lb in H2, a dramatic drop relative to the $ 80/t and 8 ct/lb set in H1. Concentrates are intermediate products from the initial processing of ore by miners with a metal content generally 20% and 30%. TC/RCs are deducted from the price ...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: Managing ups and downs
Following Alfen's profit warning on Wednesday, we revise our estimates to reflect the new FY 2024 guidance as well as the ongoing medium-term targets reassessment. With significant ordering delays in Energy Storage, lower BEV ramp-up in Europe and supply-constrained Smart Grids division, the revise
- Emna Ben Bdira
- Maxime Kogge
Aurubis : Des TC/RC contractuels au plus bas historique, les autres dr...
>Des TC/RC contractuels au plus bas historique - Bloomberg a rapporté hier que le producteur chilien Antofagasta avait convenu avec un fondeur chinois de charges de traitement et de raffinage (TC/RC) du concentré de cuivre de 23,25 $/t et 2,325 ct/lb au S2, en baisse drastique sur les 80 $/t et 8 ct/lb fixés au S1. Les concentrés sont des produits intermédiaires issus d’un premier traitement du minerai par les minières avec un contenu en métal généralement compris ent...
- Stefano Toffano
Barco NV : Struggling just to stand still
>The headwinds continue - Q1 24 was a much tougher quarter for Barco than expected, where performance was marked by continued destocking, poor market demand and customers postponing purchases awaiting for new product introductions. While Barco expected that trading would improve over Q2 24 as destocking headwinds subside and new products are brought onto the market, we understand that end-markets have remained challenging. We now believe our estimates to be too high a...
- Oliver Metzger
- Stephan Wulf
SCHOTT Pharma AG & Co. KGaA : Positive newsflow on FY 24 guidance duri...
>FY 24 sales guidance is not limited to the lower end of the range any more - The most important topic of the H1 conference call was that the CFO, Dr Almuth Steinkühler, changed the tone on the 2024 sales guidance. Previously the company limited the guidance to the low end of its 9-11% sales growth target for FY 24 as FY 23 came in stronger than anticipated and therefore comps were challenging. At the conference call, the CFO explicitly emphasised that the full range ...
- Thijs Berkelder
Alfen : Full pressure on new CFO: key is to regain investor trust
>Feedback site visit + management Q&A - No surprise probably, but main analyst focus was on the new ad-interim CFO. Yesterday - June 27, a day after the profit warning and the following collapse of the share price by around 50%, Alfen hosted a sell-side analyst tour around its newly upgraded manufacturing sites in Almere (the Netherlands) followed by a Q&A session with management including CEO Marco Roeleveld and CCO Michele Lesh, but with a special focus to get to kn...
- Stephane Beyazian
HEIA HEINEKEN NV
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
ABB ABB LTD.
SAND SANDVIK AB
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
RAND RANDSTAD NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASRNL ASR NEDERLAND NV
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
NOVO B NOVO NORDISK A/S
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