reports
- Ghada Ben Sedrine
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 22/10/2024
Nous initions la couverture de Vontobel avec une recommandation Surperformance et un objectif de cours de 65 CHF. Le groupe présente un potentiel de croissance à moyen long terme de l’activité (renforcé par l’acquisition d’une participation dans Ancala) et d’amélioration de sa rentabilité. (croissance annuelle moyenne du RN de 15%e entre 2023 et 2027) qui ne nous semble pas pleinement intégré par le consensus à ce stade (estimation ODDO BHF 1%-5% > au css. La valorisation actuelle du ...
- Ghada Ben Sedrine
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 10/22/2024
We are initiating coverage of Vontobel with an Outperform recommendation and a target price of CHF 65. The group presents medium- to long-term growth potential in terms of its activity (strengthened by the acquisition of a stake in Ancala) and improvement to its profitability (an average annual increase in net income of 15% between 2023 and 2027) which does not appear to be fully factored in by the consensus for the time being (ODDO BHF estimate some 1-5% above the consensus). Therefo...
- Christophe-Raphaël Ganet
Interparfums : Q3 2024 revenue better than expected. Operating margin ...
>Q3: +20.2% vs +6.7% at end-June - Q3 sales came in at € 257.6m, i.e. +20.2%. Over nine months, sales totalled € 680.2m, i.e. +11.4% and 11.5% at constant forex. The group has renewed its 2024 revenue target (sales of between € 880me and € 900me , i.e. +10/+13%e) and finally specified its operating margin guidance: around 19% vs "a high level so far (reminder: 22% in H1 Q4 vs 25.8% in H1 23). In Q3, as in 9M, all geographic areas have grown (between +5% and +47%).§rch...
- Ghada Ben Sedrine
- Nicolas David
Econocom : Q3 organic growth beats forecasts. Guidance for growth reit...
>Organic growth beat our forecasts in Q3, driven by TMF - Yesterday after trading, Econocom published Q3 2024 revenue of € 606m, representing an organic increase of c.6.1% y-o-y, marking a sharp acceleration vs Q2 2024 (c.3.3%. y-o-y ). This performance was well above our forecasts (ODDO BHF: +1.7% org. in Q3), primarily driven by very robust growth at the TMF division of c.18.0% y-o-y in Q3, (ODDO BHF: +3.0% est. org. y-o-y), thanks to the recruitment drive for a nu...
- Ghada Ben Sedrine
- Nicolas David
Econocom : Croissance organique T3 2024 supérieure aux attentes. Guida...
>Croissance organique supérieure à nos attentes au T3 tirée par TMF - Econocom a publié hier après Bourse un CA T3 2024 de 606 M€, en croissance organique de c.6.1% y/y., en nette accélération vs T2 2024 (c.3.3% org. y/y). Cette performance est nettement supérieure à nos attentes (ODDO BHF : +1.7% org. au T3), principalement tirée par une croissance très solide au niveau de la division TMF, de c.18.0% y/y au T3, (ODDO BHF : +3.0%e org. y/y), grâce à l’initiative de r...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Preview 3Q24 Econocom: 3Q24 impressive sales of 6%, driven by leasing Greenyard: No Fruit Farm? PostNL: Preview 3Q24F; consensus released; (implied) warning? Randstad: 3Q24 beats 2% on lower opex; outlook 4Q24 c.3/4% below consensus; better than expected; nice strategic and accretive acquisition. UCB: Regains all global rights to Bepranemab. Var Energi: Pressure on costs continues. Events Calendar
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Christophe-Raphaël Ganet
Interparfums : CA T3 2024 meilleur que prévu. Guidance de MOP conforme...
>T3 2024 : +20,2% vs +6,7% à fin juin - Le CA T3 atteint 257,6 M€, soit +20,2%. A 9M, le CA totalise 680,2 M€ ie. +11,4% et 11,5% à tcc.Le groupe renouvelle son objectif 2024 de CA (CA compris entre 880 M€e et 900 M€e, soit +10/+13%e) et précise enfin sa guidance de MOP : autour de 19% vs « un niveau élevé jusqu’à présent (rappel : 22% au S1 24 vs 25,8% au S1 23).Au T3, comme à 9M, toutes les zones géographiques sont en croissance (entre +5 et +47%).§hp...
- Jean-François Granjon
GTT : Strong momentum that should last
>What we expect for Q3 2024 - In Q3, we forecast sales at € 164m vs € 117.9m, up 37%. As such, for 9M our sales estimate stands at € 458.8m vs € 300m, up 53%, while the base effect was unfavourable (+35% for the reference 9M and +54% for Q3). This reflects a growth trend that is still extremely dynamic due to the level of the backlog. Our estimate is close to the consensus (€ 453.9m est.). Bear in mind that this momentum is due mainly to the LNG carrier business (87% ...
- Jean-François Granjon
GTT : Une bonne dynamique qui devrait perdurer
>Ce que nous anticipons pour le T3 2024 - Au cours du T3, nous anticipons un CA de 164 M€ vs 119.7 M€ en hausse de 37%. Aussi, au titre des 9 mois, notre estimation de CA ressort à 458.8 M€ vs 300 M€ en progression de 53% alors que l’effet de référence était peu favorable (+35% pour les 9 mois de référence et +54% pour le T3). Cela traduit un trend de croissance toujours extrêmement dynamique du fait du niveau du backlog. Notre estimation est proche de consensus (454....
- Aurelien Sivignon
Prodways Group : Slightly better momentum but still far from a turning...
>Slight return to growth in Q3 (especially thanks to Avenao...) - Prodways Group published yesterday evening Q3 2024 sales down 22% y-o-y to € 14.8m (vs € 14m est.). On a like-for-like basis, sales nevertheless increased by 4% y-o-y, marking a slight inflection compared to previous quarters. Note that the group stopped its Solidscape activity at the beginning of 2024 (3D printers for jewelry), while the reclassification of Prodways as an agent for its DS integrator...
- Thijs Berkelder
Alfen : More clarity needed on new strategic direction
>Q3 results will be published on 6 November after trading hours - Alfen will publish its 24Q3 results on Wednesday 6 November after trading hours. An analyst call will take place on Thursday 7 November at 9.00h CET hosted by CEO Marco Roeleveld, CFO Onno Krap, and CCO Michele Lesh. Q3 guidance. After H1, Alfen guided for EV Charging revenues in Q3 lower than Q2 (previously sequential rise) and stronger Q4, for Energy Storage Q3 revenues similar as Q1 and a strong...
- Robert Jan Vos
Basic-Fit N.V. : Flexed and fit - Q3 trading update reinforces our inv...
>Key metrics in line with our projections for Q3 2024 - Basic-Fit's trading update for Q3 2024 showed key performance indicators that aligned closely with our forecasts. As of the end of Q3, the company operated 1,570 clubs (ABNe: 1,566), and had 4.2m memberships (ABNe: 4.22 m). Basic-Fit generated € 307m in revenue in Q3 (ABNe: € 310m). The average revenue per member per month was € 23.86, in line with our projections.Positive membership trends in France...
- Aurelien Sivignon
Prodways Group : Un momentum un peu meilleur mais encore loin d’une in...
>Léger retour à la croissance sur T3 (surtout grâce à Avenao…) - Prodways Group a publié hier soir un CA T3 2024 en retrait de 22% y-o-y à 14.8 M€ (vs 14 M€e). A périmètre comparable, le CA ressort néanmoins en progression de 4% y-o-y ce qui marque une légère inflexion en comparaison des précédents trimestres. Rappelons que groupe a arrêté son activité Solidscape début 2024 (imprimantes 3D pour la joaillerie), alors que la requalification de Prodways en tant qu’age...
- Marc Zwartsenburg
- CEFA
- Reg Watson
- CFA
Basic-Fit/Comforting 3Q24 update/BUY
BFIT reported a comforting 3Q24 update with a beat on membership ingrowth in 3Q24 and better YoY ingrowth in the first weeks of October, further improving club economics including the 2021 Covid-19 cohort. BFIT reiterated that its outlook is on track and announced the launch of the Franchise model in 2025. In addition, BFIT announced a change in membership structure in France and from 2025 onward it will implement some further changes to the membership structure to tackle the cannibalisation of ...
- Charlotte Vaisse
- Jerôme Bodin
- Marc Lavaud
ODDO BHF Small & MIDCAP MORNING NEWS - 10/18/2024
The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefer Acc...
- Charlotte Vaisse
- Jerôme Bodin
- Marc Lavaud
ODDO BHF Small & MIDCAP MORNING NEWS - 18/10/2024
La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissance 202...
- Carole Braudeau
- Carole Braudeau
- Robert Jan Vos
Basic-Fit N.V. : Q3 2024 in line with forecasts; membership price incr...
>Report on key items in line with our forecasts for Q3 2024 - Basic-Fit had 1,570 clubs open at the end of Q3 2024, which is four more clubs than our forecast. Memberships amounted to 4.20m, pretty much in line with our forecast of 4.22m memberships. Basic-Fit reported net revenue of € 307m in Q3 2024, a notch below our forecast of € 310m. The yield (average monthly revenue per member) came in at € 23.86, in line with our forecast of € 23.85. Basic-Fit said that membe...
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