A director at Bouygues bought 130,000 shares at 36.382EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
A director at Gamma Communications sold 5,000 shares at 1,451p and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
Growth momentum remains solid, and the publication of Q1 sales bodes well for the future (12.5% organic growth, including 27% for Aerospace). Margins are set to pick up in 2024 (by an estimated 110bp), with the underlying operating profit expected to jump 33%. With good visibility for Aerospace, medium-term potential for Automotive and profitable growth for Medical, we estimate the potential for margin improvement at no less than 500bp in the medium term. We are raising our underlying...
La dynamique de croissance reste solide et la publication du CA T1 est de bon augure (croissance organique de 12.5% dont 27% pour l’Aerospace). 2024 devrait voir un redressement des marges (+110 pb estimés) pour un ROC attendu en hausse de 33%. A l’appui d’une bonne visibilité pour l’aéronautique, d’un potentiel MT pour l’automobile et d’une croissance profitable pour le Médical, nous estimons le potentiel d’amélioration des marges à au moins 500 pb à MT. Nous relevons nos estimations...
Ahold Delhaize: Walmart 1Q24/25 results. Azelis: Share placement by EQT and PSP. Belgian telcos: Digi mobile prices to be well below competition, targets 10% mkt share. EVS: Slow start, sales guidance held on strong pipeline, EBIT guidance below consensus. Exmar: Stable start to the year. Prosus: Fabricio Bloisi (CEO iFood) appointed as group CEO. Sif Group: 1Q24 pretty much in line, timing shifts a bit
>2023/24 sales and adjusted EBITDA expected to meet Greenyard’s targets - Greenyard is set to report its 2023/24 results (1 April–31 March) on 23 May at 07:00, and it will host a live webcast at 14:00. We note that Greenyard recently announced plans to bring forward its annual results reporting to the third full week of May (was mid-June). We forecast Greenyard will report net sales of € 4,972m (consensus: € 5,051m), with solid contributions expected from Fresh (€ 4,0...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CELLNEX, COLONIAL, FCC, MERLIN PROPERTIES, GRIFOLS, OHLA, SECTOR BANCARIO ESPAÑA. EUROPA: PROSUS. Respiro en las bolsas europeas Jornada de pérdidas moderadas en Europa, tras varios días de subidas que han llevado al STOXX 600 a máximos históricos y al Ibex a máximos de 2015, superando los 11.300 puntos. Dentro del STOXX 600, Seguros y R. Básicos mostraron el mejor comportamiento frente a las pérdidas de Autos e Industriales. Desde la macro, en la E...
The 1Q24 earnings reports of the four high yield telecom companies that are (partially) owned by Liberty Global were mixed. 1Q24 adj. EBITDA performance was strong at VodafoneZiggo and Sunrise, while it was soft at Telenet and Virgin Media O2. We prefer to own Sunrise and Ziggo, today. Given similar credit profiles and the same (partial) owner at the moment, Liberty Global, we expect limited spread dispersion across the group. The main challenge to this view is our idea that we expect that Liber...
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
Altice designates certain subsidiaries as unrestricted (Bloomberg)Elior: good H1 23/24 results and confidence in targetsMoody's upgrades Monte's ratings by one notch to Ba2 senior and Ba3 Tier 2Avolta (ex-Dufry): solid first quarter, guidance confirmedMaxeda: after a difficult FY 2023 (leverage above 5x), the group is counting on its free cash flow generation in 2024 to deleverage before refinancing next year.>...
Maxeda : après une année 2023 difficile (levier au-dessus de 5x), le groupe mise sur sa génération de free cash-flow en 2024 pour se désendetter avant son refinancement l’an prochainAltice désigne certaines filiales comme non restreintes (Bloomberg)Moody’s réhausse d’un cran les notes de Monte, à Ba2 en senior et à Ba3 en Tier 2Elior : bonne publication au S1 23/24 et confiance sur les objectifs fixésAvolta (ex-Dufry) : Très bon trimestre, guidances confirmées...
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
>EBITDAaL above (Europe), FCF below (WCR) - Q1 2024 revenues up 0.4% y-o-y at € 27.942bn (consensus € 27.993bn), with an increase of 2.9% for service revenues driven by TMUS (+2%) and Europe (+7%). Q1 EBITDAaL came in 5% higher at € 10.473bn (ahead of cons. of € 10.249bn) or +6% on a comparable basis. FCFaL up 3.6% at € 3.708bn (cons. € 3.879bn), with weaker growth driven by capex down by just 2% and a weaker WCR than expected. However, for 2024, the group confir...
>Q1 figures a shade above forecasts - Avolta reported this morning strong Q1 figures. Group core income stood at CHF 2,784m, giving growth of 18% y-o-y and organic growth of 8.6% (of which a +1% positive impact related to the Easter timing). Revenues were thus 2% above the consensus’ forecasts (i.e. Vara Research) and 1% above our estimates. By region, we note the very strong performance for the EMEA zone with organic growth at +11.7% driven by the momentum in leisure...
>Q1 2024: in line with the consensus - Q1 2024 revenues were stable at € 639m (consensus € 642m), driven by the media/TV business (+16%) which offset the decline in mobile (-3%) due to sharply lower handset sales from Gravis stores (no EBITDA impact given virtually zero margin). EBITDA dropped by 3% to € 124m (cons. € 125m), due to TV marketing spend and personnel expense (+12%). Q1 2024 FCF rose by 9% to € 71m (cons. € 69m) solely as a result of calendar effects on ...
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