reports
- Denis Scherrer (IDMidCaps)
LISI - Sustained growth in all 3 divisions
Q3 sales up 15% organically, in line with our expectations Inflation pass-through target on track to be achievedEBIT growth target in absolute terms confirmed, but still challengingStrong visibility in aerospace and medical sectors, but uncertainties in the automotive sectorSlight downward adjustment to our forecasts and price targetADD opinion: a quality stock, but not as discounted as other manufacturers.
- Julie Boote
PSA Global Autos / New Mobility: The New World of Gigacasting
Tesla’s plans to halve EV manufacturing costs rely heavily on the increased use of gigacasting. Using massive aluminium die-casting machines to achieve this, however, is not only a major technological challenge, it requires substantial initial investments. Nevertheless, global automakers and suppliers are now exploring the possibilities of gigacasting, as the race for EV cost competitiveness is on. In this report, analyst Julie Boote outlines the benefits and challenges of gigacasting, examines ...
F FORD MOTOR COMPANY
005380 HYUNDAI MOTOR COMPANY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
7259 AISIN SEIKI CO LTD
5851 RYOBI LIMITED
7203 TOYOTA MOTOR CORP.
4208 UBE INDUSTRIES LTD.
5380 HYUNDAI MOTOR CO
GM GENERAL MOTORS COMPANY
BNP BMW
2CRSI 2CRSI SA
LNR LINAMAR CORPORATION
VOW VOLKSWAGEN (VOW GR)
1882 HAITIAN INTERNATIONAL
2101 GUANGDONG HONGTU TECHNOLOGY
558 LK TECHNOLOGY HOLDINGS LTD
9868 XPENG INC
FPE3 FUCHS PETROLUB SE
NIO NIO INC
MBG MERCEDES BENZ GROUP AG
300415 GUANGDONG YIZUMI PRECISION MACHINERY
ATCO ATLAS COPCO AB
- Anthony Dick
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
POM PLASTIC OMNIUM SE
STF STEF
ASY ASSYSTEM SA
CGM CEGEDIM SA
VETO VETOQUINOL SA
MTU MANITOU BF SA
FII LISI SA
FNAC FNAC DARTY SA
ATE ALTEN SA
FR VALEO SE
ELIS ELIS SA
AF AIR FRANCE-KLM SA
FAE FAES FARMA S.A.
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
SESL SES-IMAGOTAG SA
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
ONTEX ONTEX GROUP N.V.
LIGHT SIGNIFY NV
XIL XILAM ANIMATION SA
GCO GRUPO CATALANA OCCIDENTE S.A.
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
BFSA BEFESA SA
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
FPE3 FUCHS PETROLUB SE
SPM SAIPEM S.P.A.
- Anthony Dick
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
POM PLASTIC OMNIUM SE
STF STEF
ASY ASSYSTEM SA
CGM CEGEDIM SA
VETO VETOQUINOL SA
MTU MANITOU BF SA
FII LISI SA
FNAC FNAC DARTY SA
ATE ALTEN SA
FR VALEO SE
ELIS ELIS SA
AF AIR FRANCE-KLM SA
FAE FAES FARMA S.A.
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
SESL SES-IMAGOTAG SA
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
ONTEX ONTEX GROUP N.V.
LIGHT SIGNIFY NV
XIL XILAM ANIMATION SA
GCO GRUPO CATALANA OCCIDENTE S.A.
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
BFSA BEFESA SA
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
FPE3 FUCHS PETROLUB SE
SPM SAIPEM S.P.A.
- Aurelien Sivignon
SES - imagotag : US market set to take over as top-line driver from Q4
>Slower momentum in Q3, as expected - SESL reported yesterday after trading Q3 2023 sales of € 183m, flat relative to the same period in 2022, versus our estimate for € 194m (+7% y-o-y). Back in September, management had announced that seasonal factors would come into play in H2, weighted towards Q4. It turns out that the seasonal swing was stronger than we had expected but does not undermine full-year guidance, which we actually think will be marginally exceeded. Ni...
- Jean-François Granjon
LISI : Persistently strong momentum
>Q3 sales close to our expectations - Lisi published Q3 sales of € 396.2m (€ 407.3me) vs € 355.8m, up 11.3% and +14.8% organic. This performance compares with interim organic growth of 17.4%. Note that for this quarter, the reference effect was particularly unfavourable with an organic increase of 24.4% for the reference quarter. 9-month sales came to € 1,217.9m vs € 1,051m, +15.9% and +16.5% organic. The group benefited from a price effect of € 65m (+6% vs +€ 44m in...
- Aurelien Sivignon
SES - imagotag : Les USA vont prendre le pas sur la topline à partir d...
>Dynamique plus faible sur le T3 comme anticipé - SESL a publié hier soir son CA T3 qui est ressorti flat + y-o-y à 183 M€ (nous anticipions 194 M€e i.e. +7% y-o-y). Le management avait souligné en septembre qu’il y aurait une saisonnalité sur le S2 en faveur du T4, cette saisonnalité est un peu plus forte que ce que nous anticipions mais ne remet pas en cause la guidance FY qui devrait être légèrement dépassée. Sur 9 mois cumulés, le CA atteint 474 M€ en hausse de 2...
- Jean-François Granjon
LISI : Toujours une très bonne dynamique
>Publication du CA T3 proche de nos attentes - Lisi publie un CA T3 de 396.2 M€ (407.3 M€ estimés) vs 355.8 M€ en hausse de 11.3 et +14.8% en organique. Cette performance se compare à une hausse organique semestrielle de 17.4%. Notons que pour ce trimestre, l’effet de référence était particulièrement défavorable avec une hausse organique de 24.4% pour le trimestre de référence. Le CA 9 mois ressort à 1217.9 M€ vs 1051 M€, +15.9% et +16.5% en organique. Le groupe a bé...
Leon’s Furniture Limited, Canada’s largest home retailer, expands its ...
TORONTO--(BUSINESS WIRE)-- SES-imagotag, (Euronext: SESL, FR0010282822) the global leader in digital solutions for physical retail, today announced that it is expanding its partnership with the LFL Group. The roll-out agreement between the two companies will see the addition of 130 stores to the existing rolled-out locations, while also expanding to new store categories as SES-imagotag further extends its footprint in new verticals and in North America. LFL Group selected the VUSION IoT Cloud platform and digital tags to digitize its Leon’s and The Brick division stores under a multi-year fr...
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Olfa Taamallah
- Usama Tariq
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 10/10/2023
Last week we held our third ODDO BHF Iberian Forum, the third since the announcement of our partnership with BBVA. The event was fully virtual and took place on 4 and 5 October. With 62 Iberian issuers, close to 180 institutional investors and more than 700 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 47 feedback documents, with 6 target price revisions (o/w 4 downgrades). The main subjects of debate were, on the one han...
MTX MTU AERO ENGINES AG
HO THALES SA
EURN EURONAV NV
TFI TELEVISION FRANCAISE 1 SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
VIRP VIRBAC SA
FII LISI SA
BOLS LUCAS BOLS NV
SAF SAFRAN S.A.
AIR AIRBUS SE
LAT LATECOERE SA
SHA SCHAEFFLER AG
BA. BAE SYSTEMS PLC
AIXA AIXTRON SE
ARCAD ARCADIS NV
OHB OHB AG
LDO LEONARDO SPA
MDM MAISONS DU MONDE SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
AM DASSAULT AVIATION
VTSC VITESCO TECHNOLOGIES GRP AG
EAPI EUROAPI
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/10/2023
Malgré une période de profits exceptionnels depuis 2 ans, RWE a connu une performance boursière atone (hors dividendes). Pourtant la période qui s’ouvre et les besoins d’investissements massifs sont typiquement le cocktail idéal pour la création de valeur de long terme. Le titre est passé d’une prime de 30% vs indice à une décote de 17% avec une accélération depuis septembre et les déboires de l’éolien offshore aux US. Nous estimons que les niveaux actuels sont propices à un retour su...
RR. ROLLS-ROYCE HOLDINGS PLC
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
VIV VIVENDI SE
FII LISI SA
SAF SAFRAN S.A.
AIR AIRBUS SE
SY1 SYMRISE AG
LAT LATECOERE SA
BA. BAE SYSTEMS PLC
OHB OHB AG
LDO LEONARDO SPA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/10/2023
Despite a period of exceptional profits over the past two years, RWE’s share price performance has been flat (excluding dividends). But massive investment needs over the coming years are typically the ideal cocktail for long-term value creation. The stock’s 30% premium to the index has morphed into a 17% discount, with the downward trend accelerating since September following setbacks to US offshore wind. We think this is a good time to return to the stock at current valuation levels....
AAL ANGLO AMERICAN PLC
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
VIV VIVENDI SE
FII LISI SA
SAF SAFRAN S.A.
AIR AIRBUS SE
SY1 SYMRISE AG
LAT LATECOERE SA
BA. BAE SYSTEMS PLC
OHB OHB AG
LDO LEONARDO SPA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Olfa Taamallah
- Usama Tariq
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 10/10/2023
Last week we held our third ODDO BHF Iberian Forum, the third since the announcement of our partnership with BBVA. The event was fully virtual and took place on 4 and 5 October. With 62 Iberian issuers, close to 180 institutional investors and more than 700 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 47 feedback documents, with 6 target price revisions (o/w 4 downgrades). The main subjects of debate were, on the one han...
MTX MTU AERO ENGINES AG
HO THALES SA
EURN EURONAV NV
TFI TELEVISION FRANCAISE 1 SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
VIRP VIRBAC SA
FII LISI SA
BOLS LUCAS BOLS NV
SAF SAFRAN S.A.
AIR AIRBUS SE
LAT LATECOERE SA
SHA SCHAEFFLER AG
BA. BAE SYSTEMS PLC
AIXA AIXTRON SE
ARCAD ARCADIS NV
OHB OHB AG
LDO LEONARDO SPA
MDM MAISONS DU MONDE SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
AM DASSAULT AVIATION
VTSC VITESCO TECHNOLOGIES GRP AG
EAPI EUROAPI
- Olfa Taamallah
- Yan Derocles
ODDO : Q3 preview engine makers - preference for Safran maintained vs ...
>Aftermarket momentum still positive for engine manufacturers but greater upside for Safran - At Safran, Q3 will have benefited from the increase in spare parts prices (at 01/08) and early buying that will in our view push civil aftermarket sales growth to 33% in USD (vs 35% in Q2 and 38.1% in Q1 and 23.7% for Visible Alpha), i.e. sequential growth that we estimate at around 14%. At MTU, we estimate growth at 20% (including early buying ahead of the price increases t...
- Olfa Taamallah
- Yan Derocles
ODDO : Preview T3 motoristes - Préférence maintenue pour Safran vs MTU
>Une dynamique après-vente toujours positive pour les motoristes mais un upside plus important coté Safran - Chez Safran, le T3 aura bénéficié de l’augmentation des tarifs de pièces détachées (au 01/08) et d’achats par anticipation qui pousseront, selon nous, la croissance de l’après-vente civile à 33% en USD (vs. 35% au T2 et 38.1% au T1 et 23.7% pour Visible Alpha), soit une croissance séquentielle que nous estimons à c14%. Chez MTU, nous modélisons cette croissanc...
- Bruno Cavalier
- Nicolas David
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/09/2023
Nous pensons que Whitbread cumule le meilleur de deux mondes : une résilience face aux caprices du cycle et une histoire de croissance portée par des leviers précieux (notamment des opportunités en matière de développement, du M&A et des probables retours de cash supplémentaires). Nous relevons nos estimations (BPA 2023/2025e +23%), notre OC (4 350p vs 3 500p) et notre opinion à Surperformance. - ...
AC ACCOR SA
SOP SOPRA STERIA GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ATO ATOS SE
CBK COMMERZBANK AG
INF INFOTEL SA
ASY ASSYSTEM SA
SX CS GROUP SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
VNA VONOVIA SE
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
VOD VODAFONE GROUP PLC
WAVE WAVESTONE SA
KBX KNORR-BREMSE AG
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
UMG UNIVERSAL MUSIC GROUP NV
OVH OVH GROUPE
GSK GSK PLC
IOS IONOS GROUP SE
- Nicolas David
ATO ATOS SE
ZIL2 ELRINGKLINGER AG
INF INFOTEL SA
ASY ASSYSTEM SA
SX CS GROUP SA
SQI SQLI SA
SWP SWORD GROUP SE
VIRP VIRBAC SA
ATE ALTEN SA
TRI TRIGANO SA
BCP BANCO COMERCIAL PORTUGUES S.A.
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
MBWS MARIE BRIZARD WINE & SPIRITS SA
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
MCPHY MCPHY ENERGY SA
XIL XILAM ANIMATION SA
TWEKA TKH GROUP N.V. CERT
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
ALVAL VALBIOTIS SA
REY REPLY S.P.A.
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
VRLA VERALLIA SAS
HAG HENSOLDT AG
ALHRS HYDROGEN REFUELING SOLUTIONS
NA9 NAGARRO
RWI RENEWI PLC
OVH OVH GROUPE
HDF HYDROGENE DE FRANCE
IOS IONOS GROUP SE
- Nicolas David
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/29/2023
We think that Whitbread combines the best of both worlds, resilience against the vagaries of the cycle and a growth story buoyed by valuable levers (namely opportunities in terms of development, M&A and probable additional cash returns). We have raised our estimates (EPS 2023/2025e +23%) and our target price (4,350p vs 3,500p) and have upgraded our recommendation to Outperform. - ...
AC ACCOR SA
SOP SOPRA STERIA GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ATO ATOS SE
CBK COMMERZBANK AG
INF INFOTEL SA
ASY ASSYSTEM SA
SX CS GROUP SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
VNA VONOVIA SE
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
VOD VODAFONE GROUP PLC
WAVE WAVESTONE SA
KBX KNORR-BREMSE AG
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
UMG UNIVERSAL MUSIC GROUP NV
OVH OVH GROUPE
GSK GSK PLC
IOS IONOS GROUP SE
- Nicolas David
- Nicolas Thorez
ODDO : Accenture sees growth bottoming out in calendar Q1… but after a...
>Growth slightly higher than expected in Q4 2022/23 at constant currencies - Accenture posted a satisfactory set of Q4 2022/23 results (quarter to end-August) yesterday before US trading. Growth reached 4% y-o-y at cc, which is at the middle of the guidance range (2% to 6% y-o-y at cc) and slightly higher than expected (+3.3% y-o-y at cc). This is again slower than in Q3, which was already low (+5.0% cc). A breakdown by region shows that North America’s weak performan...
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SX CS GROUP SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
ATO ATOS SE
ZIL2 ELRINGKLINGER AG
INF INFOTEL SA
ASY ASSYSTEM SA
SX CS GROUP SA
SQI SQLI SA
SWP SWORD GROUP SE
VIRP VIRBAC SA
ATE ALTEN SA
TRI TRIGANO SA
BCP BANCO COMERCIAL PORTUGUES S.A.
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
MBWS MARIE BRIZARD WINE & SPIRITS SA
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
MCPHY MCPHY ENERGY SA
XIL XILAM ANIMATION SA
TWEKA TKH GROUP N.V. CERT
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
ALVAL VALBIOTIS SA
REY REPLY S.P.A.
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
VRLA VERALLIA SAS
HAG HENSOLDT AG
ALHRS HYDROGEN REFUELING SOLUTIONS
NA9 NAGARRO
RWI RENEWI PLC
OVH OVH GROUPE
HDF HYDROGENE DE FRANCE
IOS IONOS GROUP SE
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