reports
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Maissa Keskes
- Stephane Houri
Jenoptik AG : Q3 2024 results below expectations on orders/revenue, ab...
>Q3 2024 results below expectations on orders/revenue, above on profitability - This morning, Jenoptik reported Q3 2024 results which were below expectations on orders/revenue, but above on profitability. Revenues were € 274.3m, below the company-compiled consensus at € 279.4m. EBITDA was € 59.1m giving a margin of 21.5%, above the consensus at €56.2m and 20.1%. EBIT came in at € 40.9m, i.e. a margin of 14.9%, above the consensus at € 37.8m and 13.5%. EPS was € 0.46, ...
- Maissa Keskes
- Stephane Houri
Jenoptik AG : Q3 2024 results below expectations on orders/revenue, ab...
>Q3 2024 results below expectations on orders/revenue, above on profitability - This morning, Jenoptik reported Q3 2024 results which were below expectations on orders/revenue, but above on profitability. Revenues were € 274.3m, below the company-compiled consensus at € 279.4m. EBITDA was € 59.1m giving a margin of 21.5%, above the consensus at €56.2m and 20.1%. EBIT came in at € 40.9m, i.e. a margin of 14.9%, above the consensus at € 37.8m and 13.5%. EPS was € 0.46, ...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 06/11/2024
Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2024
Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...
- Maissa Keskes
- Stephane Houri
Jenoptik AG : 2025 guidance pushed out by one year, due to slower-than...
>2025 guidance pushed out to 2026 due to slower than expected recovery in the semiconductor equipment industry - Jenoptik yesterday evening warned that its 2025 revenue guidance of € 1.2bn and EBITDA margin target of between 21% and 22% were pushed out by one year and are now set to be achieved in 2026, due to the slower-than-expected cyclical upturn in the semiconductor equipment sector. The group has not given detailed guidance for 2025 given the uncertainty. As we ...
- Maissa Keskes
- Stephane Houri
Jenoptik AG : Report des objectifs 2025 d’un an, en raison d’une repri...
>Les objectifs 2025 ont été reportés pour 2026 en raison d’une reprise plus lente que prévu dans l’industrie des équipementiers semiconducteurs - Jenoptik a averti hier soir que ses objectifs 2025 de CA de 1.2 Md€ et d’une marge d’EBITDA comprise entre 21% et 22% étaient reportés d’un an et devraient désormais être atteints en 2026, en raison d’une reprise cyclique plus lente que prévu des équipementiers semiconducteurs. Le groupe n’a pas donné de guidance précise pou...
- Jean Danjou
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
OSE OSE IMMUNOTHERAPEUTICS SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
PNL POSTNL NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
FIE FIELMANN AG
TUB TUBACEX S.A.
AIXA AIXTRON SE
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
JUN3 JUNGHEINRICH AG PREF
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
JEN JENOPTIK AG
FUR FUGRO NV
- Jean Danjou
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
OSE OSE IMMUNOTHERAPEUTICS SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
PNL POSTNL NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
FIE FIELMANN AG
AIXA AIXTRON SE
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
JUN3 JUNGHEINRICH AG PREF
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
JEN JENOPTIK AG
FUR FUGRO NV
- Maissa Keskes
- Stephane Houri
Jenoptik AG : The risk to 2025 targets is already priced in, we upgrad...
>Rating upgraded from Neutral to Outperform, even though we adjust our target price to € 30 vs € 32 - Jenoptik will report its Q3 2024 results on 12/11 before the start of trading. The operating performance in Q3 2024 should not produce any surprises. On the other hand, we will pay close attention to comments on orders intake for the next quarters and estimates for 2025. The warning from ASML, the group’s biggest customer (~20% of sales), could affect orders in Advanc...
- Maissa Keskes
- Stephane Houri
Jenoptik AG : Le risque sur les objectifs 2025 est déjà intégré, nous ...
>Opinion relevée de Neutre à Surperformance, même si nous ajustons notre OC à 30 € vs 32 € - Jenoptik publiera ses résultats T3 24 le 12/11 avant l’ouverture. La performance opérationnelle du T3 24 devrait être sans surprises. Nous serons, en revanche, très attentifs aux commentaires sur l’évolution future des commandes et les prévisions sur 2025. En effet, l’avertissement d’ASML, son principal client (~20% du CA), pourrait impacter les commandes de l’activité ‘Advanc...
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : A fresh acceleration in semiconductor sales in August, mainly t...
>A fresh acceleration to worldwide semiconductor sales in August at +20.6% y-o-y (vs +18.7% in July) - Worldwide semiconductor sales in August 2024 were published by the WSTS (World Semiconductor Trade Statistics) with the usual one-month lag. On a three-month moving average, sales came to $ 53.1bn, ahead of our forecast of $ 52bn. This represents a sequential increase of 3.5% and +20.6% y-o-y, after +18.7% in July. At the regional level, sales from one year to the n...
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Nouvelle accélération des ventes de semiconducteurs en août, pr...
>Nouvelle accélération de la croissance des ventes mondiales de semis en août à +20.6% yoy (vs +18.7% en juillet) - Les ventes mondiales de semiconducteurs d’août 2024 ont été publiées par WSTS (World Semiconductor Trade Statistics), avec (comme toujours) un mois de décalage. En données lissées (moyenne de 3 mois), elles ressortent à 53.1 Md$ au-dessus de notre prévision à 52 Md$. Il s’agit d’une hausse séquentielle de 3.5% et annuelle de 20.6% après 18.7% en juillet....
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 10/07/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
ELIS ELIS SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Bruno Cavalier
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/07/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
UBI UBISOFT ENTERTAINMENT SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ALO ALSTOM SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 07/10/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
ELIS ELIS SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Bruno Cavalier
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/10/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
UBI UBISOFT ENTERTAINMENT SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ALO ALSTOM SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
SCHP SECHE ENVIRONNEMENT
AMS AMS AG
CRI CHARGEURS SA
POM PLASTIC OMNIUM SE
FGA FIGEAC AERO SA
GLO GL EVENTS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
KENDR KENDRION NV
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VLTSA VOLTALIA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
SCHP SECHE ENVIRONNEMENT
AMS AMS AG
CRI CHARGEURS SA
POM PLASTIC OMNIUM SE
FGA FIGEAC AERO SA
GLO GL EVENTS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
KENDR KENDRION NV
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VLTSA VOLTALIA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
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