reports
Edison issues initiation on PVA TePla (TPE): Material matters
Edison Investment Research Limited Edison issues initiation on PVA TePla (TPE): Material matters 10-May-2024 / 09:39 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 10 Mai 2024 Edison issues initiation on PVA TePla (TPE): Material matters PVA TePla has transitioned from a small seller of industrial systems to a materials technology and metrology solutions company, set to reach c €280m in revenues in FY24. Its increasing exposure to the fast-growing semiconductor industry (more than two-thirds of sales) and high-end materials mark...
- Gerardo Ibanez
- Steven Boumans
- Toby Thorrington
PVA TePla - Material matters
PVA TePla has transitioned from a small seller of industrial systems to a materials technology and metrology solutions company, set to reach c €280m in revenues in FY24. Its increasing exposure to the fast-growing semiconductor industry (more than two-thirds of sales) and high-end materials markets is securing growth, driven by AI, digitisation and e-mobility. The combination of a higher capital intensity in the semiconductor industry and growing end markets bodes well for players like PVA TePla...
- Gerardo Ibanez
- Steven Boumans
- Anthony Dick
- Michael Foundoukidis
Gestamp Automocion : A lacklustre Q1 2024 but in line with expectation...
>A lacklustre Q1 but in line with expectations: 2024 guidance reiterated - Yesterday evening, Gestamp published lacklustre results in line with expectations. The group posted a slight decline in sales (€ 3.0bn, -3% y-o-y, but +3% l-f-l, in line with forecasts) and EBITDA (€ 311m, -7% y-o-y vs cons./ODDO BHF € 320m), but with a stronger impact on EBIT (€ 135m, -22% y-o-y, in line) and attributable net profit (€ 55m, -38% y-o-y, in line), reflecting the group’s signifi...
- Anthony Dick
- Michael Foundoukidis
Gestamp Automocion : T1 2024 en demi-teinte mais conforme aux attentes
>T1 en demi-teinte mais conforme aux attentes, guidance 2024 réitérée - Gestamp a publié hier soir des résultats en demi-teinte mais conformes aux attentes. Le groupe fait état d’une légère baisse du CA (3,0 Md€, -3% y-o-y, mais +3% à pcc, en ligne avec les attentes) et de l’EBITDA (311 M€, -7% y-o-y vs css/ODDO BHF 320 M€), mais avec impact plus important sur l’EBIT (135 M€, -22% y-o-y, en ligne) et le RNpdg (55 M€, -38% y-o-y, en ligne), reflétant le levier opérati...
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024 Date Performance sin...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Luis Arredondo
ROVI: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'24 vs. 1Q'23 Results Sales: € 151.2 M (-25.0% vs. -25.6% BS(e) and -24.5% consensus); EBITDA: € 25.9 M (-61.1% vs. -62.9% BS(e) and -61.7% consensus); EBIT: € 19.3 M (-68.2% vs. -69.8% BS(e) and -68.0% consensus); Net Profit: € 15.0 M (-68.4% vs. -70.1% BS(e) and -70.5% consensus);
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2024 Date Performance dep...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Christophe-Raphaël Ganet
Synlab : Q1 2024: solid profitability
>Underlying growth at 3.9%, high margin - Synlab reported € 682.4m in Q1 revenues, down 2.8% (+3.9% underlying growth). Adjusted EBITDA came in at € 123.1m and adjusted operating profit at € 64.8m.Adjusted net debt stood at € 1,249m (reported net debt € 1,285m) vs € 1,582m at the end of Q1 2023 (and € 1.3bn at end-2023). Reported financial leverage stands at 2.75x (vs 2.9x at end-2023).Management reiterated its 2024 guidance, namely 4% organic growth (around...
- Emmanuel Matot
Rubis : 2024 guidance unchanged following mixed set of Q1 figures. Pen...
>Contrasting performances in Q1 depending on the business - Rubis reported its Q1 2024 revenues yesterday evening. The group posted mixed performances:For Retail & Marketing (70% of EBITDA in 2023): Trends for volumes (+4%) and adjusted unit margins (-2%) were right in line with 2023. Europe and the Caribbean are in good shape, unlike Africa, hit by lacklustre economic trends in Kenya and headwinds in bitumen in Nigeria. Some currency losses are also expected in ...
- Carole Braudeau
- Juan Ros-Padilla
Laboratorios Rovi : Q1 earnings in line, outlook maintained
>Overall sales momentum deteriorates materially on very weak CMO, as expected - Total revenues decreased -25% y-o-y in Q1 2024 reaching € 151m, broadly aligned with our estimates and the consensus (-1% and -1% respectively) and posting a 22pp sequential deterioration (vs -3% in Q4, +10% in Q3 and +2% in Q2) due to a tough comp on CMO. In the LMWH franchise, Becat posted a material sequential deterioration after a strong Q4 (-1% vs +18% in Q422) while Hibor also poste...
- Carole Braudeau
- Christophe-Raphaël Ganet
Synlab : T1 2024 : très bonne profitabilité
>Croissance underlying à 3,9% - Bon niveau de marge - Synlab publie un CA T1 à 682,4 M€, soit -2,8% (+3,9% underlying growth). L’EBITDA ajusté ressort à 123,1 M€ et le ROP ajusté, à 64,8 M€.La dette nette ajustée atteint 1 249 M€ (DN publiée 1 285 M€) vs 1 582 M€ fin T1 2023 (et 1 300 M€ fin 2023). Le levier financier publié ressort à 2,75x (vs 2,9x fin 2023).Le management réitère sa guidance 2024 ie. une croissance organique de 4% (env. 2 700 M€), une marge...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Q1 post-view: several encouraging signs but still a subdue...
>Q1 below forecasts due above all to the Americas - Like Acerinox and Aperam previously, Outokumpu disappointed the market with Q1 earnings below expectations and a subdued Q2 guidance. Like for the two competitors, this situation partly reflects the operating issues (strike in Finland, maintenance break in the US) and a lacklustre market environment, above all in Europe. Q1 adjusted EBITDA came to just € 38m, while we had forecast € 56m. By business area, Europe was ...
- Christophe Chaput
Knaus Tabbert AG : Excellent profitability in Q1 and 2024 outlook unch...
>Q1 EBITDA higher than expected: € 38.8m vs € 38.1m est. - Knaus Tabbert delivered a quality set of Q1 results, although revenue grew more slowly than we expected by +2.2% to € 376.7m whereas we were looking for € 400.6m. The consensus, meanwhile, had forecast € 384.6m (difference -2%). Revenue growth was driven mainly by a mix effect (motor homes and camper vans accounted for 61% of volumes vs 53% a year previously) while total output dipped slightly by 8.6% to 7,588...
- Emna Ben Bdira
- Maxime Kogge
Outokumpu : Postview T1 : quelques signes encourageants mais un contex...
>T1 inférieur aux attentes à cause surtout d’Americas - Comme Acerinox et Aperam avant lui, Outokumpu a déçu le marché avec des résultats T1 inférieurs aux attentes et une guidance T2 assez modeste. Comme chez ses deux concurrents, cette situation reflète pour partie des problèmes opérationnels (grève en Finlande, maintenance plus longue que prévu aux USA) et un environnement de marché peu propice surtout en Europe. L’EBITDA ajusté T1 est ainsi ressorti à seulement 38...
- Luis Arredondo
ROVI: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 1T'24 vs 1T'23: Ventas: 151,2 M euros (-25,0% vs -25,6% BS(e) y -24,5% consenso); EBITDA: 25,9 M euros (-61,1% vs -62,9% BS(e) y -61,7% consenso); EBIT: 19,3 M euros (-68,2% vs -69,8% BS(e) y -68,0% consenso); BDI: 15,0 M euros (-68,4% vs -70,1% BS(e) y -70,5% consenso).
- Christophe Chaput
Knaus Tabbert AG : Une excellente profitabilité au T1 et des perspecti...
>Un EBITDA T1 supérieur aux attentes : 38.8 M€ vs 38.1 M€ estimé - Au titre de son premier trimestre, le groupe Knaus Tabbert publie des résultats de qualité avec une hausse de son chiffre d’affaires néanmoins inférieure à nos estimations puisque la croissance sur la période ressort à +2.2% soit 376.7 M€ alors que nous retenions 400.6 M€. Le consensus s’attendait, lui, à un CA de 384.6 M€ (différence -2%). La hausse de l’activité est surtout portée par un effet de mix...
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