reports
- Michael B. Schäfer
ODDO BHF Small & MIDCAP MORNING NEWS - 05/17/2024
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...
DBG DERICHEBOURG SA
ALCAR CARMAT SA
TPE PVA TEPLA AG
NEX NEXANS SA
ERG ERG S.P.A.
WIE WIENERBERGER AG
GREEN GREENYARD NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
NVG NAVIGATOR COMPANY SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SIFG SIF HOLDING NV
TMV TEAMVIEWER AG
VK VALLOUREC SA
FPE3 FUCHS PETROLUB SE
- Michael B. Schäfer
ODDO BHF Small & MIDCAP MORNING NEWS - 17/05/2024
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...
DBG DERICHEBOURG SA
ALCAR CARMAT SA
TPE PVA TEPLA AG
NEX NEXANS SA
ERG ERG S.P.A.
WIE WIENERBERGER AG
GREEN GREENYARD NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
NVG NAVIGATOR COMPANY SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SIFG SIF HOLDING NV
TMV TEAMVIEWER AG
VK VALLOUREC SA
FPE3 FUCHS PETROLUB SE
- Sinan Doganli
TeamViewer AG : Target price lowered to € 17.00, valuation remains att...
>The phase-out of multi-year deals weighed on billing in Q1 - During the conference call, management confirmed that the quarter was fully in line with expectations and even slightly better in terms of profitability, as investments and profitability was actively managed in Q1. Management also expressed confidence in achieving the full-year guidance for 2024e. Billings will continue to be negatively impacted in 2024 for a total of € 18-20m from the phasing out of multi-...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 05/16/2024
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. - ...
FP TOTAL SE
EQNR EQUINOR ASA
ELIOR ELIOR GROUP SA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
GYC GRAND CITY PROPERTIES SA
GLJ GRENKE AG
DEC JCDECAUX SA
BLC BASTIDE LE CONFORT MEDICAL SA
JCQ JACQUET METALS SA
ENI ENI S.P.A.
REP REPSOL SA
VASTN VASTNED RETAIL NV
ERG ERG S.P.A.
CPINV CARE PROPERTY INVEST SA
DIC DIC ASSET AG
FNTN FREENET AG
DUFN DUFRY AG
BP. BP P.L.C.
MDM MAISONS DU MONDE SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VK VALLOUREC SA
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Aurelien Sivignon
PulluP Entertainment : Surprise launch of a capital increase of up to ...
>Capital increase of up to € 23m with elimination of preferential subscription rights/discount of 3% - PulluP announced yesterday evening the launch of a capital increase of € 17.5m (i.e. 1.5m new shares, i.e. 23% of the diluted capital) which could rise to € 23m if the extension clause and the greenshoe option are fully used (i.e. 2m new shares, i.e. 30% of the diluted capital).The subscription price is € 11.3 per share, reflecting a 3% discount on the last sha...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 16/05/2024
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. - ...
FP TOTAL SE
EQNR EQUINOR ASA
ELIOR ELIOR GROUP SA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
GYC GRAND CITY PROPERTIES SA
GLJ GRENKE AG
DEC JCDECAUX SA
BLC BASTIDE LE CONFORT MEDICAL SA
JCQ JACQUET METALS SA
ENI ENI S.P.A.
REP REPSOL SA
VASTN VASTNED RETAIL NV
ERG ERG S.P.A.
CPINV CARE PROPERTY INVEST SA
DIC DIC ASSET AG
FNTN FREENET AG
DUFN DUFRY AG
RUI RUBIS SCA
BP. BP P.L.C.
MDM MAISONS DU MONDE SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VK VALLOUREC SA
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Aurelien Sivignon
PulluP Entertainment : Lancement surprise d’une AK pouvant aller jusqu...
>AK jusqu’à 23 M€ avec suppression du DPS / décote de 3% - PulluP a annoncé cette nuit le lancement d’une AK de 17.5 M€ (i.e. 1.5m d’actions nouvelles soit 23% du K dilué) pouvant être porté jusqu’à 23 M€ en cas d’exercice intégral de la clause d’extension et de l’option de surallocation (i.e. 2m d’actions nouvelles soit 30% du K dilué).Le prix de souscription est 11.3 € par action traduisant une décote de 3% sur le dernier cours. Le DPS est supprimé avec un dél...
GL Events: 1 director
A director at GL Events sold 2,000 shares at 19.723EUR and the significance rating of the trade was 53/100. 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 showin...
- Aurore Aventin (IDMidCaps)
Roche Bobois - A disappointing start to business, but the prospect of ...
Q1 sales well below our expectations, but reconstitution of order backlog paving the way for future growthFull-year guidance confirmed, with a downturn expected in H1 followed by a rebound in H2Negotiations underway to acquire a majority stake in a major Chinese franchiseeBuy opinion and €53/share price target maintained.
Sword Group: Important wins with EUROCONTROL & THE EUROPEAN INVESTMENT...
Sword Group: Important wins with EUROCONTROL & THE EUROPEAN INVESTMENT FUND Sword Technologies S.A., a Sword Group company,- in collaboration with Twenty8 S.A. has signed two contracts with EUROCONTROL, the European Organisation for the Safety of Air Navigation. The duration of the contracts is 7 years with a foreseen revenue for Sword of more than €28 million.- in a consortium with Fujitsu, PwC and CTG, wins a 4-year framework contract with the European Investment Fund (EIF) with a total budget of €60 million shared among five consortia.The contract with EUROCONTROL, a civil and military i...
Sword Group : Signatures de contrats importants avec EUROCONTROL & le...
Sword Group : Signatures de contrats importants avec EUROCONTROL & le Fonds Européen d’Investissement Sword Technologies S.A., une entité du Groupe Sword,- en collaboration avec Twenty8 S.A., a signé deux contrats avec EUROCONTROL, l’Organisation Européenne pour la Sécurité de la Navigation Aérienne. Ces contrats, d’une durée de 7 ans, devraient rapporter à Sword plus de 28 M€.- en consortium avec Fujitsu, PwC et CTG, a remporté un contrat-cadre de 4 ans avec le Fonds Européen d’Investissement (FEI), d’un budget total de 60 millions d’euros partagé entre cinq consortiums.Le contrat avec EU...
- Anthony Dick
- Michael Foundoukidis
- Anthony Dick
- Michael Foundoukidis
- Baptiste Lebacq
PGS : Fundamentals are improving
>Underperform recommendation, target price of NOK6 - Following the link-up with TGS, PGS shareholders will receive 0.06829 TGS shares for each PGS share held. We think this transaction makes sense for PGS shareholders, but we believe that it is more difficult to justify for shareholders of TGS shareholder whose business model of an asset-light group has proven its resilience over the past cycles. Following the Q1 2024 results publication and conference call, we maint...
- Baptiste Lebacq
PGS : Les fondamentaux s’améliorent
>Recommandation Sous-performance OC 6 NOK - A l’issue du rapprochement avec TGS, les actionnaires de PGS recevront 0.06829 action TGS pour chaque action PGS. Nous pensons que cette opération fait du sens pour les actionnaires de PGS mais nous estimons qu’elle est plus difficile à justifier pour un actionnaire de TGS dont le business model d’un groupe asset light a fait la preuve de sa résilience aux cours des différents cycles passés. A l’issue de la publication et d...
- Mohamed Mansour (IDMidCaps)
Stef SA - Volumes are stabilizing and valuation is still very low
Q1 2024 sales excluding out-of-home catering up 1% organicallyTransport volumes fell in January and February but stabilized in MarchVolumes continued to decline in Northern Europe in Q1, while growing in Southern EuropeFull-year 2023 recurring EBIT margin up 80bps thanks to normalization of profitability in Italy following price increases and lower electricity costsNet income from continuing operations down 2% due to higher borrowing costsSales and recurring EBIT margin forecasts for 2024 and 20...
- Gerardo Ibanez
- Steven Boumans
- Gerardo Ibanez
- Steven Boumans
- Luis de Toledo Heras
REN : Financial costs cloud operating performance
>Operating results in line, higher financial costs weigh on net profits - Results are in line with our estimates (EBITDA -2.3% y-o-y) reflecting a lower contribution from the domestic business due to the decrease in assets and opex remuneration and an increase in opex (core opex +1.6% y-o-y) and stable performance from the international business. Net results are additionally affected by higher financial expenses (2.8% vs 2.4% in Q1 2023) and unfavourable exchange rate...
PGS Contract Award in West Africa
PGS Contract Award in West Africa May 10, 2024, Oslo, Norway: PGS is awarded a 4D contract in West Africa for an international energy company. Mobilization is scheduled for early September. The contract has a total duration of approximately 65 days, with an option to extend. “We are very pleased with this contract award, securing visibility for another of our vessels well into the fourth quarter. After completion of scheduled acquisitions programs during the Northern Europe summer season we will steam a vessel to West Africa to commence this contract. By combining the Ramform acquisition p...
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