reports
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
BMW BAYERISCHE MOTOREN WERKE AG
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
RNO RENAULT SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
DAI DAIMLER AG
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
VOW3 VOLKSWAGEN AG PREF
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
STLA STELLANTIS N.V.
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Anis Zgaya
- Philippe Ourpatian
Grenergy renovables : Further project rotation to fund growth
>2023 was a good year even though Q4 came in below expectations - Yesterday evening Grenergy reported its 2023 results, which missed our expectations and FactSet consensus forecasts. Q4 EBITDA came to just € 2.3m (vs € 22.8m in Q4 2022), below consensus expectations at € 10.2m and our estimates at € 13.8m. This relatively poor performance in Q4 was due mainly to the lack of project sales and therefore a negative contribution from the D&C (Development and Construction...
- Anis Zgaya
- Philippe Ourpatian
Grenergy renovables : Poursuite de la rotation des projets pour financ...
>2023 une bonne année même si le T4 ressort en dessous des attentes - Grenergy a publié hier matin ses résultats 2023 qui sont ressortis inférieurs à nos attentes et à celles du consensus FactSet. L'EBITDA du T4 s'est élevé à seulement 2,3 M€ (vs 22,8 M€ au T4 2022), en dessous des attentes du consensus à 10,2 M€ et de nos prévisions à 13,8 M€. Cette performance relativement faible au T4 s'explique principalement par l'absence de ventes de projets et par conséquent u...
- Benoit Valleaux
- Steven Gould
OSE OSE IMMUNOTHERAPEUTICS SA
MMB LAGARDERE SCA
LXS LANXESS AG
ITP INTERPARFUMS
ALTA ALTAREA SCA
TPE PVA TEPLA AG
G24 SCOUT24 AG
BCP BANCO COMERCIAL PORTUGUES S.A.
FAE FAES FARMA S.A.
GLB GLANBIA PLC
EDR EDREAMS ODIGEO SA
TWEKA TKH GROUP N.V. CERT
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
COFA COFACE SA
FTG111 FLATEXDEGIRO AG
TKWY JUST EAT TAKEAWAY.COM N.V.
MVC METROVACESA SA
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
GRE GRENERGY RENOVABLES
AG1 AUTO1 GROUP
ALLFG ALLFUNDS (UK) LTD
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
DEME DEME GROUP NV
- Benoit Valleaux
- Steven Gould
OSE OSE IMMUNOTHERAPEUTICS SA
MMB LAGARDERE SCA
LXS LANXESS AG
ITP INTERPARFUMS
ALTA ALTAREA SCA
TPE PVA TEPLA AG
G24 SCOUT24 AG
BCP BANCO COMERCIAL PORTUGUES S.A.
FAE FAES FARMA S.A.
GLB GLANBIA PLC
EDR EDREAMS ODIGEO SA
TWEKA TKH GROUP N.V. CERT
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
COFA COFACE SA
FTG111 FLATEXDEGIRO AG
TKWY JUST EAT TAKEAWAY.COM N.V.
MVC METROVACESA SA
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
GRE GRENERGY RENOVABLES
AG1 AUTO1 GROUP
ALLFG ALLFUNDS (UK) LTD
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
DEME DEME GROUP NV
- Anis Zgaya
- Philippe Ourpatian
Grenergy renovables : Q4 Results below expectations due to the absence...
>Results below expectations due to the absence of project sales in Q4 - Grenergy reported this morning its Q4/FY 2023 results which were below our and FactSet consensus expectations. Q4 EBITDA came in at only € 2.3m (vs € 22.8m in Q4 2022) below consensus expectations at € 10.2m and our forecasts at € 13.8m. This relatively poor performance in Q4 is mainly attributable to the absence of project sales in Q4 and consequently a negative contribution from the segment D&C...
- Anis Zgaya
- Philippe Ourpatian
Grenergy renovables : Q4 Results below expectations due to the absence...
>Results below expectations due to the absence of project sales in Q4 - Grenergy reported this morning its Q4/FY 2023 results which were below our and FactSet consensus expectations. Q4 EBITDA came in at only € 2.3m (vs € 22.8m in Q4 2022) below consensus expectations at € 10.2m and our forecasts at € 13.8m. This relatively poor performance in Q4 is mainly attributable to the absence of project sales in Q4 and consequently a negative contribution from the segment D&C...
- Jean-Baptiste Rouphael
- Jean-François Granjon
- Thijs Berkelder
- Thijs Berkelder
- Anis Zgaya
- Philippe Ourpatian
Grenergy renovables : A CMD that confirms the group’s determination to...
>CMD and site visit organised in Madrid yesterday - Yesterday, Grenergy held its first CMD since its listing in 2015, followed by a visit to the 150MW Belinchon solar farm south of Madrid. The CMD was an opportunity for the company to present its strategic goals for 2026, of which storage is an important pillar. "B2O" target set at 5 GW gross and 3.5 GW net by 2026 - The gross installed capacity target for 2026 is 5 GW (identical to the previous 20...
- Anis Zgaya
- Philippe Ourpatian
Grenergy renovables : Un CMD qui confirme la volonté du groupe d’accél...
>CMD et visite de site organisés hier à Madrid - Grenergy a tenu hier son premier CMD depuis sa cotation en 2015 suivi d’une visite du parc solaire de Belinchon de 150MW au Sud de Madrid. Le CMD a été l’occasion pour la société de présenter ses objectifs stratégiques à horizon 2026 dont le stockage constitue un pilier important. Objectif « B2O » fixé à 5 GW brute et 3.5 GW net d’ici 2026 - L’objectif de capacité installée brute à horizon 2026 ressor...
- Fabian Semon
- Fabian Semon
- Anis Zgaya
- Philippe Ourpatian
Grenergy renovables : Q3/9M Results in line driven by asset rotation (...
>Q3/9M Results in line including Belinchon Sale - Grenergy reported this morning its Q3/9M results which were line with FactSet consensus expectations. Revenues for the 9M came in at € 351.2m (+105%). EBITDA came in at € 102.2m (+276%) in line with expectations at € 101 and driven by asset rotation (€ 69m from Belinchón) and the Energy business (+38% to € 41.2m). Net income came in at € 73.6m (+475%). Net debt (ex IFRS16) reached € 483m (vs € 313m in FY 2022), driven ...
- Anis Zgaya
- Philippe Ourpatian
Grenergy renovables : Q3/9M Results in line driven by asset rotation (...
>Q3/9M Results in line including Belinchon Sale - Grenergy reported this morning its Q3/9M results which were line with FactSet consensus expectations. Revenues for the 9M came in at € 351.2m (+105%). EBITDA came in at € 102.2m (+276%) in line with expectations at € 101 and driven by asset rotation (€ 69m from Belinchón) and the Energy business (+38% to € 41.2m). Net income came in at € 73.6m (+475%). Net debt (ex IFRS16) reached € 483m (vs € 313m in FY 2022), driven ...
- Chaima Ferrandon
- Sven Edelfelt
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 09/28/2023
We are adding the specialty pharma group Argenx to our European Large Caps Convictions list (total return of +8.5%, i.e. 5.2% outperformance vs the Stoxx 600 TR). Our analyst Damien Choplain is initiating coverage of Argenx today with an Outperform recommendation and a target price of € 600, i.e. upside of 33%. This sees us add to our list a second health sector stock – which has been our favourite since last July – with a different profile to that of Novartis (included in our list si...
DG VINCI SA
OSE OSE IMMUNOTHERAPEUTICS SA
FGR EIFFAGE SA
SBMO SBM OFFSHORE NV
BEN BENETEAU SA
FAGR FAGRON SA
GOE GROUPE GORGE SA
A1XA4J CARBIOS SA
VRNL VERNEUIL PARTICIPATIONS
MONT MONTEA SCA
ATL ATLANTIA S.P.A
VLTSA VOLTALIA
HBH HORNBACH HOLDING AG & CO. KGAA
GRE GRENERGY RENOVABLES
FAST FASTNED
ALVGO VOGO SA
- Chaima Ferrandon
- Sven Edelfelt
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 28/09/2023
Nous faisons entrer aujourd’hui dans notre liste de valeurs recommandées Large Caps européennes (total return de +8,5%, i.e. 5,2% de surperformance vs le Stoxx 600 TR) la Specialty Pharma Argenx. Notre analyste Damien Choplain initie aujourd’hui la valeur avec une opinion Surperformance et un objectif de cours de 600 €, i.e. un potentiel de 33%. Ceci nous permet d’ajouter à notre liste une seconde valeur du secteur santé – qui est notre préféré depuis juillet dernier – avec un profil ...
DG VINCI SA
OSE OSE IMMUNOTHERAPEUTICS SA
FGR EIFFAGE SA
SBMO SBM OFFSHORE NV
BEN BENETEAU SA
FAGR FAGRON SA
GOE GROUPE GORGE SA
A1XA4J CARBIOS SA
VRNL VERNEUIL PARTICIPATIONS
MONT MONTEA SCA
ATL ATLANTIA S.P.A
VLTSA VOLTALIA
HBH HORNBACH HOLDING AG & CO. KGAA
GRE GRENERGY RENOVABLES
FAST FASTNED
ALVGO VOGO SA
- Anis Zgaya
- Philippe Ourpatian
Grenergy renovables : A weak Q2 but in line and sharp earnings recover...
>Q2 results in line, marked by an absence of disposal gains - Grenergy’s Q2/H1 2023 results, reported yesterday, were in line with the FactSet consensus. EBITDA came in at € 7.4m in Q2 2023, in line with the FactSet consensus of € 7.4m. Results amounted to -€ 0.9m, in line with the consensus of -€ 1.1m and our -€ 1.0m estimate. As expected, the D&C business booked no gains on the sale of projects in Q2. H1 EBITDA thus came to € 21.7m, up 8%, and H1 net income came in...
- Anis Zgaya
- Philippe Ourpatian
Grenergy renovables : Le T2 faible mais en ligne mais fort rebond atte...
>Résultats T2 en ligne marqués par l’absence de plus-values de cessions - Grenergy a publié hier des résultats du T2/S1 2023 en ligne avec le consensus FactSet. L'EBITDA s'établit à 7,4 M€ au T2 2023 en ligne avec le consensus FactSet à 7,4 M€. Le résultat est ressorti à -0,9 M€, en ligne avec le consensus à -1,1 M€ et notre estimation de -1,0 M€. Comme attendu l'activité D&C n'a pas enregistré de plus-values de ventes de projets au T2. L'EBITDA du S1 s'est ainsi éle...
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