reports
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 30/04/2024 Date Performance dep...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2024
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Anthony Dick
- Michael Foundoukidis
Nokian Renkaat Oyj : Début d’année plus difficile que prévu
>Résultats inférieurs aux attentes mais guidance confirmée - Nokian Tyres a publié des résultats T1 2024 nettement inférieurs à nos attentes et celles du consensus avec un CA seulement stable à 237 M€ (consensus 265 M€) et un EBIT ajusté de -15 M€ (consensus +4 M€, ODDO BHF -3 M€), notamment pénalisé par des facteurs externes (grèves en Finlande, impacts Mer Rouge) qui ont davantage impacté sa production que ce que nous anticipions (impact CA de ~25 M€ au T1) et qui ...
- Anthony Dick
- Michael Foundoukidis
Nokian Renkaat Oyj : A tougher start to the year than expected
>Earnings short of estimates but guidance confirmed - Nokian Tyres reported Q1 2024 earnings far below our estimates and those of the consensus with sales merely stable at € 237m (consensus € 265m and adjusted EBIT of -€ 15m (consensus +€ 4m, ODDO BHF -€ 3m), notably penalised by external factors (strikes in Finland, disruptions in the Red Sea) which have hit the group’s production harder than we expected (sales impact of ~€ 25m in Q1), and which should continue to af...
- Miika Ihamaki
Nokian Tyres (Hold, TP: EUR9.00) - Soft Q1, with or without setbacks
The Q1 results were below our expectations, even after adjusting for the negatives on the group profit from the political strikes in Finland and the Red Sea conflict. On a positive note, the PCT price/mix was guided to hold up well, partly offsetting our revised lower sales expectations, while the Romanian factory appears to be ramping up on schedule. We reiterate our HOLD but have cut our target price to EUR9.0 (9.5), after lowering our 2024–2026e clean EBIT by c6% on average.
Modern Times Group AB: 3 directors
Three Directors at Modern Times Group AB bought/maiden bought 3,152 shares at 6.574SEK. The significance rating of the trade was 51/100. 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 ...
- Martin Arnell
MTG (Buy, TP: SEK120.00) - Profitable growth and buybacks
We reiterate our BUY and have raised our target price to SEK120, following a >10% earnings beat in Q1. MTG gave a cautious revenue growth outlook for 2024 (+1-5% YOY) but with positive adj. EBITDA margin guidance (26–29%). It announced SEK100m of buybacks, with more likely to come following the AGM on 16 May. We have raised our 2024–2025e EBITDA by c3% and continue to like the MTG story, with market growth, good cost control and the ~SEK3bn net cash position.
- Martin Arnell
MTG (Buy, TP: SEK110.00) - Positive trend continuing
We reiterate our BUY and SEK110 target price ahead of the Q1 report (due at 07:30 CET on 24 April). We expect decent Q1 organic revenue growth of 4% YOY and a margin increase to drive adj. EBITDA growth of 37% YOY. Our impression is that Nascar Manager has had a decent release and we see potential for games to scale well in a more benign environment for advertising. The SEK3bn net cash position benefits the case and we see scope for additional buybacks in 2024.
- Miika Ihamaki
Nokian Tyres (Hold, TP: EUR9.50) - Directionally better
For 2024, Nokian Tyres is set to see a boost in capacity, but most of the increase should stem from less-profitable contract manufacturing, leaving limited upside potential to consensus, in our view. For Q1, we expect reiterated 2024 guidance on slightly improved sell-in trends and an update on capacity expansion. We reiterate our HOLD but have nudged up our target price to EUR9.5 (9.0).
Wihlborgs Fastigheter AB: 1 director
A director at Wihlborgs Fastigheter AB bought 63,000 shares at 94.390SEK and the significance rating of the trade was 100/100. 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 y...
Securitas AB: 1 director
A director at Securitas AB bought 46,000 shares at 107.870SEK and the significance rating of the trade was 87/100. 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...
AB Industrivarden: 1 director
A director at AB Industrivarden bought 200,000 shares at 347.565SEK and the significance rating of the trade was 67/100. 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 c...
- Martin Arnell
MTG (Buy, TP: SEK110.00) - Well-positioned for 2024
We reiterate our BUY and have increased our target price to SEK110 (105) after raising our 2024–2025e adj. EPS by 4–3%, and our strengthened conviction in the profitable growth outlook. The market recovery has started, which together with a healthy new games pipeline for 2024 should underpin group organic revenue growth for the year as MTG continues to meet its targets.
- Karl-Johan Bonnevier
Securitas (Buy, TP: SEK158.00) - Back to investment grade
With all eyes on FCF before the report, Securitas took gearing back to investment grade at end-Q4. We have raised our forecasts slightly, with the company progressing well towards its end-2025 8% profit margin target. We still see a strong transformation case, with the potentially riskier early integration of Stanley Security now behind us; we thus reiterate our BUY and have raised our target price to SEK158 (154).
- Aurelien Sivignon
MERY MERCIALYS SA
TYRES NOKIAN RENKAAT OYJ
ABVX ABIVAX SA
WHA WERELDHAVE N.V.
LNA LNA SANTE SA
MBB MBB INDUSTRIES SE
BAMNB KONINKLIJKE BAM GROEP NV
VASTN VASTNED RETAIL NV
AALB AALBERTS N.V.
MELE MELEXIS NV
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
JEN JENOPTIK AG
TMV TEAMVIEWER AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ECMPA EUROCOMMERCIAL PROPERTIES NV
- Aurelien Sivignon
MERY MERCIALYS SA
TYRES NOKIAN RENKAAT OYJ
ABVX ABIVAX SA
WHA WERELDHAVE N.V.
LNA LNA SANTE SA
MBB MBB INDUSTRIES SE
BAMNB KONINKLIJKE BAM GROEP NV
VASTN VASTNED RETAIL NV
AALB AALBERTS N.V.
MELE MELEXIS NV
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
JEN JENOPTIK AG
TMV TEAMVIEWER AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ECMPA EUROCOMMERCIAL PROPERTIES NV
- Anthony Dick
- Michael Foundoukidis
Nokian Renkaat Oyj : Making headway but still a long way to go
>Q4 earnings slightly below expectations, low end of the FY guidance range - Nokian Tyres reported Q4 2023 earnings that slightly missed our estimates and the consensus with sales up 2% to € 368m (consensus € 369m) and adjusted EBIT of € 44.5m (consensus € 47m), buoyed by progress in passenger tyres (although less than hoped). Over the full year, the performance therefore came in at the lower end of the guidance range, which was revised down at the end of October (sal...
- Anthony Dick
- Michael Foundoukidis
Nokian Renkaat Oyj : Des progrès mais la route est encore longue
>T4 légèrement inférieur aux attentes, bas de la fourchette de la guidance annuelle - Nokian Tyres a publié des résultats T4 2023 légèrement inférieurs à nos attentes et celles du consensus avec un CA en hausse de 2% à 368 M€ (consensus 369 M€) et un EBIT ajusté de 44.5 M€ (consensus 47 M€), porté par les progrès dans le tourisme (bien que moindres qu’espéré). Sur l’année, la performance ressort donc en bas de la fourchette de la guidance qui avait été abaissée fin o...
- Miika Ihamaki
Nokian Tyres (Hold, TP: EUR9.00) - Mixed Q4, but better direction
Nokian Tyres expects a better 2024 ahead, driven by improved sell-in activity and higher supply. However, in our view overall Q4 results were soft and the outlook involves an element of uncertainty, while 2024 guidance also seemed vague. We reiterate our HOLD but have raised our target price to EUR9.0 (8.5), with a c6% dividend yield lending solid support for the share price.
- MarketLine Department
NBCUniversal Media, LLC - Mergers & Acquisitions (M&A), Partnerships &...
Summary Marketline's NBCUniversal Media, LLC Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by NBCUniversal Media, LLC - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and...
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