>Outperform rating maintained and target price adjusted to € 5.95 (vs € 6.0) - Following the Q1 2024 earnings release on Thursday 9 May, the group organised a conference call on Friday 10 May in which it announced a revision to its 2026 trajectory given market conditions that are significantly different from what was expected in the March 2023 strategic presentation. This update reduces the capex envelope by € 2bn and lowers the 2023-2026e CAGR for EBITDA (1% vs 6%) a...
>Opinion Surperformance conservée et OC ajusté à 5.95 € (vs 6.0 €) - A l’issue de la publication des résultats du T1 24 le jeudi 9 mai, le groupe a organisé une conférence téléphonique le vendredi 10 mai dans la laquelle il a annoncé une révision de sa trajectoire 2026, compte tenu des conditions de marchés qui diffèrent significativement par rapport aux anticipations de la présentation stratégique de mars 2023. Cette mise au point réduit l’enveloppe d’investissement ...
BUREAU VERITAS: Number of shares and voting rights as of April 30, 2024 REGULATED INFORMATION Neuilly-sur-Seine, France – May 10, 2024 Information on number of shares and voting rights as stipulated by article 223-16 of the general regulations of the French financial markets authority AMF Issuer: Bureau Veritas DateNumber of shares(1)Number of voting rights30/04/2024 453,956,851 Theoretical number of voting rights: 583,482,088Number of exercisable voting rights: 579,632,030 (1) including the new shares issued in Euroclear as a result of the exercise of stock options since January 1, 2024...
BUREAU VERITAS : Nombre d'actions et de droits de vote au 30 avril 2024 INFORMATION RÈGLEMENTÉE Neuilly-sur-Seine, France – 10 mai 2024 Information relative au nombre d’actions et de droits de vote prévue par l’article 223-16 du règlement général de l’Autorité des marchés financiers Emetteur : Bureau Veritas Date de l’arrêtéNombre d’actions en circulation (1)Nombre total de droits de vote30/04/2024453 956 851Nombre de droits de vote théoriques : 583 482 088Nombre de droits de vote exerçables : 579 632 030 (1) y compris les actions nouvelles créées en Euroclear du fait des levé...
>Neutral rating maintained and target price adjusted to € 16.5 (vs € 17.0) - EDPR’s Q1 24 performances came in slightly ahead of expectations. As expected, Q1 was characterised by a negative base effect for MWh prices and fairly adverse resource conditions. The group has updated its 2024-2026 guidance. The new trajectory equates to our 2024-2026e sequence, as adjusted following the roadshow on 20 March 2024. We maintain our Neutral rating based on the relative upside ...
>Outperform recommendation and target price of € 6.0 maintained - Recurring performances in Q1 2024 fell short of our forecasts. On a reported basis, Q1 2024 was in line with consensus. Activity in the first quarter was driven by the return to a more normal situation in terms of hydropower on the Iberian Peninsula and the positive trajectory of EDPR's activities, but offset by unfavourable price effects and marketing margins returning to more normal levels. Clearly, Q...
>Opinion Neutre maintenue et OC ajusté à 16.5 € (vs 17.0 €) - La performance au T1 24 est ressortie un peu au-dessus des attentes. Comme attendu le premier trimestre a été marqué par un effet de base négatif des prix du MWh et des conditions de ressources quelque peu défavorables. Le groupe a procédé à une mise à jour de ses objectifs 2024-2026. La nouvelle trajectoire correspond à notre séquence 2024-2026e, que nous avions ajustée à l’issue du roadshow du 20 mars 202...
>Opinion Surperformance et OC 6.0 € maintenus - Les résultats récurrents du T1 24 sont ressortis un peu en deçà de nos attentes. Sur une base publiée, le T1 24 est en ligne avec le consensus. L’activité du premier trimestre est certes portée par le retour à une situation plus normale en termes d’hydroélectricité sur la péninsule ibérique et la trajectoire positive des activités d’EDPR, mais compensée par des effets de prix défavorables et des marges de commercialisati...
Three BASF women in manufacturing honored at the 2024 Women MAKE Awards FLORHAM PARK, N.J., May 09, 2024 (GLOBE NEWSWIRE) -- Three BASF leaders in manufacturing were among recognized nationally at The Manufacturing Institute’s (MI) annual Women MAKE Awards. This national awards program identifies top talent in manufacturing and further encourages award winners to mentor and support the next generation of female talent to pursue modern manufacturing careers. BASF’s 2024 award winners include: Women MAKE Honoree: Paula Clark, Manager, Services & StrategyWomen MAKE Honoree: Katie Cook, TP...
>Q1 24 slightly better than expected - The company has just released figures for Q1 24 slightly better than expectations. As already published, the group reported an installed capacity of 15,301 MW (MW EBITDA, excluding equity accounting) and 16,498 MW (including equity accounting). Net installed capacity is down by 184 MW EBITDA excluding equivalents (i.e. a drop of 1.2%) vs 15,485 MW at the end of March 2023 due to asset turnover (638 MW) which more than offset the ...
>Q1 24 slightly better than expected - The company has just released figures for Q1 24 slightly better than expectations. As already published, the group reported an installed capacity of 15,301 MW (MW EBITDA, excluding equity accounting) and 16,498 MW (including equity accounting). Net installed capacity is down by 184 MW EBITDA excluding equivalents (i.e. a drop of 1.2%) vs 15,485 MW at the end of March 2023 due to asset turnover (638 MW) which more than offset the ...
>Key takeaways from the conference call - Following the publication of the Q1 2024 results yesterday morning, followed by the conference call with management, we would like to highlight the following points:The environment in terms of demand remained unchanged in Q1 2024, extending the trend seen in Q4 2023 with low volumes (0%). There are no clear signs of recovery, but there are some positive elements that need to be confirmed. Visibility is still too low to pe...
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