>Outperform rating and target price of € 14.4 maintained - Q1 2024 results came in a shade above our forecasts but were broadly in line with the consensus. As expected, the group's resilience strategy enabled it to benefit over the quarter from an increase in regulated activities thanks to the growth of the asset base, and largely offset the generation activity that benefits from a good level of hydrometry on the Iberian Peninsula and new offshore wind capacity but is...
>Opinion Surperformance et OC 14.4 € maintenus - Les résultats du T1 24 sont ressortis un peu au-dessus de nos attentes mais globalement en ligne avec le consensus. Comme attendu, la stratégie de résilience du groupe lui permet de bénéficier, sur ce trimestre, de la progression des activités régulées grâce à la croissance de la base d’actifs. Cela a permis de largement compenser une activité de génération bénéficiant certes d’un bon niveau d’hydrométrie sur la péninsu...
Communiqué de presse : Sanofi réitère ses objectifs financiers pour 2024, après une forte croissance de 7% portée par les lancements Sanofi réitère ses objectifs financiers pour 2024, après une forte croissance de 7% portée par les lancements Paris, le 25 avril 2024 T1 2024 : Augmentation des ventes de 6,7% à TCC et du BNPA des activités(1) de €1,78 Les ventes de Dupixent ont augmenté de 24,9% à €2 835 mi...
Press Release: Sanofi Q1: robust 7% sales growth driven by launches, underpins full-year guidance Sanofi Q1: robust 7% sales growth driven by launches, underpins full-year guidance Paris, April 25, 2024 Sales growth of 6.7% at CER and business EPS(1) of €1.78 Dupixent sales up 24.9% to €2,835 million, on target to deliver ~€13bn in 2024Pharma launches up 90.5% to €606 million, led by Nexviazyme and ALTUVIIIOVaccines sales up 5.6%, boosted by BeyfortusConsumer Healthcare (CHC) up 9.0%, benefiting from the Qunol acquisition in Physical and Mental Wellness and strong Digestive Wellness perf...
>Q1 saved by Vabysmo - Q1 sales at group level were in line with the consensus, up 2% cc (-6% CHF). The pharmaceuticals (+0.9% vs cons.) business was up 2% cc (-6% CHF) largely driven by Vabysmo (96%, 11% vs cons.) and Phesgo (+61%, 23% vs cons.), to a lesser extent. Flagship products like Ocrevus (1.3%, -0.4% vs cons.), Hemlibra (0.6%, -3.1% vs cons.) and even Tecentriq (-6%, -5.5% vs cons.) delivered clearly disappointing performances. The diagnostics activity grew...
ASM International: 1Q24 results - better on all fronts. Heineken: Uphill from here. KPN: 1Q24 in line, guidance slightly increased on Youfone acquisition. Melexis: 1Q24 results in line a relief. Universal Music Group: Spotify 1Q24 Results and guidance beat on margins. Vopak: Good progress to start the year. Wereldhave: 1Q24 LFL slows sharply
>Q1 results show positive momentum – FY guidance raised - In its Q1 earnings release, KPN reported group revenues and adjusted EBITDAaL of €1,377m (+3.3%) and €605m (+3.6%) respectively. This compares with consensus estimates of €1,376m (we at €1,377m) and € 602m (we at €599m) respectively. So results are marginally ahead of consensus. Group capex came in at €302m (css: € 301m) and FCF at €154m (-5.8% yoy with consensus at €173m and we at € 185m, the difference is ex...
>T1 sauvé par Vabysmo - Le CA T1 groupe ressort en ligne avec le consensus, en croissance de 2% à tcc (-6% CHF). La pharma (+0.9% vs Css) affiche une croissance de 2% CER (-6% CHF) tirée essentiellement par Vabysmo (96%, 11% vs Css) et Phesgo (+61%, 23% vs Css) dans une moindre mesure. Les produits phares tels que Ocrevus (1.3%, -0.4% vs Css), Hemlibra (0.6%, -3.1% vs Css) ou encore Tecentriq (-6%, -5.5% vs Css) affichent une performance clairement décevante. Le diag...
Q1 2024 results: KPN delivers solid start to the year Continued Group service revenue growth (+3.6% y-on-y), mainly driven by Consumer (+4.5%) and Business (+3.2%)Ongoing positive net adds in Consumer postpaid +30k and broadband +13k, of which 8k related to Kabeltex acquisitionExpanded fiber footprint with +130k HP in Q1 2024 (+159k HP including Glaspoort)Adj. EBITDA AL of € 605m (+3.6% y-on-y), quarterly FCF generation impacted by intra-year phasingACM unconditionally approved Youfone acquisition, transaction closed on 4 AprilFull year 2024 outlook raised to ~€ 2,500m adjusted EBITDA AL an...
KPN's Q1 was rock solid and did not contain surprises nor on top line, nor on cash generationThe recently approved transaction of Youfone results in a tweaking of its 2024 guidance and once more it slightly raised its FCF guidance by EUR 10mSolid numbers for the Dutch market leader, Hold maintained
A director at ABB Ltd sold 62,402 shares at 43.697CHF 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 showing...
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Some med...
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être les pr...
>Q1 beats expectations for the top line (+4%) and bottom line (+7%) - Q1 came in ahead of expectations for sales (+4% vs consensus) and core EPS (+7% vs consensus). Sales grew 11% at CER (10% reported), driven by all the flagship products: Entresto (growth of 34%, +15% vs consensus), Cosentyx (23%, 10% vs cons.), Kisqali (51%, -2% vs cons.) and Kesimpta (66%, 0% vs cons.). Note that Pluvicto (47%, -3% vs cons.) once again undershot expectations and our estimates slig...
>T1 au-dessus des attentes sur la topline (+4%) et la bottom line (+7%) - Le T1 ressort au-dessus des attentes au niveau des ventes (+4% vs Css) et du core BPA (+7% vs Css). Les ventes progressent de 11% tcc (10% en publié) tirées par tous les produits phares : Entresto (34%, +15% vs Css), Cosentyx (23%, 10% vs Css), Kisqali (51%, -2% vs Css) et Kesimpta (66%, 0% vs Css). Notons que Pluvicto (47%, -3% vs Css) ressort une nouvelle fois légèrement en dessous des attente...
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