Reassuring price comments from Timken

Assa Abloy AB: 1 director

A director at Assa Abloy AB bought 5,000 shares at 298.530SEK and the significance rating of the trade was 50/100. 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...

ABB Ltd: 2 directors

Two Directors at ABB Ltd sold 62,402 shares at between 44.780CHF and 44.933CHF. The significance rating of the trade was 79/100. 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...

Electrolux AB: 1 director

A director at Electrolux AB sold 24,516 shares at 96.780SEK and the significance rating of the trade was 50/100. 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 s...

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...

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). - ...

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 ...

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...

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.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2024

...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/04/2024

...

Electrolux (Hold, TP: SEK98.00) - Next chapter

The outlook remains weak and we now expect Electrolux to be loss-making in 2024. However, CEO Jonas Samuelson’s resignation opens up for large-scale restructuring, which we deem necessary to move the EBIT margin closer to its ≥6% target and reduce the all-time high net debt. We have raised our sales and earnings estimates and cut our net debt assumptions after 2026, as we believe a new CEO could improve the sales, earnings and leverage trajectory over time. We have therefore upgraded to HOLD (SE...

SKF : 2024 guidance still looks ambitious to us, based mainly on H2

>Q1 2024: margin resilience (+30bp for adjusted EBIT margin to 13.4%) - SKF reported on the morning of Friday, 26 April, Q1 2024 results ahead of expectations at the adjusted EBIT level.Revenues were down 7% on an organic basis (vs css at -6.5%). Although not quantified by SKF, volumes were down significantly, on our estimates (~-10%) with a still positive price-mix effect (~3%).The adjusted EBIT margin was up 30bp to 13.4% (vs css at 12.9%), a good performa...

Autoliv : Still solid but fairly priced

>Q1 2024 ahead of the consensus, 2024 guidance confirmed - Autoliv reported on Friday during trading hours Q1 2024 results ahead of the consensus (+6% at the EBIT level) but in line with our estimates. The group witnessed continued solid sales momentum (sales of $ 2.6bn, up 5% y-o-y, i.e. an outperformance of 6 pts, slightly above European peers), and strong earnings growth (adjusted EBIT of € 199m, up 52% y-o-y, implying margin of 7.6%, +230bps y-o-y) thanks to a fa...

Autoliv : Toujours solide mais pleinement valorisé

>T1 supérieur au consensus, guidance 2024 confirmée - Autoliv a publié vendredi en séance des résultats T1 supérieurs aux attentes du consensus (+6% au niveau de l’EBIT) mais en ligne avec les nôtres. Le groupe fait un état d’une dynamique commerciale toujours solide (CA 2,6 Md$, +5% org., soit une surperformance de 6 pts, légèrement supérieure aux pairs européens), et d’une forte progression de ses résultats (EBIT ajusté de 199 M$, +52% y-o-y, soit une marge de 7,6%...

SKF : La guidance 2024 nous semble toujours ambitieuse, reposant princ...

>T1 2024 : résilience des marges (+30 pb de marge d’EBIT ajusté à 13.4%) - SKF a publié vendredi matin des résultats T1 2024 supérieurs aux attentes au niveau de l’EBIT ajusté.Le chiffre d’affaires était en recul organique de 7% (vs css à -6.5%). Bien que non quantifiés par SKF, nous estimons que les volumes étaient en recul significatif (~-10%) avec un effet prix/mix toujours positif (~3%).La marge d’EBIT ajusté était en hausse de 30 pb à 13.4% (vs css à 12...

Service-heavy Q1 boosts margin hopes

8% better orders, very low equipm. sales and strong margin. Many moving pieces, but adj. EBIT +2-5%. We consider valuation of recovered earnings too high. SELL

Wärtsilä (Buy, TP: EUR20.00) - Smooth sailing

Following strong Q1 orders and earnings, we have raised our 2024–2026e clean EPS by 4% on average and our target price to EUR20 (18). We reiterate our BUY. We continue to forecast multiyear sales and earnings growth for Wärtsilä, and view it as attractively valued (see our recent report ‘Refuelled engines’).