reports
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2024
Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the anti-C...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2024
Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage accru de...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Wim Hoste
Akzo Nobel Conference call feedback
Below are the highlights from the conference call. Akzo's 3Q adjusted EBITDA dropped by 5% which was close to our forecasts and 2% below consensus. Akzo adjusted its FY24 adjusted EBITDA guidance from ‘towards the lower end of a € 1.5-1.65bn range' to ‘around €1.5bn' with consensus at € 1499m and KBCS at € 1513m. FY24 leverage guidance is adjusted from around 2.3x to around 2.7x. The mid term guidance of at least 16% adjusted EBITDA margin is maintained, which represents a 260bps increase from 2...
- Stefano Toffano
AkzoNobel : A tough set of results
>Weak adj. EBITDA progression, now mainly due to Coatings - AkzoNobel posted a relatively weak Q3 24 driven by slightly positive volumes (neutral price/mix). While the group gross margin improved yoy for the quarter, higher restructuring costs and opex inflation continued to impact operating earnings. Overall Q3 group revenues and adj. EBITDA came in at € 2,668m and € 394m respectively; revenues were -3% below ccs estimates and adj. EBITDA -2%, with the main drag at C...
- ING Helpdesk
Benelux Morning Notes
AkzoNobel: Slight miss on 3Q24, larger miss on year-end leverage Allfunds Group PLC: Strong NNM beat ASM International: Preview 3Q24; probably not too bad Azelis: 3Q24 results preview Heineken: Yet another miss Kinepolis: 3Q24 preview Philips: Preview 3Q24, some upside risk to margins Proximus: 3Q24 preview Events Calendar
- Kristof Samoy
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Akzo Nobel FIRST LOOK: 3Q adjusted EBITDA -5%, FY guidance slightly lo...
Akzo's 3Q adjusted EBITDA dropped by 5% which was close to our forecasts and 2% below consensus. Akzo adjusted its FY24 adjusted EBITDA guidance from ‘towards the lower end of a € 1.5-1.65bn range' to ‘around € 1.5bn' with consensus at € 1499m and KBCS at € 1513m. FY24 leverage guidance is adjusted from around 2.3x to around 2.7x. The mid term guidance of at least 16% adjusted EBITDA margin is maintained, which represents a 260bps increase from 2023A. Taking into account the volatile track recor...
- Ahmed Ben Salem
- Jean Danjou
- Stefano Toffano
AkzoNobel : Q3 24 preview (October 23)
>Towards the lower end of the guidance - Akzo is set to report results for the third quarter on October 23. For the group, we forecast Q3 24 revenues of € 2,770m (+1% yoy, slightly higher than ccs) and € 407m adj. EBITDA, the latter in line with management guidance (‘similar to Q2 24’). The company maintained FY24 guidance at H1 24 results (adj. EBITDA € 1.50-1.65bn) though is now projecting to hit the lower end of the range. If end-markets remain weak (e.g. no EMEA, ...
- ING Helpdesk
- Wim Hoste
Akzo Nobel FIRST LOOK: Launch of portfolio review with initial focus D...
The launch of a portfolio review highlights the focus on the core Coatings businesses, whilst Akzo will take a more opportunistic approach with regards to its Decorative Paints business. Leverage is still reasonably high at 2.9x at the moment, although the company expects to end the year at c. 2.3x. We remind that Akzo lowered FY24 adjusted EBITDA guidance at the time of the 2Q results release towards the lower end of its initial € 1.5-1.65bn guidance range (FY23: €1.43bn). Taking into account t...
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Stijn Demeester
AkzoNobel/Cost savings yet to kick in/HOLD
We update our model to reflect the slight miss in 2Q24 results due to higher OPEX inflation and AkzoNobel guiding towards the low end of its 2024F Adj. EBITDA guidance. We stick to our HOLD rating and we reduce our target price to €61 per share from €64, as we believe that mid-term growth targets are well captured by consensus expectations.
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Akzo Nobel Model update post 2Q results – target price reduced
Akzo's 2Q adjusted EBITDA was up only 1% y/y and fell short to our and consensus forecasts by respectively 8% and 3% on fairly weak volumes (+1% y/y) and higher opex. Akzo lowered FY24 adjusted EBITDA guidance, now expected to land at the lower end of its initial € 1.5-1.65bn guidance range. We have lowered our FY24 forecasts by c. 4% and our FY25 forecast by c 2%. The mid term guidance of at least 16% adjusted EBITDA margin is maintained, which represents a 260bps increase from 2023A. Despite t...
- Baptiste Salaville
- Chaima Ferrandon
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
- Sven Edelfelt
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
FGR EIFFAGE SA
RAND RANDSTAD NV
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
VACN VAT GROUP AG
SAP SAP SE
AKZA AKZO NOBEL N.V.
JDEP JDE PEET'S NV
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Baptiste Salaville
- Chaima Ferrandon
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
- Sven Edelfelt
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
FGR EIFFAGE SA
RAND RANDSTAD NV
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
VACN VAT GROUP AG
SAP SAP SE
AKZA AKZO NOBEL N.V.
JDEP JDE PEET'S NV
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Wim Hoste
Akzo Nobel 2Q conference call feedback
Below are the highlights from the conference call. Akzo's 2Q adjusted EBITDA was up only 1% y/y and fell short to our and consensus forecasts by respectively 8% and 3% on fairly weak volumes (+1% y/y) and higher opex. Akzo now expects a FY24 adjusted EBITDA towards the lower end of its initial € 1.5-1.65bn guidance range with consensus roughly in line (1541m) and KBCS estimates a bit too high (1582m). The mid term guidance of at least 16% adjusted EBITDA margin is maintained, which represents a ...
- Stefano Toffano
AkzoNobel : Higher opex impact EBITDA generation
>Weak adj. EBITDA progression mainly due to Deco - AkzoNobel posted a relatively weak Q2 24 driven by an overall positive price/mix and volume progression, the latter though c. 100bps lower vs company expectations. Adj. EBITDA was furthermore pressured by wage inflation and inefficiencies which had a roughly € 30m higher negative impact on results than anticipated. Results at Deco where impacted by weak end-markets (China and Latam) and poor weather conditions (EMEA)....
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.