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...
- Robert Jan Vos
Heineken N.V. : Not great, but Q3 2024 trading update more or less as ...
>Organic volume and revenue growth a notch ahead of consensus in Q3 2024 - Heineken reported its Q3 2024 trading update, addressing volumes and revenue. Total beer volumes came in at 61.9m hl (ABNe: 61.5m hl, consensus: 61.8m hl). Organically beer volumes grew by 0.7% (ABNe: 0.8%, consensus: 0.5%). Revenue came in at € 7,679m, compared with our estimate of € 7,586m and consensus of € 7,784m. Organic revenue growth was 3.3% (ABNe: 3.8%, consensus: 3.2%). The negative c...
- 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...
- Wim Hoste
Heineken FIRST LOOK: 3Q volumes +0.7%, FY guidance maintained
Heineken's 3Q total volumes were up by 0.7% organically which was roughly in line with consensus (+0.6%) and better than our forecast(-0.7%). Unsurprisingly, FY guidance of 4-8% operating profit (beia) organic growth is maintained. We appreciate the beer category for the demonstrated pricing discipline, while premiumization and the exposure towards emerging economies offer further structural growth opportunities. Together with further savings potential (€ 400m pa in the coming years), we expect ...
- 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
- Thomas Vranken
Sequana Medical FIRST LOOK: Convertible loan broadened with additional...
Sequana has expanded its existing € 6.1m convertible loan announced on September 30, 2024 with an additional € 1.0m from existing investors. Same terms apply for the additional cash, as it provides a bit more leeway into the expected PMA approval for the alfapump (expected 1Q25).
- Thomas Vranken
Onward Medical Launches capital increase for indicative amount of € c....
Onward launches a capital increase for an indicative amount of € c.40m, including a € 22.5m cornerstone investment from Ottobock, a global player in the fields of prosthetics, orthotics and exoskeleton technology. Euronext halts trading during the bookbuilding period to allow broader investor participation. Due to the transaction, we temporarily suspend coverage.
- 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...
- Thomas Vranken
Fagron Model update: FY24 outlook
Following Fagron's 3Q24 update, we update our FY24 outlook to reach the upper end of the revenue guidance of € 850-870m. In the coming quarters and years, we expect sustained solid performance across business units, as the company continues to benefit from increased outsourcing of pharmaceutical compounding and its operational excellence initiatives. We reiterate our € 24 TP, reflecting 27% upside vs the current share price, hence reiterate our Buy rating.
Heineken N.V. reports on 2024 third-quarter trading
Heineken N.V. reports on 2024 third-quarter trading Heineken N.V. reports on 2024 third-quarter trading Amsterdam, 23 October 2024 – Heineken N.V. (HEIA; HEINY) publishes its third quarter 2024 trading update. Key Quarterly Highlights Revenue €9,072 million for the quarter, €26,895 million year to dateNet revenue (beia) organic growth 3.3% for the quarter, 5.1% year to dateBeer volume organic growth 0.7% for the quarter, 1.6% year to datePremium beer volume organic growth 4.5% for the quarter, 4.9% year to dateHeineken® volume growth 8.7% for the quarter...
ONWARD® Medical lance une augmentation de capital d’un montant d’envir...
ONWARD® Medical lance une augmentation de capital d’un montant d’environ 40 millions d’euros dont 22,5 millions d’engagement ferme de la part d’Ottobock SE & Co. KGaA NE PAS DISTRIBUER OU DIFFUSER, DIRECTEMENT OU INDIRECTEMENT, AUX ÉTATS-UNIS, AU CANADA, EN AUSTRALIE OU AU JAPON OU DANS TOUTE AUTRE JURIDICTION DANS LAQUELLE LA DISTRIBUTION OU LA DIFFUSION SERAIT ILLÉGALE. D'AUTRES RESTRICTIONS SONT APPLICABLES. VEUILLEZ CONSULTER L'AVIS IMPORTANT À LA FIN DU COMMUNIQUÉ DE PRESSE. CE COMMUNIQUÉ DE PRESSE CONTIENT DES INFORMATIONS PRIVÉES AU SENS DE L'ARTICLE (7)(1) DU RÈGLEMENT EUROPÉEN S...
ONWARD® Medical Launches Capital Increase for Indicative Amount of c. ...
ONWARD® Medical Launches Capital Increase for Indicative Amount of c. EUR 40 Million including EUR 22.5 Million Cornerstone Investment from Ottobock SE & Co. KGaA NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE. THIS PRESS RELEASE CONTAINS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE (7)(1) OF THE EUROPEAN MARKET ABUSE REGULATION (596/2014) O...
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
ONWARD® Medical Announces Changes to Board of Directors, Including Add...
ONWARD® Medical Announces Changes to Board of Directors, Including Addition of Medtech Leader Rob ten Hoedt as Incoming Chairman Ten Hoedt is a former Medtronic President and Executive Committee Member; also a former Chairman of MedTech Europe Commercial and digital health expert Rahma Samow will also join as Director Current Board Chairman Jan Ohrstrom and Director Fred Colen to retire from the Board at year-end after 8 years of service EINDHOVEN, the Netherlands, Oct. 21, 2024 (GLOBE NEWSWIRE) -- ONWARD Medical N.V. (Euronext: ONWD), the medical technology company creating innovative...
- Marc Lavaud
- Robert Jan Vos
- Marc Lavaud
- Robert Jan Vos
- Robert Jan Vos
Heineken N.V. : Long-term consensus shows a forecast long path to EBIT...
>VUMA-collected consensus available for Q3 2024 and 2024-2027 - Heineken has distributed the VUMA-collected consensus for the upcoming Q3 2024 trading update, scheduled for 23 October 2024, as well as detailed consensus for 2024-2027.Modest volume growth forecast for Q3; consensus lowballing currencies - We forecast an organic beer volume growth of 0.8% for Q3 2024, which is slightly higher than consensus of 0.5%. This difference is mainly due to our ...
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