reports
- Daniel Grossjohann
- Dr. Roger Becker
Order intake (+24.7%) leads the way, sales (+10.8%) show double-digit ...
Note regarding MiFID II: This research report has been prepared by order of the issuer based on a contractual agreement and is being compensated for by the issuer. The research report has simultaneously been made publicly available to all interested persons. Hence, the receipt of this research report is to be regarded as a permitted insignificant non-monetary benefit according to § 64 para 7 sentence 2 No. 1 and 2 of the German Securities Trading Act (WpHG). Frequentis AG's (ISIN ATFREQUENT09, ...
- Daniel Grossjohann
- Dr. Roger Becker
Auftragseingang (+24,7%) läuft voraus, Umsatz (+10,8%) legt das dritte...
MiFID II – Hinweis: Diese Studie wurde auf Grundlage einer vertraglichen Vereinbarung im Auftrag des Emittenten erstellt und von diesem vergütet. Die Studie wurde gleichzeitig allen Interessenten öffentlich zugänglich gemacht. Der Erhalt dieser Studie gilt somit als zulässiger geringfügiger nichtmonetärer Vorteil im Sinne des § 64 Abs. 7 Satz 2 Nr. 1 und 2 des WpHG. Die 2023er Geschäftszahlen der Frequentis AG (ISIN ATFREQUENT09, General Standard, FQT GY) überzeugen - vor allem bei Auftragsein...
- Klaus Ringel
- Michael Foundoukidis
- Klaus Ringel
- Michael Foundoukidis
- Gautier Le Bihan
- Nicolas Thorez
Frequentis : Strong momentum but EBIT should stay close to 6% in the c...
>2023 sales up 11% to € 427m, and EBIT margin at 6.1% in line with the guidance - Frequentis reported yesterday its FY 2023 earnings, which were in line with our expectations. Revenues were up by 10.7% y-o-y at € 427.3m (vs ODDO BHF € 425.3m, +10.1%). This achievement was driven mainly by the ATM divisions: The ATM segment (69% of group sales) grew by 13.6% y-o-y to € 311m, and the PST division (31% of group sales) posted growth of 5% to € 139m. This good outcome is ...
- Gautier Le Bihan
- Nicolas Thorez
Frequentis : Strong momentum but EBIT should stay close to 6% in the c...
>2023 sales up 11% to € 427m, and EBIT margin at 6.1% in line with the guidance - Frequentis reported yesterday its FY 2023 earnings, which were in line with our expectations. Revenues were up by 10.7% y-o-y at € 427.3m (vs ODDO BHF € 425.3m, +10.1%). This achievement was driven mainly by the ATM divisions: The ATM segment (69% of group sales) grew by 13.6% y-o-y to € 311m, and the PST division (31% of group sales) posted growth of 5% to € 139m. This good outcome is ...
- Nicolas David
BVI BUREAU VERITAS SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
GRF GRIFOLS S.A. CLASS A
AIR AIRBUS SE
CAP CAPGEMINI SE
ENEL ENEL SPA
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NEM NEMETSCHEK SE
COK CANCOM SE
BC8 BECHTLE AG
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
AGN AEGON N.V.
- Nicolas David
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
BFIT BASIC-FIT NV
ALCLA CLASQUIN SA
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
NRG NRJ GROUP SA
GBT GUERBET SA
ATE ALTEN SA
ERA ERAMET SA
CAP CAPGEMINI SE
FAE FAES FARMA S.A.
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
PAT PATRIZIA AG
LFDE LA FRANCAISE DE L'ENERGIE SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
VOS VOSSLOH AG
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
ECMPA EUROCOMMERCIAL PROPERTIES NV
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
- Nicolas Thorez
ODDO : Accenture voit une reprise plus limitée qu’attendu pour son T3 ...
>Croissance T2 flat à cc, légèrement inférieure aux attentes - Accenture a publié hier avant l’ouverture de la Bourse US, ses résultats T2 2024 (trimestre clos à fin février). La croissance ressort flat y/y à cc, en ligne avec le milieu de fourchette de sa guidance (-2% à 2% y/y à cc) mais légèrement en-dessous des attentes (+0.7% y/y à cc). Il s'agit d'un nouveau ralentissement par rapport au T1 2024 (+1% à cc). Ce ralentissement est notamment lié au déclin des acti...
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
BVI BUREAU VERITAS SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
GRF GRIFOLS S.A. CLASS A
AIR AIRBUS SE
CAP CAPGEMINI SE
ENEL ENEL SPA
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NEM NEMETSCHEK SE
COK CANCOM SE
BC8 BECHTLE AG
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
AGN AEGON N.V.
- Nicolas David
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
BFIT BASIC-FIT NV
ALCLA CLASQUIN SA
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
NRG NRJ GROUP SA
GBT GUERBET SA
ATE ALTEN SA
ERA ERAMET SA
CAP CAPGEMINI SE
FAE FAES FARMA S.A.
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
PAT PATRIZIA AG
LFDE LA FRANCAISE DE L'ENERGIE SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
VOS VOSSLOH AG
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
ECMPA EUROCOMMERCIAL PROPERTIES NV
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
- Nicolas Thorez
ODDO : Accenture sees a more limited recovery than expected for its FY...
>Q2 growth flat at cc, a shade below forecasts - Yesterday before trading started on the US market, Accenture reported its Q2 2024 earnings (quarter to end-February). Growth was flat y-o-y at constant currency, in line with the middle of the guidance range (-2% to 2% y-o-y at cc) but a shade below forecasts (+0.7% y-o-y at cc). This was a fresh slowdown relative to Q1 2024 (+1% at cc). This slowdown is due notably to the downturn in the operations activities, with a ...
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
VIRP VIRBAC SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
B4B METRO AG
DRI 1&1 DRILLISCH AG
2CRSI 2CRSI SA
MEDCL MEDINCELL SA
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
BRBY BURBERRY GROUP PLC
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
IOS IONOS GROUP SE
- Nicolas David
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
VIRP VIRBAC SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
B4B METRO AG
DRI 1&1 DRILLISCH AG
2CRSI 2CRSI SA
MEDCL MEDINCELL SA
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
BRBY BURBERRY GROUP PLC
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
IOS IONOS GROUP SE
- Nicolas David
- Nicolas Thorez
ODDO : Accenture expects a further slowdown in Q2 2024 but reiterates ...
>Organic growth Q1 of +1% cc, a shade above expectations - Accenture reported its Q1 2023-24 results (quarter closed on 30 November) before the start of trade on the US stock market. Growth was 1% y-o-y at constant currency (cc), slightly above the middle of the guidance range (-2% to 2% y-o-y at cc) and in line with forecasts (+0% y-o-y at cc). This marks another slowdown vs Q4 2022-2023 (+4% at cc). This slowdown is mainly due to the fall-off in activity in Operatio...
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
- Nicolas Thorez
ODDO : Accenture prévoit un nouveau ralentissement au T2 FY 2024 mais ...
>Croissance org. T1 de +1% cc, légèrement supérieure aux attentes - Accenture a publié hier avant l’ouverture de la Bourse US, ses résultats T1 2023/2024 (trimestre clos à fin novembre). La croissance ressort à 1% y/y à cc, légèrement au-dessus du milieu de fourchette de la guidance (-2% à 2% y/y à cc) et des attentes (+0% y/y à cc). Il s'agit d'un nouveau ralentissement par rapport au T4 2022/2023 (+4% à cc). Ce ralentissement est principalement lié au coup d’arrêt d...
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 14/12/2023 Date Performance dep...
We reiterate our Neutral rating, price target to €0.80 per share. The material additional investment requirements for Accoya USA caught us by surprise. The proceeds of the share issue and the convertible loan plus the amendment of the RCF and term loan ensure that the Accoya USA plant can be completed (>80% done) and that sufficient sales and marketing power can be applied to develop demand in the US to ensure that sales match the envisaged output. In a scenario where demand in Europe...
ATO ATOS SE
INF INFOTEL SA
FGA FIGEAC AERO SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
TRI TRIGANO SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
B4B METRO AG
AVTX AVANTIUM NV
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
S30 SOLUTIONS 30 SE
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 12/14/2023 Date Performance sin...
We reiterate our Neutral rating, price target to €0.80 per share. The material additional investment requirements for Accoya USA caught us by surprise. The proceeds of the share issue and the convertible loan plus the amendment of the RCF and term loan ensure that the Accoya USA plant can be completed (>80% done) and that sufficient sales and marketing power can be applied to develop demand in the US to ensure that sales match the envisaged output. In a scenario where demand in Europe...
ATO ATOS SE
INF INFOTEL SA
FGA FIGEAC AERO SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
TRI TRIGANO SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
MAREL MAREL HF.
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
B4B METRO AG
AVTX AVANTIUM NV
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
S30 SOLUTIONS 30 SE
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
EBUS EBUSCO HLDG NV
IOS IONOS GROUP SE
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