reports
- Mateo Salcedo
Fives (Novafives) : Issuance Focus
Fives, a French leading global industrial group specialized in the design and supply of highly engineered machines, intends to issue new € 425m of senior secured floating rate notes maturing in five years through Nova Alexander III. The issuance proceeds, together with cash on balance sheet, will be used to refinance the existing 2025 € 325m SSNs and the 2025 € 275m senior secured FRNs, and to pay related expenses and fees. Alongside the transaction, the € 115m RCF maturing in De...
- Fatma Agnès Hamdani
Marie Brizard Wine & Spirits : 2023 results ahead of expectations. Uns...
>EBITDA up 12.7% at € 13.3m vs € 12.4m est. and positive net income of € 8.7m vs € 7.2m est - MBWS’ results, reported yesterday evening, beat our expectations. EBITDA came in 12.7% higher at € 13.3m vs € 12.4m expected on already-reported sales of € 194.2m (+7.1% rep. and 7.2% in organic terms). The gross margin remains largely stable at € 70.7m, implying a drop in the gross margin of 270bp to 36.4%. Raw material and energy cost inflation and an unfavourable product m...
- Fatma Agnès Hamdani
Marie Brizard Wine & Spirits : Des résultats 2023 meilleurs qu’attendu...
>UN EBITDA en hausse de 12.7% à 13.3 M€ vs 12.4 M€e et un RNpg positif de - 8.7 M€ vs 7.2 M€e - MBWS a publié hier soir des résultats au-dessus de nos attentes. L’EBITDA ressort en hausse de 12.7% à 13.3 M€ contre 12.4 M€ attendus pour un CA déjà publié de 194.2 M€ (+7.1% en publié et 7.2% en organique) La marge brute reste quasi stable à 70.7M€, impliquant une baisse du taux de marge brut de 270 pb à 36.4%. L’inflation des matières premières et du prix de l’énergie ai...
- Mateo Salcedo
Fives (Novafives) : Focus Emission
Fives a l'intention d'émettre 425 m EUR d'obligations senior garanties à taux variable, à échéance de cinq ans, au niveau de la nouvelle entité Nova Alexander III. Le produit de l'émission, ainsi qu’une partie des liquidités disponibles au bilan, seront utilisés pour refinancer les obligations senior garanties existantes de 325 m EUR et les obligations senior garanties de 275 m EUR, ainsi que pour payer les dépenses et les frais connexes. Parallèlement à la transaction, le RCF ex...
- Delphine Chauvin
Boels : Focus Emission
Boels (Ba3 neg/ BB stable) cherche à émettre une obligation 500 m EUR à échéance en 2030 (6NC2) pour financer l’acquisition de Riwal. Il s’agit de son 2e appel au marché en moins d’un an. En septembre dernier, le groupe avait déjà émis 400 m EUR à échéance 2029, à un taux de 6.25%. Depuis, le prix de ces obligations s’était renchéri jusqu’à quasiment 105% en janvier (YTW 4.7%), puis avaient commencé à faiblir depuis deux mois environ, et notamment depuis l’annonce du rachat de Ri...
- Delphine Chauvin
Boels : Issuance Focus
Boels (Ba3 neg/ BB stable) is seeking to issue a €500m bond maturing in 2030 (6NC2) to finance the acquisition of Riwal. This will be Boels' second call on the market in less than a year. Last September, the group had already issued €400m maturing in 2029, at a rate of 6.25%. Since then, the price of these bonds had risen to almost 105% in January (YTW 4.7%) and then began to weaken over the last two months or so, particularly since the announcement of the takeover of Riwal. The ...
- Jean Danjou
ODDO : March down in double digit leads to a -6.3% decline in Q1 for S...
>Swiss watch exports: March down -16.1% leads to a Q1 at -6.3% y-o-y (luxury category also negative over the quarter at -2.8%) - - Over March 2024, exports amounted to CHF 2,002m down 16.1% y-o-y after -3.6% in February and +3.1% in January. This is a very weak figure but was obviously impacted to a good extent by a negative working days effect. On the whole, Q1 was down -6.3% (as a reminder: Q4 2023 witnessed +4.7% growth, FY 2023 growth ended at +7.6%). The l...
- Carole Braudeau
- Carole Braudeau
- Ahmed Ben Salem
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
REP REPSOL SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
VIS VISCOFAN S.A.
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
INSD VERIMATRIX SA
CSM CORBION NV
BP. BP P.L.C.
NSI NSI N.V.
FPE3 FUCHS PETROLUB SE
ALVGO VOGO SA
SHEL SHELL PLC
CABKA CABKA N.V.
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Jean Danjou
ODDO : March down in double digit leads to a -6.3% decline in Q1 for S...
>Swiss watch exports: March down -16.1% leads to a Q1 at -6.3% y-o-y (luxury category also negative over the quarter at -2.8%) - - Over March 2024, exports amounted to CHF 2,002m down 16.1% y-o-y after -3.6% in February and +3.1% in January. This is a very weak figure but was obviously impacted to a good extent by a negative working days effect. On the whole, Q1 was down -6.3% (as a reminder: Q4 2023 witnessed +4.7% growth, FY 2023 growth ended at +7.6%). The l...
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Ahmed Ben Salem
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
REP REPSOL SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
VIS VISCOFAN S.A.
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
INSD VERIMATRIX SA
CSM CORBION NV
BP. BP P.L.C.
NSI NSI N.V.
FPE3 FUCHS PETROLUB SE
ALVGO VOGO SA
SHEL SHELL PLC
CABKA CABKA N.V.
- Salome Charamalet
- Usama Tariq
Cabka NV : Q1 update: Off to a slow start but with strong order intake...
>Cabka reports Q1 numbers which were weaker than last year - Cabka has reported a weaker than expected set of results with sales for Q1 came at around €44.1m, down 20% yoy (Q123 €55.3m) and 14% lower than our expectations (AA-OB €50m). Company indicates that 4% decline was due to negative price effect driven by passing on lower raw materials and energy prices to customers, whereas the rest of the 16% yoy decline was due to lower volumes. U.S was the key affected marke...
- Nicolas Thorez
Verimatrix : Q1 2024 in line, makeover looks increasingly material, vi...
>Q1 2024 in line with expectations at $ 14m, virtually stable YoY (+1%) - Verimatrix turned in $ 14m in revenue in Q1 2024, with growth virtually stable at 1% YoY, in line with our expectations (ODDO BHF $ 14.1m). This revenue continues to reflect mixed trends, with a positive mix between recurring revenue (which showed better-than-expected growth) and non-recurring revenue (which were slightly weaker than expected). In detail, recurring revenue (60% of revenue) was u...
- Robert Jan Vos
Sligro Food Group N.V. : Netherlands decent, but Belgium not yet where...
>Q1 revenue 2% below our expectation and in line with consensus - Sligro reported net sales of € 652m, implying an organic increase of 2.7%. We had forecast € 665m and company-compiled consensus was eyeing revenue of € 654m. In the Netherlands, revenue was up 3.8%, and, according to Sligro, in line with the general upward trend in the market. We had expected growth of 2.7% for the Netherlands in Q1 2024. In Belgium, revenue was down 3.2% to € 98m. On the back of furt...
- Olfa Taamallah
- Yan Derocles
easyJet : A good H1 trading update
>A better-than-expected H1 performance - easyJet (Outperform, target price 670p) has just released a good trading update for H1 to end-March 2024 with a headline loss before tax expected to be £ 340-360m. We and the consensus complied by the company had been expecting a loss of £ 407m.This good performance comes on the back of i/ revenue per seat up 5% y-o-y (+3.3% on our estimate), ii/ cost per seat excluding fuel flat y-o-y in line with guidance (+0.8%e) and ii...
- Olfa Taamallah
- Yan Derocles
easyJet : A good H1 trading update
>A better-than-expected H1 performance - easyJet (Outperform, target price 670p) has just released a good trading update for H1 to end-March 2024 with a headline loss before tax expected to be £ 340-360m. We and the consensus complied by the company had been expecting a loss of £ 407m.This good performance comes on the back of i/ revenue per seat up 5% y-o-y (+3.3% on our estimate), ii/ cost per seat excluding fuel flat y-o-y in line with guidance (+0.8%e) and ii...
- Pierre Tegner
Danone : Good start to the year: l-f-l at +4.1% with volume/mix at +1....
>Better-than-expected Q1 both in reported and l-f-l terms - Danone just posted Q1 sales that came in at € 6.789bn (vs VA € 6.695bn), declining by -2.5% with organic sales growth at +4.1% with a good volume/mix effect of +1.2%, pricing at 2.9%, an FX impact of -1.5% and a negative scope effect of -5% (Russia).This is much better than both consensus and ODDO BHF expectations which were at +3.4% l-f-l with a volume/mix of +0.8% and pricing at +2.7%. Net sales ...
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