reports
- Paul Charpentier
Edenred: re-accelerating in Q1 2024
Edenred has reported robust sales numbers with operating revenue re-accelerating to +16.9%, well ahead of market expectations at 14.2%. Resilient demand and the largely under-penetrated market addressed by the firm hint at a continuation in the growth trends observed today, and add weight to our or
- Paul Charpentier
Planisware to start trading on 18th April with a EUR1.1bn valuation
On Tuesday, Planisware (not covered), a French B2B software publisher, announced it would float its shares on the Paris stock exchange on 18th April at a valuation of EUR1.1bn. As a reminder, the listing comes after the IPO project was called off in October 2023 due to unfavourable market condition
- Loic Morvan
- Paul Rouviere
LVMH: Q1 might be the low point for F&LG growth
As anticipated, LVMH reported a quite poor Q1 2024 performance, with a 3% sales growth (at same FX), but at least in line with consensus expectations and with no dramatic trend. Furthermore, we remind investors that LVMH faced a fairly demanding comparison basis (sales were up 17% in Q1 23). We rei
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Nel: Slowdown starting FY24
This morning, Nel has reported Q1 2024 revenue at NOK387m, which is 30% below consensus (NOK550m). This was also sequentially slower than in Q4 2023 (-28% QoQ), but still higher on an annual basis (+14% YoY). While customer deliveries slowed in Q1, Nel benefited from the renegotiation of Nikola's s
- Oscar Haffen Lamm
- Valliant Campagne
Aelis: Reaffirming confidence ahead of major clinical readouts
2024 is set to be a pivotal year for Aelis with readouts on both of its assets (AEF0117 and AEF0217) scheduled for after the '24 summer break. Aelis' lead asset AEF0117, a signaling-specific inhibitor of the CB1-SSi, is currently being investigated in a phase 2b trial in patients suffering from can
- Oscar Haffen Lamm
MedinCell: at Long Last! Strikes deal with AbbVie
Yesterday after market close, MedinCell announced it entered into a strategic co-development and licensing agreement with AbbVie to co-develop and commercialize up to six therappeutic products across multiple therapeutic areas and indications, at the moment still undisclosed. The terms of the agree
- Cedric Rossi
adidas: Q1 beat and FY24 outlook revised upwards
Yesterday evening, ADS unveiled stronger-than-expected Q1 numbers ahead of schedule: organic growth amounted to 8%, which is the best performance since Q2 2021, and EBIT achieved a significant rebound to EUR336m (CSSe: EUR139m). Against more supportive underlying sales trends and a higher contribut
- Antoine Lebourgeois
- Paul Charpentier
Ekinops: Reversal in divisional dynamics
Ekinops has reported an 11% decline in revenue for Q1 2024, consistent with the performance observed in H2 2023. However, the decline was primarily driven by Optical Transport, which displayed signs of market weakness after a strong FY23. The Access segment showed a more resilient performance, mark
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Fastned: ready to shift up a gear
Fastned has published its Q1 2024 key metrics and adjusted FY24 guidance for the number of operating stations this morning. Q1 sales came in at EUR18.9m (+42% YoY), leaving an implied annual run-rate of at least EUR76m (vs cons. at EUR104m for FY24 and BGe EUR106m). Fastned posted a gross margin of
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Ceres Power: FY24 outlook confirmed
We take advantage of yesterday's FY23 results from Ceres Power to fine-tune our revenue and margin estimates, taking into account FY24 revenue guidance, overall momentum in FC and ambitions in EC. Based on existing frameworks with Doosan, Bosch and Delta, and removing expected revenue out of the Ch
- Cedric Rossi
- Clement Genelot
- Gregory Ramirez
Claranova: longstanding CEO Pierre Cesarini steps down
Yesterday Claranova announced the immediate appointment of Eric Gareau as CEO further to the immediate departure of Pierre Cesarini. Eric Gareau already has deep knowledge of the company he joined in 2018 and has been the CEO of Claranova's software publishing and distribution division Avanquest si
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Avantium: Partnership with TNO
Avantium, through its subsidiary Avantium R&D Solutions, announced yesterday a partnership with The Netherlands Organisation for Applied Scientific Research (TNO) for the manufacturing of PEM electrolyser test stations. As such, while Avantium will not supply electrolysers per se, it will be ab
- Aurelien Deside
Exclusive Networks: 2024 cyber overview: betting on the best tracker
Ahead of Q1 results on 29th April, we provide an overview of what can be expected for the quarter and the rest of the year, leaving our estimates unchanged. Following exceptionally high Q1 comps, and now standing at the bottom of the cyber cycle, we expect an underwhelming start to the year, offset
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #24
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we highlight how resilient equity markets had been over the past months, despite a c
- Antoine Lebourgeois
Satcoms' Muskonomics challenge
In this report, we assess the outlook for the satcoms sector amidst the heightened risk of Starlink and Amazon duopolising the industry. Incumbent operators face a strategic stalemate against the emerging 'gigaconstellations' due to cost uncompetitiveness, limited differentiation opportunities, hig
- Antoine Lebourgeois
SES: Capital allocation strategy remains paramount
We maintain our BUY recommendation on SES (revised PT to EUR7.4 from EUR6.5) anticipating that new leadership and diminishing industry returns for capital addition in light of gigaconstellations dominance could trigger a more shareholder-friendly capital allocation, with updates expected alongside
- Antoine Lebourgeois
Eutelsat: Caught between a rock and a hard place?
We reiterate our SELL recommendation on Eutelsat (revised PT to EUR3.1 from EUR5.3), as we see the operator caught between a rock and a hard place in light of increasingly crowded LEO competition combined, while rising capital costs constrain investment capabilities.This note is part of a report as
- Clement Genelot
Ahold Delhaize: better US macro, momentum inflection ahead
Ahead of the Q1 release on 8th May, we have notched up our top-line forecast to reflect less likely food deflation in the US and better volume trends across the board, even if this is mitigated on the bottom line by higher central cost expectations. We still believe Q2 could be the long-awaited inf
- Loic Morvan
- Paul Rouviere
Ferragamo Q1 preview: far from a sales inflection point
Ahead of Ferragamo's Q1 publication on the 9th May, we become even more cautious on the name as Kering's warning due to Gucci (-20% expected) and a recent contact with the company prompt us to believe that consensus figures for Q1 (-2% lfl sales growth) and FY24 (+2% lfl sales growth) are overly op
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
HydrogenPro: EUR7m strategic investment from Andritz
HydrogenPro yesterday announced it had secured a strategic investment from Andritz, one of the global leading EPC companies, deeply engaged in the environmental and green-energy sectors including the green hydrogen space. HydrogenPro received NOK82.7m (~EUR7m) from Andritz's investment, involving t
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