reports
- Geoffroy Michalet
Eurofins : CA T1 un peu faible en LFL mais une reprise du M&A– Guidanc...
>CA T1 : 6.8% sur l’organique Core business, 5.5% non ajusté d’un jour travaillé - Eurofins publie un CA T1 de 1 653 M€, en hausse de 5.0% légèrement en dessous de nos estimations (1 717 M€) et de celles du consensus Visible Alpha (1 699 M€). Ajusté d’un jour de travail en moins de c. 1.3%, la croissance organique Core Business est ressortie à 6.8% i.e un niveau légèrement supérieur à la guidance du groupe de 6.5%. en publié, le LFL Core Business ressort à 5.5% (sur...
- Carole Braudeau
- Chaima Ferrandon
- Sven Edelfelt
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
ORA ORANGE SA
SSAB A SSAB AB CLASS A
FGR EIFFAGE SA
KER KERING SA
RAND RANDSTAD NV
ENI ENI S.P.A.
ASM ASM INTERNATIONAL N.V.
ASSA B ASSA ABLOY AB CLASS B
INGA ING GROEP NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
- Geoffroy Michalet
Eurofins : Q1 revenues somewhat weak LFL but M&A revived, guidance mai...
>Q1 revenues: 6.8% organic growth in core business, 5.5% not adjusted for a working day - Eurofins reported Q1 revenues of € 1,653m, up 5.0%, slightly below our estimates (€ 1,717m) and Visible Alpha consensus (€ 1,699m). Adjusted by one less working day of around 1.3%, core business organic growth came in at 6.8%, i.e. slightly above the group's guidance of 6.5%. In published figures, core Business LFL growth came in at 5.5% (for Visible Alpha, the figure given was ...
- Emmanuel Matot
Haulotte : Bad start to the year
>Q1 sales sharply down and well below our expectations - Haulotte reported yesterday evening its Q1 2024 sales figures. Sales came in sharply down (-19% in organic terms to € 157m), well below our expectations (€ 200m).The quarter was marked by a return to normal in investment cycles and a certain wait-and-see attitude among rental companies, while Q1 2023 had been stimulated by the supply difficulties previously encountered.Europe has been notably suffering...
- Christophe-Raphaël Ganet
Ipsen : Q1 2024 sales: broadly above consensus forecasts
>Q1 2024 sales: +13.3%: a good organic level - Q1 2024 sales were € 822.4m, +10.9% (+13.3% cc.) with sales in oncology up +7.5% cc, rare diseases +69% cc (although with the entry into the scope of consolidation of Sohonos) and neuroscience at +19.6% cc.Forex had an impact of close to -2.5% in Q1.The group reaffirmed its guidance (growth of 6% cc and an operating margin of around 30%).The main franchises are solid - New products faring well - §sep...
- Jean-François Granjon
VAC PIERRE & VACANCES SA
EVT EVOTEC SE
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
WHA WERELDHAVE N.V.
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
ALCAR CARMAT SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BB SOCIETE BIC SA
NEX NEXANS SA
CTAC CTAC N.V.
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
TKO TIKEHAU CAPITAL SCA
ALKAL KALRAY SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
BAR BARCO NV
OVH OVH GROUPE
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
- Martial Descoutures
- Oussema Denguir
Carmat : Refinancing expected in the next few days
>Financial visibility out to mid-May - Carmat this morning reported its financial results for 2023. It had already posted full-year revenues of € 2.8m. This figure equates to the sale of 17 Aeson artificial hearts including 7 in a commercial framework (Germany and Italy) and 10 in the context of the EFICAS trial in France. Operating profit came in at -€ 52.5m, broadly in line with last year at € 51.9m but short of our expectations at -€ 42.2m. Despite a significa...
- Carole Braudeau
- Robert Jan Vos
Ahold Delhaize N.V. : Sales and EBIT seen down year-on-year in Q1 2024
>FreshDirect disposal and tobacco seen negative € 330m on sales in Q1 2024 - Ahold Delhaize is set to publish its Q1 2024 results on 8 May (07:45) and host a conference call at 10:00. Compared with Q1 2023 and Q4 2023, food inflation came down further in Q1 2024 (US and Europe). Other negative effects are the deconsolidation of FreshDirect (estimated negative sales impact of $ 175m in Q1 2024), the impact of the termination of the support programmes (SNAP) in the US, ...
- Ahmed Ben Salem
ENI SpA : Q1 results in line, gearing up but under control with increa...
>Q1 results broadly in line - Q1 2024 results in line at the net income level€ mQ1 23Q4 23Q1 24AQoQYoYQ1 24eCons.E&P2 8062 4312 328-4.2%-17.0%2 1842 270Global Gas & LNG Portfolio1 372677293-56.7%n/m280300R&M and Chemicals70(87)(28)n/mn/m9090Enilive & Plenitude270187427+128%+58%§rch...
- Ahmed Ben Salem
ENI SpA : Q1 results in line, gearing up but under control with increa...
>Q1 results broadly in line - Q1 2024 results in line at the net income level€ mQ1 23Q4 23Q1 24AQoQYoYQ1 24eCons.E&P2 8062 4312 328-4.2%-17.0%2 1842 270Global Gas & LNG Portfolio1 372677293-56.7%n/m280300R&M and Chemicals70(87)(28)n/mn/m9090Enilive & Plenitude270187427+128%+58%§rch...
- Gautier Le Bihan
- Nicolas Thorez
Kalray : De nombreux projets prévus pour 2024 qui devraient soutenir l...
>EBITDA 2023 à -1.1 M€ grâce à des coûts d’exploitation maitrisés - Kalray a publié ce matin ses résultats FY 2023. Pour rappel, le CA 2023 est de 25.8 M€, soit une augmentation de 57% par rapport au CA 2022 à 16.4 M€. La marge brute s’élève à 67% en progression par rapport à 2022 à 56%. L’EBITDA affiche une hausse de 1.6 M€ et ressort à -1.1 M€ (vs -2.7 M€ en 2022) légèrement supérieur à nos attentes (ODDO BHF –1.8 M€) et supérieur aux estimations de la société de j...
- Delphine Brault
- Quentin Borie
KONE : Q1 broadly in line, China continues to weigh. 2024 guidance fin...
>Q1 2024: sales +1.6% organic and EBIT margin at 10.2% - KONE this morning released its Q1 2024 results, which were broadly in line with consensus expectations:Orders at constant exchange rates were up 1.6% in Q1 (consensus at 0.9% and ODDO BHF at 5%), thanks notably to the modernisation segment which grew more than 10%. The gross margin on orders stabilised sequentially and relative to Q1 2023. Sales were up by 2.7% at CER in Q1 (consensus: +2.3%, ODDO BHF ...
- Hela Zarrouk
- Johanna Jourdain
Voyageurs du monde : Résultats 2023 globalement en ligne- Bonne visibi...
>Résultats FY 2023 en forte progression, en ligne avec les attentes - Voyageurs du Monde a publié des résultats annuels 2023, globalement en ligne avec les attentes, qui se caractérisent par : 1/ un CA consolidé en progression de 39.5% à 693.6 M€ (ODDO BHF :696.2 M€e) bénéficiant d’un effet de base favorable (principalement sur le S1), d’une demande soutenue pour la réalisation de voyages ainsi que l’intégration des opérations de croissance externe réalisées en 2022. ...
- Julian Dobrovolschi
- Wim Gille
CTAC N.V. : Soft set of results marked by slowdown in IT investments
>A difficult start of the year - CTAC reported its Q1 2024 results this morning which came on the soft side. Revenue was € 30.6m, which is 1.3% below our estimate and declining 7.0% YoY. EBITDA came in at € 2.0m, declining 20% YoY and leading to a profitability margin of only 6.5% (vs 7.6% in Q1 2023). Margin compression was a consequence of declining productivity, whereby CTAC faced difficulties last quarter managing its bench of staffers due to shortage of IT projec...
- Emmanuel Matot
OVHcloud : Warning on the top line heavily sanctioned by the market
>Feedback on the key announcements from the H1 publication - Disappointment on business and welcome surprises on costs and investments - OVHcloud’s interim publication yesterday morning, above all highlighted an unexpected warning on the FY 2024 target for organic revenue growth (+9-10% vs +11-13% previously targeted - recap 2023 = +13.4%). This stems from the deterioration of market conditions in Europe (78% of H1 revenue) over the last quarter, with 1/ in private cl...
- Jean-François Granjon
EXEL Industries : More contrasting environment and more cautious messa...
>H1 sales release close to our expectations - Exel Industries reported H1 2023-24 sales of € 492.7m (€ 505.6m estimated) vs € 483.1m in H1 2022-23, showing growth of 2% and 2.9% on an organic basis. After posting strong momentum in Q1 (+11% organic), sales in Q2 came to € 292.6m (vs € 297.9m in Q1 2022-23) down 1.8% and -2.1% on an organic basis. Our main takeaway for Q2 is the sharp fall in the beet harvesting business and still a good performance for agricultural sp...
- Fehmi Ben Naamane
Scandic Hotels : Q1 results impacted by timing of Easter, cautious com...
>Weak Q1 2024 results, below expectations - Scandic this morning reported weak Q1 2024 results, below expectations. Group revenues amounted to SEK 4,419m, down 2.4% y-o-y (ODDO BHFe at SEK 4,642m and css Visible Alpha at SEK 4,554m). Group RevPAR in Q1 showed a slight decrease of 1.1% with a positive increase in average prices (i.e., +2%) but an occupancy rate of just 51.9% (vs 53.5% in Q1 2023), impacted by the timing of Easter falling earlier this year (the company ...
- Hela Zarrouk
- Johanna Jourdain
Voyageurs du monde : 2023 results generally in line – Good visibility ...
>Strong growth in FY 2023, in line with expectations - Voyageurs du Monde has reported 2023 full-year results generally in line with expectations, including: 1/ consolidated sales growth of 39.5% to € 693.6m (vs. ODDO BHF estimate of € 696.2m), benefiting from a favourable base effect (mainly in H1), high demand for travel and the integration of acquisitions carried out in 2022. On a like-for-like basis, 2023 sales rose by 16.5% relative to the benchmark year of 2019....
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