reports
- 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
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Carbios: roadmap confirmed
Carbios has reported a FY23 operating loss of EUR28.9m, vs -EUR26.1m in 2022. While R&D expenses stabilised YoY, overall operating expenses continued to increase as the company structures itself to be ready for industrial and commercial developments. Still in the early phase of its ramp-up, Car
- Loic Morvan
- Paul Rouviere
Hermes not penalised by final demand, unlike peers
Once again, Hermès is set to have enjoyed one of the most, if not the most, dynamic sales growth levels in Q1, thanks to still-strong final demand, also boosted by a significant positive pricing impact. Hence a 14% organic sales increase is expected while the sector is set to report a low single di
- Clement Genelot
HelloFresh: low growth and no EBITDA in Q1 menu
Ahead of Q1 results on 25th April, we have left our top line estimates broadly unchanged (with persistent concerns about the absence of improving trends in US customers) while cutting our EBITDA by 4-5% to reflect lengthier downscaling of vouchers strategy. Within HelloFresh's debate, we still beli
- Antoine Lebourgeois
Pre-Q1 2024 estimates update
We have revised our estimates ahead of Q1 2024 results. Our updated estimates are detailed in the table below. PT revised to EUR230 from EUR165, primarily in view of the upward revision to medium-term organic growth and adjustments to our DCF analysis assumptions. Our Buy recommendation remains unc
- Oscar Haffen Lamm
Medincell: awarded extension of grant to fund upcoming phase 1 trial o...
Yesterday Unitaid (global health agency) awarded Medincell an extension grant of up to USD 6m over a three year period to fund the upcoming phase 1 activities of mdc-STM (long-active injectable formulation of ivermectin). The product is based on BEPO, providing the sustained release of ivermectin a
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #23
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 look at the recovery in global passenger air traffic. Happy reading!
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