reports
- Amira Manai
- Nicolas Thorez
Sidetrade : Début d’année prometteur : T1 solide et annonce d’une acqu...
>Excellent T1 à tous les niveaux, au-dessus de nos attentes en topline et bookings - Sidetrade publie ce matin (par anticipation) un CA T1 2024 de très bonne facture, légèrement supérieur à nos attentes. Le niveau d’activité trimestriel ressort à 11.8 M€ (vs ODDO BHF 11.4 M€), en croissance de 20% y-o-y et de 15.5% en organique (hors CreditPoint Software). Cette performance reste évidemment tirée par les abonnements SaaS (82% des ventes), avec, en substance, une nouve...
- Amira Manai
- Nicolas Thorez
Sidetrade : Promising start to the year Solid Q1 and a transformative ...
>Excellent Q1 at all levels, ahead of our expectations on the top line and bookings - Sidetrade this morning reported (ahead of schedule) very good Q1 2024 sales, a shade ahead of our expectations. Quarterly business totalled € 11.8m (vs ODDO BHF € 11.4m), up 20% y-o-y and 15.5% organically (excl. CreditPoint Software). This performance is obviously still driven by SaaS subscriptions (82% of sales), with, essentially, another marked increase in the US (+40%), and in c...
- Carole Braudeau
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/16/2024
We are initiating coverage of the mining equipment segment with Metso on Outperform, Sandvik on Neutral and Epiroc on Underperform. We have adopted a cautious scenario with demand stable or slightly up in the short term (mining business sales up +3% on average between 2024 and 2026), pending positive signals indicating a rebound in greenfield investments (not before 2027, in our view). In this scenario, we think that Metso should confirm the progress achieved in 2023 (margin improveme...
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/04/2024
Nous initions le segment des équipementiers miniers avec Metso à Surperformance, Sandvik à Neutre et Epiroc à Sous-performance. Nous adoptons un scénario prudent avec une demande stable ou en légère hausse à court terme (CA des activités minières en hausse moyenne de 3% entre 2024 et 2026), dans l’attente de signaux positifs indiquant un rebond des investissements greenfield (pas avant 2027 selon nous). Dans ce scénario, nous estimons que Metso devrait confirmer les progrès réalisés e...
- Arnaud Autier
- Pierre Tegner
Campari : Preview T1 24e : de nouveaux ajustements à la baisse
>Sous-performance maintenue et OC abaissé à 8.6 € vs 9.6 € auparavant - Nous maintenons notre opinion à Sous-performance sur Campari. L’ajustement baissier continue sur les BPA expliquant la performance du titre sur ces derniers mois. En cause d’abord, la hausse des frais financiers du fait de l’acquisition de Courvoisier dont l’intégration constitue un facteur d’incertitudes à court terme. Ensuite, le MOP sous pression en FY 24e alors que celle-ci est toujours en deç...
- Arnaud Autier
- Pierre Tegner
Campari : Q1 24 preview: fresh downward adjustments
>Underperform rating maintained and target price cut to € 8.6 from € 9.6 - We maintain our Underperform rating on Campari. The ongoing EPS downgrades account for the stock’s performance in recent months. The main culprit is higher interest expense with the acquisition of Courvoisier, its integration being a source of uncertainty in the short term. Also, operating margins will be under pressure in FY 24e, bearing in mind the latter is still short of its pre-Covid level...
- Carole Braudeau
- Thijs Berkelder
- Chaima Ferrandon
- Sven Edelfelt
Sika : Start of the year in line
>Q1 2024 sales in line with forecasts - Q1 2024 sales came in at CHF 2.648bn (+0.2% l-f-l and +13.8% in real terms), in line with the consensus (CHF 2.636bn est.) and 3% ahead of our expectations (CHF 2.567bn). We expected a slightly lower contribution from MBCC at 17.3% vs 19.9% reported. L-f-l growth came in at 0.2% after 0.8% in Q4, +1.3% in Q3 and +0.3% in Q2. The working days effect was negative to the tune of -1.5% in Q1. In the EMEA division, Middle East/A...
- Gautier Le Bihan
Ekinops : Mixed results, little visibility, weak growth in Access, dec...
>Q1 2024 revenue down 11% to € 28.3m, missing our expectations - Ekinops published yesterday evening € 28.3m in Q1 revenue, down 11% YoY, missing our expectations (ODDO BHF € 30.3m, -5%) and in line with the trend seen in Q3 and Q4 2023 (€ 27.8m and € 30.3m respectively). The decline was due to a 27% fall in Transport, as a result of: 1/ an unfavourable base effect (+32% a year earlier), 2/ cautious capex policies and 3/ existing operator inventories and 4/ a wait-an...
- Thijs Berkelder
Fastned : Q1 sequential growth disappoints
>Energy sold in Q1 up 52% y-o-y but slightly below Q4 - Energy sold +52% y-o-y but below Q4. Fastned in 24Q1 grew its energy volume sold by 52% y-o-y to 31.4 GWh, again stronger than the growth in the EV fleet (+43%), but was slightly down from 32.2 GWh in 23Q4 (still +80% y-o-y). On the EV market it expects: “ Prospects for sales in 2024 and beyond remain positive as EV fleet penetration is expected to more than double by 2026 and increase five-fold by 2030.”Act...
- Oliver Metzger
- Stephan Wulf
- Chaima Ferrandon
- Sven Edelfelt
Sika : Un début d’année conforme
>CA T1 2024 en ligne avec les attentes - Le CA du T1 2024 ressort à 2 648 MCHF (+0.2% à pcc et +13.8% en réel), en ligne avec le consensus (2 636 MdCHFe) et 3% au-dessus de nos attentes (2 567 MCHF). Nous attendions une contribution de MBCC légèrement moindre à 17.3% contre 19.9% publiés. La croissance à pcc ressort à 0.2% après 0.8% au T4, +1.3% au T3 et +0.3% au T2. Rappelons que le nombre de jours ouvrés ressort négatif à -1.5% au T1. Dans la branche EMEA, les...
- Gautier Le Bihan
Ekinops : Des résultats mitigés, peu de visibilité, faible croissance ...
>CA T1 24 en repli de 11% à 28.3 M€, en deçà de nos attentes - Ekinops a publié hier soir un CA T1 24 à 28.3 M€, en repli de 11% y-o-y. Ce niveau, en deçà de nos attentes (ODDO BHF 30.3 M€, -5%e), s’inscrit dans la tendance du CA T3 et CA T4 2023 (respectivement de 27.8 M€ et 30.3 M€). Cette baisse est due au Transport en recul de 27%, en raison de : 1/ d’un effet de base défavorable (+32% en N-1), 2/ des politiques de Capex prudentes et 3/ à l’existence de stocks che...
- Robert Jan Vos
B&S Group S.A. : Revenue in line and underlying EBITDA of € 113m a tad...
>Reported EBITDA margin 5.0%; underlying EBITDA margin of 5.1% in 2023 - B&S Group reported revenue of € 2,220m (ABN: € 2,230m, consensus: € 2,256m) and organic revenue growth of 4.0% (ABN: 4.6%, consensus: 5.2%) in 2023. Reported EBITDA amounted to € 110.9m (ABN: € 110.5m, consensus: € 106.1m). Net profit and EPS came in at € 33.8m and € 0.40, respectively (ABN: € 30.8m, € 0.37, consensus: € 31.4m, € 0.37). The group proposes a dividend of € 0.16 (ABN and consensus: ...
- Maissa Keskes
- Stephane Houri
Ericsson : Better than expected margins in Q1 with few one-time elemen...
>Q1 2024 results > expectations thanks to Networks (IPR contract) and a one off - This morning, Ericsson reported Q1 2024 results that were above expectations thanks to a better-than-expected margin in Networks (44.3% vs 40.6%) notably linked to an IPR contract signed with some retroactivity of SEK3.1bn and a one-time gain of SEK 1.9bn. Revenues were SEK 53.3bn, below the consensus of SEK 54.7bn, down 15% organically. The adjusted gross margin was 42.7%, above the con...
- Maissa Keskes
- Stephane Houri
Ericsson : Better than expected margins in Q1 with few one-time elemen...
>Q1 2024 results > expectations thanks to Networks (IPR contract) and a one off - This morning, Ericsson reported Q1 2024 results that were above expectations thanks to a better-than-expected margin in Networks (44.3% vs 40.6%) notably linked to an IPR contract signed with some retroactivity of SEK3.1bn and a one-time gain of SEK 1.9bn. Revenues were SEK 53.3bn, below the consensus of SEK 54.7bn, down 15% organically. The adjusted gross margin was 42.7%, above the con...
- Olfa Taamallah
- Yan Derocles
easyJet : H1 2023-24 unlikely to contain any surprises
>H1 in line with expectations - EasyJet is scheduled to publish its H1 trading update on 18 April. We are expecting a pre-tax loss of £ 407m (vs -£ 411m a year previously) including a contribution of +£ 54m for Holidays. Q2 is expected to post a loss of -£ 283m, integrating good resilience from i/ passenger unit revenue growth (up 4.8%e y-o-y) and ii/unit ancillary revenues (up 5.3%e y-o-y) thanks to the contribution from the Easter weekend offset by iii/ an increase ...
- Emna Ben Bdira
- Maxime Kogge
Eramet : Manganese prices up, SLN under pressure: TP revised to € 109 ...
>Manganese prices have at last reacted to the production stoppage at GEMCO - Manganese prices have at last reacted to the production stoppage at GEMCO with the high-grade ore index yesterday surging 12% to $ 4.8/dmtu as per the weekly FastMarkets report. To recap, Australia’a GEMCO was hit by a cyclone on 17 March which substantially damaged the mine and port terminal. It had to shut down operations and shelved its 2023-24 production guidance (year to end-June). It is...
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