>Q1 results will be published on 2 May - Shell will publish its Q1 results on Thursday 2 May at 8.00h CET / 7.00h GMT, followed by an analyst call at 15.30h CET/ 14.30h GMT hosted by CEO Wael Sawan and CFO Sinead Gorman.Pre quarterly update. Early April Shell published its pre quarterly update indicating that:- Integrated Gas: Trading results are expected to be strong, but significantly lower than an exceptional 23Q4. Production guidance was higher than in t...
>Q1 set to go down well on two counts. Target price upgraded to € 416 – Neutral rating maintained on a very high-quality stock - We maintain our Neutral rating on a very high-quality stock, with a higher target price of € 416. The major surprise in Q1 in organic terms is likely to be well received on two counts; a cautious stance had been adopted over the last few weeks given the marked slowdown in the beauty market and L’Oréal’s Q1 clearly beat expectations, with org...
>Q4 actually positive, solely due to the back catalogue - PulluP Entertainment (formerly Focus Entertainment) has reported Q4 revenue growth of 12% y-o-y to € 59m (vs € 56.8m est.). The catalogue (37% of Q4 revenue) posted a decline of 47% to € 21.6m (vs € 29.3m est.). For Banishers, despite a broadly decent rating, has not really been a great success. The release of Expeditions also contributed to the Q4 performance. Broadly, the performance of the catalogue was ther...
>Disposal of Spain, ahead of the upcoming divestment of Italy - We have downgraded our forecasts to reflect the disposal of Spain (but our forecasts do not include the divestment of Italy pending the regulatory agreement): we have reduced our sales estimates by 15% from FY 2025 (to € 40bn), by 5% for EBITDAal (to € 12.2bn) and by 12% for FCFaL (to € 2.6bn). The EPS impact is, however, not significant, as the Spanish unit is not profitable.Pro-forma FY 202...
>Opinion Sous-performance réitérée - MFE a publié hier ses résultats annuels 2023 ressortis supérieurs à nos attentes avec un EBIT de 302 M€ contre 288 M€ attendus. La principale différence avec nos attentes provient d’une bonne maitrise des coûts. Rappelons le groupe avait déjà donné des indications sur la tendance publicitaire donc sans surprise, la tendance publicitaire est ressortie à +2,1% pour 2023 ce qui fait ressortir un T4 en hausse de 8%. La dynamique public...
>Q1 in the end more in line with traditional seasonality - In a group pre-class call, the company indicated the seasonal pattern would in the end be fairly consistent with that of previous years, with Q4 potentially accounting for around 35% of FY 24 sales. The deferral of around € 0.4bn of sales from FY 23 to FY 24 will be only partially delivered in Q1 (c € 0.1bn est.), with the remainder of the truck deliveries expected more later in the year. We forecast sales of ...
>Bentley Systems, software company, reportedly been approached by Schneider - According to the WSJ, Schneider Electric is in talks to acquire a controlling stake in the software engineering company Bentley Systems. Cadence Design Systems is apparently also interested.Bentley Systems has set up a special committee of its board of directors to study the options open to it, including the sale of the company or the creation of a JV.Siemens, which has formed seve...
>Mixed organic growth in Q1 on a favourable comparison base - Disappointment in the US - Ipsos published yesterday evening its Q1 2024 revenue figures. They came in at € 558m, in line with expectations (ODDO-BHF/consensus = € 555-559m). Organic growth was mixed (4.5% vs ODDO-BHF/consensus = 5.2-5%), accelerating relative to 2023 (+3.0%) but on a favourable comparison base (Q1 2023 = -2.8%).The Americas were hit by an unexpected decline (-3.2% - 2023 = +1.7%) due ...
>Un T4 finalement bien orienté uniquement grâce au back catalogue - PulluP Entertainment (ex Focus Entertainment) publie un CA T4 en croissance de 12% y-o-y à 59 M€ (vs 56.8 M€e). Le Catalogue (37% du CA T4) affiche une baisse de 47% à 21.6 M€ (vs 29.3 M€e). Pour Banishers, malgré une notation globalement très correcte, le succès n’a pas été vraiment au rendez-vous. La sortie d’Expeditions a également contribué au T4. Globalement, la performance du catalogue est donc ...
>Un T1 qui devrait être doublement bien accueilli. OC relevé à 416 €- Neutre maintenu sur une valeur de très grande qualité - Neutre maintenu sur une valeur de très grande qualité avec un OC relevé à 416 €. La très forte surprise du T1 en organique devrait être doublement bien accueillie ; la prudence était de mise depuis quelques semaines vis-à-vis d’un fort ralentissement du marché de la beauté et le T1 de L’Oréal ressort clairement au-dessus des attentes avec une c...
>Underperform recommendation reiterated - MFE released FY 2023 results ahead of our expectations, with EBIT of € 302m vs € 288m forecast. The main difference with our expectations comes from the tight control of costs. Note that the group had already provided some indication of the advertising trend, so it comes as no surprise that the advertising trend for 2023 was +2.1%, giving Q4 growth of 8%. Advertising momentum was therefore particularly brisk in 2023, thanks ma...
>Solid pricing which should continue over the summer - The publication of H1 results which topped expectations, with an operating loss limited to between £ 340m and £360m, compared with a consensus expectation of -£ 407m, is explained by tight control of costs and above all by solid pricing. In Q2, easyJet posted an 8.5% increase in passenger RPS y-o-y and a 7.5% increase in ancillary unit revenues y-o-y. This performance was due notably to the contribution made by t...
>Cession de l’Espagne, avant celle à venir de l’Italie - Nous révisons à la baisse nos prévisions pour intégrer la cession de l’Espagne (nos prévisions n’intègrent toutefois pas encore la cession de l’Italie dans l’attente de l’accord réglementaire) : nous abaissons de 15% nos estimations de CA à partir de FY 2025 (à 40 Md€), de 5% en EBITDAal (à 12,2 Md€) et de 12% en FCFaL (à 2,6 Md€). L’impact BPA est toutefois non significatif, l’activité espagnole n’étant pas pro...
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