reports
- Wim Gille
CM.com : Buckle up, CM.com is restarting its growth engines
>We cut our gross profit forecast by 10%, but increase EBITDA by 7% - FY 2023 revenues fell materially below our forecast as the shift from growth to value had a bigger impact on revenues than anticipated. This was partially mitigated by slightly higher gross margins and much better cost control. In this report we lower our revenue forecast by 15% and our gross profit forecast by 10%. Our EBITDA forecast for FY 2024-25 increases by 7%.Restarting the growt...
- Damien Choplain
- Martial Descoutures
Roche Holding : Q1 in line - Guidance confirmed, forex less unfavourab...
>Q1 saved by Vabysmo - Q1 sales at group level were in line with the consensus, up 2% cc (-6% CHF). The pharmaceuticals (+0.9% vs cons.) business was up 2% cc (-6% CHF) largely driven by Vabysmo (96%, 11% vs cons.) and Phesgo (+61%, 23% vs cons.), to a lesser extent. Flagship products like Ocrevus (1.3%, -0.4% vs cons.), Hemlibra (0.6%, -3.1% vs cons.) and even Tecentriq (-6%, -5.5% vs cons.) delivered clearly disappointing performances. The diagnostics activity grew...
- Geoffroy Michalet
Tikehau Capital : Bonne collecte au T1, mais le groupe atrophie encore...
>Collecte nette de 1.5 Md€ et forte croissance des AUM - Tikehau Capital affiche des AuM pour le T1 2024 en AM à 44.4 Md€, en hausse de 3% (+ 1.2 Md€) vs fin 2023 et des AuM globaux (incluant le bilan) en hausse de 3% (+1.3 Md€). Cette hausse au T1 est la résultante des quatre facteurs impactant les AuM : +1.5 Md€ de collecte nette (vs. 1.2 Md€ au T1 2023), soit +6.8 Md€ sur 12 mois. - 0.5 Md€ de distribution. + 0.4 Md€ d’effets de marchés et -0.1 ...
- Fabian Semon
- Michael B. Schäfer
Air Liquide : Q1 2024 group comparable sales growth in line with conse...
>Q1 2024 likely to be the weakest quarter, no uptick in European LI activities yet, pricing in IM decreased to 3.7% (as expected & fuelled by energy price indexation) - Air Liquide reported Q1 2024 group comparable sales growth of 2.1% y-o-y (G&S: +2.0% vs. css: +2.4%), hence perfectly matching consensus estimate of 2.1% (FX: -3.9%, Energy: -5.5%). Europe and Asia have been the weakest regions with -1.6% and -0.9% comparable sales growth in Q1 2024, respectively. Ind...
- Konrad Zomer
KPN : Q1 results marginally ahead of consensus and FY guidance raised
>Q1 results show positive momentum – FY guidance raised - In its Q1 earnings release, KPN reported group revenues and adjusted EBITDAaL of €1,377m (+3.3%) and €605m (+3.6%) respectively. This compares with consensus estimates of €1,376m (we at €1,377m) and € 602m (we at €599m) respectively. So results are marginally ahead of consensus. Group capex came in at €302m (css: € 301m) and FCF at €154m (-5.8% yoy with consensus at €173m and we at € 185m, the difference is ex...
- Jean-François Granjon
Seche Environnement : FY targets confirmed despite weaker-than-expecte...
>Q1 revenues close to our expectations - Séché Environnement reported Q1 revenues of € 247.2m (€ 250m estimated) vs € 247.5m YoY, flat but down 7.4% organically. This weaker performance was due to the one-offs that had a positive impact on reference revenues, including spot pollution control activities. The base effect was also strong (+11.9% on an organic basis). This quarter benefited from a favourable consolidation effect (+€ 20m) with the integration of Furia, Ren...
- Delphine Brault
- Quentin Borie
KONE : T1 globalement en ligne, la Chine continue de peser. Guidance 2...
>T1 2024 : CA +1.6% en organique et marge d’EBIT à 10.2% - KONE a publié ce matin des résultats T1 globalement en ligne avec les attentes du consensus :Les commandes à changes constants sont en hausse de 1.6% au T1 (css à 0.9% et ODDO BHF à 5%), grâce notamment au segment modernisation qui progresse de plus de 10%. La marge brute des commandes s’est stabilisée en séquentiel et par rapport au T1 2023. Le chiffre d’affaires a augmenté de 2.7% à changes constan...
- Jeremy Garnier
ID Logistics : Solid start to the year, momentum set to remain good ov...
>Q1 revenues up 17.6% (+12.4% LfL) to € 736.3m (vs € 704.8m est.) - ID Logistics published its Q1 revenues yesterday evening, which came in at € 736.3m, slightly ahead of our expectation of € 704.8m. The 17.6% increase is made up of i/ a generally favourable forex effect (+0.4%), ii/ a consolidation effect (+4.7%) linked to contribution from Spedimex and iii/ organic growth of 12.4%. The difference with our estimates comes from the international business, where organi...
- Jean-François Granjon
EXEL Industries : Un environnement plus contrasté et des propos plus p...
>Publication du CA semestriel proche de nos attentes - Exel Industries publié un CA semestriel de 492.7 M€ (505.6 M€ estimés) vs 483.1 M€ YoY en hausse de 2% et de 2.9% en organique. Après avoir connu une forte dynamique au T1 (+11% en organique), le CA T2 ressort à 292.6 M€ (vs 297.9 M€ YoY) en repli de 1.8% et -2.1% en organique. Nous noterons principalement pour ce T2 un net repli de l’activité Arrachage de Betteraves et toujours une bonne performance pour la pulvé...
- Thijs Berkelder
Vopak : Solid beat of consensus expectations and outlook uplift
>Proportional results up 8-9% y-o-y and c. 5% ahead of consensus - Proportional 24Q1 results:Proportional revenues € 477.9m = adjusted for divestments (€ 44m) a rise by 8% y-o-yProportional EBITDA € 297.8m (consensus € 278.6m) = adjusted 9% increase y-o-y and with proportional occupancy 93% whereby Europoort capacity has been taken out for the calculation as it is labelled for redevelopment.Proportional EBIT € 181.2m = adjusted for divestments (€ 21m) a...
- Christophe Chaput
BIC : Profitability close to expectations but major differences betwee...
>Q1 adjusted EBIT close to expectations: € 62.8m vs € 65.6me (css € 63.7m) - BIC’s Q1 results have come out broadly close to expectations: 1/ net sales grew by 5.9% at constant currencies to € 521.7m, bearing in mind that they would be flat if restated for Argentina. Excluding Argentina, our forecast was +0.8%. 2/ Adjusted EBIT came to € 62.8m, close to expectations (€ 65.6me; consensus € 63.7m), with the adjusted EBIT margin therefore contracting by 100bp to 12%. The...
- Martin Marandon-Carlhian
- Stephane Houri
Melexis : Solid Q1 2024 results and Q2 2024 guidance, implying that th...
>Q1 2024 results in line with expectations on sales but above on profitability - This morning, Melexis reported its Q1 2024 results which were in line with expectations on sales but above on profitability. Revenues came in at € 241.8m, in line with consensus estimates at € 242.3m (vs the guidance range of € 240-245m). They were down 3% q-o-q and up 6% y-o-y. The euro-dollar exchange rate had no impact on sales compared to both the same quarter of last year and the pre...
- Amira Manai
- Aurelien Sivignon
Forsee Power : Results more negative than expected. The planned end to...
>Result more negative than expected - Yesterday evening, Forsee Power published full-year results that fell short of our expectations. For sales (already published) up 54% y-o-y to € 171m, largely driven by the heavy vehicles segment (85% of 2023 sales), adjusted EBITDA was -€ 6.8m (vs -€ 5.5m est.), albeit showing a y-o-y improvement with the increase in volumes, but also thanks to the stronger capitalisation of R&D costs vs the historical level. Underlying operatin...
- Damien Choplain
- Martial Descoutures
Roche Holding : T1 en ligne - Guidance confirmée, FX moins défavorable...
>T1 sauvé par Vabysmo - Le CA T1 groupe ressort en ligne avec le consensus, en croissance de 2% à tcc (-6% CHF). La pharma (+0.9% vs Css) affiche une croissance de 2% CER (-6% CHF) tirée essentiellement par Vabysmo (96%, 11% vs Css) et Phesgo (+61%, 23% vs Css) dans une moindre mesure. Les produits phares tels que Ocrevus (1.3%, -0.4% vs Css), Hemlibra (0.6%, -3.1% vs Css) ou encore Tecentriq (-6%, -5.5% vs Css) affichent une performance clairement décevante. Le diag...
- Martin Marandon-Carlhian
- Stephane Houri
Melexis : Solid Q1 2024 results and Q2 2024 guidance, implying that th...
>Q1 2024 results in line with expectations on sales but above on profitability - This morning, Melexis reported its Q1 2024 results which were in line with expectations on sales but above on profitability. Revenues came in at € 241.8m, in line with consensus estimates at € 242.3m (vs the guidance range of € 240-245m). They were down 3% q-o-q and up 6% y-o-y. The euro-dollar exchange rate had no impact on sales compared to both the same quarter of last year and the pre...
- Emmanuel Matot
OVHcloud : Un warning sur la topline lourdement sanctionné en Bourse
>Retour sur les principales annonces de la publication S1 – Déceptions sur le business et bonnes surprises sur les coûts et les investissements - La publication semestrielle d’OVHcloud hier matin a surtout mis en avant en avant un warning inattendu sur l’objectif annuel FY 24 de croissance organique du CA (+9-10% vs +11-13% visé auparavant – rappel FY 23 = +13.4%). Il provient d’une détérioration au dernier trimestre des conditions de marché en Europe (78% du CA S1) a...
- Stefano Toffano
Barco NV : Tougher than previously anticipated
>So many headwinds - Q1 24 was a much tougher quarter for Barco than expected, where performance was marked by continued destocking, poor market demand and customers postponing purchases awaiting for new product introductions. While performance should improve over Q2 24 as destocking headwinds subside and new products are brought onto the market, we believe our old estimates are too high. The company maintained its FY24 guidance (stable revenue growth and >14% EBITDA ...
- Chaima Ferrandon
- Sven Edelfelt
Eiffage : Trafic T1 pénalisé par les mouvements sociaux – CA d’Eiffage...
>Trafic VL stable et les PL en baisse de -3.9% au T1 2024 - APRR a publié hier soir un trafic en baisse de 0.6% au T1 2024 (dont VL à +0.1% et PL à -3.9%), en ligne avec nos attentes (-1%e) et à la tendance observée chez Sanef (-0.5% sur le T1). Le T1 a été marqué par le blocage des agriculteurs en janvier (trafic à -4.5%) et par la baisse de la fréquentation des stations de basse altitude en février (-2%). La tendance de trafic chez Eiffage est similaire à celle...
- Emmanuel Matot
Haulotte : L’année commence mal
>CA T1 en forte baisse et nettement en deçà de nos attentes - Haulotte a publié hier soir son CA au titre du T1 2024. Il s’inscrit en forte baisse (-19% en organique à 157 M€) et nettement en deçà de nos attentes (200 M€).Le trimestre est marqué par un retour à la normale des cycles d’investissements et un certain attentisme des loueurs alors que le T1 2023 avait été stimulé par les difficultés d’approvisionnement rencontrés précédemment.L’Europe souffre par...
- Chaima Ferrandon
- Sven Edelfelt
Eiffage : Q1 traffic penalised by social movements - Eiffage sales rel...
>HGV traffic stable, light vehicle traffic down -3.9% in Q1 2024 - Yesterday evening APRR published a 0.6% decline in Q1 2024 (of which light vehicles +0.1% and HGV -3.9%), in line with our forecast (-1%e) and the trend observed at Sanef (-0.5% for Q1). Q1 was marked by the road blocks by farmers in January (traffic -4.5%) and the decline in visits to lower altitude ski stations in February (-2%). The traffic trend at Eiffage is similar to that observed at Vinci ...
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