reports
- Maria Vara
Median Technologies: reports Q1 2024 results
Median reconfirmed previously shared FY 2023 and reported Q1 2024 results this morning. FY 2023 sales were confirmed at EUR 22.2m representing a 7% drop vs. 2022, as iCRO business has been hampered by the COVID crisis in China. While the first three-quarter 2023 revenues were stable at ~5.6m per qu
- Clement Genelot
Jeronimo Martins: Q1 topping expectations; price war ongoing in Poland
With Q1 topping expectations in terms of both sales and EBITDA, notably thanks to Biedronla, we foresee a positive share price reaction this morning. But reiterated gloomy FY guidance combined with no early signs of the price war easing in Poland still suggests caution is advisable.
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Nel: Capacity reservation agreement with Hy Stor Energy
This morning, Nel announced a multi-year capacity reservation agreement (CRA) with Hy Stor Energy, representing more than 1GW of alkaline electrolyser capacity combined over 2025/2027, for its Mississippi Clean Hydrogen Hub (MCHH) project. The project is still pending regulatory approvals, financin
- Loic Morvan
- Paul Rouviere
Hermès Q1 2024: still best-in class
Hermès' Q1 2024 sales growth (+17% same-FX) was above market expectations (+14%). Momentum was well-balanced between regions with Japan leading the trend (+25%). Pricing had a positive 7-8% impact in Q1, implying a strong volume impact. We still expect 14% organic sales growth for FY 24. We reitera
- Loic Morvan
- Paul Rouviere
Interparfums management confident for the remainder of 2024
Although guidance has not been upgraded, management remains quite confident for 2024, in view of underlying trends in the US fragrance market and the better-than-expected Lacoste launch. We reiterate our sales forecast of EUR920m, above the company's guidance (EUR880-900m). We cautiously maintain o
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Kempower: Strong growth recovery in sights
Yesterday, Kempower published Q1 2024 results in line with the guidance provided in March. Q1 revenue came in at EUR42.6m (-49% QoQ, -24% YoY), mostly down on grid connection delays and Finnish strikes accompanied by low order intake EUR44.9m (-33% QoQ, -27% YoY) and flattish EUR111.9m backlog (+1%
- Clement Genelot
Roche Bobois: Bottoming-out as order backlog increases again and Chine...
Post-Q1 shaped by a sharper-than-expected decline. We understand that Q2 should show a sequential improvement, thanks to order backlog rising again; Q3 should return to growth with no cut to FY sales estimate. We continue to like the equity story with Chinese deal in July and better trends from Q3
- Cedric Rossi
Groupe SEB: Robust start to the year
Groupe SEB showed a stronger-than-expected LFL growth of 7.3% (CSSe: +6.2%) driven by a fourth consecutive quarter of growth above 5% in Consumer, whilst Professional posted another buoyant performance (+18.5% LFL). Q1 ORfA of EUR111m matched expectations (EUR110m) despite a more harmful FX impact
- Maria Vara
BONESUPPORT: debuts 2024 with strong financial results
Q1 2024 sales climbed by 54% (54% at CER) YoY and 7% QoQ, totalling SEK 184.4m. The US market, owing 77% of overall sales, was boosted by a 65% growth (65% at CER), with CERAMENT G being the major driver bringing SEK 92m sales (SEK 34.8m). EU showed a 27% YoY growth in sales, delivered by both prod
- Maria Vara
ONWARD: reports FY 2023, all focus set on ARC-EX US launch in H2 2024
ONWARD reported FY 2023 results with a cash position amounting to EUR 29.8m (FY 2022 EUR 61.8m) by YE 2023 and a net loss of EUR 36.2m (EUR 32.8m), which increase is given by the lower grant income (EUR 0.5m in 2023 vs. 2.1m in 2022) and slightly higher OpEx, mainly driven by R&D. Following the
- Antoine Lebourgeois
- Paul Charpentier
Vantiva: Accelerated synergy extraction amid challenging start to the ...
Vantiva reported Q1 2024 revenues down 20% yoy and -19% qoq, despite the consolidation of CommScope's Home Networks division since January 9th. This indicates a more pronounced downturn in demand than we anticipated. Management has, however, affirmed that Q1 weakness aligns with internal forecasts
- Clement Genelot
Delivery Hero: Q1 sales beat, FY sales guidance upgrade.
Q1 proved to be strong, beating consensus figures, with re-accelerating GMV and sales growth. The upgrade to FY 2024 sales guidance (with rising debate over the prospect of an EBITDA upgrade as well this year) strengthens our view that Delivery Hero deserves to rerate further beyond 0.9x EV/Sales g
- Paul Charpentier
Adyen Q1 trading update offers no surprise
Adyen reported robust net revenue growth in Q1 2024 at +21% Y/Y, bang in line with market expectations. The unchanged guidance (low-to-high twenties' growth / >50% EBITDA margin in FY2026e) and macroeconomic environment do not call for an upward estimates revision: we stick to our +22% growth fo
- Aurelien Deside
Rubrik IPO: unsustainable moat dictates sufficient margin of safety
Ahead of Rubrik's IPO later in the day, we review the vendor's activities, positioning, efficiency metrics, financials, and valuation. While we strongly believe in the growth of data security, we question Rubrik's ability to (profitably) differentiate itself over the long term, as both hyperscalers
- Clement Genelot
HelloFresh: Q1 marked by real dichotomy between ready-to-eat and meal-...
Q1 slightly topped expectations thanks to ready-to-eat (+56% YoY) while meal-kit remained in the red (-7%) and lowered the group's EBITDA margin -250bp YoY. FY 2024 guidance has been reiterated, but we stay on the sidelines as we remain concerned by "meal-kit fatigue" longer-term implications for g
- Cedric Rossi
Moncler Q1 sales: Above the mist
In our preview, we highlighted MONC's difficult equilibrium between a brisk Q1 performance and market expectations for the remainder of the year. Indeed, despite a 4% beat unveiled yesterday, management maintained its scenario of a normalisation phase for the rest of the year on the back of tough c
- Clement Genelot
Carrefour: slight miss in Q1, eyeing French EBIT growth despite price ...
After a soft Q1 missing expectations at the group-level excluding Argentina and in France, we welcome Carrefour's more proactive stance on its French price positioning (targeting a volume market share trend reversal) with ongoing waves of price cuts that should materialise throughout the year, fina
- Clement Genelot
Casino: first quarter of the new beginning
With the "New Casino" now almost fully refocused on urban convenience and online, and drawing up what its new reporting standards will be, we welcome an unmatched level of transparency. The extent of the Q1 EBITDA decline raises questions about Franprix and we continue to see the group as way too c
- Clement Genelot
Fnac Darty: Q1 LfL decelerating as expected, FY guidance reiterated
The Q1 LfL trend continued to slow in line with estimates while product mix provided a nice 30bp gross margin boost. Even with reiterated FY 2024 EBIT and FCF guidance, uncertainty over the timing of a consumption recovery remains a huge pushback preventing everyone from being more bullish despite
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
NHOA: Slow start into 2024
NHOA reported Q1 revenue of EUR58m (+57% YoY, -26% QoQ), a rather low quarter compared to FY24 revenue expectations (cons. at EUR430m), but with NHOA exposed to the overall pace of project deliveries in Energy Storage that can vary significantly quarter on quarter. Revenue mix did not improve this
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