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Virginie Rousseau ...
  • Yan Derocles

Aeroports de Paris : Q3 revenue lower than expected, 2020 traffic scenario revised downwards

>Q3 revenue down 64% - After having posted a 67% downturn in traffic in Q3, ADP has just reported a 64.1% drop in revenue to € 480m, thus falling 9.6% short of expectations. The figures disappointed for its Paris and international airports alike.Aviation revenues fell by 56.4% (consensus -55%) and were therefore more or less in line with expectations, but Retail revenues were a little disappointing (-67.1% vs consensus -61%). International revenues also came...

Virginie Rousseau ...
  • Yan Derocles

Aéroports de Paris : CA T3 inférieur aux attentes, révision en baisse du scénario de trafic 2020

>Un CA T3 en baisse de 64% - Après avoir publié un trafic en baisse de 67% au T3, ADP a publié un chiffre d’affaires en baisse de 64.1% à 480 M€, 9.6% en dessous des attentes. Les déceptions concernent tant Paris que l’international.Si le chiffre d’affaires des activités aéronautiques, en baisse de 56.4% (consensus -55%), est proche des attentes, les activités commerciales sont en revanche un peu décevantes (chiffre d’affaires en baisse de 67.1% vs consensus...

Alexandre Iatrides

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2020

La fusion ISP-UBI devrait relancer la consolidation en Italie. L’Etat italien est de plus en plus sous pression pour solutionner le dossier sensible BMPS. Les options ne sont pas évidentes pour UCG et la plupart des opérations pourraient in fine surtout concerner les acteurs Tier 2/3 dans une optique défensive plutôt qu’attractive. Dans ce contexte, ISP devrait durablement bénéficier de son échappée réussie, nous passons à l'Achat sur le titre. - ...

Jerôme Bodin

Atresmedia : Q4 set to be tougher than Q3, but should be offset by cost flexibility

>A reassuring message on costs despite a tougher market - Atresmedia published yesterday its Q3 results, which exceeded expectations thanks to strong resilience in advertising and a good performance from content sales (catch-up from H1). We have raised our 2020 EBITDA forecast in order to factor in this positive quarter, although our Q4 expectations are mainly unchanged. Management indicated that it expects Q4 to be tougher than Q3 (-10%). This is due to the impact of...

Fatma Agnès Hamdani

Savencia SA : Organic growth back in positive territory in Q3

>Q3 sales: + 1.1% organic growth vs -1.6%e and -4.2% in Q2 - Savencia released its 9M sales figures yesterday evening, beating our forecasts by 2%. Organic growth came to +0.1% vs -0.8%e, including 1.1% organic growth in Q3 which was above the -1.6%e we expected and the -4.2% reported in Q2. This performance was driven by solid momentum in the retail business thanks to growth in home consumption as well as a gradual upturn in food-service sales volumes (contract and c...

Christophe Chaput ...
  • Hela Zarrouk

Elis : Favourable Q3 but Q4 set to remain under pressure. EBITDA margin and FCF guidance slightly raised - little impact on our scenario

>Q3 sales down 10.6% l-f-l to € 754.6m (-11.7%e; consensus: -14.6%) - For Q3, Elis has reported a 11.8% decrease in sales to € 754.6m, a shade above our estimate (ODDO BHF: € 735.9m; consensus: € 731m). The bulk of the difference is tied to organic growth, which stood at -10.6%, while the consensus was expecting -14.6% (ODDO BHF: -11.7%). This trend reflects a gradual improvement in sales after the sharp organic decline of -26.7% in Q2 (i.e. -13.3% over 9m). In Q3, th...

Martial Descoutures ...
  • Oussema Denguir

BB Biotech AG : Operating newsflow and M&A activity as catalysts in Q4

>A challenging Q3, 9M 2020 still in positive terrain - BB Biotech published its Q3 2020 results this morning. The holding company's share price lost 4.3% in € and 3.4% in CHF over the quarter. The portfolio's NAV fell by 10.9% in CHF, 12.1% in € and 8.3% in $, underperforming its benchmark, the Nasdaq Biotechnology Index (NBI), which fell by just -0.8% over the period. The result was a net loss of -CHF 395m (vs -CHF 382m in Q3 2019). Nevertheless, the holding c...

Alfred Glaser ...
  • Delphine Brault

ABB : Q3 results a little better at operating level, a little worse in net

>Revenue down 4%, operating margin of 12.0%, big exceptional gain - The group has reported revenue of $ 6,582m, down 4%, vs -8% expected by the consensus, an operational EBITA margin of 12.0% ($ 787m) vs 10.9% expected ($ 689m) and order intake of $ 6,109m (book-to-bill of 0.93x) vs $ 6,132m expected (0.97x). EBIT is down sharply at $ 71m due to charges on a project in South Africa (IA) and pension contributions. Net income includes the gain on the sale of PG to Hitac...

Stephane Houri

Verimatrix : Q3 sales beat forecasts, a significant improvement in profitability anticipated for 2020

>Growth of 11% in Q3, after a negative H1 - Verimatrix has reported Q3 2020 sales of $ 26.3m, up 11% vs the Q3 2019 performance (pro forma). This figure even beat our forecast of $ 24m. Recurring revenues, derived from royalties, maintenance contracts and subscriptions came in at $ 12m, i.e. 48% of total sales. ARR (annual recurring revenue) came in at $ 8.8m at end Q3 2020. Revenues at the software and services activity were $ 13.7m, +53% y-o-y. The group notably ga...

Alexandre Iatrides

Iliad : Iliad élargit son partenariat à la Pologne et dérisque l’acquisition de Play

>Une transaction sensiblement meilleure qu’espéré - Iliad a annoncé ce matin avoir étendu son partenariat financier à la Pologne. Iliad a conclu un accord avec Cellnex pour la cession de 60% de la société qui aura vocation à gérer les infrastructures passives de télécommunications mobiles de Play et comprenant près de 7 000 sites. Cet accord sera transféré à Play à compter de l’acquisition du contrôle de Play par Iliad. Le montant estimé à recevoir par Play est d’envi...

Martial Descoutures ...
  • Oussema Denguir

BB Biotech AG : Newsflow opérationnel et activité M&A comme catalyseurs au T4

>Un T3 challenging, performance à 9M toujours dans le vert - BB Biotech publie ce matin ses résultats au titre du T3 2020, le titre de la holding a perdu 4.3% en € et 3.4% en CHF sur le trimestre. La NAV du portefeuille a reculé quant à elle de 10.9 % en CHF, de 12.1% en € et de 8.3 % en $ sous-performant son indice de référence le NBI (Nasdaq Biotechnology Index) qui lui n’a reculé que de -0.8 % sur la période. Il en résulte une perte nette de -395 MCHF (vs -382 MCH...

Christophe-Raphaël Ganet ...
  • Geoffroy Michalet

Eurofins : The focus is not on COVID, but on secular growth (2022 guidance) and leverage on margins.

>Our estimates in line with 2022 guidance, despite a different path due to COVID - For the first time, the group gave its 2022 guidance, which is in line with our expectations, after having raised our organic growth estimate during the crisis (5% in H2 vs. slightly negative previously). In addition, we are factoring in more sales and margin for 2020, as we are including a significant COVID effect, although this effect is set to fade in 2021 (low sales and a COVID base...

Benoit Valleaux

Coface : Good capacity for resilience expected amid the crisis

>Revenues expected to fall - Coface is due to report Q3 2020 net profit on Monday 26 October after market close. We forecast a 2.2% drop in revenues, less than the consensus estimate (-4.3%e), including a steep drop in net earned premiums (-35.4%) mainly explained by the implementation of various government support systems in Europe (with the transfer of premiums to states in reinsurance) and a stricter underwriting policy because of the crisis. Clients revenues shoul...

Martial Descoutures ...
  • Sebastien Malafosse

Roche Holding : Normalisation of activity but top line growth still too weak

>Q3: return to normal underway after the dip in Q2 - Roche is on the road to recovery in Q3. Indeed, Q3 sales were up slightly (1% excluding forex effects) after Q2 (-4%) with far fewer non-COVID patients in the hospitals. The group has yet to return to the growth levels seen in Q1 (+7%) but we think the recovery should continue in Q4 and we forecast +5% for the last three months of the year. We think that the performance will be driven by a return to a better level o...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : T3 très impacté malgré une amélioration séquentielle, absence de visibilité au T4 dans l’attente d’un newsflow vaccin

>CA T3 en-dessous des attentes, RevPAR globalement en ligne - Accor a publié un CA T3 20 à 329 M€ (-69% en publié, dont -63.7% en organique), soit 12% en dessous des attentes à 372 M€, dont des effets négatifs de périmètre (-11%, incl. cession des actifs en location de Mövenpick) et de changes (-5%). Par division, chez HotelServices, le CA atteint 224 M€ (-69% en organique), impacté par une chute du RevPAR de 62.8%, légèrement en dessous du consensus à -60.9% (ODDO BH...

Alfred Glaser ...
  • Delphine Brault

Schindler Holding Ltd : Q3 beats forecast but lingering caution on the outlook

>Q3: sales growth of 4% at constant currency, adjusted EBITA margin +40bp - The morning Schindler published Q3 results that broadly beat expectations:Orders at constant currency were down -0.7% in Q3 (consensus at -2.2% and ODDO BHF at -5%). Schindler indicated a V-shaped recovery in China, mixed demand in Europe (solid markets in the north of Europe, contraction in the south) and that activity in the Americas was suffering, notably with a significant impact on t...

Aurelien Sivignon

SES - imagotag : Fort rebond au T3 2020 !

>CA T3 en hausse de 46% à 73.4 M€ (vs 52.3 M€e) - SES-imagotag vient de publier des revenus T3 largement supérieurs à nos attentes : 73.4 M€ soit +46% de croissance alors que nous attendions +2% avec un plus fort effet de levier sur le T4 que sur le T3.Le rebond est fort à l’International (87% du T3) : +82% à 63.9 M€ (vs 44.2 M€e). Cette croissance est liée au rattrapage de certains déploiements décalés durant le S1, et, surtout à la bonne dynamique de prises de ...

Alfred Glaser ...
  • Delphine Brault

Schindler Holding Ltd : Un T3 supérieur aux attentes mais toujours de la prudence sur les perspectives

>T3 : hausse du CA à cc de 4%, marge d’EBITA ajusté +40 pb - Schindler a publié ce matin des résultats T3 globalement supérieurs aux attentes :Les commandes à changes constants sont en recul de 0.7% au T3 (css à -2.2% et ODDO BHF à -5%). Schindler indique que la Chine a enregistré une reprise en V, que l’Europe a connu une demande mixte (marchés solides dans le Nord de l’Europe, contraction dans le Sud) et que les Amériques souffrent, avec notamment un segment co...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : Q3 heavily impacted despite a sequential improvement, lack of visibility in Q4 pending a vaccine newsflow

>Q3 revenue below expectations, RevPAR generally in line - Accor has reported Q3 2020 revenue of € 329m (-69% as reported, -63.7% organic), i.e. 12% below expectations of € 372m, including negative scope (-11%, including disposal of Mövenpick’s leased assets) and forex (-5%) effects. By division, HotelServices revenue came in at € 224m (-69% organic), impacted by a drop of 62.8% in RevPAR, slightly below the consensus of -60.9% (ODDO BHF -63.3%), and by a very sharp d...

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