>CA T3 en amélioration séquentielle : bonne dynamique hors Chine - Au titre de son T3, SMCP publie un CA de 293 M€ (vs 292 M€ ODDO BHF, 291 M€ css) en léger recul de 0.8% dont -0.9% en organique, légèrement en dessous de notre attente et celle du consensus (vs -0.6%e ODDO BHF, -0.3% css) en légère amélioration séquentielle (-2.3% au T2 et -5.1% au T1). Sur 9 mois, le CA atteint 878 M€, en recul de 2.7% en organique. Hors Chine, les ventes affichent une croissance or...
Temenos, the European leader in core banking solutions with significant market share with Tier 3, 4 and 5 banks, faces structural challenges that impair its growth outlook: 1/ the reticence of major banking groups to renew their core banking system; 2/ fierce competition in the digital segment; and 3/ the slowdown in the launch pace for new neo-banks. Indeed, the group is set to scale back its medium-term targets at its CMD on 12 November. Moreover, the support for the stock offered b...
Temenos, leader européen des solutions Core Banking avec une part de marché significative auprès des banques Tiers 3, 4 et 5, fait face des défis structurels qui réduisent ses perspectives de croissance : 1/ la réticence des grands acteurs bancaires à renouveler leur Core banking system; 2/ la forte compétition sur le segment Digital et 3/ le ralentissement du rythme de lancement de nouvelles néo-banques. Aussi, le groupe devrait abaisser ses objectifs MT lors du CMD du 12 novembre. E...
>Q3 up sequentially: Good momentum excluding China - For Q3, SMCP reported sales of € 293m (vs. ODDO BHF: € 292m; consensus € 291m), inching down 0.8%, of which -0.9% organically, slightly below our expectations and consensus (vs. ODDO BHF: -0.6%; consensus -0.3%), with a slight sequential improvement (-2.3% in Q2 and -5.1% in Q1). Over 9 months, sales came in at € 878m, down 2.7% on an organic basis. Excluding China, organic sales growth was 1.4%. By region: §rc...
>CMD at the group’s new campus - Yesterday we visited Rieter’s new campus in Winterthour accompanied by several investors and in the presence of Thomas Otterli (CEO), Oliver Streuli (CFO), Tim Schläpfer (IR) and a number of the group’s directors. This provided an opportunity to revisit the three main pillars:Technological leadership with a number of competitive advantages (high level of machine sales, a significant installed based for the after sales, a strong de...
>Weak hydro volumes burdened the performance in the Q3 - Fortum’s 9M 2024 results, reported this morning, fell short of our expectations and consensus estimates. Comparable EBITDA stood at € 254m (-20% y-o-y), a bit shy of our forecast at € 262m. EBIT reached € 158m (-30%) vs. our estimate of € 170m. Net income came in at € 117m (-43%) vs our forecast of € 125m. By division, Generation recorded EBIT of € 176m (vs our estimates at € 190m), impacted by the drop in Hydr...
>Weak hydro volumes burdened the performance in the Q3 - Fortum’s 9M 2024 results, reported this morning, fell short of our expectations and consensus estimates. Comparable EBITDA stood at € 254m (-20% y-o-y), a bit shy of our forecast at € 262m. EBIT reached € 158m (-30%) vs. our estimate of € 170m. Net income came in at € 117m (-43%) vs our forecast of € 125m. By division, Generation recorded EBIT of € 176m (vs our estimates at € 190m), impacted by the drop in Hydr...
>A robust cash generation supporting a dividend increase and confirmation of the SBB - Adjusted EBIT came in at $ 5.22bn, 10.7% above the consensus (ODDO BHF: $ 4.62bn, consensus: $ 4.72bn). The group generated net adjusted profit of $ 2.26bn, 10.6% above estimates (ODDO BHF: $ 1.89bn; consensus: $ 2.05bn) and down 17.7% q-o-q with an effective tax rate of 42%. Results by division were as follows:Gas and low carbon was the pleasant surprise and came in at $ 1.75...
>Excellent performance from flagship products - Q3 came in ahead of expectations for revenues (+2% vs consensus) and core EPS (+6% vs consensus). Sales grew 10% cc (9% reported), driven by all the flagship products: Entresto (26% cc, -1% vs cons.), Cosentyx (28% cc, +8% vs cons.), Kisqali (43% cc, +1% vs cons.), Kesimpta (28%, +1% vs cons.) and Pluvicto (50% cc, +2% vs cons.). We note that c. 60% of the beat stems from the excellent performance from Cosentyx driven by...
>A robust cash generation supporting a dividend increase and confirmation of the SBB - Adjusted EBIT came in at $ 5.22bn, 10.7% above the consensus (ODDO BHF: $ 4.62bn, consensus: $ 4.72bn). The group generated net adjusted profit of $ 2.26bn, 10.6% above estimates (ODDO BHF: $ 1.89bn; consensus: $ 2.05bn) and down 17.7% q-o-q with an effective tax rate of 42%. Results by division were as follows:Gas and low carbon was the pleasant surprise and came in at $ 1.75...
>Organic sales down by 3% y-o-y fuelled by 3% lower volumes - Organic sales down by 3% y-o-y fuelled by 3% lower volumes in Q3 2024 (Q2 2024: 0%) and flat% y-o-y prices (Q2 2024: -3%) as well as 3% forex headwinds pushing sales down by 4% y-o-y to CHF 991m (cons./ODDO BHF CHF 1,010m/CHF 992m). The main drag on volumes was the continuing weakness of the catalysts business, showing a -20% y-o-y volume decline in Q3 (Q2 2024: -18% y-o-y) against a high comparison base. ...
>Un CMD au nouveau Campus de la société - Nous avons pu visiter hier le nouveau campus de Rieter à Winterthour en compagnie de plusieurs investisseurs avec la présence de Thomas Otterli (CEO), Oliver Streuli (CFO), Tim Schläpfer (IR) et plusieurs directeurs du groupe. Cela a été l’occasion de revenir sur 3 principaux piliers :Le leadership technologique avec plusieurs avantages concurrentiels (niveau élevé de vente de machine, base installée importante pour le se...
>Q3 2024 Adj EBIT >1.8% css – Solid Adj. FCF - Lufthansa Q3 2024 came out slightly above consensus estimates. Adjusted EBIT was € 1,340m (ODDO BHF: € 1,405m, company-compiled consensus: € 1,316m), 1.8% above css for revenues up 4.5% to € 10,738m i.e. a margin of 12.5% (-180bp). In detail: i/ RASK fell by 2.7%, supported by a higher load factor (+0.9%) and despite ASK up 6.4%, mainly due to Asia Pacific (RASK -15.1%) whereas Europe was performing well (+0.4%) and North...
>Q3 2024 Adj EBIT >1.8% css – Solid Adj. FCF - Lufthansa Q3 2024 came out slightly above consensus estimates. Adjusted EBIT was € 1,340m (ODDO BHF: € 1,405m, company-compiled consensus: € 1,316m), 1.8% above css for revenues up 4.5% to € 10,738m i.e. a margin of 12.5% (-180bp). In detail: i/ RASK fell by 2.7%, supported by a higher load factor (+0.9%) and despite ASK up 6.4%, mainly due to Asia Pacific (RASK -15.1%) whereas Europe was performing well (+0.4%) and North...
>Excellente performance des produits phares - Le T3 ressort au-dessus des attentes au niveau des ventes (+2% vs Css) et du core BPA (+6% vs Css). Les ventes progressent de 10% tcc (9% en publié) tirées par tous les produits phares : Entresto (26%cc, -1% vs Cs), Cosentyx (28%cc, +8% vs Cs), Kisqali (43%cc, +1% vs Cs) et Kesimpta (28%cc, +1% vs Cs) et Pluvicto (50%cc, +2% vs Cs). Soulignons que c. 60% du beat provient de l’excellente performance de Cosentyx tiré par les...
>Some 14% underlying top-line growth and 9% EBIT margin - Today adidas reported final results for Q3 2024 in line with prelims which were out on 15 October. Sales rose 10% at constant FX and even 14% excluding Yeezy effects. Regions including Yeezy: Europe (+18%), LatAm (+28%) and Emerging markets (+16%) did well. China (+9%) was good and North America improved as well (-7% including Yeezy and growing excluding Yeezy). Segments: Footwear +14% and Apparel +5%. Moreover...
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