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Thibault Morel
  • Thibault Morel

BASLER - NEUTRAL | EUR29 VS. EUR33 (+26%) Basler Roadshow: experienced...

Entry into the processing software segment comfort us in the ability of Basler to strenghten even more its fundamentals in the Medium Term. Realistic comments from the CFO on the economic outllook during our roadshow in Paris lead us to adopt a slightly more cautious stance on (i) short-term outlook in terms of sales and margins while we remain confindent on the FY25 EUR400m sales guidance. However, we reiterate our NEUTRAL rating as we see no upside catalyst in end FY22e,. Our DCF valuation now...

Gregory Ramirez
  • Gregory Ramirez

TEMENOS - NEUTRAL vs. BUY | CHF58 VS. CHF118 (+9%) The wake-up call

We downgrade our rating to Neutral from Buy and have cut our DCF-derived target price to CHF58 from CHF118 - with very limited upside potential - following the profit warning announced on 13th October. We have slashed our adj. EPS estimates by 18-28% over 2022-2025, and have been more conservative in our medium-term assumptions and WACC. In this context of absence of economic visibility, banks think twice before investing in a transformation project, thus translating into lenghtened decision cyc...

Yizhi Long
  • Yizhi Long

Business Services Inflation: pain or profit?

We view inflation as a catalyst to accelerate outsourcing and bring people back to office. In this context, Facility Management companies have proven pricing power and they have demonstrated their capacity in cutting costs. Based on our analysis, we confirm our positive outlook for guidance on FY 2022 margins and a potential improvement in 2023. We continue to prioritize Compass, ISS and Elis in our coverage

Olga Smolentseva
  • Olga Smolentseva

BIONTECH - BUY | USD308 While minimally disclosed, clinical data suppo...

BIONTECH - BUY | USD308 While minimally disclosed, clinical data support preclinical evidence for BA.4/5 booster

Clement Genelot
  • Clement Genelot

AHOLD DELHAIZE - BUY | EUR34 What read-across from the rumoured Kroger...

Kroger and Albertsons about to create a food retail giant in the US A revived competition for Ahold Delhaize? Not before 2024 and not everywhere Ahold Delhaize unlikely to be part of a large M&A deal. Good for its yield story

Ingird Gafanhão
  • Ingird Gafanhão
Ingird Gafanhão
  • Ingird Gafanhão

CALLIDITAS THERAPEUTICS - BUY | SEK190 FDA delays approval of competi...

Safety warning should hold back sparsentan prescription Tarpeyo sales should continue to pick up over 2022 and 2023

Gregory Ramirez
  • Gregory Ramirez

HEIDELBERG PHARMA - BUY | EUR14 Q3 results in-line, looking ahead to p...

HEIDELBERG PHARMA - BUY | EUR14 Q3 results in-line, looking ahead to potentially eventful Q4

Gregory Ramirez
  • Gregory Ramirez

TEMENOS - UNDER REVIEW vs. BUY | Under Review Q3 2022 results way belo...

Q3 2022 results way below expectations Lengthened sales cycles on large subscription deals and sales execution issues Company guidance for 2022 is slashed

Thomas Coudry
  • Thomas Coudry

EUTELSAT COMMUNICATIONS - | EUR7.3 VS. EUR7.5 (-13%) A long bumpy roa...

The Capital market day provided interesting insight on the merger project with OneWeb. In particular we welcome the guidance provided on revenues and EBITDA, as well as the additional information shared on Gen 2. We acknowledge the project’s long term strategic and business rational, but although OneWeb Gen 2 will improve economics, competition will strengthen in the meantime and we still stand short of the management objectives. Execution risks are high, capex phasing is uncertain and it is sti...

Paul Charpentier
  • Paul Charpentier

EDENRED - Conviction BUY | EUR56 Q3 2022e preview: top line likely to ...

Optimally positioned to outperform amidst a challenging environment Poised for a record-breaking year

Paul Charpentier
  • Paul Charpentier

WORLDLINE - BUY | EUR60 Q3 2022e preview: well on track to deliver the...

Normalising, but not declining Cash, inflation, and non-discretionary consumption are a tailwind to TPV

Loic Morvan
  • Loic Morvan

GIVAUDAN - BUY | CHF4150 vs. CHF4380 Still feeling good?

GIVAUDAN - BUY | CHF4150 vs. CHF4380 Still feeling good? Some disappointment in Q3 sales momentum More cautiousness for FY 22 and even for 2023

Loic Morvan
  • Loic Morvan

LVMH BUY | EUR910 No slowdown in top-line momentum in Q3

º No slowdown in Q3 versus Q2: still impressive sales momentum (+19%) 16.5% organic sales growth expected for 2022 Buy recommendation reiterated

Antoine Lebourgeois ... (+2)
  • Antoine Lebourgeois
  • Thomas Coudry

EUTELSAT COMMUNICATIONS SELL | EUR7.5 Eutelsat - Q1 2023 results ...

º Q1 2023 sales broadly in line with expectations º Guidance reiterated º Strategic update

Clement Genelot
  • Clement Genelot

JUST EAT TAKEAWAY: US gig-economy: is the ride over? | BUY | EUR43

JUST EAT TAKEAWAY - BUY | EUR43 US gig-economy: is the ride over? US about to tighten classification of contractors/employees rules Grubhub will not be spared… unless it is sold first Global competition might ease as a result to the benefit of JET’s European business, ROO and DHER

Thomas Coudry
  • Thomas Coudry

EKINOPS: Upbeat growth | Conviction BUY | EUR11

EKINOPS - Conviction BUY | EUR11 Upbeat growth Growth accelerating above expectations… …prompting upgrade to revenue guidance and confidence in future trends

Alex Cogut
  • Alex Cogut

Coverage dropped

Coverage dropped From 11th October, we will no longer include in our research universe companies below 4D PHARMA CORPORATE | 360p HUMANIGEN U.R | U.R THERANEXUS CORPORATE | EUR20 BONE THERAPEUTICS CORPORATE | EUR2.5 PIXIUM VISION CORPORATE | EUR3.4

Gregory Ramirez
  • Gregory Ramirez

CLARANOVA BUY | EUR9.5 Acquisition of Scanner App assets by the A...

º Scanner App assets will expand Avanquest’s PDF business with native mobile solutions Avanquest reaffirms its strategy to become the largest and best alternative to Adobe PDF solutions

Clement Genelot
  • Clement Genelot

FOOD RETAILING | Sector view Inflation becoming a double-edged sw...

Ahead of Q3 publications, we expect a mixed set of results with re-accelerating and resilient top line while profitability is set to suffer from revived OPEX inflation in Europe. Once again, it is all about taking shelter in defensive/yield stocks not so exposed to Europe (i.e. Ahold Delhaize) or in event-driven stocks benefiting from a powerful short-term catalyst (i.e. potentially Carrefour if the CMD provides enough clarity on the future shareholder return policy post-assets sale).

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